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 03/06/2009 Algarve Litoral Subconcession Awarded (Portugal)

Iridium has been selected by the Portuguese government to construct and operate the Algarve Litoral subconcession over a 30-year period. The project value is 266 million euros.

Iridium, the concessions company in the ACS Group, has been selected on a provisional basis by the Portuguese government 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 266 million euros and the concession period is 30 years.

Iridium, the leading company in the transport infrastructure concessions sector at international level, heads a consortium in which the Portuguese companies Edifer, Tecnovia and Conduril also participate. Dragados, which heads the Construction area in the group, will be in charge of the works.

The awarding of this concession, for whose tender procedure the major Spanish and Portuguese infrastructure groups submitted bids, will require the construction company to build 33 km of new roads: 19 km of motorways and 14 km of single carriageway roads. A further 227 km of roads will be enhanced, of which 32 are motorways and 195 single carriageway roads, to the value of 189 million euros.

Funding for the project has already been guaranteed, with a 34% contribution from equity and 66% from debt. The debt is guaranteed by the pool of banks accompanying the consortium. The income from the project will come from availability payments and shadow tolls.

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