Purple Line Transit Partners and Maryland’s transport authorities have achieved financial close on the $5.6 billion Purple Line extension project.
Finalisation of the Public-Private Partnership contract will allow the Purple Line Transit Partners consortium to proceed with the project, which will extend the Purple Line 26 kilometres from Bethesda, Montgomery County, to New Carrollton in Prince George’s County.
All the funding is now in place following confirmation of $875 million in federal funding from a Transportation Infrastructure Finance Innovation Act loan and a further $313 million in Private Activity Bonds from the Maryland Economic Development Corporation.
Construction is due to begin later this year and will take six years to complete. The Maryland Department of Transportation has said it expects passenger numbers to exceed 74,000 by 2040.
The Purple Line Transit Partners consortium, which comprises Meridiam, Fluor and Star America, have assembled a design-build team and an operations and maintenance (O&M) team to deliver the project.
The O&M team includes CAF, which is supplying 26 five-car light rail vehicles and holds a 20 per cent stake in the O&M business.