3i Group plc today announced that the 3i European Operational Projects Fund, has agreed to invest EUR 70 million (US$ 77.69 million) for the acquisition of an 80% stake in Sociedad Concesionaría Autovía Gerediaga Elorrio, S.A. (AGESA), the project company for the Gerediaga – Elorrio motorway PPP in Spain.

The completion of the transaction is still subject to the satisfaction of several condition precedents, including customary antitrust and third party approvals.

The Project is a concession for the design, build, finance, maintenance and operation of the N-636 motorway from Gerediaga to Elorrio, which is located 50km southeast of Bilbao, Spain. It is comprised of the newly built Gerediaga-Elorrio carriageway (6.4km), and the pre-existing Elorrio bypass (2.8km). Overall, the Project includes nine viaducts, two bridges, one underpass, one overpass, and the Gaztelua and Axtondo tunnels.

The 30-year concession was awarded by the Provincial Council of Biscay in May 2012, became operational in August 2016 and will run until May 2042. The road provides a key connection between the provinces of Gipuzkoa and Bizkaia and results in significant time savings for its users.