Clifford Chance has advised VINCI Concessions Deutschland, a subsidiary of the globally active concessions and construction group VINCI, and Meridiam Investments on the financing of the extension of the A7 motorway by way of a public private partnership.

The total financing amount is EUR 441 million and comprises two long-term and two short-term tranches. The financing banks are European Investment Bank, CaixaBank, Development Bank of Japan (DBJ), DZ Bank and KfW IPEX-Bank. The financing amount includes a subsidy by the Federal Republic of Germany of EUR 126 million.

The project was awarded to VINCI and Meridiam in February 2017. The agreement has a term of 30 years and stipulates the operation and maintenance of a 60 km long motorway between the junctions Bockenem and Göttingen. Further, 29.2 km of this 60 km long part will be completely rebuilt and widened to three lanes.

VINCI employs more than 185,000 people in around 100 countries. Its services include planning, financing, construction and operation of infrastructure and other institutions.

Meridiam is an independent investment fund specialising in the development, financing and long-term management of public infrastructure projects – mainly in Europe, Africa and North America. It manages a portfolio worth around EUR 5 billion (USD 5.5 billion) and has invested in a total of more than 50 projects.

The Clifford Chance team was led by partner Dr. Beda Wortmann and comprised counsel Jens Augst, senior associate Tobias Spahn, associate Necla Ilhan (all Banking & Capital Markets/Project Finance), partner Dr. David Elshorst and counsel Steffen Amelung (both Real Estate/Public Procurement) and partner Thorsten Sauerhering and counsel Olaf Mertgen (both Tax), all Frankfurt.