DALLAS (AP) — A Texas company has secured a $300 million loan for its proposed high-speed rail from Dallas to Houston.
The Dallas Morning News reports that Texas Central Partners will use the funds from Japanese sources to move forward with permitting, design and engineering. The company plans to use Japanese bullet train technology for the project.
Texas Central officials say the privately funded project would cost $12 billion to $15 billion. The train would make a 90-minute trip from Dallas to Houston, with one stop in Grimes County.
The company says the 240-mile (386-kilometer) route could open by 2024. The project still needs final environmental clearance before the five-year construction process can begin.
The Texas Commission on Environmental Quality and the Federal Railroad Administration are both studying the project.