A Spanish firm is leading a group that will finance a $1.2 billion highway project in Florida that will be paid for with future toll revenue, Bloomberg reported Friday.
Actividades de Construccion y Servicios SA, Spain’s biggest builder, will take the lead in the Interstate 595 expansion project is in Broward County in southeast Florida, Bloomberg said.
Florida will retain toll revenue, which will be used to pay the private partners, Bloomberg said.
The U.S. Department of Transportation said Wednesday it approved a $603 million loan to build new express lanes on I-595.
The loan will help build three reversible high-occupancy toll, or HOT lanes, on the 10.5-mile section that runs east-west and links two key interchanges on I-75 and I-95, DOT said.
“The new express lanes will bring congestion relief and give drivers more choices for a better commute on this important highway in south Florida,” Transportation Secretary Ray LaHood said in a statement.