The number of bidders vying to design, build and operate the Indiana portion of the proposed Illiana Expressway as part of a public-private partnership (P3) was dropped down to four this week by the Indiana Department of Transportation (INDOT). The agency plans to meet with each of the bidders in the coming weeks, with a request for proposals expected this summer.
Six submissions were sent in following INDOT’s request for qualifications in November. The department chose the following as finalists: Indiana Corridor Transportation Group, led by equity members ACS Infrastructure Development Inc. and Fengate Capital Management Ltd.; Illiana East Mobility Partners, led by Cintra Infraestructuras S.A.; Isolux Infrastructure Netherlands B.V.; and WM Indiana Illiana-Partners LLC, led by Meridiam Infrastructure Illiana IN LLC and Walsh Investors LLC.
All of the Indiana finalists, except for Isolux, were also finalists for the Illinois portion of the project.
The winning team on both sides of the project will be required to contribute some of the initial money to get started on construction. To compensate them, the states will award a “milestone” payment once construction reaches a certain point. The winning team would also receive annual payments after the expressway is operational.
Federal approval is still needed for the Illiana Expressway project, but could come as early as this spring.