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 03/02/2015 Awarded SH-288 (Texas- USA)

Iridium is awarded the 52-year concession for 10.3-mile portion of SH 288 in Harris County (Texas-USA), with an investment of $1.07 Billion. This project represents the first toll concession in the Houston District.

SH 288 is a 60-mile highway running from the US 59 and IH 45 interchange in downtown Houston to the City of Freeport on the Gulf coast in Texas. The project includes the financing, design and construction of four tolled lanes (2 lanes per direction) within the median of a 10.3-mile section of SH 288 from U.S. Route 59 to the Harris County line at Clear Creek in Harris County, the construction of a direct connector to provide access to the Texas Medical Center and eight direct connectors at Beltway 8. The scope of the project also includes the operation and maintenance of the tolled lanes, general purpose lanes and associated facilities.

The Blueridge Transportation Group is comprised of equity sponsors ACS Infrastructure Development, Inc., Shikun & Binui, and InfraRed Capital Partners Limited. This team of P3 developers has an unparalleled track record of delivering large and complex transportation P3 projects in North America and globally. The design and construction works will be undertaken by a joint venture of construction companies led by Dragados USA and its subsidiary, Pulice Construction, together holding 50%, and Shikun & Binui America (50%). The joint venture team members employ over 1,000 professional staff and over 2,000 craft personnel in North America. Well-respected local firms James Construction Group and MICA Corporation have been integrated into the team as subcontractors to perform key elements of the construction work. Kellogg Brown & Root Services, Inc., headquartered in Houston, will be responsible for the projectÂ’s design.

With the objective of exceeding Texas DOT’s goals and expectations, Blueridge Transportation Group presented an innovative technical solution with “alternative technical concepts” approved by the Texas DOT, aimed at improving mobility, connectivity, and an enhanced traffic flow and user experience along the corridor, and that include the rebuilding of approximately 75% of the I-610 interchange.

With a total investment of $1.07 Billion, the SH-288 project has an overall concession term of 52-years, with an expected construction term of under 4.5 years. The concessionaire company, led by ACS, will self-perform the operations and maintenance work.

The project will be financed through a combination of public funds and private financing. The State of Texas will provide a total of $17.1 Million of public funds during construction, which will be received by the Blueridge Transportation Group upon completion of designated progress.
The private financing is anticipated to include a TIFIA loan from the U.S. Department of Transportation and the issuance of tax-exempt private activity bonds. The long-term equity investment will be injected at the end of construction and will be guaranteed by letters of credit posted by the equity sponsors at financial close.
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