G
GelreGroen B.V. (GelreGroen consortium)
Borrower counsel
A&O Shearman m
Z · D · J
Zeeger De JonghPartner
14 lawyers involved
Rainmaker
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GelreGroen consortium closes financing for the ViA15 (A12/A15 Ressen–Oudbroeken) PPP project in the Netherlands $update-09-18
Completed9 Dec 2025Deal Overview
- Value
- $1.65bnEstimated
- Deal type
- Financing
- Structure
- Project financingFinance
- Status
- Completed9 Dec 2025
Advisors
BORROWER
A&O Shearman m Overview
- Borrower: GelreGroen B.V., the project company of the GelreGroen consortium - John Laing (40%), HOCHTIEF PPP Solutions (40%), Dura Vermeer Groep (10%) and BESIX Group (10%) - which holds the DBFM contract with Rijkswaterstaat for the A12/A15 Ressen–Oudbroeken (ViA15) project; Van Oord joins the four in the 25%-each construction and maintenance combination.
- Project: a 12 km greenfield extension of the A15 from Ressen to the A12 with a 2.5 km bridge over the Pannerdensch Canal and a sunken section of more than 3 km, plus c.23 km of widening on the A15 (Valburg–Ressen) and A12 (Westervoort / Duiven–Oud-Dijk); construction from early 2026, opening end 2031, then 20 years of maintenance to 2051. Total project cost EUR 1,633 million per the EIB; the State's overall programme budget is c.EUR 2.4 billion after a c.EUR 1 billion cost uplift.
- Context: awarded in 2020 and financed at c.EUR 1.2 billion, the project was stalled by Council of State proceedings until the modified DBFM contract was re-signed on 3 July 2025; financial close on 9 December 2025 put all required financing in place. Terms of the debt package are not disclosed; deal_size is a Method P estimate of the senior debt package (c.USD 1.65 billion, range USD 1.52-1.80 billion).
- Borrower counsel: A&O Shearman advised the GelreGroen consortium, led by Amsterdam partner Zeeger de Jongh. Dutch project finance: Zeeger de Jongh, Koen de Wit, Cees van Ginneken, Dimitri Kolias, Nicolette van den Bosch, Wouter Groot; Dutch public law: Jochem Spaans, Jasper Wesselman; Dutch ICM: Aron Berket, Michaël Guenneguez; Belgium: Filip Tanghe, Hélène Bauwens; Germany: Wolfgang Melzer, Tobias Wintermantel; England: Rob de Kort, Nicholas Ho. The firm has been on the project for six years.
- Borrower advisers: Societe Generale was financial adviser to the consortium; BESIX Invest structured the DBFM financing on the sponsor side.