Ferrovial, through subsidiary Cintra Infraestructuras, has signed a concession contract to design, build, finance and operate a new segment extending the North Tarrant Express in Texas by 10.1 miles (16.3 kilometers). Investment is estimated at 1.38 billion dollars. The concession will run for 43 years from the date the road opens to traffic, expected in mid-2018.
Ferrovial, through a consortium led by its subsidiary Cintra, signed a contract today with the Texas Department of Transportation (TxDOT) to design, build, finance, operate and maintain the extension of the North Tarrant Express (NTE) for approximately 1.38 billion dollars (around 1.05 billion euro). The Cintra-led consortium, NTE Mobility Partners Segments 3 LLC, also involves Meridiam Infrastructure and Dallas Police and Fire Pension System.
The Dallas/Fort Worth area, where the NTE is located, is the fifth-largest metropolitan area in the United States and one of the fastest-growing regions in the country. The project includes the following segments: the 3A (6.5 miles - 10.5 kilometers), which runs along the I-35W from Fort Worth to IH-280, with the interchange between the I-35W and the IH-820; and the 3B (3.6 miles - 5.8 kilometers), running from the interchange with the IH-820 to US 287.
Cintra will be responsible for the development of segment 3A, which will be undertaken by Ferrovial Agroman and Webber, as well as its operation and maintenance. The Texas Department of Transportation will build segment 3B and Cintra will be responsible for its operation, maintenance and tolling.
The 43-year concession will start from the date the highway opens to traffic, which is scheduled for mid-2018. Financial closure will be obtained in the coming months. Ferrovial Agroman and Webber will undertake design and construction once financial closure is reached.
The Cintra-led consortium will upgrade the existing lanes, which will be toll-free, and build two additional managed lanes each way which will use electronic tolling; the consortium will also handle operation and maintenance of the entire roadway. Managed lanes are the most advanced, safest and most reliable form of tolling. This totally electronic system does not require vehicles to stop, and tolls are set dynamically on the basis of demand.
"This is the sixth contract that Cintra has headed in the US. It confirms our strong position in North America, where we have landed three new projects worth 3.85 billion dollars in the last year," said Enrique Díaz-Rato, CEO of Cintra.
With this project, the fourth in Texas to be headed by Cintra, the company's managed investment in the state amounts to over 7.4 billion dollars (about 5.7 billion euro). In 2009, a consortium headed by Cintra was awarded the contract to develop and operate the first two sections of the NTE in the Dallas/Fort Worth area. Moreover, in October 2012, Cintra inaugurated sections 5 and 6 of State Highway 130, between the cities of Austin and San Antonio in Texas; it will manage that concession until 2062. Also in the US, the company operates Chicago Skyway and Indiana Toll Road.
Ferrovial subsidiary Cintra is one of the worlds leading private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages over 2,000 kilometers of roads in 24 concessions in Canada, the US and Europe. Cintra is the largest shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%. In 2012, the company opened offices in Colombia and Australia.
A consortium led by Ferrovial Agroman, Ferrovial's construction subsidiary, was selected last October to design, build and finance the new US Route 460 in Virginia.
