On 28 June, OC’Via, a consortium comprising Bouygues, Colas, DTP Terrassement, Alstom Transport, Spie Batignolles, Meridian Infrastructure and FIDEPPP, closed the financing for the Eu1.79 billion ($2.81 billion) Nimes-Montpellier high speed rail project. The deal is one of the largest project financings to close in Europe so far this year.
The deal employs a broadly similar structure to Eiffage’s Eu3.4 billion Bretagne- Pays de la Loire (BPL) high-speed rail financing, the last availability-based high- speed rail deal to close in France. But its risk allocation is skewed far more towards the private sector than in the previous project. The financing involved more complex inter-creditor agreements than BPL, in large part because of the involvement of several financial sponsors, and carries far more maintenance risk than earlier high-speed rail PPPs. That the sponsors were able to raise commitments from such a large number of lenders, at a tenor of over 20 years,...
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