VdA and CS’Associados provided legal advice to the developers in the concession of the new high-speed railway line between Porto and Oiã, a key link in the future Porto-Lisbon corridor.

The concession contract was signed on 29 July 2025 between Infraestruturas de Portugal, S.A. and Avan Norte – Gestão da Ferrovia de Alta Velocidade, S.A., a concessionaire that brings together a group of promoters comprising the Mota-Engil, Serena Industrial Partners, Teixeira Duarte, Casais, Alves Ribeiro, Conduril and Gabriel Couto groups.

The operation involves a total investment of around €2 billion, supported by a complex financing model secured by a diverse group of entities, including institutional investors, commercial banks, the European Investment Bank (EIB) and junior financiers, in an exercise of coordination and articulation that reflects international best practices. It is the largest project finance operation ever conducted in Portugal.

The advice provided by VdA and CS'Associados covered all phases of the project, from the analysis and preparation of the tender proposal to the structuring, drafting and negotiation of a highly complex contractual package, which included more than 60 separate agreements. This work required a multidisciplinary approach, integrating teams specialised in corporate, contractual, financial and regulatory law.

The VdA team was led by partners Paulo de Barros Baptista and Teresa Empis Falcão, and also included partners Ricardo Bordalo Junqueiro, André Gaspar Martins and Francisco Cabral Matos, as well as Inês Perestrello, Vanessa Cardoso Pires, Ricardo Filipe Costa, Beatriz Pereira da Silva, Rita Pereira de Abreu, Rita Costa Lima and Pedro Costa Amaral.

The CS'Associados team was led by partners Maria Castelos and Mafalda Ferreira, with Nuno Saldanha de Azevedo and João da Costa Cabral Tomás also forming part of the core team, assisted by André Salgado de Matos, Gonçalo Machado Borges, Filipa Veiga Gomes, Marta Ramalho Gomes, Mariana Silva Pereira, Filipe Rocha and Joana Alves Trindade.

The financiers were advised by HSF Kramer (on English law) and PLMJ (on Portuguese law), and the EIB was also advised by Linklaters.

This project is one of the greatest milestones in engineering, innovation and investment in the infrastructure sector in Portugal in recent decades, with a direct impact on the modernisation of the country and the promotion of territorial cohesion.

We would like to express our special appreciation to the developers for the trust they have placed in our teams and for allowing us to be part of this important project.

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