Successful Refinancing of the A6 Road PPP Project
John Laing Group plc ("John Laing" or the “Group"), the responsible investor and active manager of infrastructure projects internationally, is pleased to announce that it has successfully completed a refinancing of the A6 road project (the “Project”) in the Netherlands.
With this refinancing, the Project has partially replaced its existing debt facilities with new debt facilities. The new debt facilities have been secured on more beneficial terms to its shareholders and Rijkswaterstaat reflecting debt market developments in recent years and the de-risking of the project since the start of the operational phase in late 2019.
The investment in the Project has made a measurable contribution to reducing congestion between Almere Havendreef and Almere Buiten-Oost. The refinancing was led by the consortium, Parkway6, working together with Rijkswaterstaat.
The refinancing consisted of the Dutch bank Nederlandse Waterschapsbank (NWB) and the European Investment Bank (EIB) providing EUR 160m of senior debt maturing in 2039. The EIB was part of the lending consortium in 2017 and has remained on the deal. NWB is a 100% government owned bank set up to finance public private partnerships and water infrastructure with a focus on sustainability. Rebel Finance & Transactions B.V. advised Parkway6 on the refinancing.
The Project is a 20-year public-private partnership concession managed by the Parkway6 consortium and contracted by Rijkswaterstaat. The opening of the road took place in July 2019. The Project consists of the design, build, finance, maintenance and operation of the road which comprises approximately 13 kilometres. The Project was officially the first energy-neutral highway in the Netherlands, with a dedicated solar panel field that generates enough energy to operate all the traffic systems and road lighting across the road. As a 85% equity owner in the A6 road and as an active investor, John Laing appointees hold key positions within the Project, including the SPV Project Director. John Laing has played a critical role in the successful delivery of the Project through construction and operations.
The Project is designed to help reduce congestion and provide a safe and reliable transport option for the many daily commuters between Almere, the fastest growing large city in the Netherlands, and the larger Amsterdam region. The local community has been at the heart of the Project with careful consideration of the impact of the road on the communities living in close proximity. For example, the old road was lowered with 6 meters and new silent asphalt was applied to minimise noise pollution
Teun Witjes, John Laing’s SPV Project Director said "I’m delighted with the results of this refinancing which brings benefits to all stakeholders, including our sponsors and our client Rijkswaterstaat. The A6 continues to go from strength to strength. John Laing is pleased to have played its part in bringing the A6 road refinancing to a successful completion and we look forward to the project’s ongoing success".
About John Laing plc
John Laing is a leading international investor across a range of infrastructure sectors. We seek to deliver attractive and sustainable returns over the medium-term. We are a responsible investor, committed to delivering critical and enduring infrastructure which responds to public needs and improves the lives of the communities we serve.
John Laing has operations in seven countries around the world, and invests in the UK & Europe, North America, Latin America and Australia. We invest in greenfield projects and in businesses which develop and own infrastructure assets. We have invested in over 150 projects and businesses to date, across a range of sectors, including transport, social infrastructure, energy transition, accommodation and digital infrastructure.