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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: November 10, 2008

Project Name: DBFM Liefkenshoek Railway Link
Year in Operation:
Sector: Transportation
Subsector: Rail
Status: Design / Construction
Type: New Facility
Description: The Liefkenshoek Rail Tunnel project involves the design, construction, financing and maintenance of a new freight-only rail link in the Antwerp harbour, through a DBFM contract between Infrabel and Locorail. The rail link will be around 16.2 km, of which a 6 km bored tunnel under the River Schelde and the port of Antwerp. The duration of the DBFM contract is 42.2 years, including 4.2 years construction and a subsequent 38-year availability period.
Delivery Method as described in the country where it's located: Design Build Finance Maintain
Is the project still active: Yes
Comments: DBFM Project, tendered under the EU negotiated procedure

Project Locations

Address:
City: Antwerpen
State:
Country: Belgium, Kingdom of

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: Full access to site
Checkbox Checked Revenue Stream (Cash Flow) Protected Through Long Term Commitment(s) of Public Sponsor(s): Direct Agreements

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: Six commercial banks plus the EIB have closed €714 million of financing for Belgium's Liefkenshoek rail tunnel PPP - Belgium's largest ever PPP. The EIB is lending €313 million in two tranches: €200 million unguaranteed €113 million guaranteed by the six-bank club The banks involved in the deal are as follows: Banco Santander S.A. Bank Nederlandse Gemeenten Bayern LB Fortis ING Societe Generale Corporate and Investment Banking Infrabel, the procuring authority, contributed a grant of €107 million to the project - leaving the commercial banking club to come up with the €294 million. The six banks have been mandated as MLAs and Hedge Providers by the sponsor, Locorail. In addition, Fortis has been mandated as Senior Facility Agent, Security Agent, Intercreditor Agent and Account Bank for all financing facilities, beside its role as Technical Bank. BayernLB is acting as Insurance Bank, Société Générale Corporate & Investment Banking as Financial Model Bank, Hedge Coordinator and Market Hedge Provider and ING and Bank Nederlandse Gemeenten (BNG) as Documentation Banks.

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
42
2
Forms
Description
Other
"Standard" DBFM as used in The Netherlands and in Belgium 

Project Value (If and As Known)

Date of Estimated Project Value: November 10, 2008
Project Value
Hard Cost
Hard & Soft Costs
Construction
$1-5 Billion US
(none)
Operations & Maintenance
< $200 Million US
(none)
Total
$500 Million - 2 Billion US
(none)

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