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Fri February 26 2021

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Astaldi signs $600m Turkish motorway deal

31 Jul 14 Astaldi has signed a US$600m (£354m) financing agreement for phase 2A of the Gebze-Orhangazi-Izmir motorway in Turkey.

Overall, the scheme involves a total investment of US$6.5bn, US$3.4bn of which is now entirely financed.

Phase 2A of the project includes building a second section, which will be 25km long. The value of the corresponding engineering, procurement and construction contract amounts to US$450m, and the work will be carried out by Astaldi in joint venture with five Turkish companies, with Astaldi having a 17.5% stake.

The entire contract under concession calls for constructing more than 400km of new motorway under a build, operate and transfer model.

In addition to phase 2A, there is a 53km first phase, amounting to US$2.8bn, which was financed in March 2013 and is currently in construction. The  301km phase 2B is expected to be financed before the end of 2015.

Once completed, the project will link the cities of Gebze, near Istanbul, and Izmir on the Aegean coast, halving the car travel time, which currently exceeds eight hours.  

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