The contract is worth £1bn to the consortium of Aberdeen Standard Investments, BAM PPP PGGM, Cintra, Macquarie Capital and SK E&C .

Construction work will be carried-out by a consortium of BAM Nuttall (including sister company Wayss & Freytag Ingenieurbau providing specialist tunnel engineering expertise), Ferrovial Agroman and Korean contractor SK E&C.

The design includes a 1.4-kilometre twin-bore road tunnel under the River Thames as well as 0.6-kilometres of access ramps. 

It will connect south of the River Thames with the access to the existing Blackwall Tunnel and north of the River Thames with the Tidal Basin Roundabout, in Silvertown.

Commercial and financial close of the project is expected later this year, after which construction will commence. 

The project will run for twenty-five years beyond construction, with RiverLinx responsible for the operation and maintenance of the tunnel.

Alex Williams, Director of City Planning at TfL said: “The need for more river crossings in East London, to unlock growth and give residents and businesses better access to jobs and services, has been clear for decades.

“The Silvertown Tunnel, which is vital to support London’s economy, has been designed to resolve the existing congestion problem around Blackwall, improve overall air quality and enable new cross-river bus routes to be introduced.

“We are absolutely committed to ensuring that the project is delivered with minimal impact to local residents. We will closely monitor noise and air quality during construction and traffic levels and emissions once the tunnel is complete.”