Ferrovial wins $910mn contract for Texas road expansion
Ferrovial, through a consortium led by its toll road subsidiary Cintra Infraestructuras, is to build and operate a new extension (segment 3C) to the North Tarrant Express in Texas, worth $910mn.
The consortium, NTE Mobility Partners Segments 3 LLC, also includes the Meridiam fund and APG, a specialized pension fund management firm.
Ferrovial Agroman will be in charge of designing and building this new road segment which will extend along 6.7 miles (11km), from Heritage Trace Parkway, north of US 81/287, to Eagle Parkway, in Denton County.
Existing lanes will be upgraded and will continue to be toll-free, while two tolled managed lanes each way will be built, as well as on-ramps. Construction work is already under way and the road is expected to be open to traffic by the end of 2023. The concession expires in 2061.
The project, which has just achieved financial closure, will be financed through a combination of equity contributions by the partners ($160mn) and the issuance of a PAB ($750mn).
This is the fourth Managed Lanes project to be operated by Cintra in the DFW area, one of the most dynamic and fastest-growing areas of the United States. The company already operates the LBJ Express, the North Tarrant Express (NTE) and NTE 35W, which is an extension of the NTE (segments 3A & 3B).
Ferrovial, through subsidiary Cintra, is one of the world’s leading private sector developers of transport infrastructure, in terms of the number of projects and the volume of investment. It currently manages over 1,468km of toll roads in 24 concessions in Canada, the US, Europe, Australia and Colombia.