Amid Spain’s political tensions sparked by Ferrovial’s decision to relocate its headquarters to the Netherlands, the company’s contract portfolio continued to grow. The United States stands out as a primary market, reflecting Ferrovial’s substantial cross-border operations and emphasis on North American activity.
Under the leadership of Florentino Pérez, who also serves as president of Real Madrid, Ferrovial derives a majority of its footprint from the United States, with roughly half of its contract portfolio and more than six-tenths of revenue generated there. In 2022, the group reported a record contract portfolio valued at nearly €69 billion. From 2023 to 2027, Ferrovial is projected to obtain the vast majority of its revenue and investments outside Spain, underscoring the strategic importance of North American markets.
What contracts has ACS won in the USA?
Recent developments show ACS, through an alliance led by Dragados, securing significant U.S. projects. One notable award is the Pearl Harbor dry dock replacement at Joint Base Pearl Harbor-Hickam in Hawaii, valued at approximately €2.67 billion, with potential growth up to about €3.42 billion if options are exercised. This dry dock will support the maintenance of future nuclear submarines, with multiple firms involved in commissioning and execution.
Another major project involves Turner, a subsidiary associated with Pérez’s group, building a battery factory for electric vehicles in Kansas. The estimated investment for this Panasonic-commissioned project reaches €3.9 to €4.0 billion. Earlier, Turner secured a similar battery-related contract in Kentucky, constructed by Ascend Elements, in a collaboration that involves significant investment with partners including Honda and LG.
Since the Ferrovial case first emerged, ACS has signaled an interest in reassessing its North American exposure. Reports indicate negotiations around the sale of a highway project in Texas, SH-288, in which ACS controls a large stake and which carries a valuation exceeding €2 billion.
What investments will Ferrovial make in the USA?
Ferrovial, led by executives including Del Pino, has outlined three major American investments. The foremost project is the design, construction, and operation of New Terminal 1 at New York’s John F. Kennedy International Airport. The concession, slated to run through 2060, involves replacing the aging Terminal 1 and Terminal 2, as well as the old Terminal 3, with a project value around €9 billion.
A secondary priority involves the I-66 highway improvement in Virginia. Ferrovial’s toll-road unit Cintra, in partnership with Meridiam and APG, plans to fund and operate the dynamic toll system for Interstate 66 near Washington, D.C., with a project value of about €3.7 billion. Construction management and related responsibilities were reported to have progressed toward completion late last year.
The third major investment centers on the North Tarrant Express corridor in the Dallas–Fort Worth region of North Texas. A consortium led by Cintra completed a 13.25-mile toll road project, with an investment around €1.8 billion and ongoing maintenance responsibilities through the concession term, extending into the next decade. These initiatives illustrate Ferrovial’s continued commitment to large-scale U.S. infrastructure and transportation assets, aligning with long-term growth and operational strategies. [Source: corporate reporting and industry disclosures]”