Clifford Chance advises on $190M Peru road financing
Clifford Chance advised BBVA Banco Perú, Corporación Financiera de Desarrollo (COFIDE) and MUFG Bank as lenders on a US$190 million financing for the initial development phase of the Anillo Vial Periférico road project in Peru. The infrastructure scheme is expected to improve connectivity between Lima and Callao and is projected to benefit more than 4.5 million people.
The financing was extended to Sociedad Concesionaria Anillo Vial in connection with land acquisition for sections one and three of the project. The public-private partnership is structured around a US$3.4 billion concession granted to a sponsor consortium comprising Cintra (Ferrovial), Acciona and Sacyr. The scheme ranks among the road infrastructure projects promoted by the Peruvian Private Investment Promotion Agency, ProInversión.
Repayment of the financing relies on cash flows generated by Certificates for Land Acquisition Progress, a mechanism used to reimburse land acquisition costs that is being applied for the first time in Peru in a transaction of this type.
Legal team
The Clifford Chance team was led from Washington, DC by partner Fabricio Longhin, supported by associates Alejandro Leon, Daniela Hernandez and Genevieve McCarthy. The broader global team included counsel Eduardo Sanchez and associate Alejandro Cubillo advising on Spanish law from Madrid, senior associate Martine Trip and associate Ijsbrand de Jong covering Dutch law from Amsterdam, partner Ty’Meka Reeves and associate Kami McFarland handling environmental matters from Houston, and partner Avrohom Gelber together with law clerk Taylor O’Brien on tax issues from New York.
