28th Apr 2016 08:12
LONDON (Alliance News) - Infrastructure investment company International Public Partnerships Ltd said on Thursday it is to make a further AUD7.0 million investment into a 7.3 kilometre extension of the Gold Coast Light Rail project in Queensland, Australia.
INPP said the original AUD1.29 billion project, delivered by the GoldLinQ consortium of which it is a part and the Queensland Government, saw 13 kilometres of rail system developed between Gold Coast University Hospital and Broadbeach. The system has been operational since July 2014.
INPP said the extension to the system, from Gold Coast University Hospital north to Helensvale, will link the light rail system to the heavy rail line in the region, and incorporate three additional stations.
The company added that it will invest around AUD7.0 million for a 26.7% stake in the extension alongside Plenary Group Pty Ltd, Marubeni Corp, Palisade, Keolis SA and Aveng Australia Holdings Pty Ltd. Construction is expected to reach completion at the end of 2017, with operations commencing in early 2018, which will be in time for the opening of the Gold Coast Commonwealth Games in April 2018.
INPP said its investment will be made towards the end of the construction period and its commitment with be secured by a letter of credit. As a result, it said it has around GBP142.0 million of uncommitted credit available under its GBP300.0 million revolving credit facility.
Shares in INPP were down 0.7% at 145.90 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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