Key commercial terms have been agreed for the I-95 high occupancy vehicle/high occupancy toll (HOV/HOT) lanes project in Northern Virginia.
This interim step enables Fluor-Transurban and VDOT to finalise the details of a comprehensive agreement and financing package for the project. Fluor will book the project into its backlog when financial close is achieved and financing is in place.
The project is being financed and constructed under Virginia’s Public-Private Transportation Act, with financial close targeted to occur in mid 2012.
The project will expand the existing HOV facility on I-95 to create HOV/HOT lanes across 45km, with improved access to major Virginia employment centres and military sites. The project connects with Fluor-Transurban’s Capital Beltway HOT lanes project, which is scheduled for construction completion in late 2012.