Transurban Group's (ASX:TCL) indirectly held, 50%-owned 95 Express Lanes entered a development framework agreement with the Virginia Department of Transportation (VDOT) to evaluate a bi-directional expansion of the I-95 Express Lanes project, according to a Friday filing with the Australian bourse.

The proposal would add about 120 new lane miles, including a 10-mile southern extension through Fredericksburg and Spotsylvania County, which is about six times the previously considered scope, and increase corridor capacity by roughly 140%, per the filing.

The project's next phase of development covers design refinement, contractor procurement, and finalization of capital expenditures, ahead of a binding proposal to VDOT, with financial close expected in 2029 if approved, the filing added.