Sharing land acquisition riskFriday September 22nd
One of the reasons behind the bankruptcy of some Spanish PPP road projects (“Radiales”) was land acquisition risk. This risk was transferred in full to the private sector, and the cost ended up being 4 times higher than the initial estimates. Going forward, private sponsors have requested to the Spanish Ministry of Public Works that the amount of land acquisition risk transferred to them is limited to a certain amount. A maximum over-cost of 50% is on the table right now.
Comsa to sell some of its PPP projectsThursday September 21st
Spanish Construction and Engineering Group Comsa is to sell some of its PPP projects to French infrastructure fund Mirova and Dutch pension fund PGGM. The deal, still pending approval from Spanish and European authorities, will be structured through a Special Purpose Vehicle (Mircom Concesiones de Infraestructuras) that will regroup all the assets. This action is part of Comsa’s strategy to focus on its core activities: engineering and construction.
176 Million EUR for the first Spanish “Green Project Finance” dealThursday September 21st
BBVA has financed with a 176 Million Euro loan the PPP Company in charge of the Alvaro Cunqueiro Hospital, in Vigo. This is the first “Green Project Finance” loan in Spain. The proceeds obtained can only be used for renewable energy equipment, energy efficiency projects, clean transportation systems, etc.
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