The Pennsylvania Department of Transportation (PennDOT) has selected Plenary Walsh Keystone Partners as preferred proponent for the P3 contract to design, build, finance and maintain a portfolio of replacement bridges across the the state.
The project includes the replacement of 558 bridges, with construction expected to begin in northeast and southwest Pennsylvania in 2015. The first 58 bridges are scheduled to be complete in 2015.
The cost of the project is US$899 million over 28 years, and the first availability payment is scheduled in 2016.
Brian Budden, Executive Vice President at Plenary Group stated:
"We are thrilled to have been selected by PennDOT to deliver this critical transportation project across the State. We look forward to finalizing the agreement and financing in the coming months, to continuing our work with PennDOT over the course of this long-term relationship, and to working with great partners across the State to deliver on our promise."
Plenary Concessions COO, Matt Girard, commented:
"This project is an important milestone for U.S. and civil businesses, and represents our third selection in the past year. We have successfully built a seasoned civil infrastructure team that is valued by our clients and partners, and that will help us ensure the success of our projects in the years to come."
The team beat out competition from three other teams:
Pennsylvania is taking advantage of the new P3 tool that Governor Corbett signed into law in 2012 to begin a new initiative to address the state's nearly 4,500 Structurally Deficient (SD) bridges. With the P3 approach, the state can replace hundreds of these bridges more quickly; save money; and minimize the impact on the traveling public.