We have advised the ICON consortium on the M50 ring road PPP project around Dublin, Ireland. The project reached financial close on 27 September 2007.
The ICON consortium consists of FCC Construccion S.A., Itinere Infraestructuras S.A. and Irish contractor PJ Hegarty. This is the consortium's second project in the Irish roads market. We also advised them on the project financing of the first project, the N6 Galway - Ballinasloe PPP motorway project which closed in April 2007.
The M50 ring road is a 35-year concession. It includes the upgrade of the 24km of Dublin's main ring road including a three-lane motorway along with major interchange improvements.
The Lovells team is led by Jason Radford assisted by Michael Watson Shapna Roy, Andrew Welbourn, Kavita Kishor, Ping Kit Loh, Nick Tidnam and Heather Gagen.
Comment: We are delighted to close our second Irish road project this year for ICON. This has led to a number of other opportunities for these clients in other jurisdictions.