Brightline West is asking USDOT for a $6 billion loan to help cover rising costs.
Costs for the Las Vegas-to-Southern California Brightline West high-speed rail project have risen from $16 billion to $21.5 billion, reports James Bickerton in Newsweek.
According to the U.S. Department of Transportation, Brightline West has requested a $6 billion loan from USDOT. “Bloomberg reported that Brightline West hopes the federal loan will provide funding that was initially intended to come from a $6 billion bank facility. It also hopes to raise $5.5 billion via an increase in equity.” Brightline also operates a train line in Florida connecting Miami and Orlando.
Brightline West CEO Mike Reininger said the company has had “productive conversations” with USDOT and the Federal Railroad Administration.
FULL STORY: California To Vegas High-Speed Rail Costs Skyrocket By Billion
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