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| Rijkswaterstaat and OpenIJ consortium reach financial close on the new sea lock at IJmuiden  Rijkswaterstaat and the OpenIJ consortium have reached financial close for the contract to design, construct, finance and maintain a new sea lock at IJmuiden. The OpenIJ consortium consists of BAM-PGGM, VolkerWessels and DIF. The contract value is approximately €500 million.The new IJmond sea entrance is part of Rijkswaterstaat's Locks Programme. Rijkswaterstaat, the Province of North Holland, the City of Amsterdam, Port of Amsterdam and the Municipality of Velsen worked together in the realization of this new large sea lock at IJmuiden which is co-funded by the TEN-T programme of the European Union. After almost 100 years in operation the Northern lock in IJmuiden will be replaced with a new, larger lock system to improve the accessibility of the port of Amsterdam. This will stimulate the local economy by offering space to the growing number of ships, independent of the tidal levels. The new lock will be 70 meters wide, 500 meters long and 18 meters deep. Construction activities will be carried out by a BAM Infra and VolkerWessels joint venture. The work will commence early 2016 with the new lock available for shipping at the end of 2019. The dredging activities will be carried out by subcontractors Van Oord and Boskalis. The new lock will then be maintained by OpenIJ for 26 years. The financing structure included bank loan facilities, an EIB (European Investment Bank) facility and equity financing. The financing parties involved were DZ Bank, KfW IPEX-Bank, SMBC, BTMU, Unicredit Bank and the EIB. The equity investors were BAM PPP PGGM Infrastructure Coöperatie U.A., VolkerWessels and DIF Infrastructure III, with Rabobank providing an equity bridge facility. Consultants to the consortium included RBC and Houthoff Buruma. Consultants to the banks included JLT and Mazars. Herbert Smit Freehills with Linklaters provided legal advice to the banks. Mott MacDonald provided technical advice to the banks. Rijkswaterstaat was advised by PwC and Pels Rijcken & Drooglever Fortuijn. write your comments about the article :: © 2015 Construction News :: home page |