VDOT receives two bids for I-66 P3 project
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The Virginia Department of Transportation (VDOT) has received two proposals from two private sector teams for the development of the I-66 road HOT lanes P3 project. The consortia involved are the following:
- Express Partners: Private Equity Investors: Transurban (70%) / Skanska (30%); Lead Contractor: Skanska / Archer Western
- I-66 Express Mobility Partners: Private Equity Investors: Cintra (50%) / Meridiam (50%); Lead Contractor: Ferrovial Agroman / Allan Myers
As we reported in December 2015, VDOT announced that the procurement of the Interstate 66 Outside the Beltway project would proceed with a design, build, finance, operate and maintain (DBFOM) concession model.
The project aims to transform Northern Virginia's I-66 outside the Beltway into a multi-modal corridor that moves traffic and people quicker and in a more reliable way. The new corridor will be composed of three regular lanes in each direction, two express lanes in each direction, high-frequency bus service with predictable travel times, and direct access between the express lanes and new or expanded commuter lots. The construction works could be done in phases. The P3 contract will run over a 50-year concession agreement.
The total project investment is estimated at US$ 2.1 billion. According to sources, financial proposals for the projects include up to US$946 million in private activity bonds, a request for up to US$800 million in low-interest federal loans and up to US$600 million in funding from Virginia.
In late October 2015, we reported that a total of three teams were shortlisted for the project under the DBFOM delivery method. The other shortlisted team was the following:
- Transformative Solutions Partners: Private Equity Investors: InfraRed Capital Partners (42.5%) /Isolux (42.5%) / Fluor (15%); Lead Contractor: Fluor / Granite / Lane
