2017智利基建行业报告（英文版）_22页_1mb

Summary of Chile's Infrastructure and Concessions Industry

Core Content

Chile's infrastructure and concessions industry has seen significant foreign investment, particularly in the road and airport sectors. Between 1994 and 2016, total investments in concessions exceeded USD 16,000 million, with an average annual investment of USD 669 million. These investments are primarily focused on road infrastructure, which constitutes 81% of the total, followed by public buildings (11%), airports (7%), and social infrastructure (1%).

The road infrastructure in Chile is categorized into urban roads (5.2%), interurban routes (38.6%), and Route 5 (51%), the latter being the most important and longest route connecting the north and south of the country. Of the total investments, USD 12,975 million were allocated to operations, while USD 2,362 million were for construction. Additionally, USD 1,969 million was invested in both construction and operation phases.

Main Players in the Road Sector

• Abertis Group (Spain): Leads with USD 3,345 million in initial investments, managing 6 projects.
• Sacyr Concesiones (Spain): Second with USD 1,928 million in initial investments, managing 6 projects.
• Atlantia (Italy): Third with USD 1,768 million in initial investments, managing 6 projects.
• CPP Investment Board (Canada): Fourth with USD 1,347 million in initial investments, managing 5 projects.
• ISA (Colombia): Fifth with USD 1,310 million in initial investments, managing 5 projects.
• Brookfield (Canada): Sixth with USD 1,190 million in initial investments, managing 2 projects.
• OHL Concesiones (Spain): Managing 3 projects with USD 838 million in initial investments.
• Globalvia (Spain): Managing 2 projects with USD 536 million in initial investments.
• FI Pública Penta Las Americas (Chile): Managing 3 projects with USD 382 million in initial investments.
• Acciona (Spain): Managing 1 project with USD 340 million in initial investments.
• Iridum ACS (Spain): Managing 1 project with USD 230 million in initial investments.
• Independencia Fondo de Inversión (Chile): Managing 1 project with USD 210 million in initial investments.
• BTG Pactual (Chile): Managing 2 projects with USD 43 million in initial investments.

Concessioned Road Projects

• La Serena - Vallenar (2012): Operation, USD 345 million investment, 35-year concession.
• Santiago - Los Vilos (1997): Operation, USD 220 million investment, 24-year concession.
• Chillan - Collipulli (1998): Operation, USD 161 million investment, 23-year concession.
• Collipulli - Temuco (1999): Operation, USD 144 million investment, 23-year concession.
• Puerto Montt - Pargua (2010): Operation, USD 230 million investment, 40-year concession.
• Vallenar - Caldera (2009): Operation, USD 227 million investment, 420 months concession.

Concessioned Airports

• Santiago (SCL): 60% of all passenger traffic and 66% of concessioned airport revenues, managed by a consortium including French and Italian companies, with a USD 689 million investment until 2035.
• Calama (El Loa): Managed by Grupo Empresas Navieras, USD 37 million investment, 15-year concession.
• Antofagasta (Cerro Moreno): Managed by Flughafen Zürich AG, USD 33 million investment, 15-year concession.
• Puerto Montt (El Tepual): Managed by Grupo Icafal, USD 3 million investment, 4-year concession.
• Punta Arenas (Pdt. Carlos Ibáñez del Campo): Managed by Grupo Empresas Navieras, USD 12 million investment, 15-year concession.
• Arica (Chacalluta): Managed by Grupo AZVI, USD 14 million investment, 15-year concession.
• Iquique (Diego de Aracena): Currently under tender, USD 64 million investment, 15-year concession.

Ports Overview

Chile has 52 ports, with the top 10 ports handling 63.1% of the country's cargo. The San Antonio port leads with 39.7% of total load transferred in 2015. The main ports are distributed across different regions, with the central zone handling the most cargo (63.1%), while the southern zone, despite handling only 4.1% of total traffic, has the most vessel movement due to small vessels.

M&A Transactions in the Infrastructure Sector

• In the last 24 months, there were 12 infrastructure transactions, with 9 having published deal values totaling USD 2,336 million.
• Roads accounted for the majority of these transactions, with USD 2,195 million in total, representing 90% of the published values.
• Europe accounted for 36% of the buyers, Chile for 45%, and the rest from North America and the UAE.
• Notable M&A deals include:
  • Abertis acquiring a 100% stake in Autopista Central for USD 1,035 million.
  • Abu Dhabi Investment Authority acquiring a 20% stake in Abertis for USD 540 million.
  • Abertis acquiring a 100% stake in INVIN for USD 399 million.
  • Grupo Aeroportuario del Pacifico acquiring SCL and MBJ airports from Abertis for USD 191 million.
  • Abertis acquiring a 100% stake in Infraestructura 2000 for USD 146 million.

Key Opportunities and Trends

• Chile 30 30 initiative aims to achieve a PIB of USD 30,000 per capita by 2030, with infrastructure projects as a key driver.
• The government is promoting the role of pension funds in infrastructure concessions.
• A new infrastructure public fund is under evaluation by Congress.
• The industry is expected to attract more international investors in the coming years.
• Greenfield projects for 2017 include the Costanera Central Highway (Vespucio - Las Viscachas) with USD 1,100 million in investment.
• Brownfield projects (existing concessions) may become targets for pension funds or private equity firms.

Economic Stability and Investment Climate

Chile's return to democracy and stable political climate have made it an attractive destination for foreign investment, including in the infrastructure sector. The country's capital market is also a key factor in attracting potential investors.