Alliance News) - John Laing Group PLC on Tuesday announced it will invest an additional USD14 million to increase its stake in the Denver Eagle P3 commuter rail project.
The FTSE 250-listed infrastructure investor will grow its interest in the Denver, Colorado project to 50% from its previous 45% holding.
In 2010 John Laing first invested in Denver Eagle, which marked the first public-private partnership transit project in the US. The partnership between the Regional Transportation District and Denver Transit Partners has since helped create three new commuter rail lines in Denver's metropolitan area.
"Denver Eagle has shown its resilience throughout the Covid-19 pandemic, with its strong operational performance and high ridership rates," commented Anthony Phillips, Co-Head of PPP and Greenfield Projects at John Laing.
"This highly attractive asset has proven to be a piece of critical infrastructure for the local communities of Denver. We welcome this opportunity to increase our stake in an asset in which we see continued potential value and significant growth opportunities."
Since investing in Denver Eagle, John Laing has been involved in the construction of the project, the company says. The rail project has had a combined ridership of over 33 million since it began operating.
John Laing shares were up 0.1% at 399.80 pence each in London on Tuesday morning.
By Will Paige; willpaige@alliancenews.com
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