Skanska reaches financial close on the I-4 Ultimate Project in Florida, USA
Skanska announced today that it has signed a concession agreement and reached financial close with the Florida Department of Transportation (FDOT) for the financing, design, construction, operation and maintenance of the I-4 Ultimate Project in Orlando, Florida, USA.
Skanska is a 50 percent shareholder of I-4 Mobility Partners, and will invest up to approximately USD 73 M, about SEK 483 M, of equity and subordinated debt. The total design/build contract for the project amounts to about USD 2.3 billion, about SEK 15.2 billion. Skanska has a 40 percent share of the contract worth about USD 900 M, about SEK 6 billion, which will be included in the order books for Skanska USA Civil in the third quarter of 2014.
Construction will begin in the first quarter of 2015 and is estimated to be completed by 2021. The concession length is 40 years. Skanska Infrastructure Development and John Laing are project sponsors and co-investors, with Skanska-Granite-Lane as the construction joint venture and HDR-Jacobs as the design joint venture, and Infrastructure Corporation of America for operations and maintenance.
“As Florida’s largest transportation project ever, and the largest greenfield public-private partnership in the US market to date, the I-4 Ultimate is demonstration of how P3s can solve critical infrastructure needs and how Skanska can be part of the solution,” says Johan Karlström, CEO and President of Skanska.
The project consists of the reconstruction and widening of 34 kilometers of Interstate 4 to accommodate new express lanes and associated improvements. The project is based on availability payment.
Skanska Infrastructure Development is a leader in the global Public Private Partnerships (PPP) market. The business unit invests in, develops and operates roads, hospitals, schools, power plants and other social infrastructure in partnership with the public sector.
For further information please contact:
Mary Humphreys, Skanska Infrastructure Development, tel +1 703 340 1235 or +1 571 309 5943
Edvard Lind, Head of Media Relations, Skanska AB, tel +46 (0)10 448 88 08
Direct line for media, tel +46 (0)10 448 88 99
This and previous releases can also be found at www.skanska.com
Skanska AB may be required to disclose the information provided herein pursuant to the Securities Markets Act.
Skanska is one of the world’s leading project development and construction groups with expertise in construction, development of commercial and residential premises, and public-private partnership projects. Based on its global green experience, Skanska aims to be the client’s first choice for green solutions. The group currently has 57,000 employees in selected home markets in Europe, the US and Latin America. Skanska's sales in 2013 totaled SEK 136 billion.