Dulles Greenway

Nature of the asset

The Dulles Greenway toll road is a 22 km operating toll road, linking the Dulles International Airport to Leesburg, through Loudoun County, North Virginia. Loudon County has been one of the fastest growing counties in the United States, with significant housing and economic development in the corridor. The road is six lanes for most of its length, and can be expanded to meet future traffic demands.

Dulles Greenway is a relatively young, well maintained urban toll road with a 14 year operating history and 46 years remaining in the concession agreement. There are currently nine operating interchanges.

Nature of the investment

The Dulles Greenway concession is owned by TRIP II, a limited partnership. In September 2005 MIG invested US$533 million to provide loans against and hold options over 86.7% of TRIP II and acquire 100% of the General Partner, Shendandoah Greenway Corporation. The General Partner has day to day responsibility for the management and operation of the concession. Later in September 2005, MIG also acquired a 13.3% direct equity interest in TRIP II. This latter acquisition took MIG's investment to a 100% economic interest in the Dulles Greenway.

In December 2006, MIG completed the sale of 50% of its economic interest in the Dulles Greenway to Macquarie Infrastructure Partners (MIP) and subsequently MIG holds an estimated 50% economic interest in the Dulles Greenway.

Length

22 kilometres

Number of lanes

Mostly 3 lanes along the entire length

Tolls (GBP)

2-axle vehicles: $4.00 peak, $3.40 off-peak

3 to 6-axle vehicles: twice 2-axle toll and 50% 2-axle toll for each axle greater than 3-axles

Toll price escalation

Maximum toll schedule has been set by the Virginia State Corporation Commission (SCC) through to the end of 2012. From 2013 through to 2020 tolls can escalate annually at the highest of (i) CPI + 1% (ii) Real GDP, or (iii) 2.8% per annum. Post 2020 tolls are set by the SCC on application.

Toll collection

Cash, electronic and credit card

Concession end

2056