Plenary achieves financial close on Toowoomba Second Range Crossing
Published 27 August 2015QUEENSLAND, AUSTRALIA: Plenary Group, as part of Nexus Infrastructure consortium, has achieved financial close on the A$1.6 billion Toowoomba Second Range Crossing.
Nexus Infrastructure will design construct, finance, operate and maintain the 41 Km Toowoomba Second Range Crossing in Toowoomba, Queensland.
Plenary Group was the consortium’s financial advisor and co-sponsor.
Equity financing will come from Plenary Group (40%), Cintra (40%) and Acciona Concessions (20%).
The consortium sponsors have come together to provide 100% of the equity demonstrating their long term commitment to local partnerships and their knowledge of road transport projects.
Plenary Group Managing Director, Paul Oppenheim said, “Achieving financial close just 3 working days after contractual close demonstrates the public and private sector's commitment to the project commencing on time.”
The 41km highway will bypass the city of Toowoomba, and improve traffic conditions and road safety in the region, in particular reducing the number of heavy vehicles travelling through the Toowoomba city centre.
Nexus Infrastructure consortium consists of:
- Plenary Group, financial advisor and investor
- Cintra, investor
- Acciona Concessions, investor
- Acciona Infrastructure and Ferrovial Agroman, construction joint venture
- Transfield Services, operations and maintenance provider.
Work on the project will commence with detailed design, procurement and site establishment in the coming months with construction works expected soon after.
Construction is expected to be complete in late 2018, after which Nexus is contracted to operate and maintain the road for 25 years.
Kelvyn LavelleHead of Corporate Affairs
+61 3 8888 7708
+61 413 120 344
kelvyn.lavelle@plenarygroup.com.au
Executive Director, Communications
+61 3 8888 7754
+61 418 530 806
chris.whitefield@plenary.com