The province has signed a $1.42-billion deal with a consortium of private companies to build Calgary's southwest ring road.

Alberta Transportation announced Thursday that Mountain View Partners beat out two competing bidders for the contract to design, build and partially finance the project in a public-private partnership, or P3.

"With this contract with Mountain View Partners in place, full construction of the Southwest Calgary Ring Road is ready to begin creating good, family-supporting jobs," Transportation Minister Brian Mason said in a release.

"We look forward to working together on this vital infrastructure project for the Calgary region, strengthening the local and provincial economy."

Under the terms of the agreement, the province will fund 60 per cent of capital construction costs, to be paid out during a five-year construction phase.

Mountain View Partners will finance the remaining 40 per cent over a 30-year operating period.

Through the 2014 New Building Canada Plan, Ottawa has committed up to 25 per cent of eligible cost of the project.

Mountain View Partners consists of:

Project Lead: Meridiam, Kiewit, Ledcor, Connor Clark and Lunn

Financing Lead: Meridiam

Design-Construction Lead: Kiewit, Graham and Ledcor.

Operation and Maintenance Lead: Alberta Highway Services Ltd.

Major construction is set to begin this fall following preliminary work that began earlier this summer.

The southwest portion of the ring road is expected to be open in 2021.

It will stretch from Highway 22x to Highway 8 along the city's western edge and through land purchased from the Tsuut'ina Nation.

The 31-kilometre six- and eight-lane divided highway will have 49 bridges, one rail overpass and 14 interchanges.

The final segment of the ring road — West Calgary Ring Road — will run between Highway 1 and Glenmore Trail near 101st Street S.W. and feature 26 bridges and six interchanges.

The province says the timing and construction details for this nine-kilometre stretch is under review.