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# Ferrovial Holds 90% Of Atlanta's I-285 East Lanes, More Than Usual, And May Sell Down
- URL: https://www.bullished.co/ferrovial-holds-90-of-atlantas-i-285-east-lanes-more-than-usual-and-may-sell-down-3b03cb6f/
- Published: 2026-10-28T17:41:16.000Z
- Updated: 2026-10-28T17:41:16.000Z
- Description: CEO Ignacio Madridejos says Ferrovial could bring in partners on the project, whose first phase carries an estimated $8.9 billion construction cost.
- Author: Matteo Parrino
- Tags: Earnings, FER, Industry: Industrials

Ferrovial's 90% stake in Atlanta's I-285 East Express Lanes is bigger than the company normally likes to hold, CEO Ignacio Madridejos said on the company's third-quarter earnings call, and it may bring in partners, though no decision has been made. The [call](https://markets.ft.com/data/announce/detail?dockey=600-202610271746PR%5FNEWS%5FUSPRX%5F%5F%5F%5FDA82618-1&ref=bullished.co) also covered the project's price tag: an estimated construction cost of about $8.9 billion for phase one.

## A stake above Ferrovial's norm

[Ferrovial](https://www.bullished.co/tag/fer/), which develops, builds and operates toll roads, airports, construction projects and renewable energy assets, leads the I-285 East consortium. Madridejos said the 90% holding is "higher than usually we used to have," so the company "may at some point of time decide to reduce our participation" toward levels in its other managed lanes, the toll lanes whose rates change with congestion.

Timing is open, he said: before or after financial close, or after construction. Cutting the project's risk first would raise its value, he said, and Ferrovial can reach financial close without new partners.

Asked by a BNP Paribas analyst what happens if no partner is found, Madridejos said Ferrovial can walk away but does not see that as likely, because it believes this is a good project.

## Phase one by the numbers

Phase one covers about 23 miles, with a 50-year operating and maintenance period. Madridejos put construction at about 6.5 years, with service expected to start in 2034\. The proposed concession payment is $23.1 billion, subject to interest rates and financing before financial close, which is expected by October 2027\. A further $515 million is due at financial close to reimburse state costs.

Commercial close is expected in December 2026, and groundbreaking in the first quarter of 2028\. Phases two and three are not automatically committed and must be negotiated; phase two financial close is expected in 2029.

## Equity timing and capacity

Madridejos said Ferrovial can build I-285 and I-24 itself, but could partner on later projects if resources run short. Most of the equity cash flows are back-ended, he said, with very little before 2030 and most in 2033, 2034 and even 2035.

Ferrovial expects to fund the equity mainly from operating cash and, to a lesser degree, extra corporate debt, and is targeting a double-digit equity return.

Commercial close on I-285 East is expected in December 2026; any sale of part of the 90% would come after that.

### Sources

- [Ferrovial delivers strong performance in first nine months of 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610271746PR%5FNEWS%5FUSPRX%5F%5F%5F%5FDA82618-1&ref=bullished.co) — Financial Times
- [Is Ferrovial (BME:FER) Reasonable After A €19b Order Book?](https://sg.finance.yahoo.com/news/ferrovial-bme-fer-reasonable-19b-031523183.html?ref=bullished.co) — Yahoo Finance
- [Ferrovial bate el consenso y eleva su caja neta ante la I-24](https://es.benzinga.com/news/spain/stocks/ferrovial-resultados-consenso-caja-neta-i24-271026/?ref=bullished.co) — es.benzinga.com
- [Ferrovial N.V. (FER) Stock Forecasts](https://finance.yahoo.com/research/reports/MS%5F0P0000AT1J%5FAnalystReport%5F1793102392000?ref=bullished.co) — Yahoo Finance
- [I-24 TN toll lane winner DriveTN Ferrovial reveals payment plan - Nashville Business Journal](https://www.bizjournals.com/nashville/news/2026/10/27/tdot-ferrovial-drivetn-choice-lanes-payments.html?ref=bullished.co) — bizjournals.com

### More on Ferrovial

- [BlackRock Crosses 5% In Ferrovial, Holding 36.8 Million Shares](https://www.bullished.co/blackrock-crosses-5-in-ferrovial-holding-36-8-million-shares-24507a07/)
- [Ferrovial-Led Group Selected For Atlanta I-285 East Express Lanes, A Project With $8.9 Billion Expected Construction Value](https://www.bullished.co/ferrovial-led-group-selected-for-atlanta-i-285-east-express-lanes-a-project-with-8-9-085d8e5f/)

[All Ferrovial (FER) coverage →](https://www.bullished.co/tag/fer/)