Shikun & Binui completes fundraising for $1bn road project in Texas

WCN Editorial Team 4 May 2016 NORTH AMERICA TRANSPORT INFRASTRUCTURE

Israel-based construction firm Shikun & Binui has completed the fundraising for the planning, construction and maintenance of a proposed express lane in the Houston Metropolitan area in Texas.

 
Financial closing for most of the $1bn project and the initial drawing of funds is likely to take place during the next several weeks, subject to the fulfilment of a number of customary terms set out in the financing agreements, including the receipt of the final approval of the project's bond offerings from the Texas legislature.

The project’s concessionaire, known as the Blueridge Transportation Group, has committed to build, finance, maintain and operate the portion of the road defined in the contract for 52 years, including the construction period In return, the concessionaire will be given the right to collect tolls from users of the Express Lane.

Shikun & Binui’s chairman Moshe Lahmani said: "The completion of this project's financial closing is another key step in our 'go international' strategy, whose goal is to diversify and expand the geographic scope of our operations, and enter the American market.

"The US is a sophisticated, competitive market, and the choice of Shikun & Binui confirms the excellence of our capabilities and the high level of professional and know-how that we bring to complex infrastructure projects. We intend to further deepen our activities throughout the Americas in general, including the US, Colombia and other Latin American countries."

Work on the project is expected to last for three years.

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