Global law firm Norton Rose Fulbright and Watson, Farley & Williams, together with investment bank Schleswig-Holstein, have advised the German public sector on the A3 motorway PPP project.
On behalf of the Federal Ministry of Transport and Digital Infrastructure, Norton Rose Fulbright and Watson, Farley & Williams jointly advised the German Federal Ministry of Transport, Building and Urban Affairs during the procurement process and financial close. Following awarding of the contract in February 2020, the A3 Nordbayern consortium secured long-term debt financing of over EUR 1 billion on April 7, 2020.
The A3 project, the largest PPP infrastructure project in Germany to date, includes the extension of the A3 motorway between the Bielbelried and Fürth/Erlangen motorway crossings. Construction work is scheduled to begin on May 1, 2020, and the motorway extension is expected to be completed by the end of 2025.
The PPP project is designed as an availability model and extends from AK Biebelried to the west of the Main-Danube Canal Bridge shortly before AK Fürth/Erlangen over a length of 76 kilometres. It comprises the six-lane expansion of the A3, including planning, operation, maintenance and pro-rata financing over a period of 30 years.
The Norton Rose Fulbright team was led by partner and Europe head of infrastructure Dirk Trautmann (project financing, Munich) and partner Michael Jürgen Werner (public procurement law, Brussels). The team was supported by associates Oliver Paasch and Oliver Henningsmeier (both Munich) and Benjamin Riehm (Brussels).
Dirk Trautmann comments:
“We are proud to have helped this project overcome a number of challenges. In addition to the complexity added by it being the largest motorway project in Germany and several review proceedings during the procurement process, reaching financial close during the Coronavirus lockdown period required an innovative and flexible approach from all parties.”
The team from Watson, Farley & Williams was led by Dr. Christian Bauer, partner (construction and project contracts, Munich).
The team of investment bank Schleswig-Holstein (IBSH) included Patrick Woletz and Detlef Schröder.