Fortuño Named to Abertis’ Board
SAN JUAN — Former Puerto Rico Gov. Luis Fortuño was recently appointed as member of the board of of Abertis, the Spanish company that manages PR-22 and PR-5 and the Teodoro Moscoso Bridge through local subsidiaries.
Abertis made the announcement Nov. 30 through a press release that listed the appointments of Fortuño and Enrico Letta, a former Italian prime minister and member of the European Parliament, as new independent directors of the corporation. The board comprises 15 members.
After striking public-private partnerships with the Puerto Rico government in 2011 and under the Fortuño administration, Metropistas Puerto Rico, an Abertis concessionaire, acquired the operation of PR-22 and PR-5 for a 40-year period. The government received an upfront payment of more than $1 billion for the transaction.
In April, the administration of outgoing Gov. Alejandro García Padilla extended both contracts for an additional 10 years. The local government received a $100 million payment after closing the deal. Metropistas must disburse an additional $15 million no later than next summer. For its part, the Highway & Transportation Authority agreed to reduce from 50% to 25% its share of PR-22’s new dynamic-toll revenue.
Autopistas de Puerto Rico, which is wholly owned by Abertis, has controlled the San Juan metro area’s iconic Teodoro Moscoso Bridge since 1994.
According to the Spanish corporation, Fortuño’s and Letta’s appointments are the result of seeking to increase the number of independent directors on its board with “renowned, seasoned experts with a variety of professional profiles.”