Ruta del Sol (Section 2)

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In January 2010, the Colombian concession agency INCO signed a variable term concession contract with a consortium consisting of Odebrecht [Brazil, 62%], Corficolomiana [Colombia, 33%] and CSS [Colombia, 5%]for the 528km second section of the Ruta del Sol Highway. The second section extended from Puerto Salgar to San Roque and involved the expansion of a two lane highway into a four lane carraigeway as well as the construction of over 100 bridges. Ruta del Sol was originally designed as single project, but was broken into three sections under advisement from the IFC. The project was awarded to Odebrecht over OHL [Spain] in a competitive tender by Inco in which the lowest Net Present Value of revenue was the main bidding variable. There were three final bids. The NPV of revenues requested totaled $1.047 billion, 6.5 percent less than the maximum-allowed bid value. The Ps 2.1 trillion (US $1.085 billion) project reached financial closure in November 2010 with the signing of a Ps 1.5 trillion (US $775 million) loan led by Corficolomiana. Debt providers included Banco de Bogota, Banco de Occident, Banco Popular, Banco AV Villas, Bancolombia Davivienda and Helm. The entirely private, domestic financing broke new ground with an unprecedented draw down period of four years as well as a maturity of ten years.