Goldman Sachs, Abertis close on 40 year $1,136m concession of Puerto Rico's PR22 & PR5 tollroads
By Peter Samuel
The Puerto Rico government and a Goldman Sachs/Abertis joint venture called Metropistas have closed on a 40 year toll concession project for PR22 and PR5. The tollroads which currently generate about $90m/year will be expanded and modernized by the venture which has paid the state an upfront fee of $1,136m. In return for the concession fee and the obligation to expand and modernize the roads as well as to maintain and operate them the venture has the right to the toll revenues over 40 years.
PR22 is 51 miles, 83km in length and heads west out of San Juan along the north coast of the island to Hatilo. It is their busiest highway and goes from 12 lanes wide in San Juan down to 4 lanes. The concessionaires will extend the tollroad 27 miles, 43km west to Aguadilla on the west coast.
PR22 has seven toll points and runs about 85k veh/day.
PR5 which opened in 2006y is a 2.5 mile, 4km urban expressway extending the PR22 towards Bayamon within the San Juan metro area and provides connections to the PR6. PR2 and PR199 expressways.
Goldman Sachs Infrastructure Partners II LP of New York City has a 55% controlling interest in the project while Abertis Infraestructuras head officed in Barcelona Spain and a major international toll operator will have 45% equity and will take on operations including toll collection and construction.
abertis which disdains capitalization of its initial 'A' and enjoys a whimsical tail on its 's' already operates in Puerto Rico - having managed the Teodoro Moscoso toll bridge in San Juan for 16 years now.