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Project Profile: Dulles Greenway

Dulles Greenway

photo credit: Dulles Greenway Website


Loudoun County, Northern Virginia

Project Sponsor / Borrower

Toll Road Investors Partnership II (TRIP II)

Program Areas

Tolling and Pricing


Toll Highway


The Dulles Greenway is a 14-mile, limited-access highway extending from the publicly-owned Dulles Toll Road - which carries traffic between Washington's Capital Beltway and Dulles Airport - to Leesburg. The two roads connect at a toll plaza. Drivers pay one toll, which the operators of the two facilities divide.

The Greenway was privately financed and constructed from 1993 to 1995 and had an initial agreement to have operational responsibilities revert to the Commonwealth of Virginia in 2036. To finance the Greenway, the limited private partnership, TRIP II put up $40 million in equity, and secured $310 million in privately placed taxable debt. Ten institutional investors led by CIGNA Investments, Prudential Power Funding Associates, and John Hancock Mutual Life Insurance Company provided $258 million in long-term, fixed-rate notes (due in 2022 and 2026). Three banks (Barclays, NationsBank, and Deutsche Bank AG) agreed to provide part of the construction funding and $40 million in revolving credit. Loans were to be repaid with toll revenues, and the financing was secured by a first mortgage and security interest in the developer's right, title, and interest in the facility.

When the Greenway opened in September 1995, traffic fell short of projected levels, and tolls were reduced. Users but not revenues increased. Tolls were increased in July 1997 and the Virginia General Assembly allowed the speed limit on the facility to be increased from 55 to 65 miles per hour.

Still facing financial challenges, TRIP II restructured its debt in 1999 and agreed to an extension of the project. In 2001 the Virginia State Corporation Commission (SCC) extended TRIP II's concession period for an additional 20 years to 2056. In September 2004 variable peak and discounted off-peak point-to-point rates were introduced to better manage peak period congestion.

In August and September 2005 Macquarie Infrastructure Group (MIG, now Macquarie Atlas Roads) agreed to purchase TRIP II for $617.5 million. This included a payment of $84.5 million to Kellogg Brown & Root for its 13.3% share of the company, and $533 million to the Shenandoah Group, the family-owned company that held the remaining 86.7% of the company after having bought out Autostrade International's former 30% share in 2003.

In December 2006, MIG completed the sale of 50% of its economic interest in the Dulles Greenway to Macquarie Infrastructure Partners (MIP), retaining a 50% economic interest in the Greenway. In early 2017, Macquarie Infrastructure Partners' share was sold back to Macquarie Atlas Roads for $445 million.

The maximum toll schedule had been set by the SCC through 2012. From 2013 through to 2020 tolls can escalate annually at the higher of CPI plus 1%, real GDP, or 2.8% per annum. Post-2020 tolls are set by the SCC on application.


$350 million

Funding Sources

MIG's 2005 purchase - Macquarie raised financing for its investment in TRIP II through the placement of private stock in Australia. Macquarie also raised funds in New York through the float of $425 million worth of shares in the closed-end Macquarie Global Infrastructure Total Return Fund. Macquarie used the monies generated from these sales to make multiple purchases.

TRIP II's 1999 refinancing - $332 million in AAA Bonds replacing all outstanding agreements were insured by MBIA and included:

  • $35 million of current-pay interest-only bonds
  • $297 million zero coupon bonds maturing in 2003, 2005 with blended interest rate of approximately 7%

TRIP II's original financing - discussed above under Description.

Project Delivery / Contract Method

DBFOM (design, build, finance, operate, and maintain)

Private Partner

Owner - TRIP II, a fully owned subsidiary of Macquarie Atlas Roads

Operator - Autostrade International of Virginia O&M, Inc., a subsidiary of Italian-based Autostrade for Italy S.p.A

Project Advisors / Consultants




Duration / Status

Opened September 1995 and has since been expanded from four to six lanes

Financial Status

Greenway owners began to default in 1996.

Large refinancing package completed in 1999.

TRIP II Purchased by MIG in September 2005 for $617.5 million

  • One of first U.S. projects to embody the basic concepts of project revenue financing.
  • Enabled by 1988 action of Virginia's General Assembly, authorizing private development of toll roads.
  • The Greenway is the first toll road in greater Washington, D.C. to feature variably priced tolls.
Related Links / Articles

Dulles Greenway Website

Macquarie Atlas Roads Asset Portfolio


Toll Road Investors Partnership II, L.P. (TRIP II)
Tel: (703) 707-8870

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