Third Bosphorus Bridge and Northern Maramara Highway Project

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In 2012, Turkey’s ministry of transportation awarded the Third Bosphorus Bridge and Northern Maramara Highway Project to a joint venture of IC Holding (67%) and Astaldi (33%) on a BOT basis for 10 years, 2 months, and 20 days. The project comprised of building a 1,875-metre tolled suspension bridge with a 1,275-metre span between the villages of Poyrazköy and Garipçe, which would automobiles and railway traffic on separate levels. The project also included 60 km dual four lane Northern Marmara motorway between Odayeri and Pasakoy. Additionally, the project included construction of 55km of connection roads, 19 motorway junctions, 67 viaducts, and seven tunnels and a road/rail stay cable stiffened suspension bridge across the Bosphorus. The IC Ictas-Astaldi consortium bid the shortest shortest concession period for the project, 10 years, two months and 20 days including 36 months for construction. The sponsors took construction risk but obtained commitments from the government for availability payments - there is a minimum guarantee on revenue of $150 million per year. The second placed bidders, Cengiz/Kolin/Limak/Makyol/Kalyon, bid 14 years, nine months and four days, while the third prequalified team of Salini and Gülermak were disqualified on the grounds that their bid was not compliant. The total cost of the project was estimated at USD 2.9 billion. The project reached financial closing in May 2014 with a debt equity ratio of 80:20. Lenders for the nine year USD 2.3 billion loan were Isbank, Yapi Kredi, Vakifbank, Garanti, Halkbank, Ziraat Bank and Garanti Bank International NV. Construction of the bridge and highway began in May 2013 and is expected to become operational by the end of 2015.