Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: July 1, 2009

Project Name: Cross City Tunnel (Sydney)
Year in Operation: 2005
Sector: Transportation
Subsector: Tunnel, Roads
Status: In Operation
Type: New Facility
Description: Fully electronically tolled 2.1 km tunnel in Sydney, Australia that links Darling Harbour on the western edge of the central business district to Rushcutters Bay in the east, comprised of two separate tunnels (two lanes in each direction) running under surface roadways.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: The project passed through receivership in 2006 and was sold to a replacement operator in 2007 for AUS$700 million.

Project Locations

Address:
City: Sydney
State: New South Wales
Country: Australia, Commonwealth of

Address: Cross City Tunnel
City: Sydney
State: New South Wales
Country: Australia, Commonwealth of

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): Twenty five year concession awarded to private firm to design build operate and maintain the project over a 25 year concession period. Tolls to be established by private operator.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: AUS $580 million in financing from international banks.

Checkbox Checked

From Producers as Equity: Reported total equity investment of AUS $220 million from three different equity investors.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? Yes
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
25
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: January 1, 2003
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

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