DLA Piper has acted for the Nuevo Metro de Lima consortium on its winning bid for the US $5 billion Lima Metro Line 2 project in Peru. The consortium will be responsible for the design, finance and construction of the Metro, as well as the operation and maintenance of the project.
The project is one of the largest infrastructure projects globally at the moment, and uses cutting edge technologies, including driverless trains, and will have a significant social impact on Lima. The transaction is also particularly innovative in its financing, by using a combination of financing products that will allow certain investors to be protected from construction risk and operating risk.
The DLA Piper team was led by partners Ugo Calò (Finance & Projects, Milan), Francesco Ferrari (Finance & Projects, Milan) and Gianluca Bacchiocchi (Corporate and Securities, Chicago) with associates Riccardo Pagotto (Finance & Projects, Milan), Diego Harman (Corporate and Securities, New York) and Fernando Rodriguez-Marin (Finance, New York). The team advised the Nuevo Metro de Lima consortium from the initial stages of the bidding process, structuring the deal on all construction and financing aspects, the preparation and revision of tender documents, and will now act for the consortium on all legal aspects relating to the financing and implementation of the project.
Francesco said: “DLA Piper’s infrastructure team has stood out in the past few years, both in Italy and globally, as a result of its involvement with a number of high profile projects. Ugo and I have represented a wide range of clients on an array of infrastructure projects, and this transaction showcases the firm’s experience perfectly.”
Gianluca added: “The Lima Metro project demonstrates DLA Piper’s capability to support clients globally in multi-jurisdictional transactions involving complex structures, particularly in this instance where the firm’s strong experience in Latin America was integral to providing our client with critical advice for their winning bid.”
The Nuevo Metro de Lima consortium comprises Ansaldo STS S.p.A., Ansaldo Breda S.p.A., Impregilo S.p.A., Peruvian company Cosapi S.A., and Spanish companies Iridium Concesiones de Infraestructura S.A. and Vialia Sociedad Gestora de Concesiones de Infraestructura S.L. The consortium was awarded the project by ProInversión, a state investment agency acting on behalf of Peru’s Ministry of Transportation and Communications.
