SIAC and Ferrovial sign the M3 PPP Motorway

SIAC wins biggest roads project ever tendered in Ireland

SIAC played a major role in securing the PPP contract for the largest road project awarded in the State, the M3 Clonee to North of Kells scheme. On 7th March, 2007, EuroLink Motorway Operation (M3) Limited ('EuroLink M3') signed, in partnership with the National Roads Authority National Roads Authority 'NRA', the largest Irish PPP roads contract.

The contract is to design, build, finance and operate the 50km M3 Clonee to North of Kells project under a 45-year concession. EuroLink M3 is owned by SIAC and Cintra (Concessiones de Infraestructuras de Transporte S.A.). Cintra is a subsidiary of the leading international infrastructure developer, Grupo Ferrovial S.A.

Design and construction of the 2x2 lane motorway will be undertaken by a fully integrated joint venture between SIAC and Ferrovial Agroman S.A. and just over a three year programme is envisaged with the Motorway scheduled to open to traffic in mid-2010.

The project, valued at circa €650M, is funded by senior bank debt, shareholders' equity and grants from the National Roads Authority. Senior debt for the project has been provided by Banco Bilbao Vizcaya Argentaria S.A., Banco Santander Central Hispano, S.A. and Calyon.