March 1 (Reuters) - Transurban Group (TCL)
- Transurban's us$460m 395 express lanes project approved-tcl.ax
- Virginia department of transportation (vdot) has approved us$460 million 395 express lanes project under existing 95 express lanes concession agreement
- Key commercial terms have been agreed and financial close is targeted for mid-2017.
- project involves an extension to 95 express lanes for 13 kilometres north to washington d.c. Border
- two existing hov lanes will be converted to three express lanes to provide customers with direct access to pentagon and Washington D.C.
- Early construction activity will begin in march with lane construction corporation appointed as contractor
- Project is estimated to create approximately 1,000 jobs with completion currently scheduled for late-2019
- 395 express lanes will generate funding over time for government to support additional transit improvements
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