PROUD TO BE PART ROUTE 21-24
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1 PROUD TO BE PART ROUTE 21-24
2 ROute summary Type of Contract: Design, Construct, Finance, Operate and Transfer Tender: International Procurement Variable: Availability Payment + Shadow Toll Estimated Term of the Contract: 20 Years Estimated Initial Investment: Between 64 and 92 million Dollars Project Total Investment: Between 165 and 235 million Dollars Payment Mechanism: Quarterly and annual availability payments in Indexed Units Regulation of the Contract: For service standards October
3 2. Why Invest in Transport? Uruguay offers investors the possibility to set up in a strategic point of South America, with the greatest connections for establishing a logistics base at the heart of the continent s richest region. Uruguay has a strategic location in which the Paraná, Río de la Plata and the Uruguay River converge with the Atlantic Ocean. In addition, it has the densest road network in Latin America. 65% of the region s in-transit goods circulate through Uruguay. Apart from this, the transport sector has a solid support from the government, with an innovative and secure regulatory framework. Uruguay also has a recently adopted Public- Private Partnerships Law and an exemplary Investment Law. 2
4 3. Why Invest in Roads in Uruguay? After the economic crisis of , Uruguay has changed most of its business model. It went from having growth rates based on services to having growth rates based mainly on exports, particularly from the agro-industrial sector. This growth requires an adequate supply of infrastructure, and in this sense, it is worth mentioning the need for roads with an appropriate service level for such activities. The unexpected increase of traffic has made many of our roads reach an unexpected low maintenance level. In particular, the western coast sector has suffered a considerable increase of truck traffic making the service level of the associated roads drop to critical levels. The reduction of service levels leads to an increase in vehicular operation costs and increases the likelihood of accidents. In this sense, The Ministry of Transport and Public Works, (MTOP in Spanish) has requested from the National Development Corporation (CND in Spanish) the assistance for the structuring of a set of road corridors projects for an approximate amount of 1200 million Dollars, consisting on the construction and operation for a 20-year period. One of the corridors being structured by the CND together with the MTOP is the circuit between the routes 21 and 24. 3
5 4. Project Description The project under study corresponds to the current design of route 21, from the city of Nueva Palmira to Mercedes, and route 24 between route 2 and route 3. Without prejudice to other productive activities, route 21 is used mainly by bulk trucks that head towards the Nueva Palmira port; meanwhile timber cargo prevails in route 24. Currently, a strong investment must be carried out in reconstruction, rehabilitation and maintenance to improve the current condition of the routes 21 and 24 sections mentioned above. Likewise, a bypass project around the city of Nueva Palmira must be implemented as part of the initial works. Investment: The initial investment amount is estimated between 64 and 92 million Dollars. The total investment amount throughout the life of the contract (20 years) is between 165 and 235 million Dollars. Technical Characteristics: The project consists of the reconstruction, rehabilitation and the maintenance of 170 km of routes 21 and 24. Capacity: 3,200 light vehicles per hour in both directions in a combined form. Number of Lanes: 2 Estimated Execution Time: 36 months, carrying out receptions by sections in order to start the availability payments. Circulation Speed: 90 km/h Minimal Works Route 21: Widening of platform (76 km) Placement of pavement with modified asphalt. Minimal Works Route 24: Widening of platform (16 km) Placement of pavement with modified asphalt. Total reconstruction of the structural package. (46 km) Nueva Palmira Bypass: Construction of a new concrete by pass according to the existing project. 4
6 5. Strategic and Social Importance The increase of freight traffic along the coastline routes have significantly deteriorated the quality of the roads of the area, thus, their rehabilitation is absolutely urgent in order not to limit the country s future growth (estimated between 3 and 5% per year for the period ). The investment in road infrastructure and its maintenance has been recognized as a priority for the government and this project is part of the forthcoming five-year period work plan of the MTOP. Finally, other main objectives of the current Administration must not be forgotten: Decentralization, poverty alleviation and business competitiveness. All these objectives are affected by the lack/inappropriate road infrastructure due to the lack of fast transport resources, access to the Montevideo market and high costs of transport, respectively. Route 21 y 24 Illustration: Paths of Route 21 and Route 24 included in the project. 5
7 6. Business Model Initial Works Cost Periodical Mayor Interventions Costs Periodical Mayor Interventions Costs Periodical Mayor Interventions Costs Periodical Mayor Interventions Costs Periodical and Routine Interventions Costs Operating Costs Start of Contract Completion of Works and Start of Availability Payment for Initial works (by fixed fee, subject to availability) Payment for Routine Maintenance Interventions and Operating costs (by fixed fee, subject to the compliance of standards) Payment for Mayor Maintenance Interventions and Operating costs (by fixed fee, subject to the compliance of standards) As a compensation for the investments made, the contractor shall receive three types of incomes: PPD1: A fixed annual availability payment which aims to repay the initial works investment to the contractor ( Adjustment Works). PPD2: A fixed quarterly availability payment which aims to repay the expenses for routine maintenance works to the contractor. PPD3: The State will pay a shadow toll per heavy vehicle that circulates through the route with the aim to cover mayor maintenance works expenses that must be done throughout the contract life. Total Payment = PPD1+PPD2+ Nº of Heavy Vehicles x Shadow Toll These three sources of income are subject to 100% deduction for availability. 6
8 7. Procurement Model - International Tender The contract shall be awarded taking into consideration the following aspects or similar: 1. Technical: Quality of the initial works proposed in the technical offer Assessment of the proposed technical team Detail and quality of the self-control model 2. Financial: Percentage of the creation of a repair fund for the end of the contract Consistency of the financial-economic equation Consistency of the global plans 3. Economic: Present value of future payments 7
9 8. Contract Model The Ministry of Transport shall appoint a Contract Inspector for the pre-operation and operation phases. These Inspectors can be helped in their duties by technical teams. The inspection model is based on three elements: 1. Self-Control The contractor must check the circuit in order to verify the compliance with the basic service standards. 2. Quarterly Controls Sections shall be selected randomly for assessment and the obtained results will directly affect availability. 3. Annual Controls Annual IR controls will be performed The amount of non-compliances during the period determines the service level and therefore, the availability payment. If the contractor identifies any nonconformity, this must be declared in a computer system and the repair time begins to run hereinafter: If the contractor complies with the replacement of the service in time and form: the nonconformity shall be withdrawn If the nonconformity is not repaired within the stipulated period: a noncompliance applies If the contract inspector (or its technical team) identifies any nonconformity attributable to the contractor that was not previously declared by the aforementioned, a non-compliance is applied directly. 8
10 9. Risks Matrix Bidding Phase Risk Category Standard Risks Administration Contractor Description Implementation Risk Land acquisition risk Difficulty in the provision of land in accordance to a previously defined program, which implies delays in the construction process. Risks of expropriation. This risk mainly applies for the Nueva Palmira Bypass. Implementation Risk Risk of delay in approving the award of the construction contract The contract is not signed on the stated date and delays the start of the project. Implementation Risk Disagreements Difference of opinion in regard to agreements. Financial Risk Risk of obtaining funding Failure to obtain appropriate funding. The contractor cannot obtain sufficient funds in order to materialize the project, this involves delays. 9
11 Construction Phase Risk Category Standard Risks Administration Contractor Description Design Risk The engineering and/or architectural design established for the project by the contractor may be insufficient, which may lead to the performance of new works and/or complementary investments. Risk of the Nueva Palmira bypass design The engineering and/or architectural design established by the Administration for the Nueva Palmira bypass may be insufficient, which may lead to the performance of new works and/or complementary investments. Risk of over costs Rise of costs due to the increase of admeasurements of materials, inputs, workforce and design specifications. Risk of delays in the development of the construction Increase of costs due to delays in the execution of programmed activities. Risk of affected services During construction some public services may be affected within the area. Geological Risk Over the existing design. Geological risk of the Nueva Palmira bypass Over the Nueva Palmira bypass Risk of increase in the price of inputs The price of the necessary inputs for the works or for the operation of the project increase due to macroeconomic contingencies. Archeological risk During work archeological remains are found that interfere in the normal development of the construction of the project. It is emphasized that the effect of this risk is very low because it involves 5% of the design and belongs only to the Nueva Palmira bypass 10
12 Construction and Exploitation Phase Risk Category Standard Risks Administration Contractor Description Environmental Risks Environmental risk Changes in environmental legislations that affect the execution of the project. Environmental Risks Environmental risk Damages generated by unexpected environmental disasters. Operation and maintenance Risks Risk of over costs Unexpected increase of operational and maintenance costs of the project. Operation and maintenance Risks Service level risk (Availability) Failure in terms of achieving a level of quality and service in accordance to specifications. Costs Risks Demand risk Due to an increase in demand, payment for traffic (Shadow toll) does not cover the cost of remaining works. Technological Risks Obsolete technology risk The equipment and technology necessary for the operation have a useful life and become obsolete, or are not operative to satisfy the project s requirements, which imply an increase in costs. 11
13 All Phases Risk Category Standard Risks Administration Contractor Description Financial Risks Interest rate risk Interest rates fluctuate adversely, increasing financial costs. Financial Risks Exchange rate risk The exchange rate fluctuates adversely and affects the financial costs and the cost of imported inputs. Force majeure Risks Natural disasters risk Nature events, war conflicts, terrorism or other uninsured risks that prevent the development of the project, destroy assets, increase costs, and interrupt services making it impossible for an appropriate operation. Political Risks Risk of changes in the specific legislation Specific changes to this sector s legislation/regulation of standards generate effects on costs, income and investment affecting the viabilty of the project. Political Risks Risk of changes in the general legislation Changes in the general legislation including taxes are assigned to the contractor with the exception of VAT. Social Risks Risk of contract termination By political decisions, the project stops developing and an anticipated termination is generated forcing to make compensations and/or going to court. Political Risks 12 Risk of social conflict beyond the project s control. Protests, work stoppages, strikes and/or cultural aspects that interfere with the normal development of the project, producing greater terms and costs than the initial and estimated ones.
14 PROUD TO BE PART National Development Corporation Rincón 528 Third Floor - Montevideo, Uruguay Tel. (598) infraestructura@cnd.org.uy Visit our web page for: - State of progress of handled projects - Projects that are in bidding process/ Planning - Other documents and services of general interest
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