The BRAVO4 consortium, consisting of BESIX, EPICo, I4B – The Belgian Infrastructure Fund, RID PPP (Rebel and abrdn) and Stadsbader, is proud to announce that it has won the European Infrastructure Deal of the Year award for its work on the transformative R4WO ring road project in Ghent, Belgium. Commissioned by De Werkvennootschap, the project was recognised for its innovative financing structure applied to this ambitious PPP.
The award, attributed by Project Finance International (PFI) — a leading global reference in industrial project finance —highlights the success of the consortium’s approach and its outstanding expertise based on a leading track record in PPPs. The financing for this €1-billion public-private partnership was closed in May 2024.
Transforming mobility in Ghent
The R4WO project is a key infrastructure initiative designed to improve traffic flow, safety, and environmental sustainability on the R4 ring road around Ghent. The project aims to modernize approximately 30 kilometres of the R4 and adds 20 kilometres of bicycle paths. These upgrades will not only enhance the local community’s mobility but also improve the broader regional transportation network.
The project includes new bridges, tunnels, and underpasses, as well as extensive upgrades to pedestrian and cyclist infrastructure. Once completed in 2031, the R4 West East project will improve the quality of life for residents and support long-term economic growth in the Ghent area.
A record-breaking deal
The BRAVO4 consortium successfully raised €1 billion in long-term debt to finance the R4WO project. This landmark deal, which has an impressive 37-year tenor, was financed by the consortium together with 12 Belgian and international lenders, including institutional investors, demonstrating the strong confidence in this ambitious project.
About half the debt was provided by institutional investors and insurers. Canadian institutional investors SLC Management, Manulife and Canada Life took part alongside Aviva Investors and Belgian investors AG Insurance and Ethias in a 37-year amortising private placement note.
The other half of the syndicated debt package was provided by a bank group including KBC Bank, Belfius Bank, CaixaBank, CACIB, The Korea Development Bank and DZ Bank AG, in the form of a 25-year amortized bank term loan, a milestone bridge facility available during construction and an equity bridge to be repaid by the shareholders at the end of construction.
What sets this deal apart is its comprehensive structure: a seven-year construction period followed by 30 years of operation under an availability-based contract. This ensures that maintenance and operational costs are managed efficiently while guaranteeing the project’s long-term viability.
This deal exemplifies strong collaboration and alignment of interests among multiple stakeholders, including the authority, five sponsors, 12 different financial institutions and various contractors, highlighting the robust management and good governance of the project.
A model of public-private cooperation
The European Infrastructure Deal of the Year award underscores the effectiveness of public-private partnerships. The BRAVO4 consortium proves that infrastructure projects thrive when innovation, sustainability and efficiency come together. The consortium’s ability to navigate complex financial structures while working closely with regional and local authorities has been crucial to the project’s success.
This deal highlights the importance of creating sustainable infrastructure that addresses both immediate and long-term societal needs. With the completion of the construction set for 2031, the R4WO project is a model for future infrastructure developments in Belgium and beyond, setting a benchmark for delivering large-scale projects through careful planning and strategic partnerships.
“Our teams at BESIX have worked for several years to create this world-class project alongside our client De Werkvennootschap and our partners. Together, we conceptualised and designed the project, secured financing, and are now building it. We will manage its operations and maintenance for the next 37 years. We are incredibly proud to see this project win the ‘Infrastructure Deal of the Year’ ward from such a prestigious institution as PFI.” - BESIX
“As the Flemish Government we are very pleased to enter into this collaboration with the private market. The R4WO project is an exciting challenge. It will improve the quality of life in the region while enabling smooth and safe traffic, especially for cyclists. At De Werkvennootschap we are committed to integrated projects. In the meantime, we are also taking the necessary steps in the rest of Flanders to bring important projects to market.” - De Werkvennootschap (client)
“We are proud to be the major equity investor of this ambitious project reaffirming I4B’s central role in Belgian infrastructure development. R4WO, the largest PPP ever closed in Belgium, fosters economic growth while improving road safety, enhances local connectivity and well-being, and promotes sustainability and green mobility over the long run. This investment confirms I4B’s mission to finance infrastructure that stimulates local economic development while meeting rigorous environmental standards and community expectations.” - I4B - The Belgian Infrastructure Fund
“As investor and sole financial advisor we are incredibly proud to have been involved in this project from the very start of the bidding phase in 2019. We helped optimize the bid and its deliverables, conceptualize an innovative financing structure which provided an answer to the specific project characteristics, structured the need for additional equity and ultimately raised the necessary financing for the project through a debt financing competition. We are delighted that we have been able to contribute to the success of this deal.” - quote Rebel
"This award is a proof of the collaborative spirit of the BRAVO4 consortium and the trust our public partners place in us. Together, we are shaping the future of infrastructure in Belgium and beyond. The R4WO project is not just about roads and bridges; it’s about creating meaningful connections, improving lives, and contributing to a more sustainable future. We are immensely proud to make a significant contribution to this project, both in financing and execution.” - quote Stadsbader