Release date: 17 February 2004
Promoter – Financial Intermediary
- Peel Holdings PLC (Contact - Mr. Peter Scott, Director, Peel Holdings Plc)
- Peel Airports (Finningley) Limited (Contact - Mr. David Ryall - Director, Finningley Airport).
Location
Description
Redevelopment of a former military air base at Finningley, South Yorkshire, into a commercial airport initially serving up to 2.3 million passengers per annum with associated economic activity. Principal elements comprise construction of a new passenger terminal, upgrade and conversion of airside and landside infrastructure, and regeneration of existing buildings and facilities to provide airport-related business activities.
Objectives
The project would improve international airport infrastructure in South Yorkshire and permit improved transport links between South Yorkshire and the rest of Europe. In addition to European traffic, the length of runway will allow it to potentially serve long haul connections for passengers and freight, which are currently poorly served in Yorkshire and Humberside. It will thereby facilitate tourism and business contacts, which depend on air travel. Most trips are expected to divert from more distant airports: Government statistics show that almost 75% of international air travellers from the region - around 6 million journeys per year - use airports outside the region. Use of closer airports will potentially generate reductions in road traffic and savings in journey time. Further benefits will arise from traffic generated by the improved accessibility to an international airport and improved flight opportunities.
Conversion of the former military airport to a civil international airport with associated businesses is expected to create direct permanent employment and provide an important impulse for the economic development in the region. The project will also directly serve human capital development by offering training opportunities for the local workforce.
Comments
Air transport.
Sector(s)
Proposed EIB finance (Approximate amount)
Loan of up to GBP 35 million (EUR 50 million).
Total cost (Approximate amount)
Estimated at around GBP 90 million (EUR 130 million).
Environmental aspects
The project is classified under Annex I of EU Directive 85/337 as amended by Directive 97/11/EC, thus requiring a formal EIA process. Directive 97/11/EC has been fully incorporated in the UK’s Town and Country Planning (Environmental Impact Assessment) (England and Wales) Regulations 1999. The EIA has been completed and environmental aspects have already been addressed in considerable depth as part of the Public Inquiry process.
Procurement
The promoter has confirmed that all contracts above the thresholds in the EU procurement directives will be let by international competitive tender with prior publication in the OJEC and in line with the EU Directives on procurement. These procedures would be satisfactory to the Bank.
Status
Signed - 17/11/2004
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).