North East Link

After reaching Financial Close in October 2021, the $11.1 billion North East Link Tunnels Package PPP (Project) was the largest transport project in Victorian history, the largest PPP in Australian history and one of the largest PPPs ever globally.

The Victorian Infrastructure Delivery Authority (VIDA) oversees the procurement and delivery of the overall North East Link Project on behalf of the Victorian Government.

Capella Capital is the infrastructure developer, lead sponsor, financial advisor, equity investor and Project Co asset manager for the Project.

The Spark consortium also includes WeBuild, GS Engineering and Construction, CPB Contractors, China Construction Oceania, Ventia, John Laing, DIF and Pacific Partnerships.

North East Link incorporates a market-first ITC PPP commercial framework creating a stronger partnership and incentivising a collaborative relationship between Project parties. Capella was responsible for raising $4.5 billion in private sector financing for the Project which is the largest financing for an Australian PPP and one of the largest globally for a PPP. The finance structure is the first ever PPP to successfully incorporate export credit agency, bank and institutional debt into a greenfield financing.

Construction is now underway. Once completed in 2028, the 6.5km North East Link Tunnels from Watsonia to Bulleen will fix the missing link in Melbourne’s freeway network, take 15,000 trucks off local roads a day and reduce travel times by up to 35 minutes.