Poort van Noord, a special purpose company formed by BAM PPP and pension fund PGGM Infrastructure Cooperation UA, commissioned us to conduct technical due diligence on behalf of the lenders.
Challenges
The N33 project is the first instance where a pension fund has a role in the senior debt of an infrastructure project in the Netherlands. The Dutch government aims to develop a system for attracting pension funds as financiers for future infrastructure projects. Differing requirements and experience in the area of debt financing between the pension funds and the commercial banks that are also involved required skilful conciliation.
Key facts
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The project will improve traffic flow in the region and increase road safety on the highway.
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The scheme widens 38km of the N33 from single to dual carriageway. It includes 27 structures including the construction of a movable bridge over the Winschoterdiep. The N33/A7 junction will be remodelled to a cloverleaf interchange. The contracting authority is the Dutch highways and water authority Rijkswaterstaat.