Ferrovial secures Tennessee I-24 express lanes contract

Ferrovial has reached a commercial close with the Tennessee Department of Transportation (TDOT) for the development of the I-24 Southeast Choice Lanes project in Nashville. The project, which involves adding new lanes across a 42-kilometer stretch between Nashville and Murfreesboro, will be managed by the DriveTN consortium, led by Ferrovial alongside Transurban and Tikehau Star Infra.

The agreement establishes a 50-year concession to finance, design, build, operate, and maintain the express lanes. This initiative represents the largest public investment in Tennessee's history and its first public-private partnership.

Despite the milestone, market analysts have expressed concerns regarding the company's capital discipline. Following a $24.8 billion bid for the I-24 project—nearly three times higher than its closest competitor—Ferrovial's stock has seen volatility. Analysts at Jefferies noted that while the company has a strong track record, the high bid amount has raised questions about long-term profitability and investment discipline, especially as the market awaits upcoming express lane projects in Georgia.