Grupo Rotas de Algarve del Litoral, in which Iridium has a 45% holding and the group of Portuguese companies Edifer, Tecnovía and Conduril have entered into an agreement with the Portuguese government, via the public roads agency Estradas de Portugal (EP), to design, construct, finance, operate and perform maintenance on the Algarve Litoral Subconcession. It includes various conventional roads, the main one being the national EN125 that runs along the entire South coast of Portugal between the towns of Sagres, beside Cape St. Vincent and Vila Real de Santo Antonio, beside the Spanish border. Investment in the project is 271 million euros and the concession period is 30 years.
Bank finance is structured around a credit from a pool of 4 banks (Société Générale, Caixa Geral BI, Millenium BCP y Santander) amounting to 164 million euros, without recourse to shareholders and with an average life of 27 years.
Dragados, which heads the Construction area in the ACS group, will be in charge of the works. The construction of the motorway will mean the building of 33 new km of motorway and the enhancement of a further 227 km of roads existing in the area..
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