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11/10/2010
Downturn Hits M-Way Builders
It is feared that the consortium chosen to develop the proposed Gort to Tuam motorway in Connaught may be having second thoughts about funding the project because of the economic downturn.
The backers behind BAM Balfour Beatty the firm confirmed by the National Roads Authority (NRA) last month as the preferred bidder to construct the €500m M17/M18 motorway – are growing worried about investing in such a major project in a country that is plunging deeper into debt.
It is understood that the investors in the public private partnership (PPP) scheme are becoming apprehensive about investing in such a major project in this country in view of the current economic situation and the instability of the Government.
The NRA will also not commit to funding for the project because the contractors for the project do not have their funding in place as yet.
The €500 million project has now been thrown into uncertainty and is fully dependent on the necessary finances becoming available for the project.
Meanwhile, a 'green' construction project has been put in jeopardy by taking longer than expected to complete.
Developers of a 48-turbine windfarm in the Slieve Aughty Mountains in South Galway are looking for a three-year planning extension on the project.
Keelderry Windfarm Ltd has already begun construction of the windfarm but needs another three years in which to build it.
The extended permission follows the original application to Galway County Council for the redesign and construction of the Keelderry Windfarm in Keelderry, Peterswell, Co Galway.
Keelderry Wind Farms Ltd. was set up by nine local farmers in 1996 with the purpose of building 48 wind turbines on the commonage site.
(BMcC/KMcA)
The backers behind BAM Balfour Beatty the firm confirmed by the National Roads Authority (NRA) last month as the preferred bidder to construct the €500m M17/M18 motorway – are growing worried about investing in such a major project in a country that is plunging deeper into debt.
It is understood that the investors in the public private partnership (PPP) scheme are becoming apprehensive about investing in such a major project in this country in view of the current economic situation and the instability of the Government.
The NRA will also not commit to funding for the project because the contractors for the project do not have their funding in place as yet.
The €500 million project has now been thrown into uncertainty and is fully dependent on the necessary finances becoming available for the project.
Meanwhile, a 'green' construction project has been put in jeopardy by taking longer than expected to complete.
Developers of a 48-turbine windfarm in the Slieve Aughty Mountains in South Galway are looking for a three-year planning extension on the project.
Keelderry Windfarm Ltd has already begun construction of the windfarm but needs another three years in which to build it.
The extended permission follows the original application to Galway County Council for the redesign and construction of the Keelderry Windfarm in Keelderry, Peterswell, Co Galway.
Keelderry Wind Farms Ltd. was set up by nine local farmers in 1996 with the purpose of building 48 wind turbines on the commonage site.
(BMcC/KMcA)
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