Ferrovial Leads $9.2 Billion I-24 Highway Expansion in Tennessee
On August 19, Ferrovial (NASDAQ:FER) announced it has been selected to lead the construction of a new 26-mile highway expansion project on I-24 between Nashville and Murfreesboro as part of its DriveTN consortium. The $9.2 billion initiative is Tennessee's largest single capital investment and first public-private partnership, aiming to alleviate traffic congestion in one of the region’s most jammed corridors by introducing express lanes that could reduce peak-hour travel times significantly. Ferrovial has experience with similar toll lane projects across major U.S. cities like Washington D.C., Charlotte, Dallas-Fort Worth, and Virginia's I-66 corridor where such models have proven effective in reducing congestion. The company reported strong financial performance for the first half of 2026, including a 21.6% increase in adjusted EBITDA to €746 million, driven largely by its U.S. highways segment and supported by an all-time high construction order book of €18 billion. Despite these positives, Ferrovial’s net profit declined year-over-year due to the absence of capital gains from asset rotation seen in 2025. The project is still subject to financing and regulatory approvals before it can be built and operated over a multi-decade period.
Tickers: $FER
Topics: highway development infrastructure public-private partnership transportation