Ferrovial-Led Group Selected For Atlanta I-285 East Express Lanes, A Project With $8.9 Billion Expected Construction Value
Georgia picked Top End Mobility Group for Phase 1, about 21 miles, and for exclusive talks on the remaining phases.
A consortium led by Ferrovial has been selected to deliver the I-285 East Express Lanes project in Greater Atlanta, a project with an expected construction value of $8.9 billion, the company said in a release dated Thursday and furnished to the SEC on Form 6-K. The $8.9 billion covers the multi-phase project; the long-term agreement signed so far covers Phase 1 only.
What the release says
The group, called Top End Mobility Group, includes Tikehau Star Infra. The Georgia Department of Transportation picked it to finance, design, build, operate and maintain Phase 1 under a long-term agreement. The project is a public-private partnership led by the department and the State Road and Tollway Authority.
Phase 1 covers approximately 21 miles of new express lanes and key connections among I-285, I-85 and SR 400.
A separate comprehensive development agreement gives the group exclusive work with the department on the remaining phases. If all phases are completed, the project would provide approximately 37.5 miles of new express lanes in each direction, linking centers across Fulton and DeKalb counties.
What it means for Ferrovial
Ferrovial CEO Ignacio Madridejos said the project "marks our first managed lanes project in Georgia." He called it an important milestone in a state where the company has been present for over a decade, and said that together with its construction projects across the region it shows Ferrovial can deliver complex, large-scale infrastructure.
The company says it has delivered and operated express lanes in Dallas-Fort Worth, Charlotte and Washington, D.C. It describes North America as its growth engine, with five express lanes operating across Texas, North Carolina and Virginia, and it is leading development of the New Terminal One at JFK International Airport. It employs more than 22,500 people worldwide.
In Thursday trading, as of 3:04 p.m. ET, US-listed FER shares were at $48.78, down 2.81% from the prior close, and the market value was $36.1 billion. The release does not link that move to the award.
The $8.9 billion figure is an expected construction value for the whole project; the release gives no separate value for Phase 1 alone.
