ACS and Episol have reached financial close for the Pacific Connection highway concession 1 in Colombia.

The project was awarded on 4 June 2014 to the consortium composed of Iridium Concesiones de Infraestructuras (40%) and Episol SAS (60%), which are the infrastructure development arms of ACS Group (Spain) and Corficolombiana (Colombia) respectively.

The project includes the stretch Ancón Sur - Camilo Cé - Bolombolo in the region of Antioquia. The project involves a total investment of P1.79 billion (US$943 million) and includes the construction of a dual carriageway with a length of 31Km and the upgrade and maintenance of the current road. The project also includes construction of 42 bridges and two tunnels (5.7Km in total).

The project has been financed by Colombian and international banks, but the specific names of the banks haven't been released yet.

According to sources, the US$859 million financing arranged by consortium and its bankers, consists of a US$-denominated tranche of US$150 million and another Peso-denominated tranche of 2,150,000 million (around US$709 million).

The project is part of the nine concessions that comprise Autopistas para la Prosperidad highway project. Total investments will exceed 13 trillion pesos (US$7.1 billion) and will feature contributions from the national government through the ANI, the Government of Antioquia and the Government of Medellín.