A week after the Project Finance Awards honored the Florida deals, the Infrastructure Journal Awards honored the Texas DOT’s North Tarrant Express project as its 2009 Global Transport Deal of the Year. The Florida DOT’s I-595 Project was nominated along with one other project for the honor.
The North Tarrant Express was nominated with two other projects for the IJ’s 2009 Global Deal of the Year – which selects from projects in all sectors, including: power, renewables, oil and gas, PPPs, and transport.
Nossaman was nominated along with two other law firms for the 2009 Transport Legal Advisor of the Yearaward for our work in the industry, including our work on the North Tarrant Express, the I-595, and the Port of Miami Tunnel.
We heartily congratulate the Texas and Florida Departments of Transportation on their impressive accomplishments and appreciate the opportunity to have been associated with their successful projects.
Infrastructure Journal reported that the North Tarrant Express deal marks the first time a US pension fund has come on board as a direct equity shareholder in a toll road concession, and the first time long-term investment grade transportation private activity bonds (PABs) have been issued, sold "unwrapped"." It is the only road development project in the country to have closed in 2009 in which the private sector assumed revenue risk. IJ notes the North Tarrant Express deal "has the potential to kick start a trend across the States of pension funds becoming more active in infrastructure investment.
The London-based IJ called the I-595 a pathfinder deal and remarked that the nomination of US law firm Nossaman is an indicator of where the market is heading, with three landmark deals in the States making it away in 2009 - Port of Miami Tunnel, North Tarrant Express (Transport Deal of the Year) and the I-595.
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