BRAZIL: Spanish infrastructure group Acciona has sold a 12·3% stake in the São Paulo Metro Line 6 concession holder Concessionária Linha Universidade to STOA, a French infrastructure investment group which specialises in emerging markets
Owned by Caisse des Dépôts (83·3%) and Agence Française de Développement (16·7%), STOA is the first investor selected by Acciona to join the Line 6 project, which requires an overall investment of R$15bn. STOA has committed an equity investment of R$317m which will be deployed during the construction period.
Acciona and STOA are working on structuring long-term non-recourse financing under international standards, with the aim of attracting global investors and financiers to the project.
The PPP concession to build, operate and maintain the 15·3 km north-south Line 6, also known as the Orange Line, was originally awarded to the Move São Paulo consortium in mid-2013. Construction began in 2015, but came to a standstill in 2016 when the concessionaire ran into financial difficulties.
In 2020 an agreement was reached for Acciona to acquire a majority stake in Move São Paulo and revive the project. Construction is expected to take around five years, and will be followed by 19 years of management and maintenance.