The Transurban Group (ASX: TCL) share price is pushing higher on Thursday afternoon. This follows the toll road operator's latest positive announcement regarding the Maryland Express Lanes Project.
At the time of writing, Transurban shares are fetching for $13.45, up 0.22%.
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Maryland Express Lanes Project update
In a statement to the ASX, Transurban advised that the Accelerate Maryland Partners (AM Partners) has received approval for works on the Maryland Express Lanes Project.
The AM Partners is led by Transurban and Macquarie Capital as lead project developers and equity members.
The green light was given by the Maryland Board of Public Works over the Public-Private Partnership (PPP) agreement. The approval is for the first phase of the project in the Greater Washington area (United States).
Under the initial stage, it proposed that AM Partners will build approximately 60 kilometres of highway toll lanes. This will connect Northern Virginia with key business and residential centres in Maryland.
The next step in the predevelopment process will see AM Partners work with the Maryland Department of Transportation.
A final concession agreement and financial close is expected sometime in late 2022 on the first phase of the project.
Transurban CEO, Scott Charlton touched on the significant milestone, saying:
The Maryland Express Lanes Project is set to be one of the largest PPPs in the USA, and the delivery of Phase 1 will be our first partnership with the Maryland Department of Transportation.
The Maryland Express Lanes Project will address one of the region's worst congestion points, the American Legion Bridge, and allow us to extend the benefits of our Express Lanes network to motorists travelling between Virginia and Maryland.
About the Transurban share price
Over the last 12 months, Transurban shares are relatively flat, down 2%. Year-to-date hasn't fared much better, also down 1%. The company's share price is sitting just below the middle of its 52-week range of $12.36 and $15.64.
Transurban commands a market capitalisation of roughly $36.8 billion, making it the 15th largest company on the ASX.
