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Shikun & Binui USA, a member of Red River Valley Alliance, LLC (RRVA), Celebrates Groundbreaking of the Fargo-Moorhead Diversion Channel and Associated Infrastructure Project.

Read the press release below.
 

Shikun & Binui USA, a member of Red River Valley Alliance, LLC (RRVA), Celebrates Groundbreaking of the Fargo-Moorhead Diversion Channel and Associated Infrastructure Project

Pittsburgh, PA – August 9, 2022

Today marked a major milestone as Shikun & Binui USA, a member of RRVA, broke ground on the site of the future Fargo-Moorhead Diversion Channel and Associated Infrastructure project, along with many local, state, and federal officials. S&B USA is involved in the RRVA through its US construction subsidiary, S&B USA Construction and its US development and investment subsidiary, S&B USA Concessions.

Sam Headon, Head of Infrastructure Investment for S&B USA Concessions and Board Member of RRVA, told the crowd of distinguished guests, “Our company’s goals are to make this project one that the community will value and one that will be a model for future P3 infrastructure projects around the globe.”

The project is the first pilot project under the agency’s Revolutionize USACE (U.S. Army Corps of Engineers) Civil Works initiative, which aims to demonstrate the possibility of novel delivery methods that effectively lower project costs and construction time. S&B USA is working with partners, ACCIONA and North American Construction Group to build a 30-mile flood diversion channel that offers long-term flood protection to the Fargo, ND – Moorhead, MN -West Fargo, ND metro area, is designed to withstand a 100-year flood, and would provide resiliency in the event of a 500-year flood.

Once completed, the project is anticipated to safeguard more than 235,000 people and 70 square miles of current infrastructure against flooding, potentially saving American taxpayers billions of dollars in disaster recovery funding and protecting the livelihoods of thousands of small- and medium-sized businesses throughout the region.

The Fargo-Moorhead Diversion Channel and Associated Infrastructure project represents the first USACE public-private partnership (P3) and one of the first large-scale P3 transactions in the United States focused on environmental, social and governance standards. This first-of-its-kind climate resiliency P3 project speaks directly to the current and future climate change adaptation goals of the Metro Flood Diversion Authority, the state and U.S. federal sponsors of the project, and will set a new standard for both project development and financing.

“We are excited to start construction of this vital flood-relief project” said Sharon Novak, Chief Executive Officer of Shikun & Binui USA. “We will continue to work closely with the Metro Flood Diversion Authority, Corps of Engineers, the local communities and our RRVA partners to successfully deliver this project”.

S&B USA is also an equity member in two other over $1B P3 projects: SH288 Toll Roads, which is now in the operation and maintenance phase and PennDOT’s Major Bridges program, which is initiating design.

About Shikun & Binui
Established in 1924, Shikun & Binui Ltd. (S&B) is an experienced construction, development and real estate group, headquartered in Israel and active globally. S&B is publicly traded on the Tel Aviv Stock Exchange (SKBN) and is active in Israel and globally in the development and construction of large scale, complex heavy civil infrastructure. S&B has been active in the U.S. since 2012 and is now operating out of Pittsburgh, PA through its infrastructure development and equity subsidiary, S&B USA Concessions, its construction subsidiary, S&B USA Construction, including its operational arm, Fay, and Shikun & Binui Energy Ltd.’s subsidiary, S&B USA Energy.

About the Red River Valley Alliance
The Red River Valley Alliance (RRVA) is a consortium of global developers charged with developing and maintaining the Fargo-Moorhead Area Flood Diversion project, as selected by the Metro Flood Diversion Authority. The members of RRVA are Shikun & Binui USA, ACCIONA, and the North American Construction Group. RRVA will be responsible for the construction of the diversion channel and the necessary associated infrastructure, including bridges, railway crossings and aqueducts, plus operation and maintenance for 30 years.

For inquiries, contact:
Katie Spear | S&B USA
Mobile: 412-779-0635
KSpear@shikunusa.com