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New Tyne Crossing PPP reaches financial close

A Bouygues-led consortium has reached financial close with the Tyne and Wear Passenger Transport Authority on the New Tyne Crossing PPP.

The project will refurbish an existing, local authority-owned tunnel and install a new immersed tunnel, allowing north and southbound vehicles to travel in opposite directions.

The project will be funded by a £115 million grant from the local authority, plus around £335 million in debt. It is scheduled to finish in 2011.

Source: Infrastructure Journal