Category: General / 11 April 2016
First P3 design, construction and finance project in the US to be funded with tax-exempt bankdebt.
Ferrovial, through subsidiary Ferrovial Agroman, has achieved financial closure for the contract to design, build and finance the 1-285/SR 400 project in Atlanta, Georgia, which represents an estimated total investment of 458 million dollars (about 403 million euro). Closure was achieved after the Georgia Department of Transportation (GDOT) selected the bid by North Perimeter Contractors in December 2015.
A tax-exempt bank loan for at most 458 million dollars, maturing in 2022, has been arranged with Bank of America. This is the first time this funding approach has been used in the US for a P3 design, construction and finance project.
The infrastructure reconstruction will last until 2020. Ferrovial Agroman, in collaboration with engineering firms The Louis Berger Group and Neel-Shaffer, will be responsible for project design and construction. The design includes the construction of new flyover ramps, collector-distributor lanes and other elements to facilitate east-west movement on 1-285 and north-south movement on SR 400. The PATH 400 trail system will also be expanded inside the perimeter.
lt is scheduled to be completed in 2020. A regular user of the corridor will save 8 hours of travel time per year, and the project should reduce delays for all users by 20,000 hours per day.