Ferrovial consortium wins contract for the Highway 407 East project in Canada

Ferrovial, through subsidiary Cintra Infraestructuras and in consortium with SNC-Lavalin, has been awarded a contract to design, build, finance, and maintain the first phase of the Highway 407 East project, in Ontario, Canada. This project is valued at over $1 billion CAD (net present value). Ferrovial, via subsidiary Cintra Infraestructuras and in a 50% consortium with SNC-Lavalin, has arranged financing for the construction, design, and maintenance of the first phase of the 407 ETR East project in Ontario, Canada. The consortium, which was named "Preferred Proponent" by Infrastructure Ontario and the Ontario Ministry of Transportation, has signed a contract for this project, which is valued at over $1 billion CAD (approximately 780 million euro) in net present value. Phase one of the new highway will extend 22 kilometers east from Brock Road in Pickering, Ontario to Harmony Road in Oshawa, Ontario. It also includes a 10 kilometers north-south highway, east of Lake Ridge Road, connecting Highway 407 East to Highway 401. Highway 407 East will provide a seamless connection to 407 ETR. The contract is for a 30-year concession starting from the date the highway opens to traffic, which is scheduled for the end of 2015. Highway 407 East will be publicly owned and controlled a tolled highway. The Province of Ontario will set the toll rates and retain all toll revenues generated on the new highway. Construction will be headed by Ferrovial Agroman and its partner, SNC-Lavalin. Ferrovial, through its subsidiary Cintra, currently manages close to 2,000 kilometers of roads in 20 concessions in the USA, Canada and Europe, leading the world`s private sector development of transport infrastructure.