European Transport and Infrastructure deal of the year
Financing for Portugal's Beira Interior $700 million road financing
closed in October 1999. It was the first shadow toll road financing
to close in the country and the third Portuguese road project to
reach financial close following the signing of the s1.4 billion
($1.4 billion) North and s700 million West real toll concessions.
All projects are part of a wider scheme that includes the development of 14 road concessions tendered by the Portuguese government (see Project Finance, December 1999).
The 30-year Beira Interior concession involves building a new 82km section, upgrading 50km to dual carriageway and operating 66km of existing road. The road will run in the central part of Portugal, in between Abrantes and Guarda.
In 1998 the local Junta Autonoma de Estradas awarded an international consortium the design, build, finance and operate concession. It was led by Spain's Dragados y Costrucciones and including local Soares da Costa, Teixeira Duarte, Alves Ribero, Sopol and Ramalho Rosa-Cobeta.
Financing was split between a s388 million 20-year term loan lead arranged by local and international banks including Caixa Geral de Depositos, Banco Portugues de Investimento, CISF ? Banco de Investimento, Bayerische Landesbank and a s358 million 25-year facility provided by the European Investment Bank carrying a guarantee from the commercial banks and the European Investment Fund.
Beira Interior is one of the six highways to be developed in Portugal on a shadow toll basis. Without any cost for the end users or initial cost for the state, it consists of awarding a project company the concession with the company assuming all the initial costs and operation risks. The state then pays the concessionaire over the period of the concession, in proportion of the traffic on the road.
Other roads being tendered under the shadow toll program include the Interior Norte, Algarve, Grande Porto, Beira Litoral e Alta., Costa del Prato and Norte Litoral concessions.
All projects are part of a wider scheme that includes the development of 14 road concessions tendered by the Portuguese government (see Project Finance, December 1999).
The 30-year Beira Interior concession involves building a new 82km section, upgrading 50km to dual carriageway and operating 66km of existing road. The road will run in the central part of Portugal, in between Abrantes and Guarda.
In 1998 the local Junta Autonoma de Estradas awarded an international consortium the design, build, finance and operate concession. It was led by Spain's Dragados y Costrucciones and including local Soares da Costa, Teixeira Duarte, Alves Ribero, Sopol and Ramalho Rosa-Cobeta.
Financing was split between a s388 million 20-year term loan lead arranged by local and international banks including Caixa Geral de Depositos, Banco Portugues de Investimento, CISF ? Banco de Investimento, Bayerische Landesbank and a s358 million 25-year facility provided by the European Investment Bank carrying a guarantee from the commercial banks and the European Investment Fund.
Beira Interior is one of the six highways to be developed in Portugal on a shadow toll basis. Without any cost for the end users or initial cost for the state, it consists of awarding a project company the concession with the company assuming all the initial costs and operation risks. The state then pays the concessionaire over the period of the concession, in proportion of the traffic on the road.
Other roads being tendered under the shadow toll program include the Interior Norte, Algarve, Grande Porto, Beira Litoral e Alta., Costa del Prato and Norte Litoral concessions.
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