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.
“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.”
