Transport for London (TfL) has announced that Cintra, a subsidiary of Ferrovial Services Spain, is the preferred bidder for the €1.4 billion ($1.6 billion) Silvertown tunnel project in East London, according to InfraPPP.
The tunnel project will include an underground development that runs under the river Thames, connecting Silvertown area and the Greenwich Peninsula in east London.
It is expected to improve high traffic rates at the Blackwall Tunnel, which has infrastructure dating from the 1960s. For that reason, the Silvertown project is considered a project of “significant national relevance” by the government of the United Kingdom.
Cintra will be in charge of design, construction, financing and maintenance for the project over a 30-year concession period.
The sole bidding competitor was a consortium led by Hochtief, a subsidiary of ACS. A joint venture formed by Skanska and Strabag withdrew from the tender process earlier in March.
Construction of the tunnel is expected to be completed by 2024.
