A consortium led by Cintra Infraestructuras, the toll road subsidiary of Spanish infrastructure company Ferrovial, has been awarded a €813m contract to extend the North Tarrant Express in northeast Texas.
Work on building and operating the extension includes input from subsidiary partners the Meridiam fund and APG, a pension fund management firm.
Ferrovial Agroman says it will head the design and build of this road segment.
Current lanes will remain toll-free and two tolled lanes will be built each way, as well as onramps.
The project will be financed by $750m in private activity bonds and contributions from the partners of $160m.
Construction has already begun and is due to be completed by 2023. The subsidiary’s concession contract expires in 2061.
So far in 2019, Ferrovial has cut its first-half losses to €6m, despite a €345m hit on US contracts, has won €274m of Texas water treatment contracts, and slashed the value of UK contractor Amey from €877m to €103m.
Image courtesy of Ferrovial