A Hochtief Solutions and ACS consortium has reached a financial closing deal to build the north-east Anthony Henday Drive, a public private partnership (PPP) project in Edmonton, Alberta, Canada.

The PPP project will design, build, operate and partially finance the Anthony Henday Drive ring road at an overall contract value of C$1.81bn ($1.76bn) for more than 34 years. The consortium will issue bonds worth C$535 ($521.5m) to fund the ring road project in Edmonton.

Work includes construction of 27km of six-to-eight-lane divided roadway, nine interchanges, two road flyovers, eight rail crossings (flyovers) and two bridges across the North Saskatchewan River, for a total of 46 bridge structures.

Hochtief chairman of the executive board Frank Stieler said the company is benefiting from the strength and expertise of the alliance between Hochtief and ACS.

"Together, we can provide most of the services required to fulfill this contract and that is why the client has selected us," Stieler added.

"We are thus responsible for another transportation project and are profiting from our corporate alignment."

A joint venture (JV) between Flatiron and Dragados will carry out the construction work of the project and each has a 33.75% interest in the JV, while Hochtief and ACS own 25% each in the concession company.

Construction is expected to start in June 2012 and the project is scheduled to be complete in the final quarter of 2016.