Jiménez de Aréchaga advises CAF Infrastructure Fund

Our firm advised “Fideicomiso Financiero Fondo de Deuda para Infraestructura en Uruguay CAF I”, who sold a 9% stake in a US$85.5 million loan granted in 2017 to Consorcio PPP Rutas del Litoral (“RDL”), a toll road consortium owned by Spain’s Sacyr and Uruguay’s Saceem. Jiménez de Aréchaga, Viana & Brause advised the infrastructure fund on that deal too.

“Fideicomiso Financiero Fondo de Deuda para Infraestructura en Uruguay CAF I” is a USD 350 million -infrastructure fund created in October 2016 and managed by CAF – AM, Administradora de Activos Uruguay S.A, a subsidiary of CAF- Banco de Desarrollo de América Latina. CAF created the fund in 2016 to finance infrastructure projects in Uruguay. It is funded by various investors, including Uruguayan pension funds.

Through this transaction, CAF has become co-lender to Uruguay’s second public private partnership (PPP), marking the first time it has directly backed a PPP project in the country.

The deal closed on 19 December. Consorcio Rutas del Litoral is the first highway PPP project in Uruguay. It will rebuild highways 21 and 24, which serve the busy Nueva Palmira port in southwestern Uruguay.