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| Bouygues Construction wins Tyne tunnels concession contract Concessionaire TT2, comprising Bouygues Travaux Publics (a subsidiary of Bouygues Construction), HSBC Infrastructure Fund II and Bank of Scotland Corporate, has been chosen for design and construction of a new vehicle tunnel beneath the River Tyne in Newcastle, UK, known as the New Tyne Crossing. The concessionaire will also renovate the existing vehicle tunnel and operate both tunnels for 30 years. The concession contract for a total amount in excess of 500 million euros was signed by the concessionaire and Tyne & Wear Passenger Transport Authority on 23 November 2007. This project will relieve congestion on the A19 connecting the north and south of the Newcastle region (Tyneside). The existing dual two-lane road narrows to dual single-lane through the existing tunnel, causing substantial hold-ups. The works will take four years and will be carried out in two stages: construction of the new tunnel, then refurbishment of the existing one. The construction work, worth 355 million euros, will be entirely carried out by Bouygues Travaux Publics. The 1,600-metre-long tunnel will duplicate the existing tunnel. Its 360-metre-long section of immersed-tube tunnel beneath the river will be made up of 90-metre-long precast concrete elements. When finished, all traffic will be diverted through it while the existing tunnel is renovated and upgraded to current safety standards. River traffic will not be hindered at any point during the works which, starting in May 2008, will enable traffic to use both tunnels by December 2011. Close to 700 people will work on the project at peak periods. Project financing has been finalised. Tyne & Wear Passenger Transport Authority is to provide a subsidy of 160 million euros, HSBC Infrastructure Fund II, Bank of Scotland Corporate, and Bouygues Travaux Publics will provide 54 million euros in capital, and TT2 has contracted a 290-million-euro senior debt loan from banks HSBC Bank plc, Bank of Scotland Corporate and Natixis. write your comments about the article :: © 2007 Construction News :: home page |