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Financing of approximately GBP1 billion for Silvertown Tunnel reaches financial close

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Lee David
David Lee

Partner

London

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Walker Mark
Mark Walker

Partner

London

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Pickersgill Sara
Sara Pickersgill

Partner

London

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Poole-Warren Charles
Charles Poole-Warren

Partner

Madrid

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26 November 2019

Allen & Overy has advised a consortium involving Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie and SK Group in connection with the design, building, financing, maintenance and operation of the Silvertown Tunnel, a twin-bored tunnel under the River Thames between the Greenwich peninsula and Silvertown. Through the ownership by the consortium of RiverLinx Limited, Silvertown is being developed as a public-private partnership with TfL.
Silvertown tunnel

Once open, the PPP project will reduce congestion at the Blackwall Tunnel, through increasing capacity and enabling greater use of public transport.  It will also improve the air quality in the vicinity, as well as the reliability and resilience of the wider road network.

The approximately GBP1 billion financing structure involves a combination of different debt tranches provided by 15 lending institutions across the world, including senior debt tranches comprising private placement, ECA-covered and commercial facilities, with a tenor of up to 30 years and an equity bridge facility.

A&O partner and global head of infrastructure, David Lee commented: "This PPP deal is a significant UK infrastructure project which will bring huge benefits to South East London. It is interesting to note that in a world in which political discourse remains outspoken and disruption to our political system continues unabated, business and the public sector can still work together quietly and effectively to deliver important projects.  It is worth reminding ourselves that since the project began in 2016, we have seen a Brexit vote, two London Mayors, two General Elections announced and three different Prime Ministers."

David Lee led the London and Madrid teams. The London team comprised partners Mark Walker and Sara Pickersgill, senior associates Mitchell Ikoghode, Mark Warren, Kristel Fournier-O'Connor and Chloe Bowskill and associates Chinedu Ihenetu-Geoffrey, Ghazi AbuYounis, Danielle Hyde and Khin Hsu Myat. Partner Charles Poole-Warren and senior associate Mayte Dura advised from Madrid.

For further information, please contact Susanna Robinson, on +44 (0)20 3088 3918.

See also: https://tfl.gov.uk/travel-information/improvements-and-projects/silvertown-tunnel