The Indiana Finance Authority (IFA) accepted a substantially low bid on Feb. 19 from Isolux Infrastructure for a DBFOM contract for segment 5 of I-69. Bidding only with local contractors, the Spanish developer underpriced three other shortlisted teams for an availability payment DBFOM contract to improve a 21-mile section of I-69, including O&M of the existing SR 37 near Bloomington for 35 years. IFA and Indiana DOT aim to award a contract in March.

Parent company Isolux Corsán is a $4-billion, diversified infrastructure developer/operator with its roots in Cintra S.A., where its top executives learned the concessions business.