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RiverRock and Horizon acquired from Ferrovial an 89.2% stake in Euroscut Azores, a Portuguese 93 km shadow toll road in the Azores

RiverRock – a specialized alternative investment firm, part of the CFE Finance Group – through RiverRock Brownfield Infrastructure Fund 1 (RBIF1), and Horizon, through Horizon Equity Partners Follow-On Fund, acquired an 89.2% stake in a shadow toll road located in Sao Miguel Island in the Azores, Portugal (in a proportion of 35% and 65%, respectively).

The highway, representing one of the largest infrastructures ever constructed in the area, has a concession extending until 2036 and stretches a total of 93 kilometers.

The stake was acquired from major infrastructure company Ferrovial – one of the leading developers and operators of transport infrastructure concessions – through its toll road division Cintra, which was the original majority shareholder. The company currently manages 1,262 kilometres under 22 concessions in nine countries.

Founded in 2017, Horizon Equity Partners is a Portuguese fund specialized in infrastructure. Horizon has undertaken to invest more than €150 million in energy transition, social services, telcos and transportation assets. Horizon holds another investment in Azores since 2021, the consortium holding the concession for Hospital do Santo Espírito da Ilha Terceira in the Azores.

RiverRock Brownfield Infrastructure Fund is a fund launched in late 2018 that currently manages a portfolio of about €200 million of infrastructure projects across Western Europe. It specializes in the investment and management of holdings in almost 30 operational infrastructure projects, mainly in the social services and transportation sectors, located in five European countries. RiverRock has invested in Portugal before and owns a minority stake in the Pinhal Interior shadow toll road.

RBIF1’s investment team has successfully completed 8 transactions and is now in fundraising for its second vintage fund (RiverRock Brownfield Infrastructure Fund 2).

RiverRock and Horizon have been advised by CS´Associados (Legal), KPMG (Accounting and Tax) and A3i (Traffic and Technical).



Established in 2009, RiverRock European Capital Partners LLP leads in providing alternative investment solutions to investors and customized capital solutions to small and medium-sized enterprises across Europe. With assets under management (AUM) totaling one billion euros, RiverRock is headquartered in London, United Kingdom, and operates through offices in Paris and Luxembourg. The company specializes in providing debt and equity investments, including preferred equity, convertibles, and equity warrant loans, through the RiverRock Italian Hybrid Capital Fund. In 2023, RiverRock joined the CFE Finance Group, further enhancing its capabilities and offerings to clients. RiverRock continues to deliver innovative solutions and unparalleled services to its clients, maintaining the highest standards of integrity and professionalism. RiverRock adheres to the United Nations Principles for Responsible Investment, reaffirming its commitment to ethical and sustainable investments. In 2020, it received an A rating for Strategy and Governance, acknowledging its exemplary practices.

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