Nature of the asset
Incheon Grand Bridge is a 12.3 km, dual three-lane tolled bridge connecting Incheon International Airport to the newly developed commercial area of New Songdo International District in Incheon City. Construction began in July 2005 and completed in October 2009 as originally scheduled. Incheon Grand Bridge is the longest bridge in Korea and the fifth-longest cable-stayed bridge in the world.
Nature of the investment
MKIF has provided equity and subordinated loans for the project. MKIF made equity investment through its wholly owned special purpose company, Private Infrastructure Investment Korea which holds 41% of equity interest in Incheon Bridge Company (IBC). MKIF has also committed to invest KRW89.4billion of its subordinated loans of IBC, making a total investment in the project of KRW163.9 billion.
Concession agreement
| Government authority: | Ministry of Land, Transport and Maritime Affairs |
|---|---|
| Concession term: | 30 years |
| Guarantee duration: | 15 years |
| Concession term commencement: | October 2009 |
| Minimum Guarantee: | 80% of annual CA projected revenue |
| Revenue Cap: | 120% of annual CA projected revenue |
Facilities
| Length: | 12.3 km |
|---|---|
| Capacity: | 6 lanes in both directions |
| Toll rate: | KRW 5,500 - small vehicles |
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