Lima Metro - Line 2

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In March 2014, Consorcio Metro de Lima, a partnership of Cosapi S.A. (Peru, 10%), Impregilo S.p.A. (Italy, 18.25), Iridium/ACS Concesiones de Infraestructura S.A. (Spain, 25%), FCC/Vialia Sociedad Gestora de Concesiones de Infraestructura S.L. (Spain, 18.25%), and Italian Finmeccanica Group's subsidiaries Ansaldo Breda S.p.A. (11.6%) and Ansaldo STS S.p.A (16.9%), won in a competitive bidding the right to buil and operate the 35-km Line 2 of Lima's Metro System. The bidding criteria was the lowest required funding to be received from the government. The winning bid was US$ 3.695 billion, 4.4% below the ceiling set by the state government. No other company took part in the competitive bidding process. The sponsors created the company Metro de Lima Linea 2 S.A. to lead the project. The 35-year PPP contract was signed in April 2014. The investment was estimated at US$ 5.373 billion over the life of the project. In December 2014, the IADB approved a US$ 750 million loan to finance the project. In June 2015, the sponsors issued a US$ 1.2 billion 19-year-1-month bond. Bookrunners were Citi, Morgan Stanley, Santander, BofA Merril Lynch, Banca IMI, BBVA, Credit Agricole, Natixis, Societe Generale. Finally, in October 2015, the sponsors were granted a US$ 800 million by Cassa Depositi e Prestiti, KfW-Ipex, Societe Generale, Banco Santander and Spanish state-owned Instituto de Crédito Oficial (ICO). IADB is expected to also provide a standby facility of $450 million. Construction works started in September 2015, and operations were set to commence in 2020.