UniCredit joins pool of banks for TEM Milan ring road PPP project
The Tangenziale Esterna Spa, the concessionaire responsible for designing, implementing and managing for 50 years the Milan Outer Eastern Bypass (Tangenziale Est Esterna di Milano - TEEM), has announced that it has added a new bank to the pool of financiers and that it has received a subsidy from Cassa Depositi e Prestiti.
Unicredit has officially entered into the pool of banks (Banca Intesa San Paolo-IMI, Banca Popolare di Milano and Centrobanca-UBI) engaged in closing the €2 billion project-financing.
The concessionaire also announced that Cassa Depositi e Prestiti has provided with a non repayable subsidy of 330 million euro to accelerate the project. This public funding is conditional on the actual progress of the work and the achievement of the financial closing.
The project consists in: the construction of a 32-km multi-lane bypass running from Melegnano on the A1 Milan-Bologna-Rome-Naples Motorway to Agrate Brianza on the A4 Turin-Milan-Venice-Trieste Motorway, with an additional link, the so-called "Arco TEEM", to the future Brescia-Bergamo-Milan Motorway ("BreBeMi"); the construction of 38 kilometres of new non-motorway thorough fares; the upgrading of 15 kilometres of existing roads; and the completion of 30 kilometres of cycle paths.
The project was awarded to a group of companies led by Impregilo and Pizzarotti.
