The Silver Town Tunnel Project propelled by SK E&C in the Britain has been selected as the European Transportation Project of the Year by the global financial journal Project Finance International (PFI), a company spokesman said on Feb. 7.
The project is the first public-private cooperation project propelled by SK E&C in Western Europe. It will construct two one-way two-lane road tunnels connecting Silver Town and Greenwich through the lower part of the Thames River in London. It is a BOT (Build Operate Transfer) method that will be operated for 25 years after completion of construction and transferred to the City of London.
In November last year, SK E&C formed a consortium with Sintra of Spain and Macquarie of Australia, Aberdeen of the U.K. and other firms to raise about 1 billion pounds (1.5 trillion won) of total investment through Project Financing (PF) method.
Fourteen domestic and foreign financial institutions, including the Export-Import Bank of Korea, the Korea Trade Insurance Corp., the KDB Bank, Hana Bank, Woori Bank and Germany's KfW and the Britain’s Aviva, participated as major shareholders.
Last year, SK E&C’s Çanakkale project was also selected as the "Turkish Project of the Year" by PFI. The project is to build the world's longest suspension bridge across Turkey's Dardanelles Strait.
A total of 25 financial institutions from 10 countries participated in the project and raised 2.3 billion euros (about 3 trillion won) in the project in March last year.
"It is an honor to win a global financial award in Europe for the second consecutive year," said Ahn Jae-hyun, CEO of SK E&C. "As a global developer, we will seek business opportunities in various regions around the world."