XpressWest train wins key financial support
October 09, 2020
XpressWest, the high-speed rail project connecting Apple Valley and Las Vegas, has cleared another important hurdle. Nevada has approved $200 million in private activity bonds that can be marketed for up to four times their amount for a total of $800 million. The U.S. Department of Transportation has approved $1 billion in bonds. And earlier this year, California approved $600 million in tax-exempt bonds, which can be marketed for $2.4 billion in private equity bonds purchased by the private sector.
The Nevada approval follows Caltrans’ recent approval of a lease agreement allowing XpressWest to use existing right-of-way along I-15 for the rail project. Electric and zero emission trains will reach top speeds of 200 miles per hour. According to ridership estimates, at full operation, XpressWest will carry 10 million passengers annually. XpressWest expects to complete construction and commence service in the second half of 2023.