Plenary achieves Commercial Close on Pennsylvania Rapid Bridge Replacement Project
Published 14 January 2015HARRISBURG, PENNSYLVANIA – The Plenary Walsh Keystone Partners consortium has achieved Commercial Close on the US$899 million Pennsylvania Rapid Bridge Replacement Project, the first multi-asset PPP to be undertaken in the US.
Plenary Walsh Keystone Partners, a consortium comprised of Plenary Group, The Walsh Group, Granite Construction Company, and HDR Engineering will deliver the project on behalf of its client, the Pennsylvania Department of Transportation (PennDOT). The team will rely heavily on local subcontractors to deliver the project, including:
- A.D. Marble & Company of Conshohocken;
- Montgomery County; M.A. Beech Corporation of Carnegie, Allegheny County;
- Carmen Paliotta Contracting of South Park Township, Allegheny County;
- Clearwater Construction Inc. of Mercer, Mercer County;
- Francis J. Palo Inc. of Clarion, Clarion County;
- Glenn O. Hawbaker Inc. of State College, Centre County;
- J.D. Eckman, Inc. of Atglen, Chester County;
- J.F. Shea Construction Inc. of Mount Pleasant, Westmoreland County;
- Larson Design Group of Williamsport, Lycoming County;
- Swank Construction Co. of New Kensington, Westmoreland County; and
- TRC Engineers, Inc. of Export; Westmoreland County
Plenary Concessions’ Chief Operating Officer for its Civil Projects, Matt Girard, said: “Plenary is pleased to have achieved Commercial Close on this vital civil infrastructure project for the people and commuters of Pennsylvania.”
Under the PPP contract Plenary Walsh Keystone Partners will finance and manage the design, accelerated construction, financing, maintenance and rehabilitation of 558 geographically dispersed, structurally deficient bridges across the state over a 28-year contract term. PennDOT will be responsible for routine maintenance such as snow plowing and debris removal.
As the project’s lead equity sponsor and financial arranger, Plenary Group is targeting Financial Close for spring 2015. Construction is expected to begin in the summer of 2015 with a projected completion date of December 2017.
Mr Girard said Plenary Group was pleased to add another US project to its rapidly growing portfolio of PPP projects now valued at some $20 billion.
This project marks the company’s third US project, recently closing the US$200 million US 36 Managed Lanes in Denver, Colorado and the $847 million SH183 Managed Lanes project in Dallas, Texas. It also follows closely off the back of Plenary Group’s recent announcement that it has been selected as the Preferred Proposer on a project to develop, design, build, finance, operate and maintain a new Civic Center in Long Beach, California.
Stephanie WilliamsonVice President, Corporate Affairs
+1 604 638 5260
+1 604 418 2722
stephanie.williamson@plenarygroup.com