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Thursday, February 22, 2024

Clifford advises Rover on US$106m financing for Uruguay road concession

Clifford Chance has advised Spain´s Rover Infraestructuras (from Rover Group) on the closing of the financing of the concession of a road in Uruguay worth US$106 million

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The operation has been funded with US$106 million by BBVA, Banco de la República Oriental del Uruguay (BROU) and the Inter-American Investment Corporation (IDB). The contract involves the construction of nearly 80 kilometers of highway with an investment of US$144 million and a 20-year concession term.

Rover Infraestructuras, a company comprising Rover Group, will be in charge of the construction of nearly 80 kilometers of roads and their subsequent maintenance and upkeep. For this purpose, it has signed a partnership with the Uruguayan company Construcciones Viales y Civiles S.A., with which the company “circuito 6 Cuchilla Grande” has been constituted, composed by both companies for the development of the stated actions.

The project involves the construction of nearly 80 kilometers of road between the towns of Belloni and San Ramón, in the Department of Canelones, also affecting the Departments of Montevideo (to the south) and Florida (to the north). Most of the route covers the existing road, except in the vicinity of the town of San Ramón, where a by-pass will be built to the east of the urban center. Along with the road works, the contract also involves the widening and reinforcement of 10 existing bridges and the construction of an additional 6 new bridges.

Clifford Chance advised Rover Infraestructuras with Madrid office Banking & Finance senior associate Eduardo Sánchez Roldán.

From the in-house side, the deal counted on the participation of Rover Group head of Legal Pablo Pozuelo de Felipe.

The concessionaire was advised by Dentons Uruguay and the banks by Posadas.

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