Ferrovial, in a consortium led by its toll road subsidiary Cintra Infraestructuras, is to build and operate a new extension (segment 3C) to the North Tarrant Express in Texas, worth US$910 million. The consortium, NTE Mobility Partners Segments 3 LLC, also includes the Meridiam fund and APG, a specialized pension fund management firm.
Ferrovial Agroman will be in charge of designing and building this new road segment.
The segment will extend along 6.7 miles (11 km), from Heritage Trace Parkway, north of US 81/287, to Eagle Parkway, in Denton County. Existing lanes will be upgraded and will continue to be toll-free, while two tolled Managed Lanes each way will be built, as well as on-ramps. Construction work is already underway and the road is expected to be open to traffic by the end of 2023.
The concession expires in 2061.
The project, which has just achieved financial closure, will be financed through a combination of equity contributions by the partners (US$160 million) and the issuance of a PAB (US$750 million).
In 2009, Cintra was chosen to lead a partnership that created the North Tarrant Express, a project that is improving mobility, relieving congestion and preparing for future growth along a corridor of highly traveled highways in North Texas. The project encompasses a 13.3-mile corridor along the north loop of I-820 and SH-121/183, from I-35W in north Fort Worth to FM 157 in eastern Tarrant County. Construction included rebuilding four-six general-purpose lanes, rebuilding and expanding frontage roads, and adding four managed toll lanes.
Opened in October 2014, this new highway system has doubled existing road capacity in one of the country’s fastest-growing and most congested regions, reducing congestion significantly while helping improve regional air quality.