Sotra Link

Bergen-Island of Sotra Road Project (Sotra Link Road) - ECA Backed Loan

Borrower (s)
Sotra Link
Industry
Infrastructure/Road
Area of finance
Project & Infrastructure Finance
Region
Europe
Countries
Norway

Deal Overview

Sotra Link – a joint venture comprising Macquarie Capital (70%), SK ecoplant (20%) and Webuild (10%) – has reached financial close on the Sotra Connection toll road PPP project in Norway’s Vestland county. The project – also known as the Rv.555 Sotrasambandet Road Project...

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Sotra Link – a joint venture comprising Macquarie Capital (70%), SK ecoplant (20%) and Webuild (10%) – has reached financial close on the Sotra Connection toll road PPP project in Norway’s Vestland county. The project – also known as the Rv.555 Sotrasambandet Road Project – is the largest of the planned road PPPs in the Norwegian government’s 2018-2029 National Transport Plan2.

Sotra Link was selected as preferred bidder for the construction-plus-25-year DBFOM concession last year by the Norwegian Public Roads Authority. The total PPP concession is valued at €2 billion, with just over €1 billion accounting for design and construction costs according to Webuild.

The project is a 9.4 km four-lane road link, which will include a 900 metre suspension bridge and 12.5 km of primary and secondary tunnels, as well as road and pedestrian underpasses, tunnel portals, smaller bridges and viaducts, and pedestrian and bicycle paths. Design and construction will be executed by FCC Construccion (35%), Webuild (35%), and SK ecoplant (30%). Hungary based company Intertoll will operate the road via its Norwegian subsidiary Intertoll Norge, with operation due to commence in 2027.

Details are sketchy but a lender consortium comprising Kexim, Korea Development Bank, KfW IPEX-Bank, Credit Agricole, Caixa Bank, Santander, DZ Bank and Bank of China are financing the scheme with €790 million of project debt. The deal includes two ECA guarantees, one from K-Sure for 31% of the debt and one from Kexim for 13%.

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Deal Volume
$ 866.65m
Financial Close
16 March 2022

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Projects

Bergen-Island of Sotra Road Project (Sorta Link Road)

Greenfield
Road
Europe
Norway
$ 2.2bn