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Tue December 11 2018

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Financing completed for world’s longest suspension span

7 Jun Financial close has been reached for Turkey’s €2.43bn (£2.1bn) Malkara-Çanakkale public-private partnership (PPP) motorway project, which includes a record-breaking bridge.

The €1.68bn Çanakkale 1915 Bridgewill span 2,023 metres across the Dardanelles Strait. Its 318m-tall steel towers will be founded on concrete caissons in the Çanakkale Strait. Headroom clearance of 70 metre under the main span will provide navigation across the waterway for the world’s tallest ships.

Mott MacDonald is lenders’ technical advisor for the scheme, which includes the design, construction, maintenance and operation of the 4.6km crossing. The suspension bridge will take the world’s longest span.

Daelim, Limak, SK Engineering and Yapı Merkezi are sponsors of the Malkara – Çanakkale Motorway PPP project. Other construction works in the PPP package include a 88km three-lane motorway between Malkara and Çanakkale, 48km of connection roads, 35km of access roads, six junctions, four viaducts, 36 overpasses, 33 underpasses and 140 culverts, as well as four service areas and tolling facilities.

Mott MacDonald carried out technical due diligence of the project documentation up to financial close. This included reviewing design, construction methodology, operation and maintenance proposals, as well as transaction documents, the project’s budget, construction programme and payment mechanism. The consultancy will now provide construction and operations monitoring services in an ongoing role.

Mott MacDonald project manager Emre Yukarioglu said: “The project, which involves 24 lenders including local and international banks and export credit agencies, is part of a greater development plan devised by the Turkish Directorate of Highways to complete a ring road around Marmara. Our local team based in Istanbul, supported by long-span bridge experts and our transport advisory team from the UK, worked hard to support a large lending group and comply with the tight timeline to bring the project to financial close.”

Construction of the Malkara-Çanakkale Motorway PPP, which has a concession period of just over 16 years, is expected to be completed by the end of 2021.

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