US$600m bond approved for US$4.8bn HSR project in USA
The California state finance committee has approved funding in the amount of US$ 600 million in tax-exempt bonds for a California high-speed rail line connecting Los Angeles and Las Vegas, originally known as XpressWest. The estimated total project cost is US$ 4.8 billion, out of which private developer Virgin Trains will invest US$ 3.25 billion.
The 145 km long route will connect Palmdale, Los Angeles, and Victorville, California to Las Vegas, Nevada. The project will reduce the four hour drive time to 80 minutes. The railway line is planned along the Interstate-15 corridor with a speed of 150 mph.
The cost break-up is as follows: US$ 2.03 billion on infrastructure work, US$ 650 million - on railway vehicles, US$ 175 million - on the California station.
Nevada state has yet to approve the project, the construction works will begin after the approval. After Nevada state approves US$ 200 million in bonds, Virgin will be able to Market US$ 800 million in bonds for the project.
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