Lima Electric Train – Line I

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The Lima Electric Train – Line I was to be built in two phases totaling 20.9km. Phase I was to stretch cover an existing stretch of 9.2km and serve several existing stations. Phase II was to stretch 11.7 km from the Villa El Salvador district to the station Hospital 2 de Mayo in Avenida Grau. It would pass through the following districts: Villa El Salvador, San Juan de Miraflores, Surco, Surquillo, San Borja, San Luis, La Victoria and Cercado de Lima. The train was to have an operating speed of 40km/hour. The project consisted of the state building the fixed assets and tunneling under an EPC contract for Phase II and offering a 33 year BOT contract to design, finance, operate and maintain passenger rolling stock for the entire Line I (phases I and II). The fixed assets were being built by a consortium of Odebrecht [Brazil] and Grana y Montero SA [Peru]. The project was awarded to the consortium Tren Lima in February 2011, in a competitive tender organized by federal investment promotion agency Proinversion. Tren Lima was comprised of Graña y Montero SA [Peru] and rail operator Ferrovías. The call for tenders was initially published in September 2007. The financial bidding criteria was based on 1) the lowest public co-financing and 2) the performance bond of the concessionaire. The technical component was weighted heavily, however, and Tren Lima was awarded the concession after offering to use new rolling stock on the first stretch of the rail line, rather than refurbishing old wagons. The total project was US $290 million. The project reached financing closure in April 2011, when France-based Alstom won a 130mn-euro (US$192mn) contract to supply 19 Metropolis trainsets for line 1 of Peruvian capital Lima's electric train system. The first trainset was to be delivered in 2012 and was due to be commissioned in 2013. The cars were to have extra wide seats and gangways between the coaches to facilitate movement on board. In February 2015, the sponsors issued bonds arranged by CAF. The US$ 204.2 million (Soles 629 million) senior secured bonds were sete to mature in 2040. CAF and BNP Paribas acted as Sole Placement Agent and Joint Structuring Bank along with CAF.