Ashurst has advised BAM PPP on the design, construction, operation and financing of the N11 Arklow to Rathnew PPP Project in Ireland, which closed today. The overall capital value of the project is approximately €282 million. An availability based project, the project financing includes circa €160 million of bank debt which will be provided by senior lenders European Investment Bank and the Bank of Ireland, with a maximum maturity of 25 years, and investment from BAM PPP PGGM Infrastructure Cooperatie UA.

The project, part of Ireland's second wave of road PPPs, comprises approximately 16.5km of dual carriageway and 4.8km of single carriageway, together with upgrade and maintenance of an additional 30km of existing motorway and the design and construction of a services area.

The Ashurst team was led by London transport and infrastructure partner Patrick Boyle with support from partner Mark Elsey, senior associate Garry Connolly and associates Isabel Powles and Mark Emmanuel, with further assistance from trainees Claire Duckworth and Adam Smart.

Commenting on the deal, Patrick Boyle said:

"We are delighted to have overcome the hurdles involved in this complex infrastructure project, reaching a successful financial close for our long-standing client BAM PPP, and contributing to the revitalisation of the Irish transport PPP market."

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