DLA Piper advises lenders on NOK11.4 billion Skanska Norwegian infrastructure project
Global law firm DLA Piper has advised a multinational and diverse group of six lenders comprising DNB Bank ASA, Skandinaviska Enskilda Banken AB, AB Svensk Exportkredit, Nordic Investment Bank, Kommunal Landspensjonskasse Gjensidig Forsikringsselskap, and Oslo Pensjonsforsikring AS (the lenders), on the financing of the E10/rv.85 road project in Norway. The project is to be delivered as a public-private-partnership (PPP) by a special purpose vehicle borrower owned by Skanska-affiliated pension funds on behalf of Statens vegvesen, the Norwegian Public Roads Administration. The construction contract alone, as awarded to Skanska, is valued at NOK11.4 billion (approx. EUR960 million).
The deal closed within just six weeks of the lenders’ appointment and the project comprises the design and construction of some 82 kilometers of new road, including 7 tunnels and 22 bridges, and is intended to improve road safety, shorten journey times, and act as a pilot for environmentally friendly development on this key route to Narvik Airport.
The project marks the third successful PPP to have closed in recent years. DLA Piper is the only international law firm to have advised on each of those deals including on the country’s record PPP (Rv555) earlier this year and the Rv3. Rubayet Choudhury, projects partner at DLA Piper, comments: “We’re delighted to have closed this landmark deal, the latest in a run of high-profile PPP infrastructure deals in Norway. Our continued results in the area reflects the strength of infrastructure and financing expertise across our international projects platform.
Fredrik Lindblom, Co-head Infrastructure, Construction & Transport Sector, Europe at DLA Piper added: “This transaction is another great example of our cross-border team of lawyers working tirelessly to support the lenders and the Skanska team in closing this complex transaction within an impressive six weeks of the lenders’ appointment”
The deal team, as led by Rubayet Choudhury and Fredrik Lindblom comprised of lawyers across Norway, Sweden and the UK including partners Helge Neraal, Erik Ramm and Vibeke Søvik Lindberg; legal director Mark Valenzia; senior associate Charlotte Eliades; and, associates Cait O’Reilly and Hugh McCrea.