FC for Italian road PPP

An Italian-Spanish consortium has reached financial close on a toll road in the Italian region of Veneto.

The SIS consortium, comprising Fininc (51%) and Sacyr (49%), has successfully closed the financing to complete the construction of the Pedemontana-Veneta highway.   

It has been arranged with a bond issue valued at €1.5bn, for a project expected to cost €2.5bn. The lead banks participating in the deal are JP Morgan plus Banca Akros, Banca IMI and Santander.

“This bond issue is one of the largest in Europe in a greenfield project,” said Sacyr.   

The project also has a subsidy of €915m and €430m of stockholders' equity, of which €100m has already been disbursed.   

The 43-year contract includes the design, construction, financing, operation and maintenance of the toll road.    

Currently under construction, works involve 162km of new road which is expected to be used by 27,000 vehicles a day, going up to 60,000 vehicles by the end of the concession. 

The consortium was awarded the project in 2009.    

In 2016, SIS was awarded the finance, design, build and maintain contract for the Roma-Latina toll highway, in the central region of Lazio.