Ferrovial, through the NTE Mobility Partners consortium led by its subsidiary Cintra, has completed a financing arrangement to improve the North Tarrant Express toll road in Texas.

Within the transaction framework, the consortium issued $414.2m using private activity bonds (PABs).

Ferrovial said the funds are mainly earmarked to finance the construction of capacity improvements required by the Comprehensive Development Agreement with the Texas Department of Transportation.

It said these improvements would be implemented “earlier than initially anticipated” owing to the success of the privately-financed toll road since 2014.

Improvements will start immediately upon completion of the transaction and are expected to finish in 2027.

Ferrovial subsidiaries Ferrovial Construction and Webber will serve as the design-build contractor.

The North Tarrant Express is a toll road system developed in the Dallas-Fort Worth region over the past decade.

It spans more than 13 miles along Interstate Highway 820 and State Highway 121/183, helping link downtown Fort Worth with Dallas-Fort Worth International Airport.

Ferrovial said the initial project nearly doubled the corridor’s capacity by including managed lanes.

“After completing this transaction, we will fully fund the additional capacity along the corridor that will be critical to continue providing reliable travel alternatives and relieving congestion to support the tremendous economic growth of this region,” said Alberto González, Cintra US chief executive.

With a 62.9% stake, Cintra leads the consortium that manages this concession through 2061.