The Government of Montenegro has decided to undertake the construction of a new motorway running from Bar to Boljare (the "Project" or the "Motorway") by entering into a partnership with a private investor

The Government of Montenegro has decided to undertake the construction of a new motorway running from Bar to Boljare (the "Project" or the "Motorway") by entering into a partnership with a private investor. The Project involves the design, financing, construction, operation and maintenance of one or more sections of the Motorway, and is awarded through a transparent, competitive, and open international tender process. The Project is structured on the basis of a concession agreement between the Government of Montenegro, represented by the Ministry of Transport, Maritime Affairs and Telecommunications ("MoTMAT") and a preferred bidder.
The tender process has been divided into two phases: a prequalification phase and a bidding phase. At the end of the prequalification phase, six potential bidders were designated by MoTMAT as prequalified bidders. MoTMAT then invited these six prequalified bidders to submit a bid for the execution and implementation of the Concession Agreement. Following the issuance of this invitation, four bids were delivered to MoTMAT before the bid submission deadline at 18:00 Central European Time on 2 March, 2009.
MoTMAT received a bid for the Project from each of the following bidders:

• 
  Consortium comprising Alpine Bau, a limited liability company registered under the laws of Austria, Porr Solutions Immobilien und Infrastrukturprojekte, a limited liability company registered under the laws of Austria, and Osijek-Koteks d.d., a company registered under the laws of Croatia, with Alpine being the Lead Member;
  
• 
  Consortium comprising Konstruktor – inzenjering d.d., a company registered under the laws of Croatia, Institut Gradevinarstva Hrvatske d.d., a company registered under the laws of Croatia, and i. Tehnika d.d., a joint-stock company registered under the laws of Croatia, with Konstruktor – inzenjering being the Lead Member;
  
• 
  Consortium comprising Aktor Concessions, a company registered under the laws of Greece, and Housing & Construction Holding Co, a limited liability company registered under the laws of Israel; and
  
• 
  Strabag AG, a joint stock company registered under the laws of Austria.
  

Having opened and evaluated the technical and financial offers in accordance with the rules set out in the Instructions to Bidders, the Bid Evaluation Commission:

• 
  Found that Strabag's bid and Alpine/Porr Consortium's bid were non-responsive;
  
• 
  Found that Konstruktor Consortium’s bid and Aktor/HCH Consortium’s bid were responsive.
  

The Commission evaluated Aktor/HCH Consortium’s and Konstruktor Consortium’s open financial offers based on the Net Present Value of the Availability Payments that the bidders requested from the Government.

Aktor/HCH Consortium requested the following Availability Payments in terms of Net Present Value:

	As of First Operation Year	As of 2009
Smokovac-Matesevo Section	Euro 1,240,759,207	Euro 844,439,868
Entire Motorway	Euro 4,082,207,061	Euro 2,778,281,533
Weighted average^1	Euro 1,560,896,936	Euro 1,062,320,227

Konstruktor Consortium requested the following Availability Payments in terms of Net Present Value:

	As of First Operation Year	As of 2009
Smokovac-Matesevo Section	Euro 886,518,997	Euro 603,349,933
Entire Motorway	Euro 2,564,455,870	Euro 1,745,325,575
Weighted average	Euro 1,018,133,641	Euro 692,924,648

Based on the Instructions to Bidders the most favorable financial proposal is the one with the lowest Net Present Value of availability payments. Following this principle the commission established the rankings:

Ranking	Bid for Smokovac Mateshevo	Bid for Bar Boljare
1	Konstruktor Consortium	Konstruktor Consortium
2	Aktor/HCH Consortium	Aktor/HCH Consortium

1 The weighted average of Availability Payments in terms of Net Present Value for the entire motorway is calculated by adding 80% of NPV of requested Availability Payments for the Smokovac-Matesevo section and 20% of NPV of requested Availability Payments for the other four sections.