A train on the Istanbul underground (Wikimedia Commons/Ex13)

Astaldi wins two Turkish contracts worth more than $1bn

12 April 2017 | By GCR Staff 1 Comment

Italian construction group Astaldi has won roles in two projects worth over $1bn in Turkey.

For one, it is part of a consortium chosen to deliver a $665m turnkey contract for construction, electrical and civil engineering works on the Kirazli-Halkalı section of the Istanbul metro. This will require boring 10km of double-tube tunnels as well as nine stations.

Astaldi has a 15% stake in this job; three Turkish firms, Makyol, Kalyon and Ictas, make up the rest of the team. Construction will take two and a half years.

The second scheme is a $353m deal for 80km of the Menemen-Candarli motorway in the province of Izmir, western Turkey. Astaldi has a 33% stake in this consortium, with Ictas and Kaylon holding the other two-thirds.

The transaction’s financial structure calls for the private capital equal to 20% of the total investment, which for Astaldi is $28m.

The project’s customer is the Ministry of Transport, and the work will involve 14 junctions, 11 bridges, 10 viaducts, seven motorway toll booths and three service areas.

Astaldi has been active in Turkey for three decades and in recent years has won motorway and healthcare contracts.

Image: A train on the Istanbul underground (Wikimedia Commons/Ex13)