The first transaction under Puerto Rico’s
public-private-partnership authority (PRPPPA) has set some
valuable lessons for budding P3 programmes throughout the
The 40-year privatisation of toll roads PR-22 and PR-5 is
the first brownfield concession in the US since 2006, carries
full traffic risk, and attracted financing from 12 banks as a
The deal, which closed in September, shows that road and
related asset P3s will attract the interest of equity and debt
investors if they are properly structured and based on
reasonable assumptions, said Milbank partner Jonathan Green who
acted for the lenders.
The deal being financed by a large number of investors
without being underwritten is strong evidence of this.
"The main thing that made this project happen was having