Financial close for Chile highway

Financial close has been reached on Chile’s Ovalle – La Serena highway concession.

Preferred bidder Sacyr Concesiones has completed the financing for the deal, along with Chilean firm Corpbanca, which will see the team invest $243m into the deal, including $200m debt from Corpbanca and $43m in equity.

The country’s public works ministry MOP announced Sacyr as the winning team in May, beating offers from rival consortia, Consorcio Redes Viales BD Chile and Consorcio BIB Concesión Vial Coquimbo.

As part of the deal, the team will now connect the two cities of Ovalle and La Serena, as well as overseeing road improvements in the Sugarloaf and Recoleta areas of Ovalle, where new sidewalks, bike lanes, landscaping and lighting will be constructed.