Dentons Jiménez de Aréchaga has helped a Uruguayan special purpose vehicle (SPV) obtain project financing worth US$137 million to build and maintain a motorway project in the south of the country.
The lenders – Banco Santander and IDB Invest – relied on Posadas for the financing, which closed on 8 April.
Autovías Cinco – an SPV created by Spanish constructor Grupo Aldesa and Uruguayan counterpart Ramón C Álvarez – will use the funds to build, operate and maintain the 184-kilometre-long Circuito Vial 5. The road spans the southern departments of Rocha, Florida and Lavalleja, and is one of the largest road network projects in Uruguay.
The motorway is expected to be completed by 2025, after which Autovías Cinco will maintain the road for 17 years.
The country is heavily dependent on its motorways for exporting goods, sharing borders with two of Latin America’s busiest economies: Argentina and Brazil. Back in October, local construction company Grupo Vial Oriental obtained a US$73 million loan to finance a motorway project that connects Uruguay and Brazil. Prior to that, the same group signed a public-private partnership (PPP) motorway project with the Uruguayan Ministry of Transportation and Public Works.
Counsel to Autovías Cinco
In-house counsel to Aldesa Construcciones – Juan Stembert
In-house counsel to Ramón C Álvarez – Gonzalo Irrazabal
Dentons Jiménez de Aréchaga
Partner Fernando Jiménez de Aréchaga Jr and associates Carolina Bianchi and Daniela De Castro
Counsel to Banco Santander and IDB Invest
In-house counsel to IDB Invest – Ignacio Imas Innella
Posadas
Partners Tomás Gurméndez and Victoria Garabato, and associates Marina Jiménez de Aréchaga, José María Tais, Florencia Larraburu, Paulina Ualde, Karina Souza, Federico Samudio and Magdalena Cuñarro