N25 NEW ROSS BYPASS PPP

The N25 New Ross bypass involves the construction of approximately 16km of new road on sections of both the N25 and N30 roads in Ireland. The N25 road forms part of the comprehensive TEN-T (Trans European Transport) network. The project will be procured as a PPP. The concessionaire will be required to design, build, finance, operate and maintain the aforementioned sections of road for an expected period of 25 years upon construction completion.

The bypass will remove a major bottleneck on the N25 route, improving access from the cities of Cork and Waterford to the port of Rosslare, Ireland’s busiest port outside Dublin. It will also link the N25 with the N30 New Ross to Enniscorthy road.

The main environmental and planning approval permits have been obtained for the project and subject to compliance with the conditions therein, it was concluded the proposed road development would not adversely affect the integrity of any European site, would not result in significant adverse effects on the environment and would be in accordance with the proper planning and sustainable development of the area. The Bank will require a formal declaration, acceptable to the Bank, on the assessment carried out under Article 6 of the Habitats Directive (92/43/EEC) and the outcome on this assessment, duly signed by the competent environmental authority.

The project is being procured as a Public Private Partnership. The PPP contract will be tendered following the negotiated procedure with publication in the OJEU (on the 26th of March 2013, ref. 2013/S 060-099805). The ITN was issued in November 2013 and four firms were shortlisted. Tenders are due in June 2014 with the award of contract/financial close expected by Q1, 2015. In keeping with EU Directive 2004/18/EC, the procedure is acceptable to the Bank.

The project may be the first implementation of the Project Bond Initiative in Ireland.