Eight groups eye Puerto Rico’s first toll road deal

A potential concession for two of the island’s toll roads drew interest from a mix of infrastructure funds, including those managed by Morgan Stanley, JPMorgan and Goldman Sachs, as well as developers OHL and Abertis.

Puerto Rico received eight responses to the request for qualifications for the first toll road deal being procured under its year-old public-private partnership programme.

The eight groups of investors who submitted qualifications before last Thursday’s deadline were:

· A team of Morgan Stanley Infrastructure, a $4 billion infrastructure fund, and OHL Concessions, the concession unit of Spanish infrastructure developer OHL;

· Brazilian toll road concessionaire CCR, Companhia de Concessoes Rodoviárias;

· JPMorgan Infrastructure Investments Fund, the JPMorgan infrastructure fund dedicated to investments in Organisation for Economic Cooperation and Development-member countries, such as the US;

· Citi Infrastructure Investors, a $3.4 billion infrastructure fund, and Itínere Infraestructuras, its toll road investment subsidiary;

· Spanish infrastructure developer Abertis Infraestructuras and Goldman Sachs Infrastructure Partners II, Goldman Sachs’ $3.1 billion infrastructure fund;

· Road Development of Puerto Rico, a team comprised of Colombian construction and engineering firms ICEIN and CONCAY;

· Colombian infrastructure developer Grupo ODINSA;

· The Interplan-Grodco-Consorcio Remix Development Group.

Local officials praised the eight responses as a sign of market confidence in Puerto Rico’s public-private partnership (PPP) programme.

“This response is clear evidence of our capacity to attract new private investment to develop our infrastructure,” Carlos Garcia, chairman of the board of directors of the Puerto Rico PPP Authority, said in a statement.

Puerto Rico toll roads:
attracting investors

The request for qualifications sought investor interest in the first two toll roads being procured in Puerto Rico’s PPP Programme: the PR-22 and the PR-5. The 52-mile long PR 22 serves as the main highway to the Western part of Puerto Rico. The PR 5 is a short, 4-mile long road that connects to the PR 22.

The winning investor group will be asked to finance, operate and maintain the toll roads.

Puerto Rico said in a statement it will next evaluate the responses and announce the names of the teams it will choose to clear to the next round of bidding, the request for proposals.

Puerto Rico did not indicate when the request for proposals will be issued.