Best and final offers (BAFO) have been submitted for the D4 - R7 expressways PPP project in Slovakia.

Operis has informed the consortium comprising Strabag, John Laing and Reding Infrastructure has submitted its bid.

Operis was instructed to undertake a full audit of the financial model including a review of the model's tax and accounting treatments.

We announced in June 2015 that a total of four teams led by Vinci, Strabag, Porr and Hochtief had been shortlisted for the project.

Bids were submitted to the Ministry of Transport, Construction and Regional Development of Slovakia. The preferred bidder is expected to be announced in early December 2015, with financial close scheduled for the first quarter of 2016.

The 30-year road project will involve the construction, maintenance and operation of 27 km of the D4 highway, the southern section of the Bratislava ring road and 32 km of the R7 expressway, part of the network linking the west and east of Slovakia.

The total project investment is estimated at €1.4 billion (US$1.5 billion) and the EBRD is considering providing a €150 million (US$160.5 million) loan to finance the development of the 59 km road.

A consortium composed of PwC, White & Case and the Obermeyer Corporate Group is advising  the government on the PPP project.

The new road will be Slovakia's second-ever PPP project. The first PPP project awarded was the R1 Expressway project between Nitra and Banská Bystrica. A consortium of Vinci Concessions and Meridiam Infrastructure is the sponsor of the project.