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SK E&C Consortium Signs Agreements on Silver Town Tunnel Project in U.K.
A Public-private Partnership Project Worth 1.5 Tril. Won
SK E&C Consortium Signs Agreements on Silver Town Tunnel Project in U.K.
  • By Michael Herh
  • November 27, 2019, 11:27
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Hong Ho-eun (left), head of the Second Financial Office at SK E&C poses for a photo with Simon Kelongback (center), CFO of Transport for London, and John Hagan, CEO of RiverLinx after signing implementation financial agreements for the Silver Town Tunnel Project in the United Kingdom on Nov. 22.

The Silver Town Tunnel Project in the United Kingdom, which is promoted by a consortium formed by SK Engineering & Construction (SK E&C), will kick off with the conclusion of implementation and financial agreements. It is the first public-private partnership (PPP) project promoted by a Korean builder in Western Europe.

The RiverLinx consortium announced on Nov. 26 that it signed an implementation agreement with the U.K.-based London Transportation Corp. (TfL) on the construction and operation of the tunnel. The consortium also signed a financial agreement with a large group of Korean and international creditors.

The Riverlinx consortium is made up of Aberdeen Standard Investments (the United Kingdom), BAM PPP PGGM (the Netherlands), Cintra (China), Macquarie Capital (Australia) and SK Engineering & Construction. The consortium will raise about 1 billion pounds by means of project financing.

Its creditor group consists of 15 leading Korean and foreign financial institutions including Korea Export-Import Bank, Korea Trade Insurance Corp., Korea Development Bank (KDB), KEB Hana Bank, Woori Bank, Samsung Life Insurance, KfW, CA-CIB and Aviva Insurance.