It has a 50% stake in the construction joint venture for a public-private partnership (PPP) to design, build, finance, operate and maintain toll lanes on State Highway 288 in Harris County, Texas. Shikun & Binui’s expected share in the construction revenues is approximately US$400m.
The proposal submitted by Blueridge Transportation Group was announced as best-value proposal by Texas Department of Transportation, which also received proposals from two other Spanish-led consortiums.
The scheme is the first major project won by Shikun & Binui since the establishment of operations in the United States in 2012, as part of the group's strategy to enter the market there.
Shikun & Binui CEO Ofer Kotler said: "A couple of years ago, we identified the United States as a target country for the expansion of our global activities, and I am pleased that today we were able to realise this vision. I am confident that this project will be the first of many more to come, and that we will continue to grow our business in the United States with further project wins under the leadership of our team."
Blueridge Transportation Group comprises three businesses - Shikun & Binui, ACS and InfraRed Capital Partners. The project is estimated at more than US$1bn, with construction costs of approximately US$800m.
Once the project has been formally awarded, the consortium will proceed to execute the concession agreement with TxDOT and to secure the financing. The consortium will design, build, operate and maintain the toll lanes along 16.5km of SH-288 near the city of Houston). It will collect tolls from users of the toll lanes during the 52-years concession period.
The design and construction works will include four-lane tolled express lanes in the median of the existing highway, the reconstruction of a major interchange and multiple bridges and the installation of an electronic tolling system. The duration of the construction phase is expected to be approximately three years.
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