A consortium comprising Saudi Arabia’s Public Investment Fund (PIF) and Patria Investments, an alternative asset investment firm in Latin America, has secured a 30-year concession for the capacity extension and operation of a new brownfield toll road project in Parana, Brazil.

The consortium was awarded the toll road project as part of a $1.2 billion capital expenditure investment through an official auction held by the Brazilian government.

The project includes 473 km in the existing toll highway system in Parana, with all associated operations overseen by Patria and PIF until 2053.

The toll road project is the first major infrastructure management auction launched under the administration of Brazilian President Luiz Inacio Lula da Silva. It reflects growing economic ties between Latin America and Gulf Cooperation Council (GCC) countries, including Saudi Arabia, particularly in terms of direct investment and long-term partnerships.

Patria currently operates over 4,000 km of toll roads, through which about 230 million vehicles pass annually.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)