Iridium, the concession arm of ACS Group, has reached financial close on the M11 Gorey to Enniscorthy Project. The Consortium is participated by Iridium and BAM on a 50% basis, and construction works will be carried out by Dragados and BAM Civil.
Total long term financing of 222 million euros was provided by a combination of EIB lending for 109 million euros and senior secured notes which were privately placed for an amount of 113 million euros.
The M11 Gorey to Enniscorthy scheme will form a strategic component of the motorway network, providing a high quality link within the south east region and improving safety. It will also ease congestion by providing bypasses of Ferns, Camolin and Enniscorthy town. The Scheme includes 28km of motorway (M11), 4.1km of dual carriageway (N80) and 8.0km of single carriageway (N30); apart from several new junctions and crossings with the existing road network.
This is the fifth concession contract awarded to Iridium in Ireland which will help consolidate its presence in this strategic market where several ACS companies are currently performing their activities.
Iridium has ranked #1 on the list of the World’s Top Transportation for 15 years (according to Public Works Financing magazine), and it has been awarded over 14 billion euros PPP projects in the last 3 years in Europe, North America and South America. Iridium currently boasts a portfolio of 34 highway concessions spanning 9 countries, the majority of which are 30-year DBFOM contracts and amounts to almost EUR 30bn.