Libramiento de Irapuato

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On January 30 2008, a Mexican consortium comprised of Grupo Hermes and La Peninsular Compania Constructora SA de CV signed a 30-year contract with the Secreteria de Comunicaciones y Transporte (SCT) to build, operate and maintain the Libramiento de Irapuato in the state of Guanajuato. The bypass was to connect the federal highways Irapuato-Guanajuato and Irapuato-Leon and be 29.2 kilometers long, 12 meters wide with two lanes and shoulders of 2.5 meters on each side. The contract was awarded on December 13, 2007 and was tendered under the rules of Mexico’s New Highway Concession Model (Nueva Esquema de Concesiones). The New Highway Concession Model stipulated that the bidding criteria in a given tender was the lowest net present value of subsidies in the form of fixed or variable payments, or in the case of projects not requiring subsidies, the highest payment to the government. A revenue guarantee was given for all projects tendered under the rules of the model. A call for tenders was launched on March 6, 2006. Six consortia submitted final bids: • Consorcio integrado por: Grupo Hermes, SA de CV and La Peninsular Comapnia Constructora, SA de CV • Consorcio integrado por: Promotora del Derrallo de America Latina, SA de CV and Promotora Inbursa, SA de CV • Libramiento y Acceeso de Irapuato, SA de CV • Controladora de Operaciones de Infraestructura, SA de CV and Constructoras ICA, SA de CV • Concesionaria de Bajio, SA de CV The consortium led by Grupo Hermes -La Peninsular won the tender with an offer of 261 million Mexican pesos (US $23.5 million) as a payment to SCT as well as total financial responsibility for the construction costs of the project. The winning consortium formed Infraestructura Concesionada de Irapuato SA de CV as the project company with an ownership of structure of: Grupo Hermes, SA de CV [Mexico, 50%] and Peninsular Compania Constructora, SA de CV [Mexico, 50%]. The project cost was estimated at US $133.84 million. The project reached financial closure in July 2008 through a US $107.02 million bilateral loan by HSBC. The project had a debt to equity ratio of 80:20 (US $107.02 million debt and US $26.82 million equity). The project became operational in March 2011 after being inaugurated by President Felipe Calderon