ABSTRACT
Since the early 19th century both public and private sectors in the UK and France have contemplated the construction of a fixed link between the UK and the continent. Whilst the technology of the project has never been particularly challenging, all earlier projects had failed to convince investors that the revenue stream would meet the substantial sunk cost. In 1987 however, Eurotunnel, a private company possessing a monopoly franchise awarded by the UK and French governments, raised over £lbn of equity and £5bn of loan finance to build and operate a rail only tunnel between Dover and Calais.
