Italian court confirms Sacyr’s concession for motorways near Turin, project will generate more than €2.9 over 12 years


Intermoney | As reported yesterday by the company, the Italian Council of State has confirmed to the SIS consortium, formed by Fininc and Sacyr (Buy, PO, €), the award of the operation of a series of motorways in the vicinity of Turin; these assets, already in operation, total 320 kilometres. This contract, awarded by the Italian Ministry of Infrastructure and Transport in June 2021, has now been confirmed by the Italian Council of State. The project is expected to generate traffic revenues of more than €2.9 billion over the 12-year concession period. The concession includes the design and execution of the works to upgrade these motorways, with a planned investment in improvements of €800 million.

Assessment: This is a new concession for Sacyr in Italy, in addition to the Pedemontana-Veneta (PV) and the A-3 in Naples. In Italy, it is customary for the losers of infrastructure tenders to go to court to complain, which they sometimes succeed in doing, and this always results in delays in the implementation of the projects; the PV was halted for several years for this reason. Sacyr in Italy has always operated with its partner Fininc, an unlisted conglomerate focused on infrastructures, on a 50/50 basis. However, the Group globally consolidates joint projects. Italy is Sacyr’s largest market in terms of EBITDA, as it generated €151 Mn in June this year, compared to the €645 Mn it reported in consolidated terms (+28%).

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