Iridium reaches financial close on N25 New Ross Bypass Project up to 164 million euros.
Iridium, the concession arm of ACS Group, has reached financial close on the N25 New Ross Bypass Project, a highway in Ireland which will involves a total 164 million euros investment.
Long term funding comprises a senior secured debt, in the form of fully amortising bonds supported by the EIB Project Bond Credit Enhancement mechanism and listed on the Frankfurt Stock Exchange. The bonds have been rated Baa1 by Moody’s.
The Consortium, participated by Iridium and BAM on a 50% basis, will design, construct, operate, maintain and finance for 28 years this 14 km motorway section in the south east region of Ireland.
Construction works are expected to start in February 2016 and will be carried out by their construction arms: Dragados and BAM Civil.
The N25 New Ross Bypass will form a strategic component of the TEN-T (Trans-European Transport Network) network, providing a high quality link within the south east region and improving safety.
The Scheme includes 13.6km of new dual carriageway (N25 and N30 routes) and 1.2km of new single carriageway (New Ross N30). The project includes the 887m River Barrow crossing that will be the longest of its type in the world.
This is the fifth concession contract awarded to Iridium in Ireland, a strategic market where several ACS companies are currently performing their activities. Iridium has been awarded over Eur 14 billion PPP projects in the last 3 years in Europe, North America and South America.