Background:

The The Project’s purpose is to improve mobility along the highly congested IH820 and SH121/183 highways through the expansion of the existing general-purpose lanes and the construction of 13.3-miles (21.4-km) of managed lanes (tolled lanes) and direct connections at major interchanges in Tarrant County. Managed Lanes offer a solution for congested urban corridors with a requirement to keep a minimum speed by charging tolls that vary depending on the level of traffic congestion.

Financial close occurred in 2009, with the Dallas Police and Fire Pension System (DPFS) involved as a 10% Sponsor, with Cintra holding 56.7% and Meridiam 33.3%. In 2012, Meridiam sold 37% of its interest to a coinvestor.
The highway opened to traffic in October 2014, nine months ahead of schedule.

The Final Acceptance Certificate was issued in January 2015.
In 2017, Meridiam purchased 3.7% stake from DPFS with Cintra taking its preemption share of 6.3%. The investment was made through MI NTE Parallel LLC alongside a co-investor.
In December 2019, the Project refinanced the $400m of Private Activity Bonds and $850m TIFIA Loan and made the first distribution of Meridiam’s managed lanes portfolio of $292m (of which Meridiam received c.$60m).

Stage:

In Operation

ESG/SDG Key Facts

A study shows that even if NTE does not offer additional lanes, the new improved geometry (improved shoulder, road design) allows a traffic volume 7% higher than before construction on the General Purpose Lanes. The average speed has increased by 15% since operations began, and the congestion time (speed below 50mph) has been reduced by 73% on the same lanes.

Better travel conditions for road users have been achieved.

Installation of solar panels on the roof of all the existing buildings in LBJ / NTE was completed in December 2018. The system has a power production capacity of 200 kW and an estimated energy production of 305 MWh per year, representing c.30% of the electricity consumption in the administrative building. This initiative is benefiting from a rebate (federal funds, already cashed) as well as certain tax incentives.
Since 2013, NTE has received more than 20 transportation awards in categories of best project, best contractor, safety, community relations, environmental stewardship and asphalt/paving.

The Project Company implemented a global Ferrovial compliance policy strengthening ethics standards. This was reviewed by Meridiam’s internal compliance team and seen as an aligned and positive upgrade.