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Procurement cleared for East London Line go ahead

News

A DECISION on the £750M East London Line extension is expected later this month, project sources said this week.

Last week the Strategic Rail Authority (SRA) sent final details on the procurement strategy for the project to the Department for Transport (DfT).

The East London Line Extension is to be constructed under a design, build, finance, transfer contract, under which contractors finance construction before selling the track to Network Rail on completion.

The DfT had asked for more details of the 'progressive acceptance' policy which is to be adopted as a way of reassuring contractors that they will be paid on completion of the project (NCE 29 January).

The project received a further boost last week when Network Rail secured credit ratings of AAA from agency Standard & Poor's and Aa1 from Moody's.

These are among the highest attainable.

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