Transurban preferred for Virginia lane system
12:50, Wednesday, 2 November 2005
Sydney - Wednesday - Nov 2: (RWE Australian Business News) -
Transurban Group (ASX code: TCL) and its partner, Fluor Enterprises,
have been recommended by the Commonwealth of Virginia's Public Private
Transportation Act Advisory Panel as the preferred proponent for the
I-95/395 Bus Rapid Transit (BRT)/High Occupancy Toll (HOT) Lane System
in Virginia, USA.
If the recommendation of the advisory panel is accepted by the
Virginia Department of Transporation (VDOT) Commissioner, which
directors expect to occur in coming months, Transurban and Fluor will
enter an exclusive agreement with VDOT.
The proposal is to develop, design, finance, construct, operate
and maintain a 56-mile (90km) BRT/HOT Lane System that starts at the
14th Street Bridge in Arlington County and ends in Spotsylvania County.
The award of preferred proponent status for the project allows
Transurban to undertake detailed investigations of the project and, if
the project achieves financial close, participate as the toll operator
and a project investor.
VDOT's decision to undertake the project is subject to an
independent environmental review, which has not yet commenced.
Project scope and financing strategy will be finalised once the
environmental approval has been obtained.
It is expected to take two years to reach financial close.
Fluor's indicative estimate of the total design and construction
cost of the project is $US900 million (equivalent to $A1.2 billion).
Transurban has proposed investing $US135 million ($A180m) in the
form of subordinated debt if the project uses a tax-exempt financing
structure, and $US270 million ($A360m) in the form of equity if it uses
a taxable concession financing structure.
Copyright © 2001 RWE Australian Business News. All rights reserved.
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