Ferrovial achieves Contractual Close for Toowoomba Second Range Crossing project in Australia Published on 21/08/2015
- The availability Payment road project has a concession term of 25 years from the date that is open to traffic.
- Ferrovial, through its subsidiary Cintra, participates in the design, construction, financing, operation and maintenance of the project.
- The estimated total investment is circa to 1,600 million of Australian Dollars.
Nexus consortium formed by Ferrovial, through its subsidiary Cintra, along with Plenary Group and Acciona Concesiones, has successfully reached the Commercial Contractual Close for the Toowoomba Second Range Crossing road project in Queensland, Australia. The project has an estimated value circa to 1,600 million of Australian Dollars. The Commercial Contractual Close has occurred after the State of Queensland selected the Nexus consortium as Preferred Bidders in early July .
The concession term is 25 years from construction completion, estimated in late 2018. The project includes the construction of a 41-kilometre new section of road, which will improve traffic conditions and road safety in the region, in particular reducing the number of heavy vehicles travelling through the Toowoomba city centre. The State of Queensland will pay availability payments throughout the concession term.
Cintra, along with Plenary and Acciona are the responsible for the delivery of the project; the Design & Construction Joint Venture is formed by Ferrovial Agroman and Acciona. On the other hand, Transfield Services will operate and maintain the asset over the concession term.
Cintra is one of the world’s leading private sector developers of transportation infrastructure in terms of the number of projects and the volume of investment. It currently manages over 2,108 kilometres of toll roads in 27 concessions in Canada, the US and Europe. Cintra is the largest shareholder in the 407 ETR concessionaire, in Ontario, Canada, with a stake of 43.23%.