In late August 2005, MIG entered into an agreement to acquire an 86.7% economic interest in TRIP II, which included 0.1% acquired via a 100.0% direct interest in the General Partner which has day-to-day responsibility for the management and operation of the concession.
The initial investment comprised two subordinated loans secured against 86.6% of the limited partner interests in TRIP II, as well as two long-dated call options to acquire the 86.6% interests. These interests are currently held by the Shenandoah Group and AIE LLC. This investment reached financial close on 9 September 2005.
On 29 September 2005, MIG acquired the remaining 13.3% direct interest in TRIP II from Kellogg, Brown and Root (KBR). This acquisition resulted in MIG holding an estimated 100.0% economic interest in the Greenway.
In December 2006, MIG divested 50.0% of its interests to Macquarie Infrastructure Partners (MIP).
MIG’s remaining estimated 50.0% economic interest in the Greenway was then assumed by MQA on 2 February 2010, as part of the MIG demerger.
In May 2017, MQA acquired the remaining estimated economic 50.0% interest from MIP, increasing MQA’s estimated economic interest to 100.0%.
The Greenway opened to traffic in September 1995, six months ahead of schedule.
At its eastern end, the Greenway connects with the Dulles Toll Road (DTR). The DTR, which opened in 1984, is also approximately 22 kilometre in length and extends from the Greenway terminus, intersects the Capital Beltway at Tysons Corner and ends at Interstate 66 in Falls Church. When combined with the DTR, the Greenway provides the only limited access route through the rapidly growing Dulles corridor.
The Greenway has seven toll plazas, including a main line toll plaza (with 18 lanes) and six tolled ramps. ETC is available at each toll plaza, with 10 dedicated ETC lanes on the main line toll plaza. The Greenway is designed to allow for future expansion from its current 6 lanes up to 12 lanes, as the right of way is located on land that was acquired by TRIP II fee simple or through an easement agreement with the local airports authority. A typical section of the Greenway is 250 feet wide, providing future lane widening potential.
It also includes a minimum 40-foot median designed at the time to accommodate a mass transit development which is currently under construction (Metrorail Extension). The Metrorail Extension is expected to complete in early 2020 and is anticipated to improve accessibility to the Loudoun County and further stimulate its economic and demographic development.
The Greenway currently has peak and off-peak tolling rates, as well as different toll rates for vehicles with three or more axles. Refer to factsheet for further details.
The tolls on the Greenway are set on application by the Virginia State Corporation Commission (SCC) under the Virginia Highway Corporation Act (1988).
Section 56-542 of the Virginia Highway Corporation Act (1988) stipulates that toll rates must be set at a level that:
- is reasonable to the user in relation to the benefit obtained;
- will not materially discourage use of the roadway by the public; and
- will provide the operator with no more than a reasonable rate of return as determined by the SCC.
The legislation allows applications for a change in toll ceiling to be lodged by the concessionaire, third parties, or the SCC itself.
Tolls for application in the years 2015 to 2019 were approved in 2008 by state legislation to increase annually at the highest of CPI+1%, Real GDP or 2.8%. Toll increases from 2020 will require approval of the SCC.