Calcasieu Bridge Partners (CBP), comprising Sacyr, ACCIONA and Plenary Americas, have reached financial close to design, build, operate, and maintain for 50 years the I-10 Calcasieu River Bridge project in Louisiana (United States). The financing amounted to an issuance of US$1.33 billion (€1.22 billion) of tax-exempt Private Activity Bonds (PABs). This section of the I-10 connects the towns of Lake Charles and Westlake over a 5.5-mile (9 km) stretch.
The concession, with total capital expenditures of US$3.37 billion (€3.1 billion), and a construction budget of US$2.27 billion (€2.08 billion), includes the replacement of the existing bridge, which is more than 70 years old.
The project 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.
The project has been assigned a Baa3 credit rating by Moody's with a stable outlook.
P3 developer
The Louisiana Department of Transportation and Development (LA DOTD) selected CBP, comprising Sacyr (30%), Plenary Americas (40%) and ACCIONA (30%), to deliver this P3 contract. CBP will subcontract the design and construction scope for the project to a consortium formed by Sacyr (50%) ACCIONA (50%). This scope will involve the reconstruction of six lanes of the interstate highway, the implementation of a free-flow toll system and the demolition of the existing bridge.
The new structure will enhance road capacity, comfort, and traffic safety. Construction works on the bridge are expected to start in 2026 and completion is scheduled for 2031. This road section is expected to accommodate an average daily traffic volume of 90,000 vehicles by 2040.
