A Bilfinger Berger Project Investments (BBPI) led consortium has reached financial close on the M6 Motorway project in the south of Hungary. The M6 Tolna consortium will assume responsibility for financing, design and construction for the €520 million project. BBPI is providing €24 million in equity.
This project is the largest Hungarian PPP contract to date and has received Business of the Year Award from Project Finance International (PFI) Magazine for the Europe, Middle East and Africa region. Contract signing and financial close were completed in record time: seven and a half months from issuing the invitation to tender; this is an outstanding achievement among projects of this magnitude.
Now that financial close has been achieved, the construction phase of the motorway between Dunaújváros and Szekszárd can begin. This 65km stretch of road is the last section of the Budapest to Pécs motorway. Construction is expected to commence this year, and this will mean that by 2010 the city of Pécs will be accessible via the 200km highway between Budapest and Pécs.
Pál Szabó, Hungarian Minister for Transport, Ken Reid, member of the Bilfinger Berger Executive Board, Johannes Dotter, member of the Allgemeine Baugesellschaft - A. Porr Aktiengesellschaft board and Rik Joosten, Egis Projects CEO, signed the contract on behalf of the M6 Tolna Consortium on 17th July 2008 in Szekszárd. Present at the signing was the Prime Minister of Hungary, Ferenc Gyurcsány.