Isle of Wight
Highway Network Maintenance
The project is a £293m Public Finance Initiative which will upgrade and maintain the road network on the Isle of Wight over a period of 25 years.
Since 2013, the project has succeeded in providing a combination of rebuilding and resurfacing 300km of roads – which has ranged from the busiest main road to quieter rural roads.
The accelerated pace at which the upgrade is taking place aimed at delivering a modern and efficient road network island-wide within a seven-year period. Now that construction has been completed, Island Roads will maintain this to a high standard until the end of the concession.
This is the largest engineering project ever undertaken on the Isle of Wight and as well as making major road improvements, it is boosting the local economy by creating jobs and increasing trade for local businesses.
FIM provides a range of financial management services to the Island Roads project.
Key facts
800km of road network upgraded and maintained
Circa 200 local people employed to deliver the project
Around 1,200km of carriageways and footways resurfacing representing 88% of the island network
12,000 street lighting replaced with energy efficiency LED
£145m investment works over a 7 year period (April 2013 – March 2020)
Case Study
Timeline
Public procurement launching
Public agreement signed
Financial Close
Servies start
End of operations and handover
Supporting the local community
Island Roads has helped to establish the Isle of Wight Foundation, a charity committed to supporting projects which tackle social exclusion. The charity supports people in playing an active part in the local community and helping them to access employment and housing. Since its incorporation, the foundation has donated £0.3m to charitable projects on the island. Further to this, Island Roads gives staff two days a year paid leave to undertake work with local charities and good causes.
Electricity consumption has been reduced by 60% by replacing the Isle of Wight’s sodium streetlamps with LED lanterns.
Investment has remained on the island as local subcontractors and suppliers are commissioned to deliver the project which provides a boost to the local economy.
