Caltrain announced yesterday that it would require further funding in its rail electrification project with an extension of its budget by another $462 million. The total costs for the project have been brought up over 2.4 billion and would require a renegotiation of their funding. Balfour Beatty will be responsible for resolving the issues with commercial funding and to handle any additional costs associated with completing the project before the 2024 deadline but they have yet to issue a press release.

The project has a shared risk pool to manage potential projects and provide early completion incentives but it is unclear as to whether the developer will be drawing from these funds. The project started its construction in 2017 and has not required an extension for funding since.

The funding partners at Caltrain will receive an additional $52.4 million in federal funding as well as access to a $150 million credit financing and $60 million in measure RR capital reserve. The infrastructure law will also likely kick in some more funding for the project.

The latest project will surely increase the commuter rail service across the country and include 6 new trains per peak hour throughout San Francisco and San Jose as well as an electric line that could reduce carbon emissions considerably.

As the company continues to work sustainable to upgrade their capacity and the nature of their service, we will see more commuters throughout the San Francisco area. This could speed up transit times considerably and lead to a transportation system that is safer and more efficient for us all.

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