ACCIONA, along with its partners Plenary Americas and Sacyr, members of the Calcasieu Bridge Partners (CBP) consortium, has successfully reached financial close for the Calcasieu River Bridge project. This project, part of the I-10 interstate highway in Louisiana, will involve the design, construction, operation, and maintenance of a new bridge connecting Lake Charles and Westlake over a nine-kilometer stretch. The total financing for the project is set at $1.33 billion (€1.22 billion) through tax-exempt Private Activity Bonds (PABs).
The concession agreement, which encompasses capital expenditures of $3.37 billion (€3.10 billion) and a construction budget of $2.27 billion (€2.08 billion), will replace the existing bridge, which has been in use for over 70 years.
Funding for the project will come from both public and private sources. The State of Louisiana will contribute nearly $1.2 billion (€1.01 billion) during the construction phase, aligned with specific milestones.
The long-term financing involves a $1.33 billion (€1.22 billion) issuance of PABs, divided into four tranches with maturities ranging from 2054 to 2066. J.P. Morgan Securities LLC and Wells Fargo Bank, N.A. served as the issuers. Additional private capital will be provided at the end of the construction phase, supported by letters of credit from ACCIONA and its partners. Moody’s has assigned the project a Baa3 credit rating with a stable outlook.
The Louisiana Department of Transportation and Development (DOTD) awarded the concession contract to CBP, which comprises ACCIONA (30%), Plenary Americas (40%), and Sacyr (30%). For the project’s design and construction, CBP will subcontract to a consortium formed by ACCIONA and Sacyr, each holding a 50% stake. This scope includes reconstructing six lanes of the interstate, building several new structures, implementing a free-flow toll system, and demolishing the existing bridge.
Strategic Market
The U.S. is a key market for ACCIONA, which continues to expand its infrastructure and renewable energy footprint. ACCIONA entered the U.S. market in 2008 with the Tampa Bay desalination plant in Florida, serving 2.5 million people. In 2021, it secured its first public-private partnership project with the Fargo-Moorhead flood diversion canal, designed to protect over 235,000 people from potential Red River flooding.
In the renewable energy sector, ACCIONA Energía recently launched the Red-Tailed Hawk photovoltaic plant near Houston, Texas, with a capacity of 458 MWp, making it the largest solar complex the company has built to date. Additionally, the company is constructing the 325 MWp Union Solar plant in Ohio. ACCIONA Energía now has 2.7 GW of installed renewable energy capacity in North America, bolstering its role in the country’s energy transition.
Moreover, ACCIONA Cultura has been selected for projects at two notable cultural institutions in New York City: the Ellis Island National Museum of Immigration and the Hip Hop Museum in the Bronx. This reflects ACCIONA’s commitment to the North American market with innovative and interactive museum and exhibition developments.
