Commercial close for Texas Managed Lanes PPP
Infrastructure Journal reports that a Cintra led consortium has reached commercial close on the US$4 billion Texas IH-635 Managed Lanes PPP. According to the article the State of Texas has provided US$445 million of financing to the Spanish construction giant. A further US$2 billion are now required for the design and construction of the highway and US$1.5 billion for its maintenance and operation. The DBFOM scheme will involve the delivery of a 21-mile corridor of tolled managed lanes. Nossaman is mentioned as legal advisor to the project sponsor, the Texas Department of Transportation.