Two consortiums competing to run Puerto Rico’s main airport submitted their proposals to the Puerto Rico Public-Private Partnerships Authority this week.

Out of 12 candidates that entered the bidding process last year, Aerostar Airport Holdings and Grupo Aeropuertos Avance are the last two vying for the job.

Now the PPPA, the Ports Authority, the Government Development Bank and the Project’s Partnerships Committee will begin evaluating the proposals to select a finalist. A winner should be picked by the end of July, after which a final application will be submitted to the Federal Aviation Administration for approval.

“Through this public-private partnership, we continue to further our vision that aims to transform our infrastructure into first-rate infrastructure, improve the service we offer to our people, create jobs, strengthen tourism and enhance our connection with the rest of the world,” said David Álvarez, the PPPA’s executive director.

Aerostar is comprised of Aeroportuario del Sureste, a company that operates nine airports in southeast Mexico, and Highstar Capital, an investment fund specializing in transportation, energy and environmental services.

Its competitor, Grupo Aeropuertos, includes Ferrovial Aeropuertos, which operates six airports in the United Kingdom, and Macquarie Infrastructure & Real Assets, the world’s largest infrastructure investment fund.

The partnership will be established by a long-term contract under which the private consortium will make the necessary investment for the airport’s improvement.

The PPPA did not announce how much it expects to receive for the concession, but in the past officials have said they expected to raise up to $1 billion.

Ports Authority chairman Rubén Hernández Gregorat said the P3 will modernize and expand their international airport, improve passenger services and reduce the authority’s debt.

The Luis Muñoz Marín International Airport is located in Carolina, Puerto Rico, three miles from the capital city of San Juan.

The authority’s rating from Moody’s Investors Service is Baa3. Standard & Poor’s assigns a BBB-minus.

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