Skanska has signed a concession agreement and reached financial close with the Florida Department of Transportation (DOT) for the financing, design, construction, operation and maintenance of the I-4 Ultimate Project in Orlando, Florida.
Skanska owns a 50% stake in I-4 Mobility Partners, and will invest up to approximately $73 million of equity and subordinated debt. The total design/build contract for the project amounts to about $2.3 billion.
Skanska has a 40% share of the contract worth about $900 million, 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, while Infrastructure Corporation of America for operations and maintenance.
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 said in a statement.