Project Details

✔ Project has been published!

Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: April 10, 2009

Project Name: Pocahontas Pkwy, VA (Round 2 - 99 yr concession)
Year in Operation: 2006
Sector: Transportation
Subsector: Roads
Status: In Operation
Type: Repositioning of Existing Facility
Description: Novation of the rights to operate the Pocahontas Pkwy from the Pocahontas Pkway Association (a 63-20 corp) to Transurban, LLC, retiring 63-20 debt, repaying VA investments, and awarding 99 yr concession.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Expensive financial repositioning of failed 63-20 financing for Pocahontas Pkwy. Transurban retires all debt, agrees to take over O&M and rehabilitation responsibilities for parkway, and agrees to extend road to airport subject to obtaining government loans. Sharing of revenues with Commonwealth if facility exceeds revenues expectations.

Project Locations

Address:
City: Richmond
State: Virginia
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): Existing project. Right to collect tolls and to 99 year concession granted by the State of Virginia.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: $611 million in financing provided by Transurban to retire existing 63-20 corporation debt, reimburse State of Virginia, and assume operations of the existing road.

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? No
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
99
0
Forms
Description
Other
Separately negotiated. 

Project Value (If and As Known)

Date of Estimated Project Value: May 2, 2006
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
(none)

Warning!!!

You are about to delete: .

Confirm Deletion Cancel