Corporacion America Airports Receives $91.21M Payment from Peru
Corporacion America Airports announced that Sociedad Aeroportuaria Kuntur Wasi, in which CAAP holds an indirect 50% equity interest, has received payment of $91.21M from the Republic of Peru, pursuant to the final award issued by the International Centre for Settlement of Investment Disputes, or ICSID. The payment relates to the final award issued by the ICSID Arbitral Tribunal in May 2024 in the arbitration proceeding Sociedad Aeroportuaria Kuntur Wasi S.A. and Corporacion America S.A. v. Republic of Peru, arising from the termination by the Government of Peru of the concession agreement for the new Chinchero International Airport that, pursuant to the final decision of the ICSID Arbitral Tribunal, such termination was arbitrary, unjustified and without a well-founded reason of public interest. The receipt of the payment, after any associated taxes, costs, or expenses, will be reflected in the company's financial statements in accordance with applicable accounting standards, considering CAAP's indirect 50% equity interest in Kuntur Wasi.
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CAAP Signs Addendum for Seymour Airport Concession in Ecuador
- Addendum Signed: CAAP's subsidiary Ecogal has executed an addendum for the Seymour Airport concession in Ecuador, aimed at rebalancing the economic and financial equilibrium adversely affected by the COVID-19 pandemic, ensuring sustainable airport operations.
- Concession Terms Adjusted: The agreement includes adjustments to airport charges, an extension of the concession term, and the rescheduling of investment commitments, designed to enhance financial stability and support future development of the airport.
- Sustainability Achievements: Since 2017, Seymour Airport has achieved carbon-neutral operations and recently received Level 4+ certification under the Airport Carbon Accreditation program, demonstrating CAAP's ongoing commitment to sustainability and operational excellence.
- Passenger Growth Forecast: By 2025, CAAP is expected to serve 86.7 million passengers, a 9.8% increase from 79.0 million in 2024, reflecting the company's strong recovery and growth potential in the Latin American and European markets.
CAAP Extends Concession Agreement for Galápagos Airport
- Concession Term Extension: CAAP's subsidiary Ecogal has signed an addendum extending the concession term for Seymour Airport by six years until December 31, 2032, thereby ensuring future economic equilibrium.
- Airport Charge Adjustment: The Terminal Use Charge will increase by $5.20 per passenger to $31.18, which is expected to enhance the company's revenue stream through annual adjustments.
- Investment Program Implementation: Ecogal plans to conduct a runway condition assessment in 2029, with a maximum investment of $4 million for repaving if necessary, ensuring the long-term sustainability and safety of airport facilities.
- Economic Equilibrium Mechanism: The agreement includes provisions for a biennial review of economic balance, allowing for renegotiation of terms in case of force majeure, thus maintaining the economic stability of the concession.
