The Spanish group ACCIONA, in alliance with ACS Infrastructure and the investment company Meridiam, has announced the financial closure of the highway SR400 Express Lanes in Atlanta, Georgia. This ambitious project, valued at approximately 9.620 million euros (11.000 million dollars), will be financed through a combination of public and private funds. The consortium will be responsible for the design, construction, operation, and maintenance of the infrastructure for a period of nearly 56 years.
The funding includes several notable contributions, the most significant being a €3.370 billion ($3.890 billion) loan from the TIFIA programme (Transportation Infrastructure Finance and Innovation Act) from the U.S. Department of Transportation. This loan represents the largest amount awarded under this program to date. Additionally, the project is financed through the issuance of bonds. Tax-Exempt Private Activity Bonds (PABs) worth €2.950 billion ($3.440 billion), the largest issuance of its kind for a public-private partnership highway. These bonds have received an investment rating of Baa3 from Moody's and BBB+ from Kroll, with a stable outlook.
The remainder of the private financing will be injected during the construction phase and will be backed by letters of credit from ACCIONA and its partners. The concession for this project was awarded last year by the Georgia Department of Transportation (GDOT) and the State Highway and Turnpike Authority (SRTA) as part of the program Major Mobility Investment Program (MMIP), aimed at improving mobility in high traffic congestion areas in Georgia.
The construction, carried out by ACCIONA (50%) and Flatiron Dragados Constructors (50%), will consist of the addition of two fast lanes in a 25-kilometer (16-mile) section and an additional 1,5-kilometer (0,9-mile) fast lane in each direction in another section.
One of the most innovative features of this project is the dynamic tolling system that will be implemented for the new lanes. This system, a pioneer in the region, will adjust toll rates in real time based on traffic volume, thereby optimizing traffic flow, reducing congestion, and, consequently, reducing polluting emissions.
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