Ferrovial Offers $23.6 Billion Concession for Georgia Express Lanes Project
Key Facts
Ferrovial has proposed a $23.6 billion concession for the first phase of the I-285 East Express Lanes project in Georgia, according to an investor presentation it submitted to Spain’s securities market regulator on October 28, 2026. The company estimates construction costs for the phase at $8.9 billion, while the concession value excludes a separate $515 million payment due to the state at financial close. The proposed concession value remains subject to change depending on interest rates and financial structuring ahead of that close. The proposal covers only the first phase, while subsequent phases will require separate agreements. The project is part of a program to expand express lanes on one of Atlanta’s busiest corridors.
The Georgia Department of Transportation selected the consortium Top End Mobility Group, led by Ferrovial, as the apparent best bidder for the project on October 15, 2026, after competition from two other bidders. The first phase includes about 21 miles of new express lanes and connections between I-285, I-85 and SR 400. Once all phases are complete, Ferrovial expects the total length of new lanes to reach about 37.5 miles in each direction. The express lanes will be optional and will not replace existing general-purpose lanes. Under the partnership model, the private sector will design, build, finance, operate and maintain the project in return for future toll revenue.
The company’s proposal is based on traffic volumes and congestion on the road; it estimates I-285 East traffic at about 200,000 to 240,000 vehicles a day, with congestion reaching 8 hours a day and speeds at 20 miles per hour during peak periods. The Georgia Department of Transportation cites a broader estimate of about 250,000 vehicles a day on I-285 and average daily congestion of 8 hours. The department also expects traffic to increase 25% over the next fifteen years. Ferrovial says the scope of phases one and two was designed to serve 95% of corridor trips, compared with 55% under the department’s reference design. The department projects travel-time reductions of 39% for express-lane users and more than 8% on general-purpose lanes; these are project estimates, not realized results.
The proposed operating toll cap starts at $2.01 per mile in 2025 prices and can dynamically rise to $4.02 per mile when specified traffic or speed conditions are met. The higher cap is triggered if traffic exceeds 1,500 passenger-car equivalents per lane per hour during any five-minute period, or if speeds fall below 55 miles per hour during the same period. The plan thereby ties express-lane pricing to the level of congestion on the road. Ferrovial says equity contributions for the I-24 and I-285 projects will be funded mainly from operating cash flow and, to a lesser extent, from additional corporate debt. The company is targeting a double-digit internal rate of return on equity, adjusted for project risk and complexity, according to its investor presentation.
The project comes as Ferrovial reported revenue growth in the first nine months of 2026, with group revenue rising 7.1% to €7.402 billion from €6.912 billion in the same period of 2025. Toll-road revenue increased 11.0% to €1.134 billion from €1.021 billion a year earlier. The stock closed at $54.02 on October 27, compared with $50.35 in the previous session. Available data do not attribute the share-price move to the project announcement. The figures provide context on the company’s operating and market performance as it presents its investment in the project.
The project’s expected timeline spans several years, with commercial close expected in December 2026, followed by the start of construction in late 2027. Substantial completion of the first phase is scheduled for 2034, while the remaining phases are targeted for completion by 2041. Earlier milestones included the start of procurement for the first eastern phase in late 2024, followed by issuance of the final environmental statement and record of decision in October 2025. These milestones set the project’s timeline, while financial close for the first phase remains expected in October 2027, according to Ferrovial’s presentation. Delivery of subsequent phases remains subject to separate agreements.