BackLuxembourg, 3 July 2026 – Superstrada Pedemontana Veneta S.p.A., the concessionaire responsible for the design, construction, financing, operation and maintenance of the Pedemontana Veneta toll road in Italy’s Veneto Region, has secured a debt package to refinance the outstanding subordinated bonds issued in 2017 to finance the construction of the project. The refinancing was completed on 30 June 2026.
The Pedemontana Veneta toll road is a 162 km greenfield motorway connecting the A4 and A27 motorways through 37 municipalities in the Veneto Region, with its main axis fully operational since December 2023. The project has been developed and operated by a consortium of SACYR S.A. and Fininc S.p.A., two leading owners and operators of European infrastructure assets. It is underpinned by availability payments from the investment-grade-rated Veneto regional government.
The bonds were part of a EUR 1,571m issuance including EUR 1,221m of senior bonds and EUR 350m of subordinated bonds. Marguerite, the second-largest investor in the subordinated bonds with a EUR 40m investment, actively negotiated with the concessionaire and participated in the structuring of the financing. As part of the refinancing process, Fitch has assigned a BBB+ rating with a Stable Outlook to the senior bonds, reflecting the strength of the project’s credit characteristics.
Michael Dedieu, Managing Partner and Co-CEO at Marguerite, said: “We are proud to have played a key role in one of the largest financings for a new and state-of-the-art toll-road in Europe, while securing a strong and timely exit for our investors.”
Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure.
Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & renewables, (2) Digital transformation, (3) Transport, and (4) Circular economy and Water.
Marguerite manages four European infrastructure funds, with our most recent being Marguerite III, and we’ve deployed in excess of €2 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.
Marguerite III benefits from support from the European Union under the InvestEU Fund.
From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European national promotional banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments. We are signatories of the Net Zero Asset Managers (NZAM) initiative and commit to aligning our portfolio with net zero emissions pathways by 2050 or sooner.
Our team is based in Luxembourg, Paris and Milan.