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Joint venture Vinci/Ringway has secured financial close on a 拢120m 25-year PFI project to maintain and upgrade roads on the Isle of Wight.

A special purpose vehicle of Vinci Concessions and Meridiam will take control of the maintenance of highways, street lighting and structures on the island in one of the largest ever contracts awarded on the Isle of Wight.

Vinci Concessions PFI Director Phil Jackson said: 鈥淭his project represents a significant opportunity to improve and enhance the condition of the Highways on the Isle of Wight for road users.

鈥淗aving taken the project to close with the council delivery team, we are now looking forward to working in partnership with them to deliver the outputs and services that will be at the heart at these major improvements.鈥�

Vinci Concessions specialise in building and operating public infrastructure while Ringway has experience providing highway related services to councils and authorities across the UK. Funding for the project has been provided by BTMU, DZ, KfW and SMBC banks.

The 拢120m contract is the second major roads contract won by Vinci in recent weeks. The company recently signed an 拢800m PFI deal with the London Borough of Hounslow.

Vinci Ringway was advised by law firm Pinsent Masons.