The Sas van Vreeswijk consortium, which includes Sas Invest B.V., BESIX Group, RebelValley, Jan De Nul and Heijmans, reached financial close in February 2016 for the Beatrix lock PPP in the Netherlands, securing senior debt from BNG Bank, DekaBank and KBC. The Consortium was selected as the preferred bidder only in November 2015.
The project, which aims to reduce the congestion on the Lek Canal, involves the construction of a third lock chamber for the Princess Beatrix Lock. It also includes the renovation of the existing two lock chambers, the widening of the Lek Canal, and the construction of lock approaches and berths in the canal. The Lek Canal connects the Amsterdam Rhine Canal to the Lek River and is therefore a key waterway between Rotterdam and Amsterdam.
The availability-based PPP project involves design, construction and finance. It includes also the maintenance of the new lock and the two existing locks and a stretch of 4 km of the Lek canal for a period of 27 years. Steer Davies Gleave advised the lenders up to financial close, and we will be monitoring — on behalf of the lenders — detailed design and construction, and in due course, operation and maintenance of the asset.
Contact our Technical Due Diligence team at TDD@sdgworld.net to discuss how we could help to create the conditions for a successful project finance-related transaction, whether in the primary market, refinancings, or the secondary market.
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