The Future of Public- Private Partnerships By Luke Carothers
have saved more than 7 million drivers more than 17 million hours of driving time. Transurban’s work in the area has also generated $7 billion in economic impact, providing 46,000 jobs in construction and development since 2012. In the area, Transurban operates a growing network of managed lanes including the 53-miles of Express Lanes on I-495, I-95, and I-395 in Northern Virginia. Moneme, who has more than 20 years of experience across the trans - portation, finance, and real estate sectors with deep relationships in the transportation sector, believes that the power of P3s is demonstrated in their ability to deliver innovative funding, mobility, and policy solutions. In terms of innovative funding solutions for infrastructure and trans- portation projects, P3s are capable of delivering with less financial risk with the added bonus of shifting the burden away from taxpayers, which is alluring to small governmental institutions. In exchange for future revenue streams, P3s allow private sector firms to provide initial financing. With the private sector’s ability to raise funds for projects, small public contributions can have a huge impact. This was the case with Transurban’s Virginia Expressway Lanes network where the Commonwealth has seen a 55x ROI from its initial investment.
When the need for new and/or updated infrastructure projects in the United States, as well as other areas of the world, is brought forward, it is almost inevitably followed by the question of how to pay for these projects. One solution to this question is the P3 (Public-Private Part - nership), which is a partnership formed between one or more private companies and one or more government institutions. Transurban–one of the leading toll road developers and operators across the United States, Canada, and Australia–is leading the way in terms of using the power of P3s to develop innovative transportation solutions. Transurban’s Vice President of Corporate Strategy and Innovation, Emeka Moneme, believes that P3s, “unlock a number of opportunities for governments, local communities, and the private sector.” Moneme cites Transurban’s work in the Greater Washington Area where they
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