E18 PPP Hamina-Vaalimaa

The Finnish Transport Agency has secured a €102m long-term loan from the European Investment Bank (EIB) to finance the construction of a 32km motorway between Hamina and Vaalimaa in Finland.

The E18 Hamina-Vaalimaa project will be built on a public-private-partnership (PPP) basis and as a result, it will be completed at a lower cost and one year ahead of schedule compared with a conventional procurement procedure.

Meridiam Infrastructure and its construction partner YIT have also announced that their consortium has signed a 20-year PPP contract with the Finnish Transport Agency for the design, construction, financing and maintenance of the last section of E18 motorway towards the Russian border.

“The EIB funds, granted under a PPP financing scheme, will help to construct a key part of Finland’s most important international road connection.”

EIB vice-president responsible for lending in Finland Jonathan Taylor said: “The EIB funds, granted under a PPP financing scheme, will help to construct a key part of Finland’s most important international road connection, the E18 motorway, which also constitutes the core of the Scandinavian-Mediterranean Network Corridor.

“Supporting sustainable roads and motorways is one of the goals of the EU bank. Therefore, we are glad to be a partner in this project, as it will significantly improve the safety and operability of the road with high-quality, environmentally sustainable construction technologies and strong environmental consciousness playing a major role in project planning.”

The project includes construction of 32km of new motorway and the related road improvements on the last section of the motorway from Turku through Helsinki to the eastern border.

Work also includes construction of a highway tunnel, several bridges, noise dampening measures and a new truck waiting area in Vaalimaa.

In addition, the existing pedestrian and cycle paths will be upgraded and more paths will be built.

Designed as a green motorway, the project will help to reduce traffic congestion and to increase safety in the area.

Construction will start later this year and the motorway will be opened to traffic by the end of 2018.

Image: E18 PPP Hamina-Vaalimaa Priority TEN-T. Photo: courtesy of the Finnish Transport Agency.