A $2.1bn public-private agreement to replace the Calcasieu River Bridge in Louisiana, built in 1952, has reached commercial close.
Technically structurally deficient, the bridge is a bottleneck on the Interstate 10 running between California and Florida.
The new bridge will have eight-lanes and revamped approaches.
The work involves taking down the old bridge once traffic is transferred.
The private consortium negotiating with the Louisiana Department of Transportation and Development is led by Canadian infrastructure specialist Plenary Americas.
It will finance, design, build, and operate the bridge, recouping its investment through tolls.
As well as Plenary, the consortium includes Spanish contractors Acciona and Sacyr and tolling specialist Kapsch.
Plenary holds a 40% stake in the consortium and the Spanish companies 30% each.
Work on the bridge is expected to begin in the spring after financial close, with completion set for 2031.
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