The Beaver Excavating Co. is a 30% partner with Dragados on a $430-million design-build contract for Ohio DOT’s Portsmouth Bypass P3 project. It is ODOT’s largest contract, and Beaver’s first P3.

Three strong teams bid and the $557-million DBFOM project was awarded to ACS Development in 2015 as an availability payment concession, partially funded with $49 million in equity and most of the rest with TIFIA and PABs debt. Ernst & Young advised ODOT.

The P3 model “changes everything,” says Matt Sterling, Executive Vice President at Beaver.