Abertis points to Puerto Rico's plan to privatize its highway network - elEconomista.es

2022-07-15 11:41:03 By : Mr. Reemon Chi

Abertis has set its sights on the highway privatization plan launched by the Government of Puerto Rico.The Spanish concessionaire is already present in the country with the management of two toll highways and a bridge and is now analyzing participating in the process to grow with new assets.The strategy of the company controlled by Atlantia and ACS is to grow in those markets in which it is already active and offer legal certainty, two conditions that are met with Puerto Rico.Abertis controls 51% of Autopistas Metropolitanas (Metropistas), the concessionaire that operates the PR-22 and PR-5 toll highways.Likewise, the firm headed by José Aljaro owns 100% of Autopistas de Puerto Rico (APR), the concessionaire that operates the Teodoro Moscoso Bridge.In 2011, Abertis was awarded, together with Goldman Sachs, the operation of PR-22 and PR-5, which are 88 kilometers long and have a concession term until 2061. PR-22 connects San Juan with the city of Hatillo and is the busiest in the country, while PR-5 crosses the metropolitan area of ​​San Juan to the business area of ​​Bayamón.The average daily intensity (ADT) of both roads together in 2021 reached 70,003 vehicles, with revenues of 134 million euros and a gross operating result (EBITDA) of 99 million.In Metropistas Abertis has the US investment fund Ullico as a partner, which bought 49% from Goldman Sachs Infrastructure Partners (GSIP) in 2020.The Spanish group analyzed taking 100% at the time, but its priority is to add new assets, since it already consolidates the results of these highways on its balance sheet.Abertis took control of the concession in 2014, when it acquired 6% of Metropistas from the North American entity.Meanwhile, the company of Catalan origin is the operator of the Teodoro Moscoso Bridge, two kilometers long and with an average daily intensity (ADT) of 19,302 vehicles per day in the last financial year, with revenues of 22 million euros and EBITDA of 18 million.The concession was awarded in the 1990s and it still has an exploitation term of 22 more years.The three assets of Abertis in Puerto Rico, which are the only highways in the country that are under a concession regime, contributed 156 million euros in income to its income statement, equivalent to 3.2% of the group's total, and 117 million ebitda, 3.5%.Abertis, within its growth strategy, has received with interest the decision of the Government of Puerto Rico to privatize the management of all highways that are not already under concession.The Public-Private Partnerships Authority (AAPP) will launch this program soon with the aim of raising funds to deal with debts linked to infrastructure and to make investments to improve the condition of the roads.According to an analysis in which the consulting firm Steer has participated, the Highway and Transportation Authority (ACT) concludes that it could obtain 2,254 million dollars (2,077 million euros) by taking the highways from San Juan to Ponce out of concession for 50 years (PR-52), Route 66, between Carolina and Río Grande, the route between Humacao and Fajardo and PR 20 between San Juan and Guaynabo.The Public-Private Partnerships Authority (AAPP) plans to select the potential operators soon with the aim of choosing the winner or winners at the beginning of 2023.