National P3 Update

Just like in 2019, and even in the midst of COVID-19, the national P3 market appears to be thriving. With major energy projects reaching financial close, and new deals progressing in large counties, it appears that the impact of COVID-19 is not one that will halt P3s, although it may change the way certain delivery models are viewed and implemented. Here are some of the projects worth noting right now:

• University of Iowa Utility System P3: The University of Iowa reached financial close for a 50-year partnership agreement with ENGIE and Meridiam for the overhaul of the university's utility system. Under the agreement, the University of Iowa will be coal-free by 2025, paying ENGIE and Meridiam an annual payment of $35 million for operations and maintenance during the 50-year term.
  
  
• Georgia Department of Transportation Road P3: The Georgia Department of Transportation issued a Request for Qualifications to develop the SR 400 Express Lanes. Specifically, the project requires the design, build, financing, and operations of 16 miles of express lanes along SR 400. Responses were submitted, and on June 26, 2020, the department shortlisted Metro-Atlanta Express Solutions (led by ACS Infrastructure and Itinera Infrastructure), MW 400 Partners (led by Meridiam), and North Link Partners (led by John Laing Investments). The RFP will be issued in July. 
  
  
• Maryland Department of Transportation Purple Line P3: Purple Line Transit Partners, the consortium selected for the Purple Line P3 project, filed a notice of termination with the Maryland Department of Transportation on June 23, 2020. The consortium chose to terminate the project after failure to reach an agreement regarding cost overruns and delays. 
  
  
• Miami-Dade County Beach Connector P3: Miami-Dade County received one proposal for the design, build, finance, operation, and maintenance of a mass transit solution connecting mainland Miami to Miami Beach. The County has favorably evaluated the proposal submitted by MBM Partners LLC, a consortium led by Meridiam Infrastructure Partners, and will move on with negotiations of the interim agreement for the project.
  
  
• Maryland Department of Transportation Capital Beltway and I-270 P3: The Maryland Department of Transportation received four statements of qualifications in response to its request for qualifications for firms to design, build, finance, and operate the express lanes on the Capital Beltway and I-270 Corridor. The four respondents were Accelerate Maryland Express Partners (led by Itinera Infrastructure), Accelerate Maryland Partners (led by Transurban Operations and Maquarie Infrastructure Developments), Capital Express Mobility Partners (led by Cintra Global, Meridiam Capital Express and John Laing Investments), and Potomac Mobility Group (led by ACS Infrastructure Development).