Financial close for CNDR
Connect CNDR, has reached financial close for the £176 million Carlisle Northern Development Route (CNDR) public private partnership (PPP) concession contract for Cumbria County Council.
Commenting today, Balfour Beatty Chief Executive, Ian Tyler, said:
“We are delighted to have reached financial close on the CNDR contract. This is an important piece of infrastructure which will take traffic away from Carlisle city centre and improve transport links between West Cumbria, Scotland and the North East of England.
“We have significant experience of delivering PPP contracts in the UK using our construction businesses in support of our concession companies. We have adopted this successful approach for this contract and look forward to working with Cumbria County Council.”
The CNDR contract is a 30-year concession during which time Connect CNDR will be responsible for the design and construction of an 8.25km two-way single carriageway road from the M6 Junction 44 to the A595 southwest of Carlisle and the management, operation and ongoing investment in approximately 150km of other existing roads in Cumbria.
Balfour Beatty will undertake the design and construction of the new road and also provide the whole life operation and maintenance services.
Balfour Beatty will invest approximately £11 million of equity in the project.