Cintra: Riding the next US P3 wave
The US public-private partnerships market is experiencing a revival. Proximo explores why financial and policy conditions are helping to drive renewed activity
In a live episode of the Proximo In-Depth podcast recorded at Proximo Congress 2026 in Nashville, Tom Nelthorpe spoke with Alberto Gonzalez, global head of business development at Cintra, a Ferrovial company, about the resurgence of US public-private partnerships and what debt and equity providers need to know about the next wave.
Cintra was one of the pioneers of PPPs in the United States. It operates five of the seven managed lanes concessions in the country and is now in one of its busiest periods since entering the market in 2005.
Southeast shift
The centre of gravity has moved. Texas was once the epicentre and Virginia the most stable market, but activity is now concentrated in the Southeast — Georgia, Tennessee and neighbouring states — where population growth and constrained traditional funding are driving demand. Cintra is active on bids in Georgia and Tennessee, both part of larger programmes, with North and South Carolina also opening up.
A more mature public-sector approach
P3 is no longer treated only as a last-resort financing tool. Public owners increasingly value accelerated delivery, certainty and risk transfer to the private sector. Strong operating track records have rebuilt trust after early failures, and states are getting better at placing procurements in a clear programmatic context.
Debt, equity and what comes next
TIFIA and PABs still dominate US transportation finance, but larger, more complex projects will need additional sources and could create fresh opportunities for commercial banks. On equity, financial sponsors are now commonplace, though managed lanes still require education for many investors. Gonzalez’s main message to governments: listen directly to the private sector. The current pipeline will set the template for the next 12 months.
