The consortium has been picked by Infrastructure Ontario and the Ontario Ministry of Transportation to design, build, finance and maintain the 20km extension as well as a 10km link to Highway 401 and a 5km realignment of Highway 401.
The concession, based on availability payments, runs for 30 years from the end of construction. The new road is expected to be open to traffic by the end of 2015.
The Highway 407 East project will be a toll road for the user, with rates set by the Province of Ontario, which will collect the toll revenues. The concession holder will be remunerated by way of availability payments for the infrastructure. Financial close for the project is expected to be achieved in the next few months.
Construction work will be led by Ferrovial Agroman and SNC-Lavalin.
407 Express Toll Route (ETR) is a 108km bypass around Toronto with 198 on- and off-ramps. It runs parallel to the 401, Toronto's first beltway, which is one of the most congested roads in North America.
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