International law firm Freshfields Bruckhaus Deringer advised the Global Co-ordinator in relation to the financing of the A11 PPP Road Project in Belgium. It is the first “greenfield” infrastructure project to be financed with the benefit of the European Investment Bank’s Project Bond Credit Enhancement Facility (“PBCE”). The PBCE is a key element in the efforts to revive debt capital markets funding for European infrastructure projects.
The proceeds of the project bond issuance will finance the construction of a 12km long motorway connection between Bruges and Knokke in West Flanders. The road will be constructed, operated and maintained by the Via Brugge Consortium.
The Freshfields team comprised partners Chris Barratt and Nick Bliss, senior associate Jenny McIvor.
Freshfields partner Ian Falconer advised Deutsche Trustee as bond trustee and security trustee.
Nick Bliss commented, “The A11 is a landmark transaction and is precisely the type of project for which PBCE was developed post-financial crisis.”
Chris Barratt added, “The use of the PBCE on the A11 is a major step forwards in the re-opening of the debt capital markets to “shovel-ready” greenfield infrastructure projects.”
