Denver Transit Partners Receives Award for Landmark Public-Private Partnership in North America
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that Denver Transit Partners (DTP), a Fluor-led team, was recognized by Project Finance Magazine as its 2010 recipient of the Transportation Deal of the Year Award. The award acknowledged the team’s work to reach financial close on Denver’s Regional Transportation District’s (RTD) Eagle P3 commuter rail project (Eagle P3 Project). DTP is designing, building, operating, maintaining and financing the Eagle P3 Project in the Denver metropolitan area. The team reached financial close on the project in August 2010.
Fluor and the DTP team were recently honored for their work on the Eagle P3 Project with the 2010 Deal of the Year Award in the North America Transport sector at a ceremony held in New York City last month.
"We are honored to have Fluor and our other partners recognized by our colleagues in the industry. This is a first-of-its-kind transit project to be financed employing the availability structure in conjunction with Private Activity Bonds," said Patrick Flaherty, head of Fluor's Infrastructure business. "Our entire team is proud to have worked in such a cooperative and collaborative manner with the RTD to bring this landmark project to financial close. We look forward to helping the greater Denver region realize its vision for rail transit service."
“The significance of a transit project being designed, built, financed, operated and maintained outside the public sector in the U.S. cannot be overstated,” said Edward Russell, Americas Editor for Project Finance Magazine. “Transit agencies from Washington D.C. to Charlotte and Los Angeles are already looking to RTD’s example for their own burgeoning transit systems.”
The Eagle P3 Project is part of RTD’s FasTracks Plan, a 12-year, multi-billion dollar transit expansion program to build and operate new commuter and light rail services and expand transportation offerings throughout the eight-county area. The Eagle P3 Project includes:
- East Corridor: a new 22.8 mile commuter rail line from Union Station to Denver International Airport;
- Gold Line: a new 11.2 mile commuter rail line from Union Station to Wheat Ridge;
- A two-mile initial segment of the Northwest Rail Corridor; and
- A new commuter rail maintenance facility.
Fluor operated as a 50 percent development partner to bring the project to financial close and its roles now include a 50 percent share of the engineering, procurement, and construction contract; a 33 percent share in the operations and maintenance contract; as well as a 10 percent equity share in the concession’s special purpose vehicle that raised the financing to fund the project. The special purpose vehicle is owned by Fluor, John Laing plc and Uberior Infrastructure Investments, a part of Lloyds Banking Group.
In addition to Fluor, the DTP team includes a world-class group of transit industry experts including Balfour Beatty Rail, Ames Construction, Hyundai-Rotem USA (Hyundai), Alternative Concepts, Inc. (ACI) and Fluor/HDR Global Design Consultants.
About Regional Transportation District
The Denver Regional Transportation District is a public agency which was created in 1969 by the Colorado General Assembly. RTD operates as a public transportation system in an eight county service area serving a population of 2.8 million people. In 2004, Denver area voters passed a sales tax increase to help fund the FasTracks Plan. For more information, visit www.rtd-fastracks.com.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $20.8 billion in 2010. For more information, visit www.fluor.com.
Fluor CorporationMedia Relations:Keith Stephens, 469-398-7624orBrian Mershon, 469-398-7621orInvestor Relations:Ken Lockwood, 469-398-7220orJason Landkamer, 469-398-7222