Ferrovial was advancing around 9% in the first minutes of trading this Tuesday after dispelling uncertainties about the viability of the concession for the I-24 express lanes in Tennessee (United States).
At 10:20 AM, the construction company's shares were up 9.06%, reaching 49.12 euros, positioning it as the highest value in the entire market, after having recorded increases close to 11% right at the start of the trading session.
The company has communicated to the National Securities Market Commission (CNMV) that the commercial closure between the Tennessee Department of Transportation (TDOT) and the consortium Drive TN, led by Ferrovial, for the development of this project has occurred.
According to the documentation submitted, the total payments expected to TDOT amount to 21 billion dollars (18.81 billion euros) calculated at present value, compared to the 24.8 billion (22.214 billion euros) recorded in the initial award, a figure that combined nominal amounts and present value according to the tender documents.
Furthermore, Ferrovial specifies that the financial plan includes disbursements during the construction phase, between 2027 and 2033, for a nominal amount of 7.7 billion dollars (6.897 billion euros).
The company will present these figures in more detail at a conference scheduled for tomorrow, where it will also address a presentation on the I-285 Express Lanes project in Atlanta (United States), focused on the description of the infrastructure, the toll scheme, design aspects, and the upcoming milestones of the plan.
Regarding the Tennessee contract, it includes a 50-year concession to design, build, finance, operate, and maintain dynamic toll lanes along 26 miles (42 kilometers) between Nashville and Murfreesboro.
The planned investment in the construction phase is set at 9.2 billion dollars (8.212 billion euros), with the start of commercial operation scheduled for 2034 and a 65% stake in the hands of Ferrovial.