Turkey’s €2.43bn PPP motorway project achieves financial close

WCN Editorial Team 8 Jun 2018 EUROPE TRANSPORT INFRASTRUCTURE

The Malkara-Çanakkale Motorway, a €2.43bn public-private partnership (PPP) project in Turkey, has achieved financial close.

Funding has been finalised with 24 lenders, including local and international banks and export credit agencies, with UK-based management, engineering and development consultancy Mott MacDonald acting as the lenders’ technical advisor for the project.

The motorway project includes the design, construction, maintenance and operation of the €1.68bn, 4,608m Çanakkale 1915 bridge.

The bridge will span 2,023m across the Dardanelles Strait and will be the world’s longest span suspension bridge after completion.

A 70m headroom clearance under the main span will facilitate safe navigation for the world’s tallest ships across the waterway.

The 318m steel towers will be constructed on concrete caissons in the Çanakkale Strait.

As the bridge will be located in a seismic zone, it has been designed to withstand both earthquakes and high-velocity winds.

The PPP package includes construction of an 88km three-lane motorway between Malkara and Çanakkale, 48km of link roads, 35km of access roads, six junctions, four viaducts, 36 overpasses, 33 underpasses, 140 culverts, and four service areas and tolling facilities.

As the lenders’ technical advisor, Mott MacDonald has carried out technical due diligence of the project documentation up to financial close.

This work included review of design, construction methodology, operation and maintenance proposals, transaction documents, project’s budget, construction programme and payment mechanism.

Mott MacDonald will now provide construction and operations monitoring services.

According to Mott MacDonald project manager Emre Yukarioglu, the project is part of a greater development plan prepared by the Turkish Directorate of Highways to complete a ring road around Marmara.

Mott MacDonald bridge specialist Abdul Farooq said: “This prestigious project, which involves the world’s longest span suspension bridge, helps reinforce our position not only in the bridges sector but as a leading lenders’ technical advisor, not only in Turkey but worldwide.”

The Malkara-Çanakkale Motorway PPP has a concession period of just over 16 years. Construction is expected to be completed by the end of 2021.

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