Money Secured for IJmuiden New Lock
- Business & Finance
Rijkswaterstaat and the OpenIJ consortium – consisting of BAM-PGGM, VolkerWessels and DIF – have reached financial close for the contract to design, construct, finance and maintain a new sea lock at IJmuiden.
Construction activities will be carried out by a BAM Infra and VolkerWessels joint venture. The work will commence early 2016 with the new lock available for shipping at the end of 2019.
The dredging activities will be carried out by subcontractors Van Oord and Boskalis. The new lock will be 70 meters wide, 500 meters long and 18 meters deep.
Rijkswaterstaat, the Province of North Holland, the City of Amsterdam, Port of Amsterdam and the Municipality of Velsen worked together in the realization of this €500 million worth, new sea lock project at IJmuiden which is co-funded by the TEN-T program of the European Union.
The financing structure included bank loan facilities, an EIB (European Investment Bank) facility and equity financing. The financing parties involved were DZ Bank, KfW IPEX-Bank, SMBC, BTMU, Unicredit Bank and the EIB. The equity investors were BAM PPP PGGM Infrastructure Coöperatie U.A., VolkerWessels and DIF Infrastructure III, with Rabobank providing an equity bridge facility.