Global Infrastructure Partners (GIP) announced that it has closed on a EUR450 million (US$482.92 million) secured notes investment in a holding company of Superstrada Pedemontana Veneta (Pedemontana) in Italy. The company is in charge of a 96-km greenfield toll road, which is a part of the 145 km Pedemontana-Veneta PPP highway project located in the Veneto Region, currently in the final stage of construction. 

Pedemontana is owned and operated by SACYR S.A. and Fininc S.p.a. The funds will be available through a customized delayed draw structure. GIP invests through its GIP Spectrum Fund (GIP Spectrum), part of the GIP Credit platform (GIP Credit), together with affiliates and co-investors.

The motorway is located between the existing A4 and A31 highways, crossing the Veneto Region, and passing through the provinces of Vicenza and Treviso. The project is supported by availability payments from the Veneto Regional Government, rated investment grade. The toll road received special attention from the Government as a strategic infrastructure investment critical to supporting economic growth.

This road will have 2 tunnels: Tunnel de Malo (6 km) and Túnel de S. Urbano (1.5 km) as well as 8 viaducts along the route. The backlog of future earnings through the 39 years of management will be approximately EUR12 billion (US$12.64 billion).