Linklaters has advised the lenders on the Western High-Speed Diameter Project (WHSD) in Saint Petersburg – Russia’s first city-based toll road and the largest PPP project in Russia to date.
The project includes construction of the central section and subsequent operation of northern, central and south sections of the toll road in Saint Petersburg on the basis of a public private partnership agreement. The road will reduce traffic pressure on urban highways by redirecting traffic flows. The total value of project financing is €1.5bn.
WHSD is the second significant PPP project financing which was signed with the Government of St. Petersburg in recent years (the first being Pulkovo Airport) and is a major milestone for development of PPP projects in Russia. The project has recently received the Thomson Reuters PFI award for Road Deal of the Year in Europe.
The Linklaters team acted for the lenders, comprising VTB Capital, Vnesheconombank, Gazprombank, Eurasian Development Bank and European Bank for Reconstruction and Development.
The Linklaters team was led by Daniel Tyrer (partner), Julia Voskoboinikova (counsel) and Stephen Le Vesconte (managing associate).
