Sydney Metro Northwest



  • Concession to provide 8 new stations, interchange facilities and train systems over a new 23km rail link from Epping to Rouse Hill, and to upgrade the existing 13km Epping to Chatswood link
  • State retains all demand risk
  • Operation of all train control systems together with customer service and maintenance of all rolling stock and infrastructure
  • 5 year construction period with a 15 year operating term


  • CPI linked availability based payments from the State of NSW
  • Consortium with significant rail construction, and O&M experience
  • $3.6bn project, with equity requirement of $277m and State contribution during construction of $1.8bn
  • 20% of the ordinary equity with board representation and 25% preferred equity


  • Construction risk is appropriately contracted to a JV of John Holland, Leighton Contractors, MTR and UGL
  • State to take full defect risk on early works
  • Rail Safety Accreditation required
  • Initial debt term of seven years. Refinance risk mitigated by the State taking base interest rate risk after the first refinance and a possible State paydown of 50% of the debt 2 years after operations commencement