27 January 2015
First Dutch Lock PPP reaches financial close
On 22 January 2015 the Limmel Lock PPP (public-private partnership) reached financial close. This is the first project to get underway for the Netherlands’ waterway locks PPP pipeline. A Clifford Chance project finance team from Amsterdam advised the winning consortium of BESIX, Rebel and Egemin.
Clifford Chance advised the consortium during the public procurement process executed by Rijkswaterstaat. Subsequently the Clifford Chance team advised on a suite of related legal documentation, including various subcontracts, the complete financing and security package and the incorporation of the project vehicle. Clifford Chance Brussels was involved for certain Belgian law aspects.
The project has a funding of approximately EUR 34 million. In addition to equity contributed by BESIX Group and Rebel Valley, KBC Bank and Insurance AG bring in debt capital through a long-term fixed-rate loan.
The consortium was advised by a core team consisting of Jaap Koster, Nanette Rutgers and Willem-Jan Wieland. Other Clifford Chance lawyers involved were Ellen Römkens, Thomas Heijerman, Mike Niekoop, Hein Tonnaer, Leen Kranenburg and Wim Aerts.