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International Public Partnerships Ltd - London-based infrastructure investment company - Reaches financial close on stage 3 of the Gold Coast Light Rail project. The project in Queensland, Australia, extends the existing Gold Coast Light Rail network, known as G:link, a further 6.7 kilometres south from Broadbeach to Burleigh Heads. It will include eight new stations, five additional light rail trams, new bus and light rail connections. The project is expected to finish in 2025.
Following financial close of the acquisition, the company will be approximately £173.1 million drawn against its £250 million corporate debt facility including £16.9 million drawn under letter of credit, it explains.
In addition to private financing, the project received funding from the federal and Queensland governments and the City of Gold Coast, International PPL says. Under the terms of the acquisition the company will make an investment totaling approximately A$13.5 million, about £7.7 million, it adds. The firm's ‘now 10-year investment in Gold Coast Light Rail reflects its continued contribution to developing sustainable, reliable modes of transport in one of Australia's fastest-growing areas,’ comments Mike Gerrard, chair of International PPL.
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