Sacyr, through its subsidiary Sacyr Concesiones, has announced that it has completed the financing of its fifth highway concession in Chile, Ovalle - La Serena highway concession, for €148 million ($200 million) with the Chilean company Corpbanca.

Sacyr Concesiones will invest €180 million, €148 debt from Corpbanca and €32 million equity, in the 86-km motorway joining the cities of Ovalle and La Serena. The concession lasts for 30 years and will provide an estimated revenue income of 682 million euros for Sacyr Concesiones.

The Chilean Ministry of Public Works (MOP)  announced the award of the Ovalle - La Serena highway concession to Sacyr Concesiones in late May 2013.

Sacyr Concesiones emerged as the lowest bidder for the project in October 2012 beating two other consortia, Consorcio Redes Viales BD Chile and Consorcio BIB Concesión Vial Coquimbo.

The highway will connect region IV's capital La Serena with the city of Ovalle. Work involves expanding the existing two-lane, 81km route into a four-lane highway, as well as building a 15km bypass. The project also considers pedestrian and bicycle lanes, lighting works, safety features, and landscaping.

This concession, together with  (also of Sacyr Concesiones), continues what is a corridor of almost 500 kilometres.

Sacyr Concesiones now creates a 500 Km corridor composed by three concessions: the highway linking La Serena with Vallenar and Vallenar with Caldera, and Ovalle - La Serena highway.

Sacyr Concesiones is the leading infrastructure developer in Chile. The firm recently won another  important concession contract, the Antofagasta hospital concession.