Strabag secures record order
30 June 2009
Strabag has signed the largest contract in its history with the € 1,6 billion public private partnership (PPP) agreement to build and operate a 106 km section of the A2 motorway in Poland between Nowy Tomyśl and Świecko.
Strabag, which is the lead partner in the Strada consortium carrying out the work says its share of the contract is more than € 1 billion. The total construction value of the scheme is put at € 1,3 billion.
Construction of the road is due to begin in July and run until May 2012. Following that, the consortium will operate the toll road until 2037.
The financing consortium is composed of 11 international banks led by the European Investment Bank (EIB), which will provide more than € 1 billion of the funds. The other banks include Deutsche Bank of Germany, WestLB, Calyon and Société Générale of France, Caja Madrid of Spain, as well as a number of Polish banks.
Strabag CEO, Dr Hans Peter Haselsteiner, said, "This shows that, even during difficult times, a good project with professional partners is capable of arranging a high financing volume. Our capacity utilisation in Poland will not be a cause for concern for the next few years. This order cements STRABAG's position as the number one in road construction in Poland."
