Schools Building Programme Funding Scheme Close
5 November, 2014
INPP reaches commercial close on Priority Schools Building Programme 'Aggregator' funding scheme
International Public Partnerships Limited (INPP) is pleased to note the announcement made by the UK Education Funding Agency (EFA) the Amber Consortium, of which INPP is part, has reached commercial close on the funding scheme to five batches of schools being delivered through the Priority Schools Building Programme (PSBP). The commercial close follows the signing of the Funding Procurement Agreement with the EFA and is an important step towards achieving financial close on the underlying schools projects.
The Priority School Building Programme is a centrally managed government programme set up to address the needs of the schools most in need of urgent repair. Through the programme, 261 schools will be rebuilt or have their condition needs met by the Education Funding Agency (EFA), with all schools within the programme delivered by the end of 2017.
As part of the programme, 46 schools in five batches with a value of circa £700m are being delivered via private finance funding using the PF2 structure - the government's new approach to private finance. These will be financed by the Amber Consortium, which includes INPP and Aviva Investors, with EIB also providing senior debt. INPP expects to provide up to £78 million of this funding as each batch reaches financial close over the next 12 months.
Further details will be provided as each financial close date is reached.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0)20 3 727 1046 / 1039
FTI Consulting
Notes to Editors:
About the Priority Schools Rebuilding Programme
Further information about the programme is available at:
www.gov.uk/government/publications/psbp-overview/priority-school-building-programme
About International Public Partnerships (INPP)
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI), regulated asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 115 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists of over 75 dedicated staff who manage, advise on and originate projects for INPP.
This information is provided by RNS
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