French-British consortium signs financing for the Ecole Centrale Supelec PPP near Paris
French construction group Bouygues and infrastructure investor HICL Infrastructure Company have reached financial close on the Ecole Centrale Supelec PPP project.
HICL is investing €3.4m for an 85% stake, comprising a loan stock subscription obligation that is payable upon construction completion, which is expected to take two years.
The project is financed under the French government’s "Investissements d’Avenir" programme. The European Investment Bank is also providing a €110m loan.
The 28-year agreement was signed between the authority CentraleSupélec and the consortium consisting of Bouygues Bâtiment Ile-de-France (lead construction) and Bouygues Energies & Services (FM), FIN Partner I and HICL, advised by InfraRed Capital Partners. Swiss firm Gigon/Guyer is the designer.
Under the plans, the team will design, build, finance and maintain a new 25,000m² facility for the Ecole Centrale Supelec on plateau de Saclay, in Gif-sur-Yvette, as well as a shared teaching and research facility, and underground car park. A hotel will also be developed on the site but is not part of the PPP.
The Bouygues-led team was named preferred bidder in November 2014 beating Vinci and Eiffage to the contract.