Ashurst acted for the GR Consortium (Grupo Rodoviairio) in its role
as sponsor to the Algarve Litoral shadow toll road project in the
south of Portugal, which reached financial close on 20 April 2009.
The project consists of the upgrade and maintenance of around 257km
of roads in addition to 28.4km of Greenfield construction and
maintenance projects. Ashurst was mandated to instruct the
consortium, which consists of Iridium, Desarrollo de Concessiones
Viarias Uno, Dragados, Edifer, Tecnovia and Conduril, after it won
the project proposing a total investment of €400 million.
The Ashurst team was led by energy, transport and infrastructure
partner Patrick Boyle,
assisted by associate Yassira Zaandam.
Commenting on the deal, Patrick Boyle said:
"This deal closed at a time when the credit market in Europe
continues to be challenging. Negotiation and agreement of finance
documents in just under four weeks is testament to the strength of
the consortium and its advisers."