MIG's third investment in the growing United States toll road market
LENGTH
22 kilometres
NUMBER OF LANES
Mostly 3 lanes along the entire length
TOLLS
2-axle vehicles: $3.00 weekday, $2.80 weekend
3 to 6-axle vehicles: twice 2-axle toll and 50% 2-axle toll for each axle greater than 3-axles
TOLL PRICE ESCALATION
Tolls set by the Virginia State Corporation Commission on application through to end of 2012 and from 2021 onwards.
Recent legislative amendments now permit TRIP II a certain toll path from 2013 through 2020 of the highest of (i) CPI + 1% (ii) Real GDP, or (iii) 2.8% per annum.
TOLL COLLECTION
Cash, electronic and credit card
CONCESSION END
2056
Nature of the asset
The Dulles Greenway toll road is a 22 km operating toll road, linking the Dulles International Airport to Leesburg, through Loudoun County, North Virginia. Loudon County is one of the fastest growing populations in the United States with significant housing and economic development expected to continue. The road is six lanes for most of its length. The design of the road offers potential for expansion to up to 12 lanes to meet future traffic demands.
Dulles Greenway is a relatively young, well maintained urban toll road with a thirteen year operating history and 47 years remaining in the concession agreement. There are currently nine operating interchanges.
Dulles Greenway offers a 10 to 15 minute time saving over the alternate ‘non-tolled' Route 7 & 28 which is often congested and has numerous traffic lights.
MIG has stakes in four privately owned toll roads in the United States – the Dulles Greenway, Chicago Skyway, Indiana Toll Road and the South Bay Expressway in San Diego.
Nature of the investment
The Dulles Greenway concession is owned by TRIP II, a limited partnership. In September 2005 MIG invested US$533 million to provide loans against and hold options over 86.7% of TRIP II and acquire 100% of the General Partner, Shendandoah Greenway Corporation. The General Partner has day to day responsibility for the management and operation of the concession. Later in September 2005, MIG also acquired a 13.3% direct equity interest in TRIP II to hold a 100% economic interest in the Dulles Greenway.
In December 2006, MIG completed the sale of 50% of its economic interest in the Dulles Greenway to Macquarie Infrastructure Partners (MIP) and subsequently MIG holds a 50% interest in the Dulles Greenway.
