Construction giant Vinci confirmed yesterday the collapse of a €750M (£606M) concession deal for the A355 western Strasbourg bypass in France, for which it was named preferred bidder in January.
The firm denied abandoning the project, stating that several banks had confirmed financing for the 55-year scheme to design, finance, construct, operate and maintain a new 24km long section of toll motorway.
Vinci subsidiary Vinci Concessions, a design and build joint venture comprising companies from the Group’s three contracting business lines Vinci Construction, Eurovia and Vinci Energies, was informed of its success in January by France’s Ministry for Ecology, Sustainable Development, Transport and Housing.
But it said that the State had now informed it that it had been withdrawn from the process, despite having had an extension of the preferred bidder status beyond 28 May to enable it to secure the last two financial institutions for the scheme.
The works are expected to take 52 months. Operation and maintenance of the section was to be carried out by Vinci Autoroutes and the concession operator’s remuneration is intended to come from the tolls collected.