Construction commences for Rönesans’ EUR 1 billion joint project in the Netherlands
The BAAK Consortium, which Rönesans is part of through Ballast Nedam (Rönesans Holding’s group company in the Netherlands), reached financial close on the c. EUR 1 billion Landmark Blankenburg Connection Project.
It was announced that, with the final signatures on October 17, the Financial Close was reached on the EUR 1 billion Blankenburg Connection Project, which will be built by the BAAK Consortium. The consortium was formed by Ballast Nedam, Rönesans Holding’s group company in the Netherlands, with Macquarie Capital and DEME. As part of the project, which is the largest PPP project awarded in the Netherlands to date, the final agreement has been signed and its construction has commenced. Following a construction period of 5.5 years, the consortium will then maintain the new road connection for 20 years. Set to improve road links between Rotterdam and its port, which is the heart of European trade, the Blankenburg Connection Project was funded by leading financial institutions in the world.
Finance support from global giants for the largest PPP Project in the Netherlands
The total senior funding requirement for the Project of c. EUR 900 million brings together commercial floating rate lenders (KBC, The Korea Development Bank, Belfius, KfW, BNG and SMBC) and fixed rate institutional lenders (Natixis, MEAG and Samsung Life Insurance). The European Investment Bank provided 50 per cent of the term loan, totaling c. EUR 330 million, backed by the European Fund for Strategic Investments (EFSI).