ACS, FCC win $5.7bn Peru metro project

A consortium including subsidiaries of the Spanish developers has won a lucrative concession contract for two metro lines in Lima.

The Nuevo Metro de Lima consortium has been awarded the concession contract for the design, construction, financing, operation and maintenance of lines 2 and 4 of the $5.7 billion Lima metro project.

The contract was awarded by ProInversion Peru – a state agency that promotes private investment – to the consortium, which includes two subsidiaries of Spanish developers: Iridium Concesiones de Infraestructuras (Grupo ACS) and Vialia Sociedad Gestora de Concesiones de Infraestructuras (FCC).

The consortium, which was advised by US-based infrastructure advisory firm Astris Finance, also includes Italian developer Salini Impreglio, Australian engineering group Ansaldo STS, Italian engineering firm Ansaldo Breda and Peruvian developer Cosapi.

The project includes the construction of 35 underground subway stations joined by 35 kilometres of tunnels which will serve approximately 2.4 million users living or working in the greater Lima area.

Line 2 will run along the east-west axis of the city from Ate Lima to Callao and – once operational – is expected to serve more than 600,000 people daily and cut commuting times by up to 90 minutes. Line 4 will connect the Peruvian capital with Jorge Chavez International Airport. In all, the project is expected to create more than 3,000 jobs during a five-year construction phase.

Astris Finance is working with Spanish bank Banco Santander on a multi-tranche financing structure expected to include a long-term international bond, a construction facility with local and international banks and a multilateral/agency tranche.