InfraRed has reached financial close on the road project in Aruba
InfraRed Infrastructure Fund III (the “Fund”) has reached financial close on the Watty Vos Boulevard project (“WVB Project”), a US$91m availability-based road concession in Aruba awarded to Mota-Engil in July 2015. Mota-Engil is a large international contractor and will perform the construction under an EPC on a fixed price and fixed term basis.
Aruba is a member of the Kingdom of the Netherlands and part of the Dutch Antilles. It has one of the highest standards of living in the region, receiving around 1.2 million visitors per year. The WVB Project is a 22.5-year road concession of 21km (7km of which are greenfield) that will optimise the connection between the International Airport Reina Beatrix and the high rise hotel area. The project has been financed with long-term US dollar non-recourse project finance debt provided by Sumitomo Mitsui Banking Corporation and AIB Bank N.V.
Construction of the project will last for 2.5 years with completion expected in July 2019 and the start of the availability phase expected in August 2019.