LusoLav

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INFRASTRUKTURA
LusoLav
Consortium of Portuguese construction companies
Received blended infrastructure finance as part of concession award
Public and intstitutional investors
Infrastructure finance
Advised on Concession Awarding

IMAP Portugal advises on the concession awarding for Portugal’s first high-speed rail project

IMAP Portugal has successfully advised LusoLav on the concession award for the initial stretch of Portugal’s first passenger high-speed rail line, linking Porto to Oiã. As one of the largest ongoing mobility projects in Europe, this stretch is part of a new rail line which, once completed, will connect the country’s two largest cities, Lisbon and Porto, in just 1 hour and 15 minutes—a significant improvement from the current journey time of 2 hours and 49 minutes.

This segment includes two crossings over the River Douro (one for high-speed trains and another for road traffic), two stations, several tunnels, and a connection with the existing rail line. It represents the first of three Public-Private Partnerships (PPPs) required to complete the full Porto–Lisbon route.

IMAP Portugal’s advisory role encompassed a broad range of activities, including: preparing and submitting the bid, optimizing the capital structure, preparing marketing materials, engaging with a wide range of potential lenders, building the financial model, supporting lenders’ due diligence, leading negotiations with lenders, and assisting with the financing documentation.

With a total project cost of EUR 2.7 billion, this is one of the largest global project finance transportation deals to date. The complex funding package comprises a mix of EU grants, Portuguese public funds, senior and junior debt, and equity. Debt financing for the project exceeds EUR 2 billion, provided by 12 financial institutions, including the European Investment Bank, commercial banks, and institutional investors, both national and international.

The 30-year concession contract for this 71-kilometre initial stretch was signed on July 29, 2025, between LusoLav and Infraestruturas de Portugal, under a PPP model that includes the design, engineering, construction, financing, maintenance, and availability of the rail infrastructure.

LusoLav’sshareholders comprise six of Portugal’s largest construction firms—Mota-Engil, Teixeira Duarte, Casais, Alves Ribeiro, Conduril, and Gabriel Couto—as well as Serena Industrial Partners, a Spain-based infrastructure fund.

The IMAP Portugal team – Gonçalo Vaz Botelho, Pedro Benites, Luísa de Castro Domingos, Bernardo Pena, and Gabriel Zancu – supported LusoLav throughout this 18-month project.

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