A joint venture of Fluor, ACS Infrastructure‘s Canadian arm and Aecon Group has closed project and financing agreements on a $4.4B megaproject to build, operate and maintain a bridge connecting Detroit, Mich. and Windsor, Ontario.
Fluor said Friday Bridging North America will support the 36-year life cycle of the Gordie Howe International Bridge project in partnership with the Windsor-Detroit Bridge Authority.
The effort will also include the establishment of advanced ports of entry to the U.S. and Canadian sides of the Detroit River, as well as the modernization of existing infrastructure in Michigan and Ontario.
The megaproject includes $900M worth of bonds, bank debt and equity from Fluor and its partners.
Terence Easton, president of Fluor's infrastructure business, said the financial closure seeks to solidify Irving, Texas-based Fluor's expertise in public-private partnership development and infrastructure megaproject delivery.
The Gordie Howe International Bridge is expected to be completed by 2024.
The company intends to declare its share of the contract value in its financial statements during the third quarter of this year.