Ferrovial’s consortium issues $414.2m financing for Texas toll road expansion

Global infrastructure titan, Ferrovial, via its NTE Mobility Partners consortium steered by subsidiary Cintra, has successfully wrapped up a remarkable financing deal for the North Tarrant Express (NTE) toll road in Texas. Central to the transaction is a whopping issuance of $414.2 million through private activity bonds (PABs).

This funding injection is primarily designed to bankroll certain pivotal capacity upgrades mandated by the agreement with the Texas Department of Transportation (TxDOT). The stellar performance of the project means that these enhancements will hit the ground running ahead of the originally projected timeline. Construction gears are set to start grinding immediately, eyeing a finish line in early 2027. Bringing their A-game to the project, Ferrovial’s very own Ferrovial Construction and Webber will don the hats of the design-build contractors.

North Tarrant Express : Ferrovial announces financial close on highway extension project in Texas. Photo courtesy of PRNewswire/Ferrovial.

Diving deeper into the NTE’s credentials, it’s a state-of-the-art toll road that’s been pivotal to the managed lane network sculpted in the DFW region over the past ten years. This monumental overhaul translated to a staggering $2.5 billion investment under NTE Mobility Partners’ banner. Operational since 2014, the project’s successful implementation nearly doubled the corridor’s bandwidth by incorporating managed lanes throughout its span. With the NTE network recording over half-a-million daily trips, the toll road stretches an impressive 13+ miles along Interstate Highway 820 and State Highway 121/183, crafting a vital link between downtown Fort Worth and Dallas-Fort Worth International Airport.

This fresh infusion of capital underscores Ferrovial’s unwavering commitment to fostering growth in Texas and the broader US market. By collaborating closely with equity partners and stakeholders, Ferrovial is at the forefront of pioneering mobility solutions, sparking economic growth for local communities, and impressively, without dipping into Texas taxpayers’ pockets.

Alberto González, CEO of Cintra US, elucidated the transaction’s significance, emphasizing its potential to bolster capacity along the crucial corridor. González emphasized Ferrovial’s pride in spearheading the managed lanes network’s success in DFW and held it up as a beacon for other US regions grappling with congested corridors. Underlining their leadership, Cintra, with a hefty 62.9% stake, will helm the consortium that will manage this landmark concession through 2061.