Colombia’s infrastructure agency ANI has selected SAC 4G, a consortium led by Austrian developer Strabag and Spanish counterpart Sacyr, to design, build, finance and operate Autopista al Mar 1, a 176-kilometre highway in the northwestern part of the country.
The 25-year concession project, worth approximately €900 million, involves the construction of 75 kilometres of new motorway, the modernisation of a 65-kilometre section and the construction of numerous bridges and tunnels, Strabag said in a statement.
The project, in which Strabag will invest approximately €50 million in equity and junior loans, is the company's first in Colombia. Sacyr, which like Strabag holds a 37.5 percent stake in the consortium, views the project as an opportunity to expand its presence in Latin America, according to the statement.
The group’s third member is Concay, a Bogotá-based construction company, which holds a 25 percent stake in the project.
Financial close is expected in the fourth quarter of 2016, Strabag said, with construction scheduled to begin immediately after and completion expected in 2021.
In addition to receiving a portion of toll revenues, the consortium will also receive annual payments from ANI for its services, according to the statement.