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.
