John Laing achieves financial close in Melbourne road PPP project
John Laing Group ("John Laing"), the responsible investor and active manager of infrastructure projects internationally, today announces that it has reached financial close on the AUD $11.1 billion availability-based North East Link road PPP project in Melbourne, Australia (the “Project”).
The public-private partnership between the State of Victoria and the Spark consortium will deliver three-lane twin tunnels designed to close the missing link in Melbourne’s freeway network. The Project will improve connectivity between key areas in the North and South-East of Melbourne, with up to 135,000 vehicles predicted to use the North East Link each day. The Project will benefit the communities of Melbourne by reducing travel times and congestion whilst maintaining local travel options.
The Spark consortium comprises John Laing, WeBuild, GS Engineering and Construction, CPB Contractors, China Construction Oceania, Ventia, Capella Capital, DIF and Pacific Partnerships.
Ben Loomes, Chief Executive of John Laing, said:
“The North East Link project is the largest public private partnership in Australia’s history and will improve traffic and travel times while growing industry and the economy. Together with our consortium partners, we are delighted to be partnering with the Victorian Government in delivering this transformative piece of infrastructure.”