We finance the extension and operation of highways in Germany and Europe, the repair and maintenance of roads, footways and bridges as well as traffic lights and energy-efficient road lighting.
Financing case Island Road Services: New roads network for the Isle of Wight
This project represents a key investment in the infrastructure of the 380-square-km island in the English Channel: there is a core investment period of seven years for the major renewal and refurbishment activities. The project includes upgrades and maintenance of 800 km of roads, 756 km of footways and 29 km of cycleways. 239 bridges and buildings will be renovated or rebuilt, 12,000 street lights will be equipped with low-energy bulbs, and new park benches, rubbish bins and flower tubs will be procured.
Construction and operation
Under a private finance initiative (PFI) the Isle of Wight Council has awarded a 25 year concession to Island Roads Services Ltd. Under this agreement, funds will not only cover the upgrade, construction and maintenance, but also the operation and maintenance of the roads including winter services, street cleaning and safety. KfW IPEX-Bank is one of the four lenders of this project.
The project is being carried out by Island Road Services Ltd., a company essentially formed by VINCI Concessions, Europe’s largest operator of transport infrastructure concessions and the world’s leading private motorway concessions operator (wholly owned subsidiary of worldwide player in concessions and construction group VINCI SA - France), and Meridiam Infrastructure, an experienced and specialist infrastructure investment fund. Ringway Islands Roads Ltd., a leading provider in the roads and highways industry (which is part of Eurovia Group, a VINCI SA group company) is the sub contractor responsible for the installation, operation and maintenance obligations for the entire term of the agreement. Construction services successfully began in April 2013.
Island Road Services project at a glance:
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