Spain
Cuatrecasas advises Interbiak Bizkaia on entering into €200 million loan with EIB to cofinance tunnel under Nervión estuary
December 21, 2023
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SubscribeCuatrecasas has advised Interbiak Bizkaia S.A.U., a company run by the Provincial Council of Biscay, on entering into a €200-million project financing agreement to build a tunnel under the Nervión estuary. The financing was granted by the European Investment Bank—which in turn was advised by King & Wood Mallesons—within the framework of its lending policy for sustainable cities and regions.
This financing, together with the support of the Provincial Council of Biscay, will enable a tunnel to be built connecting the roundabouts of Artaza (Getxo) and Ballonti (between Portugalete and Sestao). This will provide an alternative route to the Rontegi Bridge, thus reducing traffic density and congestion at critical points of metropolitan Bilbao’s road network.
In its press release, the EIB stated that this financing is part of its lending policy for sustainable cities and regions.
In addition, the infrastructure is designed so that—at a later point—a railroad connection can be integrated into the underwater tunnel, providing subway users with a shuttle train connecting the two lines, which currently circulate independently along both banks of the estuary.
Finance and M&A lawyers Tomás Ugalde and José Ramón Berecibar coordinated the advisory services for this transaction, with Daniel Acedo participating.
December 21, 2023
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