Transurban (ASX:TCL) and The Commonwealth of Virginia have inked a deal worth $1 billion to deliver transportation solutions along Interstate 495 and Interstate 95.
The project involves and extension of the 495 express lanes for 3.2 kilometres to the Maryland border.
Transurban CEO Scott Charlton says the development agreement provides a clear path to finalise commercial agreements for the extension.
Virginia Department of Transport will deliver further improvements through the corridor including the construction of a new lane on the interstate 95 in Woodbridge.
Shares in Transurban Group (ASX:TCL) are trading 0.33 per cent lower at $12.