BBVA, together with a group of Italian and international banks, has participated in the financing of Line 5 of Milan underground. This line, fully automated, is made in project finance by Astaldi as a representative of the project company Metro5 SpA.

Metro 5 S.p.A. is a Special Purpose Vehicle aimed at developing Line 5 of Milan underground and owned by Astaldi S.p.A., Ansaldo STS S.p.A., Ansaldo Breda S.p.A., Alstom Ferroviaria S.p.A., and ATM S.p.A., a company fully owned by the Municipality of Milan that will act as operator.
 
The financing, structured under an availability payment (PPP) by a pool of domestic and international banks, including BBVA, amounts at EUR 580m and was subsequently refinanced in part with a EUR 150m project bond, entirely subscribed by institutional investors. BBVA has participated as MLA to structure the financing of the project and also to act as Bookrunner, Joint Bookrunner, Hedging Bank and Lender.
 
The total investment of the Project is EUR 1.6bn, out of which EUR 824m are covered by public subsidie from the Italian State and the Municipality of Milan.