* First road PPP to be signed in Ireland since 2007

London: International legal practice Norton Rose has advised the European Investment Bank (EIB), the Bank of Ireland and the Irish National Pensions Reserve Fund as lenders to the Irish National Road Authority’s N11/N7 Arklow - Rathnew Public Private Partnership (PPP). The project is the first road transport PPP to reach financial close in Ireland since 2007.

The €282 million project includes €160 million in debt finance provided by the EIB, the Bank of Ireland and the National Pensions Reserve Fund. BAM PPP-PGGM Infrastructure Cooperatie, a joint venture between BAM and Dutch pension fund service provider PGGM, together with BAM Contractors, is the project sponsor and will design, build, finance and maintain the road, which will run between Dublin, Wicklow and Wexford.

The Norton Rose team was led by banking partner Chris Brown, together with of counsel Jo Patrick, and with assistance from senior associates Kate Andrews and Jenny Waites and associate Tom Swarbrick. Partner Andrew Buisson advised on the construction elements of the transaction and of counsel Totis Kotsonis on procurement.

Chris Brown, partner, Norton Rose, commented:

“This project is the first new road PPP in the Republic of Ireland since the start of the recession and represents the significant return of long term debt finance to this sector. Following on from the Schools Bundle 3 PPP, where we advised the lenders, these two financings are important given the recent announcement of Ireland's €2.25 billion domestic infrastructure stimulus.”

The project closed on 30th April.

McCann Fitzgerald advised the National Roads Authority and Ashurst and Philip Lee advised the sponsors.

Norton Rose recently advised the EIB, Bank of Ireland and the Irish National Pensions Reserve Fund on the financing of the construction and operation of eight new primary schools, the first PPP project to close in the Republic of Ireland in the last two years. Norton Rose also advised the lenders up to financial close on six of the first wave of Irish road infrastructure projects.

http://www.nortonrosefulbright.com/news/98237/norton-rose-advises-on-28…