New Zealand’s Largest Public Private Partnership Transport Project Reaches Financial Close, backed by Aberdeen Investments and ACCIONA

Northway, a consortium whose shareholders are Aberdeen Investments (“Aberdeen”) and ACCIONA, has reached Financial Close with NZ Transport Agency Waka Kotahi (NZTA) for the Warkworth to Te Hana project. The Warkworth to Te Hana project is a section of Ara Tūhono, which forms part of the Northland Corridor.

This marks the successful completion of the procurement process and enables delivery of New Zealand's largest public private partnership (“PPP”) infrastructure project. The total overall project cost is approximately NZ$3.649 billion (US$2.14 billion) net present value (NPV) during its 32-year construction and operating duration¹. This includes a nominal cost of around NZ$3 billion (US$1.74 billion) to design and build the road.

The milestone represents a major step forward in the delivery of a transformational transport corridor that will provide a safer, more resilient and more efficient connection between Auckland and Northland, improving freight efficiency, supporting regional growth and strengthening transport reliability for communities and businesses.

Northway brings together ACCIONA's global infrastructure delivery capability and UK asset manager Aberdeen’s long-term infrastructure investment expertise through a collaborative PPP focused on whole-of-life performance, innovation and value for money.

Bill Haughey, Partner, Concession Infrastructure Aberdeen Investments, said: "The Northland Corridor Warkworth to Te Hana – Ara Tūhono project demonstrates the value of long-term investment partnerships in delivering essential infrastructure. Aberdeen Investments is committed to investing in high-quality infrastructure that generates sustainable long-term value while delivering meaningful benefits for communities. We are pleased to be partnering with NZTA and ACCIONA on a project of national significance and look forward to supporting its successful delivery and operation over the long term."

José Angel Andrés López, ACCIONA’s Managing Director Construction for Australia and New Zealand, said: “ACCIONA invests in, develops and operates infrastructure assets that create lasting value for communities. We are proud to bring together local capability and international expertise to deliver this transformational project for New Zealand providing long-term benefits through improved connectivity, economic growth and enhanced transport outcomes.”

Derek Robertson, NZTA’s Northland Corridor Programme Director thanked everyone involved in the project and all the work undertaken to reach this point, saying:

“The project is a key connector and of strategic importance to the regional and national economy and it is good to see this work get underway.”

A Long-Term Partnership for New Zealand

Northway will be responsible for financing, delivering and operating the Northland Corridor Warkworth to Te Hana – Ara Tūhono project under a long-term concession arrangement with NZTA.

ACCIONA will undertake the design, construction, maintenance and operation of the corridor, drawing on its extensive experience delivering complex transport infrastructure projects in New Zealand and internationally.

The project has been financed through a combination of sponsor equity, senior bank debt and a Crown capital contribution, creating an innovative funding structure designed to deliver value for money while supporting the delivery of nationally significant transport infrastructure.

Bill Haughey added: “This project exemplifies the value of long-term infrastructure investment, creating lasting benefits for Northland communities while delivering sustainable value for our investors. We are seeing growing interest from global investors in high-quality infrastructure assets that combine strong long-term fundamentals with positive social and economic outcomes, and this project is a compelling example of how private capital can support nationally significant infrastructure while generating shared value for all stakeholders.”

In June 2026, Aberdeen’s concession infrastructure team announced a partnership with Future Group, Australia’s fastest growing superannuation and financial services company. Capital is to be deployed into global infrastructure opportunities to build a long-term programme of investments aligned with their shared sustainability objectives and with greenfield concession and PPP style investments.

The Northland Corridor Warkworth to Te Hana – Ara Tūhono Project

The Northland Corridor Warkworth to Te Hana – Ara Tūhono project is a major transport infrastructure investment that will improve safety, resilience and connectivity between Auckland and Northland. 

The project will:

Project highlight²:

Artist’s impression – Warkworth Interchange  

¹Estimates are as at the date indicated and may change at any time. They are made on a general basis and actual events or results may differ materially.
²Estimates are as at the date indicated and may change at any time. They are made on a general basis and actual events or results may differ materially.

Ends

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Notes to editors

About Aberdeen

Aberdeen Investments is a specialist asset manager that focuses on areas where we have both strength and scale across public and private markets, including credit, specialist equities and real assets. 

Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.

As at 30 June 2026, Aberdeen Investments managed £397.5bn on behalf of clients, including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.

www.aberdeeninvestments.com

About ACCIONA 

ACCIONA is a global leader in sustainable infrastructure solutions. ACCIONA owns, develops and operates infrastructure assets. The business spans transport, water and energy providing integrated solutions that reduce risk, improve outcomes and create long-term value for clients and communities.

In Australia, ACCIONA has evolved from a proud legacy of local companies that have delivered some of the nation’s most complex, sustainable and iconic projects over more than a century.  

In New Zealand, ACCIONA has had a presence since 2015 and in 2023 completed delivery of the Pūhoi to Warkworth motorway which it continues to maintain. ACCIONA is currently, in partnership with Fletcher, delivering the Eastern Busway project one of the most critical infrastructure projects in the city.

www.acciona.com

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