VINCI named preferred bidder for the highways maintenance contract in the Isle of Wight (UK)

30 May 2012 - New contracts - United Kingdom

- A 25 ½ year PFI partnership contract
- Total value: GBP 720 million (approximately €900 million)

The Isle of Wight Council has named VINCI preferred bidder for a 25 1/2-year contract to upgrade and maintain its 821 km of roads. The contract, which is subject to approval of the Department for Transport (DfT), is expected to start in April 2013.

Following an initial work phase for an amount of GBP 145 million (approximately €180 million), mainly financed by non recourse bank debt, the network (roads, bridges, pavements, street lights and signage, cleaning, upkeep of green spaces, etc.) will be maintained to the highest standards.

The total value of the contract (work phase and maintenance) is GBP 720 million (approximately €900 million). The consortium will be paid a fee based on network availability.

The consortium comprises VINCI Concessions, which holds shares in the concession company, and Ringway (a subsidiary of Eurovia, which is in turn a VINCI subsidiary), in charge of construction, operations and maintenance.

This contract is the second Highways PFI secured by VINCI in the United Kingdom, after the London Borough of Hounslow Highways PFI earlier this year.

 

 

About VINCI
VINCI is a global player in concessions, energy and construction, employing 280,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.