California hits the PPP road with SR125 project.

Financing has closed on the SR 125 toll road, a groundbreaking public-private project in California, as of July 2003. The $635 million deal is a rare example of a privately funded toll road in the U.S. and is one of the first to use European-style financing technology for such a project. Australia's Macquarie Infrastructure Group (MIG) is the sponsor on SR 125, having bought out the original sponsors Parsons Brinckerhoff and Egis with an 84.3 percent stake in September 2002. Financing for the deal included a $140 million federal government loan, made under the 1998 Transportation Infrastructure Finance and Innovation Act.