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Challenging the Wisdom of the Trans Texas Corridor.
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Transurban given $170m loan for US project July 20, 2007 AAP TOLLWAY operator Transurban Group has been granted a $US150 million ($170.77 million) loan from the United States Government to support construction of a connecting road to Transurban's Pocahontas Parkway toll road in Virginia. Transurban said the loan would help it build the Richmond Airport Connector toll road and refinance a portion of existing project debt. Transurban had agreed to build the Richmond Airport Connector, subject to receiving the loan, under a Pocahontas Parkway concession agreement signed last year with the Virginian Department of Transportation. Of the $US150 million, $US45.2 million will go towards the capital cost for the Richmond Airport Connector, $US95.2 will go towards the refinancing of the senior debt facility, and $US7 million on an upgrade of the electronic tolling system. The two-lane, 1.6-kilometre Richmond Airport Connector will be operated and maintained by Transurban. Construction is expected to start in the first half of 2008 and open in early 2010. Transurban signed a 99-year concession on the Pocahontas Parkway for $US611 million ($779 million) last year. The Pocahontas Parkway is a 14-kilometre four-lane toll road southeast of the city of Richmond, linking the counties of Henrico and Chesterfield. The Pocahontas Parkway was opened to traffic in 2002.
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This Page Last Updated: Wednesday August 08, 2007