Elizabeth River Tunnels project honored with “Deal of the Year” award by Project Finance magazine

Project Finance magazine gave its highest honors to the Infrastructure Development joint venture that achieved financial close last year on the $2.1 billion Elizabeth River Tunnels (formerly Midtown Tunnel) project in southeastern Virginia. The project won in the North American Toll Road Deal of the Year category at an awards ceremony earlier this month in New York City. This annual award recognizes projects with exemplary project financing; Elizabeth River Tunnels features the largest-ever private activity bond, an efficient funding method.

“This award demonstrates Skanska’s stature as a world-class project financier,” said Karl Reichelt, executive vice president of Skanska Infrastructure Development North America, who accepted the award along with the developer team. “Reflecting the outstanding job we continue to do, Virginia’s secretary of transportation, Sean Connaughton, joined us on stage to accept this honor.”

The USA Civil construction joint venture was recognized in the acceptance speech, most notably for bringing the foremost technical qualifications to benefit this project.

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