AUSTRALIA: Cintra and Plenary have combined to create a joint venture business to compete in the Australia and New Zealand road infrastructure market.
With a focus on toll road and concession projects, Netflow brings together two leading developers and managers of infrastructure with the ability to deliver strong customer outcomes and experiences for their road projects.
Cintra and Plenary have a long history of providing innovative infrastructure solutions, creating value for clients and users by combining sophisticated finance, design, construction and operations methods with the latest technology.
Uniquely, Netflow brings construction capability through Cintra’s sister business Ferrovial Agroman.
Cintra CEO Enrique Diaz-Rato said Netflow will play an important role in creating competition in the sector by looking to develop roads with a sharp focus on customer outcomes.
“Cintra has extensive international road development and operational experience, under a variety of payment models, that can be leveraged and adapted to the Australian market,” Mr Diaz-Rato said.
“In Plenary we have found a partner with a similar approach to infrastructure development and management, and we look forward to growing a portfolio of road projects together.
“The success Cintra and Plenary had as part of the Nexus Infrastructure consortium in winning the A$1.6 billion Toowoomba Second Range Crossing project shows what we can achieve in this market.
“When we harness our respective in-house capabilities and apply these to local needs, the result will be strong value-for-money alternatives for road users and governments.”
Plenary CEO Paul Oppenheim said teaming with Cintra signalled Plenary’s intent to build on its Australian portfolio and follows successful road infrastructure projects in Australia and North America.
“Growing populations in our major capital cities require new approaches to the development of future roads,” Mr Oppenheim said.
“Our recent experience demonstrates that a focus on competition, innovative design, and customer focused operations leads to success.
“The adoption of our active equity approach to infrastructure projects complements Cintra’s investment approach.”
Mr Oppenheim said Phil Dreaver, a founding director of Plenary’s North American business, has been appointed Managing Director of Netflow and will lead all aspects of its operations.
Mr Dreaver confirmed that Sydney’s WestConnex was a significant opportunity for the new business and would attract Netflow’s initial focus.
Cintra is one of the largest private developers and investor of transport infrastructure in the world, managing 25 road concessions across Australia, the US, Canada, Europe and South America. It manages more than A$30 billion of assets.
Cintra is a subsidiary of leading global infrastructure and services operator, Ferrovial, which manages such prominent assets as Heathrow and Glasgow airports. Cintra has delivered effective technical and financial solutions for some of the world’s largest infrastructure projects, applying cutting-edge technology and design innovation to minimise financing, construction and operational costs.
Assets under management include the 407 ETR toll road in Toronto, and the LBJ Express and North Tarrant Express Managed Lanes projects in Texas.
Plenary Group is an independent, long-term investor, developer and manager of public infrastructure with 41 projects worth more than A$29 billion across Australia, Canada and the US.
It adopts a holistic approach to delivering projects that embraces finance, design and construction, complementary commercial development, asset management and operations.
Plenary is currently developing some of Australia’s largest transport projects including the A$1.6 billion Toowoomba Second Range Crossing, the A$3.7 billion Sydney Metro Northwest and the A$2 billion High Capacity Metro Trains project in Melbourne.
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