FlatironDragados is pleased to move forward with our partners on this transformative project in Atlanta. ACS issued the following news release on behalf of the joint venture.
The historic project with a total investment value of US$10.99 billion, including US$4.6 billion construction value, will deliver 16 miles (25 km) of new express toll lanes and a 50-year concession.
Madrid -- The ACS Group, through its US-based affiliate ACS Infra (IRIDIUM), has successfully placed US$3.44 billion in tax‑exempt private activity bonds (PABs) and closed a US$3.89 billion Transportation Infrastructure Finance and Innovation Act (TIFIA) loan with the US Department of Transportation (USDOT). These transactions represent a record‑setting financing package for Georgia’s transformative SR 400 Express Lanes public‑private partnership (P3). The tax-exempt PABs issuance, with an over subscription of nearly 1.7x and orders from over 90 investors, is the largest issuance for a highway asset ever, and will likely be this year’s largest deal in the US municipal capital markets. Similarly, the USDOT’s TIFIA Loan issued through its Build America Bureau, marks the single-largest ever TIFIA Loan issued for any asset to date.
The project, procured by the Georgia Department of Transportation (GDOT) and the State Road and Tollway Authority (SRTA), marks a historic milestone as the first revenue-risk managed lanes project in the state. It will deliver approximately 16 miles (25 km) of new express toll lanes along the SR 400 corridor, enhancing mobility, reducing congestion, and increasing safety and travel time reliability across metro Atlanta and beyond. The operations term of 50-years following construction completion includes the operations and maintenance of the new express lanes and the free general purpose lanes.
Financing Snapshot
Under the consortium name SR 400 Peach Partners, ACS Infra and its partners Acciona and Meridiam secured a comprehensive financing package that includes:
- A low-interest USDOT TIFIA loan – the largest single TIFIA loan ever issued.
- Tax-exempt PABs priced in the US capital markets – the single largest P3 bind financing in the US market.
- Equity contributions by each sponsor (33.33% each), fully backstopped by letters of credit at financial close to support the 5.5-year construction program.
- Total capital investment of US$10.99 billion, including US$4.6 billion in design-build construction as well as an upfront concession fee to GDOT and SRTA of US$3.8 billion.
ACS Group’s, US civil contractor, FlatironDragados together with Acciona, operating as a 50/50 joint venture, are responsible for the design and construction of the SR 400 Express Lanes Project. Both firms bring extensive experience in delivering large-scale, complex
transportation infrastructure across North America. Their combined capabilities ensure the project will benefit from industry-leading expertise in heavy civil construction, innovative engineering, and efficient project execution.
Project Overview
The SR 400 Express Lanes Project includes the construction of two managed lanes in each direction for approximately 16 miles (25 km), as well as an additional managed lane in some additional segments of the project. The Project is in Atlanta, Georgia, which is the third fastest growing city in the United States and home to one of the world's busiest airports. Further growth is expected for the corridor, with 144,000 more residents and 114,000 more jobs projected by 2050.
A critical piece of Georgia's Major Mobility Investment Program (MMIP) that seeks to improve roadway connections and reduce congestion on both SR 400 itself and its connection to I-285, SR 400 is the primary north-south link between Atlanta's job centers and the work and residential areas to the north in Fulton and Forsyth counties.
The transaction represents a pivotal milestone in Georgia’s MMIP and underscores ACS Group’s commitment to advancing major transportation infrastructure that drives economic growth and improves regional connectivity across North America.
“Achieving financial close marks a major milestone and reflects over a year of collaboration with GDOT and SRTA,” said Nuria Haltiwanger, Chairwoman & CEO for ACS Infra, CEO of IRIDIUM, and Chief Investment Officer for Infrastructure of ACS Group. “We are honored to partner with the State of Georgia on a project that will deliver much-needed congestion relief for metro Atlanta while unlocking significant opportunities for economic development, job creation, and long-term investment across the region.”
The ACS Group’s success in the North America P3 Market
The SR 400 Express Lanes Project adds to the ACS Group’s robust North American active P3 portfolio, which includes 15 major infrastructure projects totaling approximately US$20 billion in investment, including the I-595 Corridor Roadway Improvement in Florida, LAX Automated People Mover in California, and the Gordie Howe International Bridge in Michigan/Ontario.
ACS Infra and its parent company IRIDUM are leaders in the development, financing, and long-term operations and maintenance of infrastructure projects. With over 50 years of experience, they have developed more than 150 PPP projects internationally, totaling over €60 billion of capital value, and generated equity investments of more than €3.6 billion.
The ACS Group is a global infrastructure developer and contractor that operates through leading companies in the development, financing and operation of engineering, civil works and new generation solutions in high value-added sectors such as transportation, advanced technology, digital, building, healthcare, mining, and natural resources. The ACS Group has more than 157,000 employees worldwide and had revenues of €41.6 billion in 2024. In 2024, the ACS Group was ranked by Engineer News-Record (ENR) as #2 in the Top 250 International Contractors and #10 in the Top 250 Global Contractors.