Puerto Rico last week released a request for proposals that will begin the bidding by four short-listed contenders to run and maintain its busiest toll road.
The four consortium have until March 7 to file their submissions, with best and final offers, if necessary, set for the week of March 21. The four firms are: Abertis Infraestructuras of Spain and Goldman Sachs Infrastructure Partners II LP; CCR (Companhia de Concessôes Rodoviárias), based in Brazil; Itínere Infraestructuras SA of Spain and Citi Infrastructure Investors; and OHL Concesiones of Spain and Morgan Stanley Infrastructure Inc.
Officials plan to close on the deal in mid-June. The winning bidder will operate and maintain Route 22 and Route 5 for 50 years and collect tolls. It will pay Puerto Rico an up-front payment to enter into the public-private partnership.
Route 22 is 52 miles and runs east-west through the north side of the island. Route 5 connects to Route 22 and runs through the San Juan area and further south into Bayamon. It is four miles long.
There are bonds outstanding on the tollroads, which will be paid in full if the commonwealth enters them into a P3 agreement. Officials have declined to release the exact amount of bonds that need to be repaid on Routes 22 and 5. The Puerto Rico Highways and Transportation Authority oversees them, along with Route 66 on the eastern side of the island and Route 52, which connects San Juan and Ponce. The agency has around $7 billion of total outstanding debt.
