ACCIONA, in collaboration with ACS Infrastructure and Meridiam, has finalised the financial arrangements for the $11bn SR 400 Express Lanes toll road project in Atlanta, Georgia, US.

The project involves design, construction, operation, and maintenance over nearly 56 years. Funding will come from both public and private sources, marking it as the reportedly largest public-private partnership (PPP) bond financing initiative in the US to date.

The US Department of Transportation (DoT) will contribute around $3.89bn via the Transportation Infrastructure Finance and Innovation Act, representing the largest loan ever granted under this initiative.

Additionally, the project will benefit from the largest issuance of tax-exempt private activity bonds for a highway PPP, valued at $3.44bn.

These bonds have received investment-grade ratings of Baa3 from Moody's and BBB+ from Kroll, both with stable outlooks.

Private capital will be injected during the construction phase, supported by letters of credit from ACCIONA and its partners.

The Georgia Department of Transportation and the State Road and Tollway Authority awarded the concession to ACCIONA’s consortium last year. It is the first express lanes project under Georgia's Major Mobility Investment Program aimed at alleviating traffic congestion.

Construction, split evenly between ACCIONA and FlatironDragados, will add two express lanes along a 16-mile stretch from North Springs Station to north of McFarland Parkway.

An additional 0.9-mile fast lane will be deployed in each direction from McGinnis Ferry Road to McFarland Parkway.

Upon completion, a dynamic toll system will be implemented for the express lanes to enhance traffic flow.

This system allows drivers to pay based on traffic volume, providing access to additional toll lanes when required, thereby reducing congestion and emissions.