Transurban Group (ASX:TCL) says its $550 million contract with the New South Wales Government to upgrade the Hills M2 motorway has been finalised.
Following planning approval being granted last week the toll road operator has executed documents for the motorway with the government and principle contractor, Leighton Contractors Pty Ltd.
The financial close is expected to be reached in November and Transurban has confirmed that it does have all equity funding required for the project.
Construction on the Hills M2 motorway is expected to start mid way through December and due to be completed in early 2013. By 2016, Transurban expects traffic growth of 16.1 per cent on daily trips.
Transurban Group moved back into the black in the 2010 financial year to post a $59.6 million profit.
TCL Price at posting:
$5.31 Sentiment: None Disclosure: Held
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