Why Cintra Focuses on Critical Infrastructure as Its Main Direction for P3 Projects
Alberto Gonzalez, head of business development at Cintra, says the U.S. infrastructure funding gap continues to widen, and private sector participation in critical infrastructure construction will become more common. He outlines the complexity and urgency conditions suitable for P3 projects, emphasizes that urban growth corridors, long-term economic prospects, and political stability are core to site selection, and notes that critical infrastructure can significantly reduce the risk of political interference in projects.
Infrastructure giant Ferrovial is no stranger to public-private partnerships (P3s). In September 2025, Silvia Ruiz, the company's global head of investor relations, told Construction Dive that P3s would become the "cornerstone" of the next phase of U.S. infrastructure development. Now, Alberto Gonzalez, head of business development at Ferrovial's infrastructure development arm Cintra, further elaborates on the company's decision-making logic regarding when, where, and why to pursue P3 projects.
In this interview, Gonzalez shares with Construction Dive his observations on the U.S. road and highway construction market, the key considerations in evaluating P3 projects, and methods for maintaining project stability during uncertain times.
Editor's note: This interview has been edited for length and clarity.
Current State of the U.S. Road Construction Market: The Funding Gap Continues to Widen
Construction Dive: How do you view the current U.S. road and highway construction market?
Alberto Gonzalez:The gap between infrastructure needs and available funding continues to widen. This situation is driven by various factors, including population growth, organizational management challenges, and especially inflation in the construction sector. Pressures far outweigh mitigating factors. In an environment demanding greater fiscal responsibility, public funding, while not exhausted, is clearly insufficient to cover all needs.
I expect the private sector to play a greater role in at least the development of critical infrastructure. We have always emphasized that P3s are not suitable for every project, but they are undoubtedly a tool that must exist in the toolbox to extend the reach of public funding and address the growing demands in the transportation and highway sectors.
P3 Project Screening Criteria: Complexity and Urgency Both Matter
Construction Dive: How do you determine whether an infrastructure project is suitable for a P3 model?
Alberto Gonzalez:P3s are better suited for projects with a certain level of complexity, where the private sector can introduce innovative thinking and more advanced technical solutions. Another key factor is that, for critical infrastructure, P3s can accelerate delivery. Under the P3 model, all funding must be in place from day one, and the competition then becomes about how quickly construction can be completed; whereas under traditional delivery models, projects are subject to annual budget cycles, and there is uncertainty about how much funding the public sector can allocate to specific needs or specific regions.
We continue to see delays in traditionally delivered projects, so projects with higher accountability requirements or tighter timelines are also prime candidates for P3s. Particularly in the toll road sector, the private sector can also leverage its strengths when it comes to technical complexity and optimizing product performance through price management.
Typical Project Profile: Urban Growth Corridors and Long-Term Economic Prospects
Construction Dive: Can you give an example?
Alberto Gonzalez:We typically focus on urban areas where there is a need for additional capacity within the existing road network. For example, cities continue to expand, but opportunities to build alternative corridors are limited. Most of our projects are express lanes, managed lanes, or optional lanes, essentially adding new tolled capacity within existing corridors. The private sector can create significant value in such projects. Obviously, we target growing urban areas because we sign long-term contracts and need to recover our investment over several decades.
We prefer economically prosperous environments and key corridors that serve as the economic lifelines of cities or states, to ensure stable traffic volumes over the next 30 to 50 years. Additionally, if possible, political stability is crucial. We do not want to be subject to arbitrary changes in political winds, especially in the early stages of a project when someone might make arbitrary decisions. A stable political environment is very important.
Resilience Against Major Disruptions: Locking in Critical Infrastructure
Construction Dive: How does Cintra guard against those major disruptions?
Alberto Gonzalez:The main approach is to target critical infrastructure. When an asset is indispensable to regional economic development, potential risks are significantly reduced because there is less willingness among stakeholders to disrupt critical infrastructure. Projects of lesser importance may be more susceptible to volatility.