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HICL takes control of Irish road

HICL takes control of Irish road – HICL Infrastructure says that it has agreed to acquire the remaining 50% interest in the M17/M18 Gort to Tuam Road PPP in the Republic of Ireland from the Marguerite I Fund. The consideration is €41m and the transaction is expected to complete by the end of September.

The project is a 28-year road concession to design, finance, construct and maintain a new 57km dual carriageway section of the M17/M18 between Gort and Tuam in County Galway on the west coast of Ireland. The client is Transport Infrastructure Ireland. Construction works were completed in December 2017. The project is operational and receives availability revenue payments, not dependent on usage of the road. HICL acquired an initial 10% interest in the Project at financial close in 2014, and an additional 40% interest in 2019. With completion of this incremental investment, HICL will hold a 100% interest.

[We talked recently about the impact of falling demand on HICL’s other toll roads. The revenue from this project is based on availability, however. This makes it more reliable.]

There’s a lot of information on the project on Arup’s website – they designed it. The project includes Ireland’s first three-level stacked motorway to motorway interchange.

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