MADRID | Spain’s ACS Group confirmed the financing for the construction of the Edmonton highway in Alberta, Canada, was in after the success of an initial bond issuance that obtained 500 million of Canadian dollars or €380 million. It is a 34-year duration contract valued at €1.4 billion.
The financial City of Madrid welcomed the news as a proof that capital is still available for attractive projects. Foreign deals will become even more important for Spain’s construction companies as public investment in the sector will be halved by 50 percent by 2014. Market expectations for the industry point at drops of between -15 percent and -20 percent in 2012-2013.
And this has been the week for ACS so far.