Italy: Astaldi takes out loan for Turkish motorway project

Italian civil engineering group Astaldi has underwritten a €4.5 billion (US$5 billion) loan towards the Turkish motorway project of Gebze-Orhangazi-Izmir, which is worth an overall €5.65 billion ($6.4 billion). According to the La Repubblica newspaper, the loan facility will be used to complete the 301km last stretch of the motorway and link the city of Bursa, south of the Sea of Marmara, and the Aegean port of Izmir. Part of the loan will be used to refinance stretches that are under construction for
June 18, 2015 Read time: 2 mins
Italian civil engineering group 1324 Astaldi has underwritten a €4.5 billion (US$5 billion) loan towards the Turkish motorway project of Gebze-Orhangazi-Izmir, which is worth an overall €5.65 billion ($6.4 billion).

According to the La Repubblica newspaper, the loan facility will be used to complete the 301km last stretch of the motorway and link the city of Bursa, south of the Sea of Marmara, and the Aegean port of Izmir.

Part of the loan will be used to refinance stretches that are under construction for the Gebze-Orhangazi-Bursa link.

The pool of Turkish creditor banks include Akbank, Garanti Bankasi and Yapi Kredi.

The overall project includes a 3.3km Izmit Bay suspension bridge and will be, when finished, a 377km six-lane motorway with 44km of access roads. The project was started in October 2010 and is set to be completed by 2018. It will shorten the distance between Gebze and Izmir by more than 140km.

Also being built are 30 viaducts totalling 18.21km, four tunnels totalling 7.4km and more than 200 bridges.

The project also includes 18 toll collection centres, five maintenance and operation centres, seven service areas and seven park areas.

The project’s first phase is the 53km Gebze-Orhangazi section, for which an engineering procurement and construction (EPC) contract worth nearly €4.67 billion was awarded to the joint venture NOMAYG in late 2011. The Izmit Bay suspension bridge is within this section.

Finance & Funding

For more information on companies in this article

Related Content

  • VIDEO: Life in the (very) fast lane on Turkey’s Osman Gazi Bridge
    July 5, 2016
    Traffic was light for the reigning World SuperSport motorcycle champion Kenan Sofuoglo when he crossed the new Osman Gazi Bridge at 5a.m. last week. Which is just as well, because he topped out at 400kph on his specially prepared Kawasaki Ninja H2R after just 26 seconds, as the video shows. In fact, no other traffic was allowed on the new US$1.3 billion bridge, named after Osman Gazi, the founder and first sultan of the Ottoman Empire. Turkish media outlet TRTWorld reported that the bike had small win
    Read More
  • New Turkish bridge to complete highway
    July 15, 2015
    A modern, six-lane suspension bridge is under construction across the Sea of Marmara near the western Turkish town of Izmit. Turkish crane service provider Aydin Vinc is putting a 180tonne Sennebogen 5500 crawler crane to good use on lifting and logistics tasks. When finished in 2017, the six-lane Izmit Bay Bridge, 50km east of Istanbul, will carry more than 5,000 vehicles per day. The suspension bridge will not only complete the highway from Istanbul south to Izmir on the Aegean coast, it will also be t
    Read More
  • Two new tunnel links for Turkey
    August 28, 2013
    Two new tunnel connections in Turkey will improve transport in key areas. The new Kemerhisar-Pozanti Highway features tunnels along its length and this key route will improve connections between the country’s capital Ankara and its commercial centre Istanbul as well as to the south-east of the country. The highway will have wider benefits too as it will allow better transportation through Turkey between Europe and the Middle East. And in the busy port city of Izmir, the new Konak Tunnel will reduce jour
    Read More
  • Astaldi expects to close €1.7bn Russian motorway build deal
    May 13, 2014
    Italian civil engineering group Astaldi is expecting to obtain a €1.7 billion contract from Russia that would see them build a 140km stretch of the Moscow-St Petersburg motorway. Astaldi chairman Paolo Astaldi said that the deal for lots seven and eight of the motorway is “probable”. Astaldi is in a consortium with Turkish partner Ictas, with which it has already banked deals in Russia. The contract will be awarded by the motorway concessionaires, VTB and Vinci.
    Read More

Highlighted Content