A team comprised of Fluor,Â Meridiam Infrastructure Purple Line and Star America Purple Line has achieved financial closeÂ on Maryland’sÂ $5.6 billionÂ Purple Line Light RailÂ project.
The Fluor-ledÂ Purple Line Transit Partners will finance, design, build, operate and maintain the project forÂ Maryland’s transportation department and transit administration through aÂ 36-year period, Fluor said Monday.
The company added the team received financing thatÂ includesÂ an $874.6 million loan from the TransportationÂ Department as well as “green bonds” worth $313 million from private activity bonds underwritten by JP Morgan and RBC Capital Markets.
Fluor announced theÂ $2 billion design-build contract awardÂ in MarchÂ as part of the project,Â which requires a 16-mile rail systemÂ withÂ 21 stations from Bethesda in Montgomery County to New Carrollton in Prince Georgeâ€™s County.
Purple Line Transit Constructors — the design-build team comprised ofÂ Fluor, The Lane Construction Corp., Traylor Bros. and Atkins North America — has conducted initial design and survey work to supportÂ construction later this year and passenger service inÂ 2022, Fluor noted.
The company addedÂ itsÂ Purple Line Transit Operators team with Alternate Concepts and CAF USA will performÂ operations and maintenance services for 30 years after construction.