27th Nov 2009 07:00
27 November 2009
Amber/INPP Consortium Named as Preferred Bidder for The Moray Council PPP Building for Learning Project
Amber Infrastructure Group ("Amber"), together with International Public Partnerships Limited ("the Company"), are pleased to advise that its consortium has been announced as the preferred bidder for the £45m 'Building for Learning' PPP project in Moray, Scotland. The consortium was advised by Amber who acted as financial advisor and equity arranger. The project consists of the construction of two new schools, Keith Primary School and Elgin Academy, as well as the ongoing operation and maintenance over the 30 year concession period.
This brings to a total eleven projects for which Amber or the Company has preferred bidder status, including six NHS LIFT projects, two WISP projects, the recently announced Liverpool Library redevelopment, as well as a follow-on investment opportunity in INPP's German rail company BeNEX. INPP has a right of first refusal over each of these projects, as well as any future opportunities developed by Amber under an exclusive relationship.
Financial close for the Moray Schools project is expected to occur in April 2010, with construction to commence shortly after. Both sites are expected to become operational by early 2012. The project meets all of INPP's investment criteria including:
Long-term, 30 year concession term
Project revenues linked to inflation (UK RPI)
Project revenues guaranteed by Moray Council
Full ownership (100%) and influence over project operations, including Board representation and asset management
Upon financial close, debt facility in place and 100% swapped at a fixed rate for the life of the concession.
Giles Frost, Director of the Company said: "The Company announced earlier this week that it will be undertaking a capital raising targeting £100m in order to finance the extensive pipeline of opportunities INPP has before it, as well as several secondary market opportunities the Company is currently reviewing. The Board are confident that any monies raised can be effectively deployed within a 6-12 month period and that projected cashflow of INPP from existing assets in the portfolio will be sufficient to meet distribution targets until all proceeds are invested."
For further information, please contact:
Bianca Francis
Amber Fund Management Limited
+44 (0)20 7939 0558
Nick Westlake
Numis Securities Limited
+44 (0)20 7260 1345
Related Shares:
International Public Partnerships