tunnelling-journal (1)
tunnelling-journal (1)
  • Home
  • Print
    • Subscribe
    • Tunnelling Journal
    • Breakthrough
    • ITA Activity Report
    • A&NZ Journal
    • WTC Preview
    • Media Kit
  • Digital
    • Newsletter
    • E-Shots
    • TJ Digital edition
    • Products Page
    • Media Kit
  • Conferences
    • BTS Conference and Exhibition
    • Cutting Edge 2022
  • Buyer’s Guide
  • Events Diary
  • Jobs
  • About Us
  • Contact Us
  • Podcast

Home > UK's HS 1 up for auction

UK's HS 1 up for auction

Tris Thomas

Written by Tris Thomas on 07/06/2010 in News

Tagged:

Plans originally floated in 2007 to sell the UK’s US$8.4bn construction cost Channel Tunnel Rail Link (HS 1) will be put into action this summer after the HS 1 this week invited banks to provide financing to facilitate the sale, which is worth a reported US$2.9bn. The sale is expected to be complete within 12 months with proceeds used to start up a ‘green investment bank’ that will be used to invest purely in the low carbon sector.

Owners, London & Continental Railways (LCR) and the Department for Transport are looking to distribute a sales document before the 22nd June’s emergency budget.

As LCR is government owned the US$2.9bn will be a very small start in their attempt to claw back the UK’s US$242bn debt.

Potential buyers include Channel Tunnel operator, Groupe Eurotunnel, SNCF, Deutsche Bahn, and Network Rail, which owns most of Britain’s rail infrastructure and will see HS1 as a gap in its portfolio.

Director-general of the Institution of Civil Engineers, Tom Foulkes, said in the UK press: “A £2bn (US$2.9bn) green investment bank (GIB) is certainly a good start. We have been calling for new thinking on how to unlock the long-term sources of funding needed to finance infrastructure for some time.

“However, as Infrastructure UK has acknowledged, the UK will need to invest £40bn to £50bn (US$58bn – US$72bn) per annum in infrastructure, so, with a starting fund of only £2bn (US$2.9bn), clearly there is some way to go.”

Comments:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Digital Edition

More Like This

02/02/2022

CP Concrete Consortium to develop ‘Carbon Pool Concrete’ technology

CP Concrete Consortium to develop ‘Carbon Pool Concrete’ technology

The CP Concrete Consortium consisting of the Ready-mixed and Returned Concrete Solution Association (RRCS) member companies have been granted funding…

23/11/2021

Construction start for HS2 Old Oak Common station

Construction start for HS2 Old Oak Common station

Work to construct the 850m-long station box at HS2’s Old Oak Common station in London began last month as concrete…

06/04/2022

Cowi – Nishimatsu wins large diameter package on Cross Island Line

Cowi – Nishimatsu wins large diameter package on Cross Island Line

Together with client, Nishimatsu Construction Ltd, Cowi has won a package of work on Singapore LTA’s Cross Island Line that…

  • Contact Us
  • Media Kit
  • Magazine Archive

Newsletter

The latest from the Tunneling Journal direct to your inbox.

Social



Enquiries

TGS Media Ltd
The Old Library
Webster House
Dudley Road
Tunbridge Wells
TN1 1LE
United Kingdom

© Tunnelling Journal. All Rights Reserved. Privacy Policy / Terms & Conditions. Admin

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkRead more