Wragge & Co’s projects team has advised on a £500m public-private-partnership (PPP) scheme to upgrade and extend the Scottish motorway network. The scheme will see the construction of 12.4km of new motorway and the upgrading of 16.2km of existing road to motorway standard.
The scheme will help alleviate traffic congestion between Glasgow and Edinburgh and drive economic development in the region.
Acting for the main operating contractor, Amey LG, the Wragge & Co team advised on the drafting of an operation and maintenance agreement for the design, finance and upkeep of the central Scottish motorway system over the next 33 years.
The project will be funded through £400m of debt financing raised partly through a bond issue by Allianz Global Investors and partly via a direct loan from the European Investment Bank.
Dominic Richardson, an associate in Wragge & Co’s projects team, led on the deal, supported by partner David Fennell.