PPP and Public Transport Infrastructure Financing Case Studies
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BENEFIT: Business models for enhancing funding and enabling financing for infrastructure in transport: PPP and public transport infrastructure financing case studies Horizon 2020 European Commission Edited by Athena Roumboutsos University of the Aegean, Department of Shipping, Trade and Transport, 2015 Year of publication: 2015 By the University of the Aegean, Department of Shipping, Trade and Transport 2A Korai str., Chios 82100 © 2015, selection and editorial material, Athena Roumboutsos; individual chapters the contributors. The right of the editor to be identified as the author of the editorial material and of the authors for their individual chapters is asserted. All rights reserved. No part of this book may be reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without the permission in writing from the publishers. ISBN 978-618-82078-1-3 (ebk) 2 List of Authors Benabid Roberto, University of Antwerp, Belgium Bjørberg Svein, Multiconsult, Norway Borremans Arnaud, University of Antwerp, Belgium Campos Méndez Javier, University of Las Palmas de Gran Canaria, Spain Cardenas Ibsen, University of Twente, the Netherlands Cirilovic Jelena, University of Belgrade, Serbia Duarte Costa Joana, Instituto Superior Técnico, University of Lisbon, Portugal Eichner Mark, Rijkwaterstaat, the Netherlands Folkers Richard, ProRail, the Netherlands González Serrano Marianela, University of Las Palmas de Gran Canariam, Spain Gouin Thierry, Cerema, France Gromova Sofia, Graduate School of Management, St. Petersburg University, Russian Federation Hojs Aleš, European Faculty of Law, Slovenia Ivanisevic Nenad, University of Belgrade, Serbia Kapros Seraphim, University of the Aegean, Greece Karousos Iosif, University of the Aegean, Greece Leviäkangas Pekka, University of Oulu, Finland Liyanage Champika, Grenfell-Baines School of Architecture, Construction and Environment, University of Central Lancashire, UK Łukasiewicz Agnieszka, Road and Bridge Research Institute, Poland Macário Rosário, Instituto Superior Técnico, University of Lisbon, Portugal Maeso Gonzalez Elvira, Director Chair on Transport, Business Administration Dept. Industrial Engineering School, University of Malaga, Spain Manrique de Lara Casiano, University of Las Palmas de Gran Canaria, Spain Maslova Svetlana, Center for PPP Studies, Graduate School of Management, St. Petersburg University, Russian Federation Meyer Christian, Karlsruhe Institute of Technology (KIT), Germany Mikic Miljan, University of Belgrade, Serbia Mingazova Ruzaliya, Center for PPP Studies, Graduate School of Management, St. Petersburg University, Russian Federation Mitusch Kay, Karlsruhe Institute of Technology, Germany Mladenovic Goran, University of Belgrade, Serbia Moraiti Panayota, University of the Aegean, Greece Moschouli Eleni, University of Antwerp, Belgium Nouaille Pierre, Cerema, France 3 Oliveira Matheus, Instituto Superior Técnico, University of Lisbon, Portugal Roumboutsos Athena, University of the Aegean, Greece Salaj Nikolaj, Faculty of Architecture UL, Norway Temeljotov Salaj Alenka, Oslo & Akershus University College of Applied Sciences, Norway Trapali Konstantina, University of the Aegean, Greece Trujillo Castellano Lourdes, University of Las Palmas de Gran Canaria, Spain Vajdic Nevena, University of Belgrade, Serbia Van Nieuwenhuysen Céline, University of Antwerp, Belgium Vanelslander Thierry, University of Antwerp, Belgium Villalba-Romero Felix, Grenfell-Baines School of Architecture, Construction and Environment, University of Central Lancashire, UK Voordijk Hans, University of Twente, the Netherlands Wegmann Kai, Karlsruhe Institute of Technology (KIT), Germany Witz Petr, Faculty of Social Sciences, Czech Republic Yushkov Andrey, Leontief Centre St. Petersburg, Russian Federation 4 Table of Contents LIST OF AUTHORS 3 FOREWORD 6 THE BENEFIT PROJECT 7 INTRODUCTION 10 CHAPTER 1: ROAD & MOTORWAY PROJECTS 13 A5 MARIBOR - PINCE MOTORWAY 14 BELGRADE BY-PASS PROJECT, SECTION A: BATAJNICA-DOBANOVCI 21 E18 MUURLA-LOHJA 26 H5 KOPER-IZOLA MOTORWAY 31 HELSINKI-LAHTI MAIN ROAD 4 / E75 37 M-25 LONDON ORBITAL 42 MOTORWAY E-75, SECTION: DONJI NERADOVAC – SRPSKA KUCA 49 MOTORWAY E-75, SECTION: HORGOS – NOVI SAD (SECOND PHASE) 55 “SLAVYANKA” ROADS 60 WESTERN HIGH-SPEED DIAMETER (WHSD) 67 CHAPTER 2: BRIDGE & TUNNEL PROJECTS 75 THE BLANKA TUNNEL COMPLEX 76 “HERRENTUNNEL” LÜBECK 84 ORLOVSKI TUNNEL 89 CHAPTER 3: RAIL PROJECTS 99 GARDERMOBANEN - AIRPORT EXPRESS TRAIN 100 LIEFKENSHOEKSPOORVERBINDING – LIEFKENSHOEK RAIL LINK 106 CHAPTER 4: COMBINED PROJECTS 115 COMBIPLAN NIJVERDAL 116 CHAPTER 5: URBAN PUBLIC TRANSPORT PROJECTS 122 ATHENS TRAMWAY 123 LYON'S T4 TRAMWAY 131 LYON VELO’V 140 METRO DE MALAGA 149 METRO DO PORTO S.A. 160 TRAM-TRAIN “KOMBILÖSUNG” KARLSRUHE 167 WARSAW'S METRO II-ND LINE – FIRST STAGE: CENTRAL PART 174 CHAPTER 6: SEAPORT PROJECTS 184 DEURGANCKDOCK LOCK 185 OW-PLAN: OOSTENDE-INTEGRATED COASTAL AND MARITIME PLAN FOR OOSTENDE 194 PORT OF AGAETE 201 CHAPTER 7: AIRPORT PROJECTS 207 ATHENS INTERNATIONAL AIRPORT “ELEFTHERIOS VENIZELOS” 208 BERLIN-BRANDENBURG AIRPORT 215 MODLIN REGIONAL AIRPORT 221 SA CARNEIRO AIRPORT EXPANSION 228 CHAPTER 8: TERMINAL & DEPOT PROJECTS 235 THE HAGUE NEW CENTRAL TRAIN STATION 236 5 Foreword BENEFIT (Business Models for enhancing Funding and enabling Financing for Infrastructure in Transport) is a research project funded by the European Union's Horizon 2020 research and innovation programme. The project was elaborated in the period December 2014-September 2016 with the distinct objective to adopt an innovative approach in analysing transport infrastructure delivery and build a dynamic decision and policy guiding tool, the BENEFIT Matching Framework (MF), to function as: (i) an ex-post assessment tool; (ii) a monitoring and ex-ante scenario building tool for the assessment of alternative funding schemes; (iii) an ex-ante (forward) tool to assess the potential of transport investments to reach pre-specified goals, and (iv) a tool for project resilience rating to fluctuations in the financial markets and national and global economy. In developing the above, the BENEFIT approach combined theoretical foundations with project case study research, taking stock of the project profiles of forty-five studies of private co-financed transport infrastructure projects collected under the COST Action TU1001 (Public Private Partnerships in Transport: Trends and Theory, P3T3) and project cases collected for the purpose of the BENEFIT Project. More specifically, during the course of the BENEFIT project, the Project case set was supplemented with 31 new project cases with a view to enhance the sample to include projects delivered through public financing, as well as to provide a more balanced picture of the various transport modes. The above additional Project Cases presented herein comprise a collection of transport projects at various levels of implementation, delivered both by private and public financing. Each project case is structured along the same lines, as in the COST Action TU1001 Project Case Books and in combination present a rich source of information on transport infrastructure project delivery. Athena Roumboutsos, Project Coordinator On behalf of the BENEFIT Project Partners 6 The BENEFIT project 1 Concept and Objectives BENEFIT seeks to take an innovative approach by analysing funding schemes within an inter-related system. Funding schemes are deemed to be “successful” (or not) depending on the Business Model that generates them as well as their stakeholders and policy contexts. The performance of the Business Model is affected by the implementation and the transport mode context – together with other contextual changes over time and space, including changes in overarching policy frameworks. It is matched successfully (or not) by a financing scheme. Relations between actors are described by a governance model (contracting arrangements). These are key elements in Transport Infrastructure Provision, Operation and Maintenance, as illustrated by Figure 1. Figure 1. BENEFIT Key Elements in Transport Infrastructure Production, Operation and Maintenance In developing this model, BENEFIT takes stock of seventy-five transport infrastructure projects funded and financed by public and private resources from nineteen European and four non–European countries covering all modes of transport. This data has been produced within the framework of activities undertaken by the COST Action TU1001 on Public Private Partnerships in Transport: Trends and Theory and complemented by an additional 31 cases collected and construed within the course of the project. By applying the Decision Matching Framework, BENEFIT undertakes: • An ex-post analysis and assessment of alternative funding schemes (such as public, PPP & PFI amongst others) based on existing experiences in different transport sectors and geographical areas and their assessment with respect to economic development, value for public money, user benefits, life-cycle investment, efficiency, governance and procurement modalities, etc.; and, provides lessons learned, identification of the limitations of the various schemes and the impact of the economic and financial crisis. • An ex-ante (forward) analysis and assessment of the potential of transport investments and the related funding schemes, including innovative procurement schemes still in a pilot phase, to contribute to economic