ADELAC
ADELAC is the concessionaire of the A41 north motorway, a 20 kilometre commuter road between Annecy in eastern France and Geneva in Switzerland.
About ADELAC
| Location | Eastern France |
| Road opened | 2008 |
| Length | 20 kilometres |
| Number of lanes | Two lanes in each direction |
| Tolling structure | Tolls to escalate annually in February by French CPI plus a fixed percentage under the concession contract |
| Toll collection | Cash, electronic and credit card |
| Concession expiry | December 2060 |
ADELAC (otherwise known as the A41 north), is a 20 kilometre two-lane motorway which provides a strategic link between two important European cities, Annecy in France and Geneva in Switzerland, offering fast transit for commuters and facilitating leisure traffic between Geneva and the French Alps. As such, key drivers of traffic are employment levels in the Geneva region and seasonal tourist demand to the Alps.
The road provides a continuous motorway connection to the A41 (south) and the A40 (east-west). APRR Group is the operator of the ADELAC Concession.
Concessionaire ownership structure
Atlas Arteria’s 30.85% indirect interest in ADELAC is held via:
- 15.47% through MAF2 SA (being 61.64% of MAF 2 SA’s 25.1% interest in ADELAC); and
- 15.38% proportionate holding through its indirect interest (being 30.82% in APRR’s 49.9% interest in ADELAC).
¹ Atlas Arteria International Limited ('ATLIX')'s 86.57% economic interest in Dulles Greenway represents two subordinated loans secured against the non-Atlas Arteria limited partner interests in Toll Road Investors Partnership II ('TRIP II').
² ATLIX and its controlled entities ('ATLIX Group') holds US$166.7m of shareholder loans in CCPI.
³ APRR owns 99.84% of AREA and 99.9% of A79.
When the A41 North road was opened in January 2008, the ADELAC Concession was 49.9% owned by AREA, a subsidiary of APRR and the operator of A41 North. This 49.9% ownership interest was subsequently transferred from AREA to APRR.
In November 2016, AREA entered into an agreement to acquire an additional 46.1% interest in ADELAC. MAF2 (the entity through which Atlas Arteria holds its interest in the APRR Group) and Eiffage subsequently entered into an agreement with AREA to purchase this 46.1% interest. This was followed by an additional 4.0% acquisitions by Eiffage and MAF2 of the remaining minority interests. Accordingly, MAF2 had a 25.0% indirect holding in ADELAC through the APRR Group in addition to a 25.1% direct holding in ADELAC.
On 2 March 2020, Atlas Arteria acquired an additional 6.14% indirect interest in ADELAC, increasing Atlas Arteria’s indirect interest from 25.03% to 31.17%, via its:
- 62.29% interest in MAF2 which holds a 25.1% direct interest in ADELAC; and its
- 31.14% indirect interest in APRR which holds a 49.90% direct interest in ADELAC
On 3 July 2024, Eiffage completed a €55.5m equity injection into MAF2 resulting in Eiffage's shareholding in MAF2 increasing from 4% to 5%. Atlas Arteria's shareholding in MAF2 was diluted slightly to 61.64%. As a consequence of these changes, Atlas Arteria's interest in APRR Group was diluted slightly to 30.82%, reducing Atlas Arteria's indirect interest in ADELAC to 30.85% via its:
- 61.64% interest in MAF2 which holds a 25.1% direct interest in ADELAC; and its
- 30.82% indirect interest in APRR which holds a 49.90% direct interest in ADELAC
ADELAC (the A41 North) was opened in 2008 and is 20 kilometres in length with a configuration of 2x2 lane motorway.
ADELAC has three toll plazas each with cash, credit and ETC toll payment facilities.
There are five tolling categories on the ADELAC concessions, refer to the APRR section for further details.
Under the concession contract, tolls typically increase each year on 1 February by French CPI plus a fixed percentage. The current toll escalation formulae are shown below. ADELAC’s concession agreement enables ADELAC, within certain limits, to allocate its annual toll increase to specific toll stations.
| ADELAC | |
| 2026-27 | CPI1 + 1.0% |
| 2028 | CPI1 + 0.41% |
| 2029+ | CPI1 |
During 2021, ADELAC and the Ministry of Transport had separately negotiated a sustainable tolling solution at the Cruseilles toll station and main plaza to align the toll prices at the entry points and improve safety. The outcome of this negotiation resulted in a one-off increase of the toll price at the Cruseilles toll station. In return, the toll escalation formulae for ADELAC was altered as outlined:
Prior agreement:
- 2022 - 2030: tolls to increase annually by French CPI +1.0%
- 2030 onwards: tolls to increase annually by French CPI
Updated agreement:
- 2022: tolls to increase annually by French CPI
- 2023-2027: tolls to increase annually by French CPI +1.0%
- 2028: tolls to increase annually by French CPI +0.41%
- 2029 onwards: tolls to increase annually by French CPI
In the event that French CPI is negative to the extent that the above calculations result in a toll decrease, tolls will be floored at a 0% change for that year.
1Consumer Price index (excl. Tobacco) from October in the prior year (i.e. October 2025 CPI used for the toll increase for ADELAC in 2026).
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