Conrac Solutions and iCON Infrastructure Announce Partnership to Develop Consolidated Rent-A-Car Airport Infrastructure
Agreement enables joint undertaking of ConRAC development, financing, construction and operation throughout the U.S. and Canada over the next five years.
RENTON, WA – Nov. 9, 2020 – Conrac Solutions, has announced a partnership with independent infrastructure investment group, iCON Infrastructure, including equity financing for future private delivery and re-financings of ConRAC facilities over the next five years.
As nationwide leaders in ConRAC development, finance and operation, Conrac Solutions’ partnership with iCON Infrastructure effectively merges Conrac Solutions’ transportation infrastructure delivery expertise with iCON Infrastructure’s international investment management network. In connection with the travel industry’s post-pandemic recovery, this agreement will provide benefits to both airports and the rent-a-car industry through Conrac Solutions’ innovative project delivery and financing approach.
As evidenced by Conrac Solutions’ global award-winning financing approach of Newark Liberty International Airport’s ConRAC, which closed in the spring of 2019, this financing method is structured to absorb demand and market dislocations over periods of time, such as the current pandemic, without impacting the customer. Further, airports maintain control of the asset development terms and remain long-term owners of the facility, fully maintained with lifecycle-cost guarantees. This approach also exempts the rent‐a‐car industry from coverage of shortfall revenue requirements and enables Customer Facility Charge rates to be pre‐set for the life of the facility and not subject to adjustment as is typical under airport‐issued bond financing.
For project renderings and more information visit https://www.conracsolutions.com/EWR.
“We are excited about what this partnership means for Conrac Solutions and for the future of ConRAC development,” says Daniel Pine, Managing Partner of CS Capital. “iCON brings expertise spanning a range of infrastructure sectors and we are excited about our joint ability to accelerate the development of ConRACs to benefit airports, the rent-a-car industry and their customers through the use of flexible and efficient financing structures.”
“We look forward to working with Conrac Solutions because of their unique proprietary model which provides airports with high quality and cost-effective facilities for rent-a-car companies,” says Rory Hunter, Director at iCON Infrastructure. “We are excited to provide much needed investment into ConRAC facilities across the U.S. and Canada and play our part in assisting airports and rent-a-car companies return to their strong growth trajectories.”
About Conrac Solutions
Headquartered in Renton, WA, the Conrac Solutions family of companies is the only entity in the United States to have privately developed, on‐airport, consolidated rent‐a‐car facilities (ConRACs). As developer, financial sponsor and operator of ConRACs, the company has experience in pre‐development and feasibility, financing strategies, design and construction, activation, operations, asset management and capital project management. Completed projects include Ted Stevens Anchorage International Airport, Austin‐Bergstrom International Airport, and Bismarck Airport. ConRACs currently under contract for planning and delivery include Bradley International Airport (Hartford, CT), Newark Liberty International Airport and Reno Tahoe International Airport. For more information on Conrac Solutions, please visit www.conracsolutions.com.
About iCON Infrastructure
iCON Infrastructure LLP (“iCON Infrastructure”) is an independent investment firm focused on investments in core infrastructure businesses across North America and Europe. Investments owned by funds advised by iCON Infrastructure include interests in Mountaineer Gas Company and TruVista Communications in the US; Capstone Power and Vista Services in Canada; Verbrugge International and Combined Cargo Terminals in the Netherlands; Gruppo Spinelli, EGEA and Eco Eridania in Italy; Hannover Airport and USG in Germany; Nua Healthcare Services in Ireland; Arcadia Renovables in Spain and Bristol Water, Gridlink, SELCHP and Choice Care Group in the UK. iCON Infrastructure is regulated by the Financial Conduct Authority. Further information is available at: www.iconinfrastructure.com.