Finance: North America

Developments in transport finance, PPP, debt, equity, M&A deals from North America

• FRA awards PTC implementation grant to Metro-North, US

  February 8, 2019
  The Federal Railroad Administration has awarded a USD2.3 million grant, as part of the Consolidated Rail Infrastructure and Safety Improvements Program, to the Metro-North Railroad (Metro-North) to support Positive Train Control (PTC) communications testing on the network.

• Alberta to invest in Calgary’s Green Line LRT, Canada

  January 31, 2019
  The city of Calgary and the province of Alberta have signed a CAD3-billion funding agreement for the CAD4.65-billion Stage I of the Green Line light rail transit (LRT) project.

• Virgin Trains USA launches IPO, US

  January 30, 2019
  Virgin Trains USA LLC has announced an initial public offering (IPO) of 28.3 million shares of common stock.

• TTC approves 2019 budget, 2019–2028 capital budget, Canada

  January 25, 2019
  The Toronto Transit Commission (TTC) Board has approved the CAD2.1 billion 2019 operating budget for conventional transit and paratransit services.

• Volvo to invest in Momentum Dynamics to develop wireless electric charging

  January 17, 2019
  Volvo Group Venture Capital AB, a subsidiary of the Volvo Group, has announced plans to invest in US-based Momentum Dynamics to develop high-power-capacity charging (up to 300 KW) for the transportation and automotive sector, especially for autonomous, connected, and commercial electric vehicles.

• WMATA seeks public input on FY2020 budget proposal, US

  January 16, 2019
  The Washington Metropolitan Area Transit Authority (WMATA) has invited public comment on its USD3.4 billion Fiscal Year (FY) 2020 budget proposal.

• FTA awards grant to Portland streetcar system, US

  January 2, 2019
  The Federal Transit Administration (FTA) has awarded a USD1.076 million grant, through its Pilot Program for Transit-Oriented Development Planning, for land-use and transportation planning along the proposed extension of the Portland streetcar system to Montgomery Park.

• Sound Transit approves 2019 budget, US

  December 31, 2018
  The Central Puget Sound Regional Transit Authority (Sound Transit) has approved a USD2.9 billion budget for fiscal 2019, of which around USD2.4 billion will be allocated to capital projects like the extension of light rail transit (LRT) to Lynnwood, Federal Way and Downtown Redmond by 2024 and the development of new bus rapid transit (BRT) lines along the I-405, SR-522 and Northeast 145th Street.

• Cincinnati Metro to procure 70 new buses with federal grants, US [free access]

  December 28, 2018
  Cincinnati Metro has announced plans to procure 70 new buses by the end of 2019 to replace some of the oldest buses in its current fleet.

• USDOT funds Lynwood Link, approves loan for Cotton Belt Corridor

  December 21, 2018
  The United States Department of Transportation’s (USDOT) Federal Transit Administration (FTA) has announced plans to allocate USD1.17 billion through the Capital Investment Grants (CIG) programme to the Central Puget Sound Regional Transit Authority (Sound Transit) for development of the Lynnwood Link light rail.

• FRA awards second round of CRISI grants for PTC, US

  December 21, 2018
  The Federal Railroad Administration (FRA) has awarded USD46.3 million in grant funding for 11 projects across 10 states to support the deployment of positive train control (PTC) systems.

• MassDOT funds CNG bus procurement for MetroWest, US

  December 13, 2018
  The Massachusetts Department of Transportation (MassDOT) has awarded a USD2-million grant through the Communities in Transit programme to the MetroWest Regional Transit Authority to replace 24 aging buses.

• New York MTA approves 2019 budget

  December 13, 2018
  The New York Metropolitan Transportation Authority (MTA) has approved its USD17-billion budget for fiscal year 2019.

• FTA funds five New Starts projects, FFGA for Orange County Streetcar

  November 30, 2018
  The United States Department of Transportation’s Federal Transit Administration (FTA) has awarded USD281 million in additional funding in the fiscal year 2018 through its Capital Investment Grants (CIG)/ New Starts Program to five transit projects in Arizona, California, Minnesota and Texas.

• New York state funds for rail infrastructure improvements

  November 20, 2018
  The Governor of New York has awarded grants of a total value of USD27.1 million under the Passenger and Freight Rail Assistance Program for rail infrastructure improvements across the state.

• Brightline forms partnership with Virgin Group and rebrands in US

  November 19, 2018
  Brightline, the US-based private intercity passenger railroad operator, has announced strategic partnership and trademark licensing agreement with the UK-based Virgin Group.

• British Columbia transit projects secure funding [free access]

  November 16, 2018
  The Government of Canada and the Provincial Government of British Columbia (BC) have announced plans to allocate CAD136 million for implementation of five transit projects across the province.

• New York MTA to acquire Grand Central Terminal and rail assets

  November 14, 2018
  The New York Metropolitan Transportation Authority (MTA) Board’s finance committee has approved plans to acquire the Grand Central Terminal for USD35 million.

• Chicago’s Metra approves 2019 operating and capital budget, US

  November 12, 2018
  The Metra Board of Directors have approved the 2019 operating budget of USD822.2 million, a 3.1 per cent increase over the 2018 budget.

• STM approves 2019 budget and 2019-2028 capex programme, Canada

  November 8, 2018
  The Société de Transport de Montréal (STM) has approved the CAD1.5-billion 2019 Budget and the CAD15.6 billion 2019-2028 capital expenditures (capex) programme.