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Ferrovial Tennessee I-24 express lanes project

Updated 3 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-27 21:52 UTC → 2026-10-28 09:12 UTC · added removed

Ferrovial, as part of the DriveTN consortium, reached a commercial close with the Tennessee Department of Transportation for the I-24 Southeast Choice Lanes project. This 50-year concession involves the financing, design, construction, operation, and maintenance of express lanes across a 42-kilometer stretch between Nashville and Murfreesboro. Following market skepticism and a downgrade by UBS analysts—who estimated returns closer to 7%—Ferrovial management projected double-digit returns on equity for the project. The company plans to fund its 65% stake using corporate debt and cash flow from existing operations, specifically utilizing dividends from other U.S. toll operations, to maintain its BBB credit rating without seeking capital increases or asset divestments. The financial scheme for the asset is expected to be finalized before July of next year. However, the project faces legal challenges. A consortium comprising Acciona, ACS, and Meridiam has filed a lawsuit in the Davidson County Chancery Court contesting the awarding of the concession to Ferrovial, Transurban, and Tikehau Star Infra. The dispute focuses on the transparency and fairness of the procurement process. A central legal issue is whether the consortium waived its right to sue by accepting a $20 million stipend from the Tennessee Department of Transportation. While the state intended the waiver to be ‘full, unconditional and irrevocable’, the consortium has deposited the funds into the court, leaving the validity of the legal challenge to be determined. Recent In its nine-month financial clarifications have impacted market sentiment. report for 2026, Ferrovial reported noted that total planned payments its highways division grew by 14.7% in comparable terms, driven largely by North American operations, including projects in Tennessee and Georgia. Regarding the I-24 project, Ferrovial clarified that the initial investment will be lower than originally estimated, with the contract value adjusted to TDOT are estimated at $21 billion in present value, billion. Payments are expected to be structured over several decades, with construction-phase payments totaling approximately $7.7 billion between 2027 and 2033. Following these details, Ferrovial shares saw a significant rise, at one point increasing to be disbursed by 11%. 2035.

Versions

  1. 2026-10-28 09:12 UTC Ferrovial Tennessee I-24 express lanes project
  2. 2026-10-27 21:52 UTC Ferrovial Tennessee I-24 express lanes project
  3. 2026-10-18 04:46 UTC Ferrovial Tennessee I-24 express lanes project
  4. 2026-10-06 02:23 UTC Ferrovial Tennessee I-24 express lanes project

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