Category: General / 3 November 2016
Cintra, a subsidiary of Ferrovial, in consortium with infrastructure fund Meridiam, has been chosen by the Virginia Department of Transportation (VDOT) as Preferred Proposer to design, build, finance, operate and maintain the Transform 66 project on Interstate 66, worth over $2 billion. The project involves building 35 kilometers along the I-66 corridor between Route 29, in the environs of Gainesville, and I-495, the Capital Beltway, in Fairfax County.
Cintra and Meridiam, its partner in this operation, will be responsible for project development. Ferrovial Agroman, with local construction company Allan Myers VA, Inc. will handle design and construction.
“It is a privilege for Cintra to be have been chosen as Preferred Proposer in a managed lanes project of this scale and in a state like Virginia”, said Enrique Díaz-Rato, CEO of Cintra. “Our team in the US is committed to a partnership with the Commonwealth of Virginia to enhance mobility, provide economic growth opportunities and better serve the current and future needs of the region.”
With three regular lanes and two managed lanes in each direction, the new section of highway will expand capacity, improve mobility and enhance driver safety, as interchanges will also be upgraded to reduce congestion. The project also envisages new and expanded transit service and park-and-ride lots, with direct on- and off-ramps from the managed lanes.
Financial closure is expected next summer. Construction is scheduled to be completed by 2022, and the concession runs for 50 years.
Ferrovial is one of the world’s leading private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages over 1,920 kilometers of toll roads in 27 concessions in Canada, the US, Europe, Australia and Colombia. Ferrovial is the largest shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%.