Pennsylvania Transportation Partners — the consortium made up by Abertis, Citi Infrastructure Partners and Criteria CaixaCorp., which made the winning bid in the Pennsylvania Turnpike toll road tender — announced that it has decided not to extend its offer, which expired Tuesday, Sept. 30.
After extending its offer twice to help comply with the legislative process in the Pennsylvania General Assembly, based on forecasts by the state authorities in May, PTP says it believes the situation is not propitious for a third extension.
PTP says progress in the approval process, which is taking longer than expected, alongside uncertainties in financial markets are behind the decision, which will give the partners of the consortium more freedom to assess other opportunities and projects, some of which are in part related to the current situation.
PTP says it has informed the Pennsylvania authorities that it is willing to reconsider its stance and the conditions necessary to resume the process once circumstances allow. Pennsylvania Gov. Edward G. Rendell has stated that he hopes to enter into talks with the Abertis-Citi team once the legislature comes back in January and a legislation is enacted.
By not extending the current offer, the consortium says it will recoup the guarantees given and will be freed from the financial commitments related to the project.
On May 19, the Abertis-led consortium Pennsylvania Transportation Partners was selected by the state of Pennsylvania as the winner in the tender to manage the Pennsylvania Turnpike toll road in the United States for 75 years. The $12.8 billion lease bid was subject to legislative changes and approval by the Pennsylvania General Assembly.