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Commercial close expected this week for $2.3bn Virginia PPP

The state’s transportation board has picked Meridiam and Cintra and approved an infrastructure loan to revamp the I-66 highway.

The $2.3 billion I-66 Outside the Beltway project is expected to reach commercial close this week after Virginia’s Commonwealth Transportation Board gave the green light to two resolutions that remained pending.

The transportation board approved a loan from the State Infrastructure Bank and endorsed a final public interest study last Thursday, clearing the way for I-66 Mobility Partners, a consortium led by Meridiam and Ferrovial’s Cintra, to sign a contract to develop the public-private partnership.

The team was named preferred bidder by the commonwealth of Virginia last month for a 22-mile road improvement project on one of the US east coast’s busiest corridors.

The project will add three regular highway lanes in each direction between US Route 29 near Gainesville and Interstate 495 in Fairfax County. It will also create two express lanes in each direction with an electronic toll system. Other parts of the project include new and expanded transit services as well as park-and-ride lots and new or expanded commuter lots.

The PPP will work as a 50-year toll concession. I-66 Mobility Partners is set to fork out $500 million for major improvements works, $800 million for transit service and $350 million for other renovation projects.

The consortium also includes Ferrovial Agroman US and Allan Myers VA acting as lead contractors. Janssen & Spaans Engineering, the Louis Berger Group and American Structure point are taking part as lead engineers.

The signing of the toll-road expansion contract and its commercial close are expected by 15 December.