The Figueras-Perpignan High-Speed Line

Historically, the Pyrenees have acted as a natural barrier for the communications between France and Spain, concentrating them at both extremes of the mountain range, through the coastal plains. The increasing cross-border traffic flow has produced consequent traffic congestion.

In 1992, the governments of France and Spain started detailed discussions in order to create a competitive rail link connection between both countries. Encouraged by the projected growth in traffic the governments signed an accord (‘The Madrid Agreement’) on 10 October 1995, with the intention of developing a double tracked, standard gauge, High-Speed Link through the Pyrenees linking Perpignan (France) with Figueras (Spain).

The rail link known as the ‘International Section’ will cover a distance of approximately 44.4km, including the 8.2km double-bore Perthus tunnel through the Pyrenees. The link forms and will became part of the ‘Ligne à Grande Vitesse sud-Européenne’, which features in the list of priority projects adopted by the European Council at the Essen and Corfu summits. The new high-speed line will be constructed under the European standard gauge, with twin tracks that will carry passengers and freight.

Thus, in 2004 the concession has been granted by the Kingdom of Spain and the Republic of France to TP Ferro Concesionaria S.A. which is equally owned by ACS, Actividades de Construcción y Servicios, S.A. and Eiffage S.A., two of Europe’s largest contractors. The term of the concession is 50 years, which includes the five years of construction period for the line.

The project

The project involves the design, financing, construction, operation and maintenance of a High-Speed Line between Perpignan and Figueras. It is located at the Eastern end of the French-Spanish border and comprises a rail connection between the French and Spanish networks including a ‘bi-tube’ tunnel under the Pyrenean Mountains that will allow trains to travel in opposite directions simultaneously.

Since its beginnings, rail traffic between France and Spain has been hampered by the difference in railtrack gauge between the French and Spanish networks which has caused significant delays due to requirement of changing axles/train at the border.
In this sense, this project will be the first cross-border link with EU-standard gauge. It forms part of the ‘South European High-Speed Railway System’, and is one of the priority projects supported by the European Union.

More than 1,500 workers are employed in the project which has the following main technical characteristics:

• Double track line length of 44.4km – 24.6km in France and 19.8km in Spain
• Two single tracks for linking in Perpignan – 2.9km and 4.6km
• A double tunnel of 8.2km in length with a 10m diameter (+ 200m false tunnels)
• 983m of viaducts in France (4) and 1,863m in Spain (6)
• A bypass for change in direction located in France
• 14 Rail bridges and 11 road bridges
• 9 underpasses and 61 drainage structures
• International standard gauge (UIC / IUR), 1,435mm
• Distance between double track axes, 4.80m
• Maximum design speed of 350km/h
• Slab track inside tunnel
• Ballasted track outside tunnel
• Height of catenary contact wire adaptable to ‘rolling motorway’ clearance

However, the key element of the project is the tunnel itself which has the following technical characteristics:

• Twin-tube tunnel with an excavated length of 8.2km
• Two false tunnels of 100m length at each tunnel end
• Excavation radius for each tube of 4.98m
• Internal radius for each tube is 4.25m and 0.10 tolerance
• 50m2 useful section
• Spacing between tube axes from 25m to 35m
• Excavation with two tunnel boring machines (TBM) starting from the Spanish side
• Prefabricated concrete lining

The two TBM’s are working nonstop, 24 hours day, with a media of penetration of 500 metres per month.

Also, to prevent the safety of the future traffic, the tunnel will count with high measures of prevention such as:

• A cross passages every 200m
• A ventilation system
• Systems for detection and extinguishing of fires
• A hot box detection system
• Intrusion control
• Redundant power supply
• Safety equipment at each side
• Access for emergency teams and heliport

Concerning signalization, the new line will adopt the ERTMS Signalling System, Level 2 and all other line safety systems will be used, such as:

• Detection of falling objects
• Detection of clearance, wheel flat spots and high pantographs
• Fencing for the whole line

Actually, following the planning established, TP Ferro has finished almost 50% of the whole project. The target finishing date is in February 2009 – when the new line has to be finished by the concessionary society.

The financial structure is based on the following criteria:

• €108 million of own resources
• €540 million (January 03) of subsidy, ?588.4 million current
• €400 million of outside project finance
• Two credit facilities maturing in March 2015:
• Senior Debt Credit Facility of €410 million
• Stand by Credit Facility of €34.3 million to cover 30% of the cash flow shortfall during the first years of operation
• Two credit facilities relay
• A VAT Facility of €25 million revolving maturing in August 2010
• A Subsidy Bridge Facility of €62 million maturing in March 2009
• With five major banks
• Syndication of the Senior Debt with 13 additional banks
• Refinancing in 2015 for 24 additional years:
• With limited recourse to the Share holders
• For the total outstanding debt
• Adjusted based on the traffic observed
• By the Shareholders
• Coverage of 70% of cash flow shortfalls until 2015 with a maximum of ?80 million
• Guarantee to put additional funds if needed up to ?40 million to reach the following ratios at the time of refinancing:
• Average Debt Service Cover Ratio (DSCR) 1.20 x
• Minimum Loan Life Cover Ratio (LLCR) 1.25 x
• With a down sized traffic of 25%
• By the banks
• Guarantee to refinance for 24 years the outstanding debt (until 2039)