- Transurban Group (TCL) consortium, Accelerate Maryland Partners, has been selected to develop an express lanes project in Maryland, U.S.
- Maryland’s Department of Transportation (MDOT) chose AM Partners to deliver the American Legion Bridge I-270 to I-70 Relief Plan
- The Plan is part of a larger project to install high occupancy toll lanes on a highway connecting Virginia and Maryland
- The company expects to reach a final concession agreement and financial close on the developer contract in late 2022
- Transurban Group is up 0.079 per cent and trading at $12.63 per share
Transurban Group (TCL) consortium, Accelerate Maryland Partners, has been selected to develop an express lanes project in Maryland, U.S.
Accelerate Maryland Partners (AM Partners) is a consortium, jointly led by Transurban and Macquarie Capital. Transurban holds 60 per cent of AM Partners, while Macquarie holds the remaining 40 per cent.
After a competitive selection process, AM Partners was chosen to be the developer of the American Legion Bridge I-270 to 1-70 Relief Plan. The selection was made by the Maryland Department of Transportation (MDOT), MDOT State Highway Administration (MDOT SHA), and Maryland Transportation Authority (MDTA).
The Relief Plan is part of the larger Maryland Express Lanes Project, which aims to deliver high occupancy toll lanes to approximately 60 kilometres of highway connecting the U.S. states of Virginia and Maryland.
Specifically, the American Legion Bridge I-270 to 1-70 Relief Plan involves express lanes which will be added to the George Washington Memorial Parkway in Virginia, across and including the American Legion Bridge, and on the I-270 to the I-70 in Maryland.
The MDTA Board and Maryland Board of Public Works must approve AM Partners as the selected developer. Their approval is currently expected by the end of the 2021 financial year.
Once these approvals are obtained, the company expects to reach a final concession agreement and financial close on the developer contract in late 2022.
Transurban’s CEO, Scott Charlton, expressed the company’s delight that Accelerate Maryland Partners was chosen as the developer of the project after such a competitive selection process.
“Expansion into Maryland has been our ambition for some time, given the strong regional demographics and large number of motorists who are travelling between Virginia and Maryland,” he said.
“We are ready to begin to develop a project that delivers value for Maryland, its communities, and motorists,” he added.
Transurban Group is up 0.079 per cent, trading at $12.63 per share at 2:09 pm AEDT.