Sacyr Concesiones has announced it has achieved financial close for the Road Corridors 21 and 24 in Uruguay.

Sacyr has closed alongside the Fondo de Deuda para Infraestructuras in Uruguay CAF I financing amounting to approximately US$87.2 million and a period of 23 years of the concession project of the routes.

The project includes the reconstruction and maintenance of Routes 21 (a stretch between Nueva Palmira and Mercedes) and 24 (which crosses the departments of Río Negro and Paysandú, joining routes 2 and 3). Routes 21 and 24 are two key arterial roads for the transport of production to the port of Nueva Palmira. Of particular interest is the construction of the 8.5 km Nueva Palmira bypass and the 121.75 km rehabilitation of a single carriageway to a dual carriageway. Furthermore, maintenance will be carried out in the two full stretches, totaling 179.10 km.

As we reported in November 2015, the Uruguayan Ministry of Transport and Public Works awarded the consortium comprised of Sacyr Concesiones (43%), Sacyr Construcción (8%) and Grinor (49%), the first PPP road contract in the country. The concession is for 24 years and the total investment in the project will be US$160 million, with a revenue portfolio of around US$411 million.

The team beat out competition from two other shortlisted consortia: Grupo Ruta 21 y 24, made up Construcciones e Instalaciones (CIEMSA), Construcciones Viales y Civiles (CVC), Hernández y González (H&G), Ramón C. Álvarez , Molinsur and Traxpalco; and a team composed of TEYMA Uruguay S.A (Abengoa) and José J. Chediak Sociedad Anónima Industrial, and Comercial y Agropecuaria (S.A.I.C.A).