Special purpose company IXAS Zuid-Oost has reached financial close for the A9 Gaasperdammerweg public-private-partnership (PPP) project, which is created for the development of A9 motorway in the Netherlands.

Netherlands Directorate-General for Public Works and Water Management, Rijkswaterstaat, awarded the project back in August to IXAS Zuid-Oost team, which is a joint venture of Ballast Nedam (25%), Fluor (25%), Heijmans (25%) and 3i Infrastructure (25%).

Scope of work under the project includes the management, maintenance, design, build, expansion and financing of the existing and new infrastructure at the A9 motorway that runs between Diemen and Holendrecht in the Netherlands.

It also includes construction of a 3km overground tunnel, which will start in 2015 and completed by 2020.

A bridge over the river Gaasp and the road surface on the A9 Gaasperdammerweg are also included in the project.

The construction of additional lane in the A9 motorway is expected to improve the accessibility and traffic at the Northern Randstad area.

The investment in the project is worth around €700m while IXAS Zuid-Oost has arranged short-term debt of €140m and long-term debt of €410m for the project. The funding has come from DZ BANK BNG Bank, KBC, ING, SMBC and Société Générale and rest of the long-term debt is expected to be funded by European Investment Bank.