Joint venture secures financial close on 25-year maintenance contract on Isle of Wight
Joint venture Vinci/Ringway has secured financial close on a £120m 25-year PFI project to maintain and upgrade roads on the Isle of Wight.
A special purpose vehicle of Vinci Concessions and Meridiam will take control of the maintenance of highways, street lighting and structures on the island in one of the largest ever contracts awarded on the Isle of Wight.
Vinci Concessions PFI Director Phil Jackson said: “This project represents a significant opportunity to improve and enhance the condition of the Highways on the Isle of Wight for road users.
“Having taken the project to close with the council delivery team, we are now looking forward to working in partnership with them to deliver the outputs and services that will be at the heart at these major improvements.”
Vinci Concessions specialise in building and operating public infrastructure while Ringway has experience providing highway related services to councils and authorities across the UK. Funding for the project has been provided by BTMU, DZ, KfW and SMBC banks.
The £120m contract is the second major roads contract won by Vinci in recent weeks. The company recently signed an £800m PFI deal with the London Borough of Hounslow.
Vinci Ringway was advised by law firm Pinsent Masons.