Financial Close for USD 561 million highway PPP in Colombia
The Concessionaire Vial Union del Sur, led by Sacyr Concesiones, has closed the financing of the Rumichaca-Pasto highway PPP project for a total of 1.8 billion pesos (USD 561 million). The closure guarantees the investment required to successfully carry out this 83 kilometer long road project, located in the southwest of the country. The project includes the development of 7 tunnels and about 30 bridges. It is expected that the travel time between Rumichaca and Pasto will be reduced from 2 hours to 1 hour.
Sacyr has 60% of this project, while the remaining 40% is in the hands of the Ecuadorian firm Herdoiza Crespo Construcciones.
The international financial entities that have participated in the financial closing are:
- Overseas Private Investment Corporation (OPIC), JP Morgan and Metlife of the United States.
- Banco Santander and Official Credit Institute (ICO) of Spain.
- Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG) of Japan.
- Credit Agricole de France.
- Bank of China.
At present Rumichaca-Pasto highway is in the construction phase, with total progress of 24.4%. Interventions are being carried out in approximately 80 work fronts, which generate 3,594 direct and indirect jobs.
Rumichaca-Pasto is one of the four roads that Sacyr Concesiones develops in Colombia, within the projects of Fourth Generation (4G), launched by the Government of the South American country.
General Manager of the Unión del Sur Road Concessionaire said: "For the concessionaire to reach this financial closure means a very important milestone. The solidity of the Rumichaca-Pasto project is reflected in the vote of confidence of the financial system. We are very satisfied because the financial closure guarantees the works and interventions that will bring development and well-being to the department of Nariño and Colombia."
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