Grupo Isolux Corsan will have the financial support of the Compañía Española de Financiación del Desarrollo, COFIDES SA, for the international expansion of its concessionary transmission line division.
For this, COFIDES Chairman, Salvador Marin and Isolux Infrastructure corporate CEO Alfonso Egaña have signed an agreement though which COFIDES will provide €15m, of which €12.5m will be through the Fund for Foreign Investment(FIEX) and €2.5m from COFIDES own resources.
This is a corporate joint venture loan which has been performed under the Entrepreneurs Law, which allows the release of FIEX funds for Spanish companies, in order to promote their internationalisation. The purpose of this funding is to strengthen the growth capacity of Isolux Infrastructure, a company that brings together the Isolux Corsán concessions, related to electricity transmission lines, motorways and photovoltaic solar energy.
SUPPORT TO CONCESSIONS IN INDIA
They have also agreed to the ownership by COFIDES of 18% of the company capital of the Indian South East U.P Power Transmissions. COFIDES will provide therefore, up to a maximum of €30m, with €25m coming from the Fund for Foreign Investments and €5m from COFIDES own resources.
This company will run the concession for 35 years, one that Isolux Infrastructure has managed for the construction, operation and maintenance of various electrical transmission lines with a total length of 1,512 km in the Uttar Pradesh state. This is the biggest contract related to concessionary transmission lines awarded in India and the first one granted to a foreign company.
Isolux Infrastructure has a large presence in India, where it operates four roads and has two solar photovoltaic plants in operation. The NH1 motorway linking Delhi with the Pakistan border, also received COFIDES funding.
After the signing of the agreement COFIDES Chairman Salvador Marín, recalled the flexibility of FIEX - “An instrument that has adapted itself to the needs of companies to further drive forward internationalisation”. He also highlighted that “COFIDES is a leader in capital operations and the Isolux Corsán project in India that we are supporting today has corroborated this view”.
Isolux Corsán is a global company, acting as a benchmark in the areas of concessions, energy, construction, industrial services and maintenance of major infrastructure. It operates in more than 40 countries on four continents. In the energy sector, Isolux Corsán is one of the world´s leading operators in the installation and maintenance of T&D, one of the largest builders of EPC projects in the photovoltaic industry, and occupies a key position amongst the large constructors of EPC power plants. The Group manages, through its subsidiary Isolux Infrastructure - the concession of 5,959 km of transmission lines in Brazil, India and the US; 1,643 km of motorways in India, Brazil, Mexico, Spain and the US and manages 326 MW of photovoltaic solar energy in Spain, Italy, India, Peru, USA, Puerto Rico, Mexico and Japan.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank and Sabadell Bank.
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