Garrigues in the “Anillo Vial Periférico” project in Lima
Garrigues Peru has advised the ProInversión on the award, by a consortium, of a PPP project for the design, financing, construction, operation and maintenance of the “Anillo Vial Periférico” urban road project.
The award of the project took place on 4 April in a public ceremony, where ProInversión will be the entity in charge of awarding the project, and the “Anillo Vial” consortium is made up of Cintra Infraestructures SE, Acciona Concesiones Infraestructuras and Sacyr Concesiones Perú.
The project is the largest PPP project awarded in the last 10 years in Peru. The construction phase is expected to start in 2025 and last approximately 9.5 years. The works, divided into three sections, are expected to cost approximately USD 3.4 billion in total. The concession period will be 30 years.
Óscar Arrús, lead partner of the transaction, stated: “Since mid-2017, Garrigues – through a dedicated team – has been advising ProInversión in the formulation, structuring and transaction stages of this cofinanced private initiative, providing legal support in the design and evaluation of the project, drafting of the Concession Agreement, review of risk allocation, obtaining the different favorable opinions from the competent entities, the preparation and publication of the Declaration of Interest of the project and the promotion of the project in international markets (roadshows). This work has meant overcoming a series of challenges, such as the structuring of financial closings for each tranche of the Project, the mitigation of the risk of expropriations and the introduction of partial termination due to the impossibility of acquiring land. All of this has allowed the implementation of a series of innovative solutions that can be replicated in other PPP projects.”
The construction of this modern road will facilitate the interconnection of users with the Panamericana Norte and Sur and the Carretera Central, reducing their travel times, and will allow efficient access to the Port of Callao, Jorge Chávez International Airport, the Port of Chancay and the future Ancón Industrial Park, improving the country’s productivity and competitiveness.
The impact of this project is expected to be equivalent to 2.5% of Lima’s Gross Domestic Product (GDP) and would reduce the transport infrastructure gap in Peru by 13%.
Garrigues’ team was led by partner Óscar Arrus (pictured), with the support of of counsel Víctor Baca, and associates Jorge Fuentes, Giancarlo Vignolo, Rodrigo Ramos and Marcelo Silva-Santisteban.
