STRABAG: Financial close of its project “Autopista al Mar 1” in Colombia completed.
- USD 713 million project financing
- Seven international and one national bank are participating in the transaction
Medellín, 21 March 2019---The PPP toll road project Autopista al Mar 1 has reached its financial close by securing loans for a total amount of USD 713 million. Thus, the project, which was awarded by the Colombian National Infrastructure Agency to Devimar in 2015, has obtained the required funding. This achievement confirms the reputation and experience of Devimar´s sponsors: SACYR (Spain, 37.5 %), STRABAG (Austria, 37.5 %) and CONCAY (Colombia, 25 %).
"This financial close is a very important achievement for Devimar. We are proud to receive such confidence from national and foreign banks, which underscores the solidity of the project Autopista al Mar 1. We are deeply satisfied with the progress of the construction since the outset. Our venture will bring long-lasting development to Antioquia and Colombia and will have a positive impact in the wellbeing of their people,” says Jesús Rodríguez Robles, CEO of Devimar.
The bank facilities have been secured by the following international and national financial institutions:
* Financiera de Desarrollo Nacional – FDN (Colombia)
* Instituto de Crédito Oficial - ICO (Spain)
* KfW IPEX-Bank (Germany)
* BID Invest (Multilateral bank)
* CAF (Latin American Development Bank)
* Sumitomo Mitsui Banking Corporation – SMBC (Japan)
* Société Générale (France)
* BlackRock (Debt Fund Colombia)
The project Autopista al Mar 1 is currently under construction, with a 30 % overall construction progress through more than 130 active work fronts. It is expected that over 2.200 direct and indirect jobs will be created.
General Information
Desarrollo Vial al Mar S.A.S. – Devimar is the joint venture in charge of the design, financing, environmental and social management, land acquisition, construction, rehabilitation, operation and maintenance of the Autopista al Mar 1 project.
The project Autopista al Mar 1 includes the construction of the motorway between Medellín and Santa Fe de Antioquia and the building of a parallel tunnel of 4.6 kilometers at the Túnel de Occidente, improving traffic in and out of Medellín. Besides, the concession contract includes the rehabilitation, operation and maintenance of the whole 176 km concession road.
This project is part of the “Vías de la Prosperidad” (motorways for prosperity) program in Antioquia, a plan that will bring multiple benefits for the country and the region; it will improve road security and travel times in the area, reduce transport costs and bring Medellín closer to the Urabá port in the Caribbean Coast.
Click co/23 for tunnelbuilder archive. Visit https://www.strabag.com and www.devimar.co for further information on the project. 12/19.
