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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 reached financial close for the project.
A total of €2.1 billion have been mobilized to structure the project, which has been signed during the month of December.
The project finally had the following financial structure:
The financing contract with the pool of banks includes a refinancing option seven years after the contract.
The project consists of:
The proposed new motorway will relieve traffic congestion along the eastern bypass corridor of Milan. It is therefore expected to result in substantial travel time savings, as well as in a reduction in trafic.
The project was awarded to a group of companies led by Impregilo and Pizzarotti. Tangenziale Esterna (TE) SpA, established on 14 January 2009, is the concessionaire managing the project. See complete list of shareholders here.