Financing of the Cross Sound Link Tunnel Project

• Current estimate of project cost is $9 – $10 billion (depending on final alignment)
• Based on current traffic projections of 60k – 80k (2025) AADT, the tunnel project is financially viable as a stand-alone project
  • High % of commercial vehicles
  • Use of congestion pricing to induce off-peak use and manage traffic
  • Reasonable toll rates given status quo alternative route
• Essential infrastructure projects are becoming a highly sought investment class
• Conceptual financing approach involves both debt and equity and assumes no public sector capital

Potential Capital Structure