• The loan is an example of sustainable financing, according to the criteria of independent ESG assessment agency Vigeo Eiris

ACCIONA and its partners in the Concessionária Linha Universidade (CLU) consortium have closed a R$6.9 billion (€1.28 billion) financing deal with Brazil’s National Bank for Economic and Social Development (BNDES) to develop the largest public-private infrastructure project under construction in Latin America: Line 6 of the São Paulo subway in Brazil. A second tranche of financing, worth R$500 million (€93 million), will be executed at a later date. In addition, the state of São Paulo will contribute R$7.85 billion (€1.46 billion) during the construction period.  

The loan includes non-recourse bank guarantees that partially cover the risk BNDES takes during construction, in an innovative financing model for BNDES, which traditionally does not assume this kind of  risks.

This funding has a 20-year term and 10 banks are providing bank guarantees totaling over R$3.31 billion (€617 million). These banks are BNP Paribas (which has acted as the exclusive financial advisor for the operation), Banco Santander, JP Morgan, ICO, CAF, SMBC, Intesa, CACIB, Bradesco and ABC. These guarantees provide a funding structure completely in local currency for the project.

The loan is an example of sustainable financing endorsed by Vigeo Eiris’s independent assessment, based on criteria regarding taxonomy, female and local employment, electric mobility and entrepreneurship. It is also endorsed by JPMorgan’s Development Impact Assessment. BNP Paribas and Banco Santander are the funding co-agents for sustainability.


Line 6 of the São Paulo subway is a concession awarded by the state of São Paulo, which includes the construction and operation of this subway line connecting the districts of Brasilandia and Freguesia de Ó to the city center. The project will be 15,3 Km long and will have 15 subway stations, including three major interchange stations. It is expected to transport 630,000 passengers daily.  

The concession holder, Concessionária Linha Universidade, S.A., is owned by ACCIONA (47%), Societe Generale (39.7%), Stoa (12.3%) and Transdev (1%). ACCIONA is carrying out all of the civil works and the rolling stock is supplied by Alstom.

The total cost of the project is approximately R$18 billion (€3.35 billion), making it the largest infrastructure project under development in Latin America.

ACCIONA has technical credentials and vast experience in developing urban mobility solutions. In recent years, the company has participated in 44 projects in seven countries. In terms of railways and subway lines, ACCIONA has built 3,000 kilometers of tracks, of which 1,200 kilometers are high-speed rail tracks. The company also has extensive experience in underground construction, having built more than 600 kilometers of tunnels.

In Latin America, ACCIONA has already worked on the development of two sections of Line 2 for the São Paulo subway in Brazil. It has also built Line 3 of the Santiago de Chile subway and Line 1 of the Quito subway in Ecuador.