Ferrovial, subsidiary Cintra Infraestructuras, has been selected as the Preferred Proponent to design, build, finance and maintain the Highway 407 East Extension Phase I, an eastward extension of 407 ETR in Ontario, Canada. The concession, based on availability payments, runs for 30 years from the end of construction. The new road is expected to be open to traffic by the end of 2015.
Ferrovial, through subsidiary Cintra Infraestructuras, as equal partner with SNC-Lavalin, have been selected by Infrastructure Ontario and the Ontario Ministry of Transportation as the Preferred Proponent to design, build, finance and maintain Phase I of the eastern extension of Highway 407, in Ontario, Canada.
Highway 407 East Extension Phase I is a 20-kilometer extension of Highway 407 eastwards from its current terminus to Harmony Road in Whitby/Oshawa. It will also include a 10-kilometer link to Highway 401 and a 5-kilometer realignment of Highway 401. The project is a 30-year concession starting from the date the highway opens to traffic, which is scheduled for the end of 2015.
The Highway 407 East project will be a toll road for the user, with rates set by the Province of Ontario, which will collect the toll revenues. The concession holder will be remunerated by way of availability payments for the infrastructure.
Financial close for the project is expected to be achieved in the next few months. Construction work will be led by Ferrovial Agroman and partner SNC-Lavalin.
A consortium headed by Ferrovial was awarded a 99-year concession for Highway 407 in 1999. The first sections of the road were opened to traffic in 1997. 407 ETR is a 108 kilometer bypass around Toronto, Canada, with 198 on- and off-ramps, running parallel to the 401, Toronto's first beltway, which is one of the most congested roads in North America. 407 ETR has proven its quality since its inauguration, having attained high levels of traffic. Users benefit from the most advanced tolling system in the world, which does not require vehicles to stop.
About Cintra Infraestructuras
Cintra, a subsidiary of Ferrovial, is a leading private developer of transport infrastructure worldwide, in terms of the number of projects the amount invested. It currently manages well nearly 2,000 kilometers of highway operated through 19 concessions in Spain, Canada, the United States, Portugal, Ireland and Greece; as well as the Serranopark car park, in Madrid. Cintra is the largest shareholder (43.23%) of the 407 ETR concession company in Ontario, Canada.
