Ferrovial, through a consortium led by subsidiary Cintra Infraestructuras was named the apparent best value proposer to design, build and finance 26 miles (41.8 kilometres) of the I-77 in North Carolina (USA), and operate and maintain it under a concession contract; the projects represents an investment of approximately 655 million dollars. The 50-year concession begins once the road is open to traffic, expected in mid-2018.
Ferrovial, through a consortium led by its subsidiary Cintra Infraestructuras, has been chosen by the North Carolina Department of Transportation (NCDOT) as the apparent best value proposer to design, build, finance, operate and maintain the extension of the I-77 for 655 million dollars (around 478 million euro). The design and construction will be executed by a joint venture comprising Ferrovial Agroman and US construction company W.C. English.
“It is a privilege for Cintra to be part of the solution to the traffic congestion problem in Charlotte, North Carolina”, said Enrique Díaz-Rato, CEO of Cintra.
The concession period for the new infrastructure is 50 years from the date it opens to traffic. Financial closure of the project is expected in the coming months. Construction will begin in early 2015.
The design includes road widening, in both directions, along 26 miles (41.8 kilometres) of the I-77 in the metropolitan area north of Charlotte, between the junctions with the I-277 in Charlotte and the NC-150 in Iredell County. To improve traffic in one of the fastest-growing areas of the state, the existing highway will be rebuilt and capacity will be increased by creating managed lanes, subject to variable electronic tolls, which will help reduce congestion and improve traffic flow in the corridor.
The project is divided into three segments: on the southern segment (2.2 mi, 3.5 km), the existing section will be upgraded and two managed lanes will be built in each direction. on the central segment (14.9 mi, 23.8 km), the existing lanes will be upgraded and two managed lanes will be built in each direction. on the northern segment (8.8 mi, 14.2 km), the consortium will build one new managed lane in each direction.
Managed lanes are the most advanced, safe and reliable tolling system in the market. Since the tolls are barrier-free, vehicles need not stop. Moreover, using a dynamic tolling system, the concession holder ensures that the average speed on the managed lane is at least 80% of the established speed in the toll-free segment.
Including this project, Cintra’s investment under management in the US amounts to 10.4 billion euro. Other consortia led by Cintra are working on the NTE and LBJ Express expansions, in Texas, as well as operating the Chicago Skyway, Indiana Toll Road and SH130.
Cintra is the leading private developer of transport infrastructure in the world in terms of number of projects and investment volume. It currently manages 2,150 km of toll road in 26 concessions across Canada, the US and Europe. Cintra is also the majority shareholder of 407 ETR, in Ontario, Canada, with a 43.23% stake.