5th Nov 2014 16:22
LONDON (Alliance News) - International Public Partnerships Ltd said Wednesday the Amber Consortium, which it is part of, has reached commercial close on the funding scheme for five batches of schools being delivered through the Priority Schools Building Programme.
This includes the signing of a funding procurement agreement with the UK Educational Funding Agency, and International PPL said this was "an important step towards achieving financial close on the underlying schools project".
The Priority School Building Programme is a government programme to address schools in need of urgent repair. Under the programme, 261 schools will be rebuilt or have their needs addressed by the end of 2017.
A total of 46 schools in five batches with a value of GBP700 million are being delivered via private finance funding, to be financed by the Amber Consortium. International PPL expects to provide up to GBP78 million of this funding.
Shares in International PPL are trading up 0.1% at 139.30 pence late Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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