Transfield and Bouygues established Airport Link Co. Pty Ltd in 1995 to develop Sydney’s Airport Rail Link. The Rail Link was Australia's first Private Finance Initiative (PFI) rail project, involving expenditure of $762 million.
The project involved construction of a 10km line, built almost entirely underground, and 5 new stations at Green Square, Mascot, Domestic and International Terminals, and North Arncliffe.
Construction commenced in October 1995 and the Airport Link was officially opened on 21 May 2000. The Airport Rail Link is a significant addition to Sydney's transport system, expanding the capacity of the existing City Rail network and providing fast rail links to the airport.