COFIDES provided a 75 million euros joint venture loan from its own resources and from the Fund for Foreign Investment (FIEX) to Sacyr in the Américo Vespucio Oriente I (AVO-1) and Ruta de la Fruta (Ruta 66) concessions in Chile. 50 million euros of this loan will be used to refinance the equity provided to the AVO-1 project, with 25 million euros being earmarked for the equity for the construction of Ruta 66.
The 9.3-kilometre-long Américo Vespucio Oriente I (AVO-1) urban motorway in Santiago de Chile came into operation in 2022. This concession, 50% owned by Sacyr Concesiones, includes the design, financing, construction and operation until 2059 of this section which forms part of the external Américo Vespucio ring road, one of the most important structuring axes of the city of Santiago de Chile. AVO-1 benefits more than 75,000 people every day by improving north-south connectivity, reducing traffic congestion and travel times, as well as noise and air pollution. The investment for its construction amounted to 1,005 million euros.
Ruta 66 consists of the construction, maintenance and operation for 40 years of 141.2 km of interurban motorway in the O'Higgins, Metropolitana and Valparaíso regions. The works on this infrastructure will improve access to the two most important ports in the country: Valparaíso and San Antonio, both located in the Valparaíso Region, which will greatly benefit the population of seven municipalities. This motorway requires an investment of 640 million euros.
COFIDES and Sacyr have worked together previously on the development of several infrastructure projects in Chile, Italy, Oman, Australia and Paraguay.
These infrastructures promote territorial structuring, creating more efficient and sustainable connections and providing users with greater safety. The direct and indirect employment generated by the construction of these projects exceeds 1,300 jobs.
The Chairperson and CEO of COFIDES, Ángela Pérez, pointed out that "this operation marks an important milestone for COFIDES as it involves two strategic projects for Chile, with a major impact on the development of connectivity and its economy, also contributing to the reduction of environmental and noise pollution and including the best practices in terms of circularity and energy efficiency techniques in its development". She went on to say that "the concessions that we are supporting by means of this financing bear testimony to the leadership of Spanish infrastructure companies at an international level, consolidating Sacyr as a global benchmark in innovative, sustainable road solutions with a positive impact".
Sacyr's Chairperson and CEO, Manuel Manrique, stressed "the importance of COFIDES' confidence in the financial structuring of these projects" and "the relevance of the diversity of funding sources for a leading concession group such as Sacyr, at the forefront of financing infrastructure projects which promote a positive social and environmental impact".
ABOUT SACYR
Sacyr is a concession company that develops transport, health and water infrastructures which generate a positive social, economic and environmental impact. Thanks to its Engineering and Infrastructures’ division, it is able to add value at all stages of the assets’ lives. Sustainability and innovation are core to all its activities and projects, carried out by a team of 15,000 professionals who have put Sacyr in third place in the world ranking of infrastructure concession project developers, according to Public Works Financing. It has a BBB- (stable) rating from EthiFinance.
ABOUT COFIDES
COFIDES is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.
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