Toll roads operator Transurban has won another significant road project in the US, gaining approval for a $US460 million ($A601 million) contract for express lanes on a stretch of highway south of Washington DC.
Transurban has already built express lanes on the Interstate 95 (I-95) route south of Washington DC in northern Virginia, and the new contract is for the extension of express lanes to the Interstate 395, which leads into the US capital.
The express lanes employ a pricing system that adjusts rates according to real-time traffic conditions.
Approval for the project has been granted by the Virginia Department of Transportation (VDOT), Transurban said.
Construction starts in March and is expected to be finished in late 2019.
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Chief executive Scott Charlton said the I-395 express lanes project would provide value to customers and the VDOT by enhancing the successful I-95 express lanes network.
"Transurban has worked with VDOT to develop a multi-modal solution which offers our customers new travel choices on Interstate 395 and will improve mobility in this growing corridor," Mr Charlton said in a statement.
Transurban securities were up seven cents at $11.10 at 1140 AEDT.
