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Firm advises on €1.8 billion R1 Expressway PPP Project in Slovakia

Date: 28/08/2009

CMS Cameron McKenna LLP has acted for the Ministry of Transport of Slovakia, in relation to the €1.8 billion R1 Expressway PPP Project.

CMS Cameron McKenna has been leading the team of advisers to the Ministry in relation to the procurement of three PPP road projects in Slovakia for the last 18 months. The team, including PWC and Arup, has worked with the Ministry through the entire procurement process, providing comprehensive advice on all aspects of the project.

Financial close of the R1 project represents a key milestone both in delivering upgraded road infrastructure and also in the development of the PPP market in Slovakia. The R1 project is the first PPP project to reach financial close in Slovakia and has done so despite the difficult current market conditions. The fact that the deal has reached financial close without any requirement for government guarantees or support to lenders represents a considerable achievement for the Ministry and differentiates it from other road PPP deals that have closed this year.

Trevor Butcher and Rob Gray led the CMS Cameron McKenna team, which included Jan Azud, Rachel Gibson, Jana Togelova and Jonathan Dames. The team continues to advise the Ministry in relation to the D1 and D1, Phase 2 road PPP projects.

Trevor Butcher commented on the financial closing, “We are delighted to have been involved in the R1 project. To have achieved financial close on a project of this size in the current market is a fantastic achievement and a testament to the positive and pragmatic approach of the Ministry and of everyone involved. This is a positive sign for the D1 projects and for the future use of PPP in Slovakia.”

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Nicola Stokes
+44 (0)207 367 3495
nicola.stokes@cms-cmck.com

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