• A 25-year PFI partnership contract;
• Total value: GBP 800 million (approximately €950 million).
The London Borough of Hounslow Council has named VINCI preferred bidder for a 25-year contract to upgrade and maintain its 432 km of roads and 763 km of pavements. The contract, which is subject to the approval of the Department for Transport (DfT), is expected to start in January 2013.
Following an initial work phase for a total amount of GBP 100 million (approximately €120 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 is GBP 800 million (approximately €950 million). The consortium will be paid a fee based on network availability.
VINCI-Ringway (vinci.com), the consortium tasked with construction, operation and maintenance, 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.