Italy’s Atlantia Spa, bidding through its local affiliate Grupo Costanera, beat a short list of international rivals and a Chinese state firm to win the DBFOM contract for the 5.2-km Americo Vespucio Oriente II (AVO II) tunnel, the final link of the 64.8-km express beltway around Santiago.

On the three targets set by Chile’s Ministry of Public Works Atlantia bid the lowest construction cost, will forego government subsidies for the construction, and required the lowest guaranteed earnings over the life of the concession, at US$1.19 billion, which is far below the government’s cap of US$1.83 billion.