Cintra beats MIG for Texan toll road
February 28, 2007
David Nason, New York correspondent, The Australian
THE Spanish-based Cintra has been recommended for the 50-year rights to develop and operate a major new toll road in Texas, beating a field of international bidders including Australia's Macquarie Infrastructure Group.
Cintra will pay Texas transport authorities $US 2.8 billion - an upfront payment of $US2.1 billion and an additional $US700 million from toll charges over the next 49 years.
It will build and operate State Highway 121, a proposed 42 km toll road through Collin and Denton counties in northern Dallas.
Ratification of Cintra's selection by the Texas Transportation Commission was expected overnight, leaving the project conditional on final environmental clearance and a successful financial close.
If the selected developer is unable to achieve financial close, the next best value proposal will be chosen.
A spokeswoman for the Texas Department of Transportation declined to say if MIG had the next best offer.
The team leader for Macquarie's bid, Chris Voyce, could not be reached for comment.
Cintra and MIG are partners in two US toll road - the I-90 Skyway in Chicago which was leased in 2005 for $US1.83 billion, and the Indiana Toll Road leased last year for $US3.85 billion.
The SH 121 bids were reviewed and scored based on selection criteria set by the Regional Transportation Council, the metropolitan planning agency for the Dallas-Fort Worth area.