Macquarie Asset Management has made two separate debt investments in Spanish transport infrastructure this week.

The company has provided long-term debt financing for the operation and maintenance of Line 9, Section 1 of the Barcelona Metro, and lent €60m to a consortium operating the AG-31 road in northern Spain.

A 16-year financing agreement was provided to Vauban Infrastructure Partners, Aberdeen Infrastructure and Copisa, the concession holders of Section 1, as part of a €1.2bn debt package.

Section 1 forms part of the 48km line that will be the longest automated metro line in Europe when it is completed in 2026, with 39 stations covering five municipalities within Barcelona’s metropolitan area.

The driverless metro line will connect El Prat Airport to the city centre and is expected to serve up to 165 million passengers each year.

Eric Henschel, senior vice president at Macquarie Asset Management, said: “We are excited to help finance this important public-private infrastructure project.

“The metro line is already providing significant additional capacity in the local transport system and reducing congestion on the city’s roads. By connecting new areas to the network and cutting journey times, once completed, Line 9 will make Barcelona an even greater place to live, work, study and visit.”

Macquarie was the sole lender in the €60m of debt financing to the consortium that operates the AG-31 road.

The 19km high-capacity dual carriageway in Galicia provides an essential link between the town of Celanova and the provincial capital Ourense via the A-52 motorway.

The road has been operational since 2013 under a concession granted to COPASA and Extraco is valid until 2040.

Macquarie has provided a term loan and a debt service reserve facility to offer the borrower flexibility and liquidity.

Tom van Rijsewijk, managing director at Macquarie Asset Management, said: “The AG-31 road has recovered well through the COVID-19 pandemic and faster than many other roads due to the essential nature of the route.

“Its strong operating history and transparent concession agreement make this long-term debt solution well-aligned with our investors’ interests. We are therefore pleased to provide this long-term financing in partnership with its shareholders COPASA and Extraco.”

Francisco Javier Ramos, head of concessions at COPASA, said: “Macquarie Asset Management has demonstrated a great capacity and ability to understand our commitment to this project, alongside the resilience and potential of this asset even under extraordinary circumstances presented by the global pandemic. The tailor-made long-term financing solution has fit perfectly with our needs.”