Ferrovial wins $23.6 billion Atlanta highway concession

A consortium led by Ferrovial, known as Top End Mobility Group and including Tikehau Star Infra, has been selected by the Georgia Department of Transportation to develop the I-285 East Express Lanes project in Atlanta. The 50-year concession involves designing, financing, building, and operating dynamic toll lanes along approximately 21 miles of the I-285 perimeter beltway.

The project includes an estimated $8.9 billion in construction costs and a proposed $23.6 billion concession fee to the state of Georgia. Commercial close is expected by the end of 2026, with financial close in October 2027 and construction slated to begin in late 2027, aiming for completion by 2034.

While the award strengthens Ferrovial’s position in the U.S. toll road market following a recent win in Tennessee, the high financial commitment has drawn mixed reactions from analysts. Kepler questioned if the offer was ‘unnecessarily high,’ whereas Bank of America defended the move, describing market doubts as ‘exaggerated’ and maintaining a buy recommendation for the company.