VDOT receives two bids for I-66 P3 project
This article is part of a daily series of MegaProjects articles. If you want to know more about PPP projects with a considerable size visit our MegaProjects section. You can receive them by email on a daily basis.
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
Country news
-
-
October 18, 2016
PennDOT Accepting Unsolicited P3 Transportation Proposals until October 31
The PennDOT Office of Public-Private Partnerships (P3) has announced that it is accepting unsolicited proposals for transportation projects from the private sector through October 31. Read more -
October 17, 2016
Macquarie Infrastructure Corporation announces appointment of Ronald Kirk to Board
Macquarie Infrastructure Corporation (MIC) has announced that following an extensive search, the MIC board has appointed Ronald Ron Kirk, age 62, as a director of the company effective November 1, 2016. Read more -
October 14, 2016
IFM Investors appoints Executive Director of Infrastructure Debt Investments in North America
IFM Investors has announced the appointment of Matthew Wade as Executive Director of Debt Investments for North America. Read more -
October 14, 2016
Northampton County Council moves $35.9 million bridge P3 project forward
Northampton County Council (Pennsylvania, U.S.) has announced it is moving forward with the US$35.9 million bridge P3 project in spite of drawing legal challenges from a company that did not submit the winning bid. Read more -
October 13, 2016
INPP acquires interest in debt instruments of US military housing projects
International Public Partnerships Limited (INPP) has announced a further investment in the US military housing sector. This additional investment marks the continued growth of its investment portfolio in the United States. Read more
