$1,000,000.00 awarded for innovative finance and asset concession (ifac) to south carolina department of transportation

The Department of Transportation's Immediate Office of the Secretary awarded a $1 million cooperative agreement to the South Carolina Department of Transportation on September 1, 2026, under the Asset Concessions and Innovative Finance Assistance program (CFDA 20.945) to conduct a statewide asset scan focused on major transportation corridors and explore opportunities for public-private partnerships and asset concessions.

The work covers approximately 300 miles of urban and rural interstates and a major arterial, including I-77, I-85, I-385, U.S. 278, and the planned I-73. Deliverables include a work plan, quarterly reports, project deliverables, and compliance with 2 CFR 200. The period of performance extends from September 1, 2026, through August 31, 2029. Work is performed in South Carolina.

The program provides grants to eligible applicants to acquire expert services that enhance technical capacity to identify underutilized transportation assets with potential for private sector involvement in project planning, development, financing, construction, maintenance, and operation. Eligible services include identifying appropriate assets or projects for asset concessions, evaluating risks and benefits, conducting value-for-money analyses, feasibility studies, revenue forecasting, business case development, risk assessments, financial and legal planning, and assistance with entering into asset concessions.

Beneficiaries include South Carolina residents and statewide commuters.

Activities to be performed: conduct a statewide asset scan focused on major corridors including i-77, i-85, i-385, U.S. 278, and the planned i-73. The project area covers approximately 300 miles of urban and rural interstates and a major arterial. Deliverables/expected outcomes: work plan, quarterly reports, project deliverables and 2 CFR 200 compliance. Beneficiaries: south carolian residents, statewide commuters.