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Trans Adriatic Pipeline (TAP) completes EUR 3.9 billion project financing

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Staff Writer | Friday January 11, 2019 2:07PM ET
TAP
Europe   The financing is provided by a group of 17 commercial banks

As one of Europe’s most strategic projects, TAP successfully completed financial close in December 2018, securing Euros 3.9 billion, the largest project finance agreed for a European infrastructure project in 2018.


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The financing is provided by a group of 17 commercial banks, alongside the EBRD and the European Investment Bank (EIB). Part of the financing is covered by the export credit agencies - bpifrance, Euler Hermes and Sace.

The project raised EUR 3765 million in third party senior debt with a door-to-door tenor of 16.5 years, combining commercial debt along with development financial institutions (DFI) and export credit agencies (ECA) related financing.

Costs have previously been funded in full by TAP’s shareholders: BP (20%), SOCAR (20%), Snam (20%), Fluxys (19%), Enagás (16%) and Axpo (5%).

 

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