Latest news with #Meridiam
Yahoo
06-08-2025
- Automotive
- Yahoo
ACCIONA closes financing for $11bn SR 400 Express Lanes project in Atlanta
ACCIONA, in collaboration with ACS Infrastructure and Meridiam, has finalised the financial arrangements for the $11bn SR 400 Express Lanes toll road project in Atlanta, Georgia, US. The project involves design, construction, operation, and maintenance over nearly 56 years. Funding will come from both public and private sources, marking it as the reportedly largest public-private partnership (PPP) bond financing initiative in the US to date. The US Department of Transportation (DoT) will contribute around $3.89bn via the Transportation Infrastructure Finance and Innovation Act, representing the largest loan ever granted under this initiative. Additionally, the project will benefit from the largest issuance of tax-exempt private activity bonds for a highway PPP, valued at $3.44bn. These bonds have received investment-grade ratings of Baa3 from Moody's and BBB+ from Kroll, both with stable outlooks. Private capital will be injected during the construction phase, supported by letters of credit from ACCIONA and its partners. The Georgia Department of Transportation and the State Road and Tollway Authority awarded the concession to ACCIONA's consortium last year. It is the first express lanes project under Georgia's Major Mobility Investment Program aimed at alleviating traffic congestion. Construction, split evenly between ACCIONA and FlatironDragados, will add two express lanes along a 16-mile stretch from North Springs Station to north of McFarland Parkway. An additional 0.9-mile fast lane will be deployed in each direction from McGinnis Ferry Road to McFarland Parkway. Upon completion, a dynamic toll system will be implemented for the express lanes to enhance traffic flow. This system allows drivers to pay based on traffic volume, providing access to additional toll lanes when required, thereby reducing congestion and emissions. "ACCIONA closes financing for $11bn SR 400 Express Lanes project in Atlanta" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
KBRA Assigns Preliminary Ratings to Public Finance Authority (Georgia SR 400 Express Lanes Project) $3.6 Billion PABs and SR 400 Peach Partners, LLC's $4 Billion TIFIA Loan
NEW YORK, July 16, 2025--(BUSINESS WIRE)--KBRA assigns its BBB+ preliminary rating to the Public Finance Authority's $3.6 billion senior lien toll revenue bonds, series 2025 (Georgia SR 400 Express Lanes Project) (the private activity bonds (PAB)), which support the Georgia SR 400 Express Lanes Project. KBRA also assigns its BBB preliminary rating to SR 400 Peach Partners, LLC's $4 billion TIFIA loan. The Outlook is Stable. In August 2024, the consortium formed by Meridiam SR-400, LLC, Acciona Concesiones S.L., and ACS Infrastructure Development Inc. (collectively the sponsors) was selected as the preferred bidder to develop the SR 400 express lanes in Atlanta (the project) through SR 400 Peach Partners, LLC (the borrower), a single-purpose vehicle to be wholly owned by the sponsors. The project is part of GDOT's major mobility investment program (MMIP). The dynamically-priced express lanes will extend through 16 miles along Georgia state route 400, between the MARTA North Spring Station in Fulton County, and McFarland Parkway in Forsyth County. The project is a key north-south corridor serving the Atlanta-Sandy Springs-Alpharetta metropolitan area, connecting the city to its northern suburbs. The Public Finance Authority will place approximately $3.6 billion in private activity bonds (PAB) as a conduit issuer and will lend the proceeds to the borrower. Concurrently, the borrower will enter into a separate loan agreement with TIFIA for an additional $4 billion that will be generally subordinated to the PABs. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Project Finance & Infrastructure: Project Finance Global Rating Methodology ESG Global Rating Methodology Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010377 View source version on Contacts Analytical Contacts Maria de Urquijo, Senior Director (Lead Analyst)+1 Francesca Ciatto, Analyst+1 Adeeti Amin, Managing Director (Rating Committee Chair)+1 Business Development Contacts Rosemary Kelley, Senior Managing Director, Head of Structured Finance and Project Finance+1 Mark Lazarus, Senior Director+1
Irish Independent
03-07-2025
- Business
- Irish Independent
Green light for €1bn development that will transform site adjacent to Drogheda Port
Premier Periclase with partners Gyorgy and Meridiam have developed the 'Core' project, which is set to pave the way for a net-zero emissions model that could change how large energy users operate in Ireland. Louth County Council has approved the project, with plans to invest up to €1bn over the next ten years to transform the site. Fifty jobs are to be created in the first phase of the project, with the potential to create several hundred more over subsequent phases. Gyrogy, an Irish energy-tech firm, and Meridiam, an independent investment Benefit Corporation and asset manager in long-term sustainable infrastructure solutions, acquired the Premier Periclase business in May 2023. Since then, the partners have designed plans to transform the site on the north bank of the River Boyne beside Drogheda Port into a state-of-the art industrial campus for large energy users. The planned pathway to net-zero business campus, which will be called 'Core', will involve an investment of between €600 million and €1 billion over the next ten years. The investment, planned to facilitate and manage flexible and renewable energy in 'real-time' for the national grid will pave the way for a net-zero industrial campus emissions model that can change how large energy users operate in Ireland. The redevelopment plan includes demolition and site remediation works, substantial upgrades to the Premier Periclase site infrastructure, and the integration of renewable energy sources, flexible generation and advanced energy storage systems on the new Core campus. Subject to planning, the first phase of development will focus on installing sustainable energy infrastructure and a 32MW data centre. Over time, the site will grow to accommodate a range of high-tech industries, including biopharma, food, beverage, and sustainable manufacturing. The site's decarbonisation and development focus will make the campus extremely attractive to large foreign direct investment and Irish projects, according to the partners behind the project. The Core project is viewed as an opportunity to transform a site which was once one of Ireland's largest sources of industrial emissions into a model for sustainable energy innovation, according to the partners behind the huge investment. By integrating on-site renewable energy generation, battery storage, and gas engines, the campus will decarbonise energy usage for its large energy users while managing and contributing surplus power to the national grid during peak times. The Premier Periclase site has a history rooted in industrial innovation. Dating back to 1938, initially for Cement production and since 1977 for Magnesia and Magnesium Hydroxide products, the site played a major role in the life of Drogheda for much of the last century, providing valued local employment, which supported families and the economy of the town.
Yahoo
27-06-2025
- Business
- Yahoo
The UI will use parts of $15M in funding on an art building reno, exercise oncology clinic
Tapping into its nearly $1 billion public-private partnership (P3) endowment fund, the University of Iowa plans to invest $15 million to support various projects across campus, anchored by a renovation, a new clinic, and initiatives aimed at staff retention. The P3 funding originated in 2020, when the Iowa Board of Regents approved the University of Iowa to enter a 50-year partnership with ENGIE North America and Meridiam. More: Finding connection and healing, how a free Iowa City yoga class is helping curb addiction ENGIE paid $1.1 billion upfront to manage the UI's utility system for 50 years. In 2020, the university spent $153 million to pay off existing debt and $13 million to cover consulting fees. The remainder of the upfront payment, around $999 million, will go into an endowment to fund the University of Iowa's Strategic Plan. The five priorities for the 2022-2027 plan include: excellence in teaching and learning, innovative research and creative discovery, welcoming environment, holistic well-being and success, and transformative societal impact. "The P3 program helps us turn great ideas into real progress," said Kevin Kregel, executive vice president and provost, in a news release. "By aligning our investments with areas of need and opportunity, we are achieving new levels of student success, faculty excellence, and impact across the university." The endowment allows "the university to invest about $15 million per fiscal year." Here is how the University of Iowa will use the $15 million in fiscal year 2026: The University of Iowa is investing $3 million to renovate the Performing Arts Annex (formerly the Old Museum of Art) at 150 North Riverside Drive, which will become the home of the Department of Dance. The $37 million renovation that will transform the 88-year-old building into the new home of the UI's Graduate College, the College of Education—Art Education and Maker Space, and the School of Planning and Public Affairs. The university previously used $6 million in P3 funds to support the project. More: University of Iowa plans $37M Art Building renovation to house grad college, college of education The building sustained significant flood damage in 2008 and was restored to its original state with Federal Emergency Management Agency funds. Work on the latest renovation started in February. The project will be substantially complete by August 2026. The University of Iowa will take on a three-year, $642,896 project to create an exercise oncology clinic. The clinic will focus on "improving the health and quality of life for cancer survivors" through "personalized exercise programs and advanced imaging technology." More: The University of Iowa's College of Law has promoted its interim dean. What to know The clinic will be part of the Department of Health and Human Physiology and serve as "a clinical research hub" exploring the benefits of physical activity in rehabilitation for cancer survivors. The University of Iowa's remaining $11.36 million in P3 funding will support "additional strategic plan initiatives throughout the year," according to a news release. However, $4 million of the reserved funds will support the "High Impact Hiring Initiative," which aids in recruiting and retaining elite faculty across colleges and departments. More: A new country bar moves in, Fieldhouse finds a new home in downtown Iowa City shakeup The University of Iowa has invested P3 funds into the "High Impact Hiring Initiative" since 2021, supporting "75 faculty recruitments and 32 retentions across 10 colleges." Jessica Rish is an entertainment, dining and education reporter for the Iowa City Press-Citizen. She can be reached at JRish@ or on X, formerly known as Twitter, @rishjessica_ This article originally appeared on Iowa City Press-Citizen: How is the University of Iowa planning to spend $15M in funding?
