Gold Coast Light rail

Financial close achieved for Stage 2 of Gold Coast Light Rail

Published 21 November 2016

GOLD COAST, QUEENSLAND: Plenary Group announced today that it has achieved financial close on the second stage of the Gold Coast Light Rail project. Plenary is the financial and commercial adviser to the private operator, GoldLinQ.

Stage 2 of the Gold Coast Light rail project is a $420 million extension of the Stage 1 public-private partnership (PPP) project.

This second stage will extend the current service 7.3 kilometres from the Gold Coast University Hospital station to connect with heavy rail at the Helensvale station.

It will include three new light rail stations.

The project will be completed in time for the 2018 Gold Coast Commonwealth Games.

Plenary Group Managing Director Paul Oppenheim said this was the first extension of a rail PPP in Australia and a ground-breaking achievement for the PPP market.

“This is the result of clear decision making from both the public and private sector teams and a mutual determination to ensure this project commences on time and remains on track for the Commonwealth Games,” Mr Oppenheim said.

“Achieving financial close in such a short time frame is an outstanding outcome.

“To achieve financial close only nine months after the State announced Stage 2 of the project – inclusive of managing a full D&C tender process – was a testament to the overwhelming support the project has gained within the financing team.”

Equity financing will come from the same investors in the same proportion as Stage 1: Marubeni Group (26.7%); International Public Partnerships Limited (26.7%); Keolis SA (10%); Aveng Australia (10%); Palisade (16.7%); and Plenary Group (10%).

Stage 2 saw the GoldLinQ consortium take the opportunity to refinance its original private financing and debt will be drawn through a 13-year term facility with KfW, Export Development Canada, Intesa Sanpaolo, BBVA, Mizuho and BTMU – an outcome that enhances financing cost certainty over the life of the project.

For more information go to the Gold Coast Light Rail Stage 2 website.

Christopher Whitefield

Corporate Affairs Manager
+61 3 8888 7754
+61 418 530 806
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