Austin, TX – April 18, 2018 – Cintra is pleased to announce that its Transform 66 Outside the Beltway P3 project in Northern Virginia was awarded the 2017 North American Road Deal of the Year award by IJGlobal America.
The winners were announced at a dinner in New York City on March 15th. The annual awards recognize companies and projects for their achievements and excellence in project and infrastructure finance. Winners are chosen based on market feedback and reporting performed by IJGlobal throughout the year.
“It is a privilege to receive this award alongside our partner, the Virginia Department of Transportation (VDOT), for the historic financial agreement we achieved on this project,” said Javier Gutierrez Villanueva, Chief Executive Officer for I-66 Express Mobility Partners. “Virginia is leading the way with this significant milestone for the P3 industry in the United States and we hope it can serve as example for other States on how to successfully utilize the P3 model to meet large scale infrastructure needs.”
See the complete list of winners here: https://ijglobal.com/AwardsPostNomination
About the Transform 66 P3 Project
The Transform 66 Outside the Beltway P3 project, extending 22 miles along the Interstate 66 corridor outside of the Beltway between US Route 29 near Gainesville in Prince William County and Interstate 495 in Fairfax County, will add capacity, improve mobility and provide more predictable travel times for Northern Virginia and the Washington, D.C. metro region.
The Transform 66 Outside the Beltway P3 project is the first major procurement to follow Virginia’s reformed Public-Private Partnership (P3) process that was designed to increase accountability, transparency and competition in P3 projects. As an innovative and efficient public-private partnership, this project will be completed at a $2.5 billion net savings for the Commonwealth of Virginia.
Cintra is a member of the I-66 Express Mobility Partners consortium, along with Meridiam, John Laing and APG, together we will invest approximately $3.7 billion in Virginia’s infrastructure over the life of this project. This includes the $2.3 billion project construction, an approximately $500 million upfront payment to the Commonwealth to fund additional improvement projects in the corridor, $800 million to expand transit service in the corridor and $350 million for other projects to improve the I-66 corridor over the next 50 years.
Once completed, the project will provide significant upgrades to the highly congested corridor such as:
- Three regular lanes in each direction
- Two express lanes in each direction with a state of the art open-road electronic toll collection system
- Direct access between the express lanes and new or expanded commuter lots
- New and expanded transit service and park-and-ride lots
- Interchange improvements to enhance safety and reduce congestion, including auxiliary lanes between interchanges, where needed