Fluor Enterprises and its partner Transurban reached financial close on 31 July 2012 and entered into a Comprehensive Agreement with the Virginia Department of Transportation for the financing, design-build, operation and maintenance of approximately 29 miles of High Occupancy Toll (HOT) lanes along Interstate 95 in Stafford and Fairfax Counties in Northern Virginia. The $1bn project will expand and improve the existing High Occupancy Vehicle lanes in one of the most congested regional corridors in the United States.
Construction is scheduled to begin in August 2012 and be completed in late 2014. Fluor and Transurban formed 95 Express Lanes LLC as a special purpose vehicle for the 75-year concession.
Operis provided the financial model auditing services for Transurban and Fluor. Operis has worked together with Fluor and Transurban on the similar I-495 HOT Lanes project which closed in early 2008.
