M11 Moscow-St Petersburg (543-684km)

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M11 Moscoc-St Petersburg (543-684km) is a concession for a 137.5km stretch of the toll road between the 543km and 684km markers. Other concession agreements will be in place for the rest of the M11 toll road. The whole highway is expected to be completed by the 2018 World Cup. Magistal Dvukh Stolits is an SPV owned by Vinci and the VTB Group for the purposes of this concession. The concession was award by AVTODOR (Russian Highways Administration) through a competitive bidding process in which the Concedent was one of four considered. AVTODOR awarded a DBFOT 27yr concession to Magistral Dvukh Stolits in April 2014. According to the concession agreement a construction period of 2015-2017 is included and the agreement is to be concluded by 2041. The Concedent assumes ownership rights for the road in return for the liability of designing, financing, constructing and operating the toll road. The private participant is expected to cover 25% of the costs. The Concedent will make Operational and Investment Payments set out by year in the concession agreement and be able to establish tolls within the limits of the agreement. Magistral Dvukh Stolits reached financial closure in July of 2015. The cost of the project is expected to be 529m USD. Of the total costs 410.5m USD will be debt finance by VTB Group (in two separate loans, Class A and Class B). Equity totaling 118.5m USD will be provided by Vinci (59.3m USD) and VTB Group (59.2m USD). The project is expected to be operational by 2018. https://ijglobal.com/data/transaction/34022/m11-moscow-st-petersburg-543-684km-ppp http://www.russianhighways.ru/for_investor/konkurs-na-stroitelstvo-uchastkov-dorogi-moskva-sankt-peterburg/about/ http://www.russianhighways.ru/en/press/news/10313/ http://www.russianhighways.ru/for_investor/konkurs-na-stroitelstvo-uchastkov-dorogi-moskva-sankt-peterburg/about/Memo_543-684_Eng_final_18102013.pdf http://msp-highway.com/fr/ http://www.vtb.com/