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Conexión Pacífico 3 highway reaches financial close
In February 2015, Conexión Pacífico 3 (CP3) highway project, reached financial close. This USD 648m project is the first to reach financial close in Colombia’s ambitious fourth generation (4G) infrastructure programme, seen by many as one of the most important infrastructure procurement initiatives in Latin America.
CP3 is part of the concession package called Autopistas de la Prosperidad (formerly called Autopistas de la Montaña). With more than 1,200km of roads, Autopistas de la Prosperidad covers a large part of the Department of Antioquia, interconnecting the main production centres from north to south. As part of this, CP3 aims to consolidate a corridor that allows the Atlantic Coast and Antioquia to connect efficiently with the coffee region, the Cauca Valley and the pacific region of the country.
CP3 comprises the improvement and construction of 146km of roads from the towns of La Virginia to Asia, and from La Manuela to La Pintada, passing through Tres Puertas, Irra y La Felisa. In addition, the project includes the construction of a new road between Tesalia and Irra and a 3.4km tunnel. Following construction, the sponsor will operate the project for 25 years.
Steer Davies Gleave acted as technical advisor for the sponsor. As part of this role we prepared Investment Grade traffic and revenue forecasts for the concession and supported the concessionaire during the negotiations with the grantor (ANI — Agencia Nacional de Infraestructura) and the lenders.
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