Plenary moves towards commercial close on Pennsylvania Rapid Bridge Replacement Project
Published 09 December 2014HARRISBURG, PENNSYLVANIA – The Plenary Walsh Keystone Partners consortium is on target to achieve commercial close in December 2014 after having recently been selected by the Pennsylvania Department of Transportation (PennDOT) as Preferred Proponent to deliver the US$899 milion Pennsylvania Rapid Bridge Replacement Project.
Plenary Walsh Keystone Partners is a consortium comprised of Plenary Group, The Walsh Group, Granite Construction Company and HDR Engineering.
This major public private partnership project involves the accelerated replacement of 558 geographically dispersed, structurally deficient bridges across the Commonwealth of Pennsylvania.
Under the contract Plenary Walsh Keystone Partners will finance and manage the bridges' design, construction and maintenance for a 28-year contract term. PennDOT will be responsible for routine maintenance such as snow plowing and debris removal.
Plenary Concessions’ Chief Operating Officer, Matt Girard, said: “Plenary is pleased to have secured its third major civil contract in the US. In just over 12 months our US business has cemented its position as a major player in the burgeoning US P3 market, now helping to deliver over US$2 billion worth of civil infrastructure assets across the country.”
It is expected that agreement on all the commercial terms will be reached in December 2014, with Financial Close targeted for spring 2015. Construction is expected to begin in the summer of 2015 with a projected completion date of December 2017.
Mr Girard said the consortium is working closely and collaboratively with our partners at PennDOT to finalize the contract in December to see work commence on schedule.
According to PennDOT, Plenary Walsh Keystone Partners “was selected based on scoring that considered cost, financial capability to carry out the project, background and experience in managing comparable projects, and understanding of the project.”
View a map of the bridges being replaced under the project here