BALTIMORE, March 2, 2016 /PRNewswire/ -- Purple Line Transit Partners, a consortium comprised of majority equity holder Meridiam, Fluor Enterprises, Inc. and Star America has been selected by the Maryland Department of Transportation ("MDOT") as Preferred Bidder for the Purple Line Light Rail Transit Public-Private Partnership ("PPP") Project. Meridiam, a leading global investor and asset manager specializing in public and community infrastructure, will be a 70% equity provider, with Fluor Enterprises, Inc. and Star America each providing 15% of the equity. Fluor Construction, Lane, and Traylor Brothers have formed a construction joint venture to build the Project. Fluor, Alternate Concepts, Inc., and CAF USA have formed an operations and maintenance joint venture with CAF USA providing the light rail vehicles for the Project. Commercial Close is anticipated in Q1 2016 with financial close scheduled for Q2 2016.
"Our team is excited about being part of such a transformative project that will bring strong tangible benefits, such as tremendous increased fluidity to the community and the metropolitan region at large," said Jane Garvey, Chairman, Meridiam North America. Backed by US pension funds and insurance companies, Meridiam North America draws on deep US transportation and PPP experience and has closed 6 projects since 2009, including the Port of Miami Tunnel in Florida and the Long-Beach Courthouse Project in California.
The $2 billion Purple Line Project, tendered by the Maryland Department of Transportation and Maryland Transit Administration requires the Concessionaire to finance, develop, design, construct, equip and supply light rail vehicles for, and operate and maintain a 16.2 mile light rail transit line that extends from Bethesda to New Carrollton, and extends east-west inside the Capital Beltway within the Maryland suburbs north of Washington, DC. The Project connects five major activity centers in Prince George's and Montgomery Counties: Bethesda, Silver Spring, Takoma/Langley Park, College Park and New Carrollton.
The new transit line will provide direct connections to four branches of the Washington Metropolitan Metrorail system, as well as connections to three Regional Commuter rail lines plus Amtrak's Northeast Corridor. There will be 21 permanent stations servicing residents and commuters in the areas. The Project runs partially through dedicated right of way and partially on embedded track on roadways with vehicular traffic as is common for urban light rail projects.
Founded in 2005, Meridiam is an independent investment firm specialized in the development, financing, and management of long-term public infrastructure projects. With offices in Paris, New York, Toronto, and Istanbul, Meridiam is a leading investor in public infrastructure across Europe and North America. Currently managing $3.8 billion of assets, the firm has to date invested in 44 projects, including award-winning projects such as the Long Beach Courthouse and the Port of Miami Tunnel. Designated Best Global Fund in 2015 by IJ Global, Meridiam is one of the first investors and asset managers to receive ISO 9001 certification for its responsible investment process and is a founding member of the Long Term Infrastructure Investors Association.