This is Ferrovial's first contract in Colombia's Antioquia Department. The company will build two parallel tunnels to divert water from the Cauca River as well as a powerhouse access tunnel. This 55 million euro contract reinforces the internationalization of the company, which obtained revenue outside Spain in the first quarter of 2011 amounting to 463 million euro (52% of the total).
A consortium comprising Ferrovial Agroman (Ferrovials construction subsidiary) and local engineering company Sainc has been chosen to build the Cauca river diversion tunnels and the powerhouse access tunnel at the Ituango hydroelectric power station, 170 kilometers from Medellín, Colombia. This hydroelectric power station will be one of the largest in the country. The contract represents an investment of 141.891 billion Colombian pesos (55 million euro). Construction is scheduled for completion in the second quarter of 2013. "This new contract strengthens the company's international presence and its commitment to operating in countries with high growth expectations and strong demand for infrastructure, such as Colombia," said Alejandro de la Joya, CEO of Ferrovial Agroman. Ferrovial Agroman will build two parallel tunnels, both one kilometer in length and 14 meters in diameter, to divert water from the Cauca River. The company will also build a powerhouse access tunnel measuring almost one kilometer in length, with a 140 meter long gallery. Ferrovial Agroman obtained 889 million euro in revenue and 45.4 million euro in EBITDA in the first quarter of 2011. The backlog amounts to 10.148 billion euro, of which 6.652 billion euro are attributable to projects outside Spain. International revenue amounted to 463 million euro, i.e. 52% of the total, in the first quarter of 2011.