Transurban announces that the Virginia Department of Transportation (VDOT) has accepted its offer to extend the I-95 Express Lanes to Fredericksburg under the existing 95 Express Lanes concession agreement. Financial close on the US$565 million project is scheduled for the first half of 2019.
The Fredericksburg Extension project will extend the existing reversible 95 Express Lanes south by 10 miles in the I-95 median. The project also includes new access points to the existing I-95 Express Lanes, including two new flyover ramps to support 28,000 workers at Marine Corps Base Quantico.
The design-build procurement process will launch in January 2018 with construction expected to begin in early 2019 and service commencement on the new facility scheduled for late 2022.
Transurban’s offer also includes an additional payment to VDOT of US$45 million at financial close and US$232 million at service commencement in lieu of forecasted toll revenue sharing commitments under the current concession agreement. The new regime provides certainty in funding for the Commonwealth to advance critical transportation projects while reducing complexity and long-term risk for Transurban.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.