Sacyr Concesiones
The I-10 Calcasieu River Bridge project is the largest and most complex P3 by finance ever developed in the state of Louisiana. It has received several awards due to is successful financing close:
- Deal of the Year Award in the ‘Public-Private Partnership Financing’ category, awarded by The Bond Buyer.
- PFI P3 Deal of the Year 2024, from Project Finance International.
- Transport Deal of the Year Award 2025: Bridges North America, from IJGlobal.
This award recognizes innovation in municipal finance, that in this case has both public and private funding sources. The State of Louisiana will contribute almost US$1.2 billion (€1.01 billion) during construction, which will be paid in line with certain construction milestones. The long-term financing includes a US$1.33 billion (€1.22 billion) issue of tax-exempt Private Activity Bonds (PABs). This issue is divided into four different financing tranches with maturities between 2054 and 2066. The issuers were J.P. Morgan Securities LLC and Wells Fargo Bank, N.A. The remaining private capital will be provided by CBP partners.
This P3 project comprises the design, construction, operation, and maintenance of Calcasieu River Bridge, located at the Interstate 10, during a 50-year period. This 9 km-section connects the cities of Lake Charles and Westlake.
The works to be developed include replacing the existing 70-year bridge, reconstructing six lanes of the highway, building several additional structures, and introducing a ‘free flow’ toll. This P3 requires total capital expenditures of US$3.37 billion (€3.1 billion), and a construction budget of US$2.27 billion (€2.08 billion).