May 5, 2014 / 11:21 AM / 4 years ago

Austria's Strabag invests in Irish motorway project

VIENNA, May 5 (Reuters) - Austria’s Strabag SE will take part consortia to build and operate a 57-km section of a motorway in western Ireland, it said on Monday.

Strabag has a 25 percent stake in the construction consortium handling the stretch of the N17/N18 motorway between Gort and Tuam near Galway.

The public-private partnership project has a total private-sector investment value of about 330 million euros ($458 million), it said.

Equity funding represents 12 percent of the overall funding for the project, with Strabag’s share amounting to 10 percent of the equity, it added.

Construction begins this month on the motorway, due to open in November 2017.

This marks the start of a 25-year operating period for this section. On completion of the scheme, the DirectRoute concession consortium will get monthly payments from the National Roads Authority of Ireland.

The EU-financed Marguerite Fund owns 50 percent of the concession consortium, while Strabag, John Sisk and Son, Lagan, Roadbridge, and HICL Infrastructure Co Ltd each own 10 percent, Strabag said.

$1 = 0.7212 Euros Reporting by Michael Shields; Editing by Mark Potter

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