Rotterdam World Gateway has closed the largest financing in its history to fund the final expansion of its automated container terminal in Rotterdam, according to Clifford Chance.
The financing combines a senior US private placement with a subordinated private-credit tranche. The amount raised was not disclosed.
The money will support construction of RWG’s fourth and final deepsea berth, further automation and other infrastructure needed for the final expansion phase. RWG has put the cost of that phase at about €500m ($581m), partly financed by existing lenders.
The figure is the cost of the expansion programme and not the value of the newly closed financing.
The project includes five new quay cranes, 11 storage modules with 22 automated stacking cranes and 24 automated guided vehicles. RWG is also studying a BoxBay system with capacity for about 30,000 TEU of empty containers.
The fourth berth will be able to handle the world’s largest containerships. The programme also includes additional charging capacity for electric equipment and expanded maintenance, gate and non-standard cargo facilities.
The final phase will take cumulative investment in RWG to about €2bn ($2.32bn). Its third berth is due to enter commercial service in 2027, while capacity from the final phase is expected before 2030, lifting overall terminal capacity to about 5m TEU.
RWG’s shareholders are UAE-based ports and logistics group DP World, French shipping and logistics group CMA CGM, South Korean ocean carrier HMM and Singapore-headquartered container shipping company Ocean Network Express.
RWG operates an automated container terminal at Maasvlakte 2 and began construction in 2012 after signing its concession agreement with the Port of Rotterdam Authority in 2007.