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Wednesday, April 21, 2021

Texas high-speed train group secures $300M loan

Texas Central secures loan of up to $300 million Texas Central, the company implementing the high-speed train between Houston and North Texas, announced Sept. 12 it has secured a loan of up to $300 million from the Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development and the Japan Bank for International Cooperation.

Texas Central will use the funds to move ahead on permitting, design and engineering, as well as other early works needed to launch construction during 2019, the company said in a news release.

Texas Central said the interest-bearing loan, along with the equity provided to date – the majority coming from Texas entrepreneurs – will provide enough funding for all activities required for the project to reach financial close.

The Texas project will inject an estimated $36 billion in economic benefits statewide over the next 25 years, including creating 10,000 direct jobs per year during construction and 1,500 permanent jobs when operational, the company said.

Texas Central is developing a new high-speed train that will connect North Texas, the Brazos Valley and Houston.

– FWBP Staff

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