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A9: Availability and the A models
10 November 2011
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The A9 is only the second of the latest slate of A-models to reach close, and the first to be backed by availability payments for the life of the concession. The European Investment Bank provided half of the debt for the A9’s predecessor, the A8 II, but commercial banks provided all of the required debt financing for the A9. Bank appetite for the deal and the speed with which the project reached close indicate that availability structures could serve as a blueprint for future German road deals.
The 20-year contract entails upgrading and widening a 46.5km stretch of the A9 road, which connects Bavaria to Berlin. Unlike previous A-models, where payments were based on the amount of tolls on heavy goods vehicles received, DEGES, the project management company owned by federal and state governments, compensates the project company based on the availability of the road. The section of the road...
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