London mayor Boris Johnson has confirmed a new ten-year sponsorship deal worth £36m for a new cable car link across the River Thames between Greenwich and the Royal Docks.

Due to open ahead of the 2012 Games, the Emirates Air Line will accommodate up to 2,500 passengers per hour each way and is expected to carry 2 million visitors in its first year.

The sponsorship deal enables the mayor and Transport for London to recoup upfront costs relating to the construction, while funding 80 per cent of the overall building costs.

A bid to the European Regional Development Fund, due to be decided next spring, is part of a funding strategy for the project, along with further sponsorship and retail space rental.

Johnson said: "This multi-million pound deal is tremendous news for London, helping us to deliver a new addition to the city's skyline."

The Wilkinson Eyre-designed scheme aims to reduce journey times between the O2 Arena and the ExCeL venue and transform the area into a 'metropolitan quarter'.

Mace is leading a consortium of firms on the project, including cable car specialist Doppelmayr; Watson Steel; URS Scott Wilson; Buro Happold; and Aedas.

Image: Wilkinson Eyre Architects