Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBFOM All Private Finance
# of Projects: 1
100% of the Results

Background informationProject Created: April 13, 2011

Project Name: The Partnerships Victoria in Schools Project
Year in Operation: 2010
Sector: Buildings
Subsector: School
Status: In Operation
Type: New Facility
Description: The project involves the State of Victoria contracting the design, construction, financing, and maintenance of 11 new government schools in key growth areas of Melbourne. The schools are projected to open for the 2010 and 2011 school years. The new facilities will complement, as opposed to replace, existing schools. The Victorian Government will retain responsibility for teaching and the school curriculum. The facilities will be examples of ecological sustainability, with wetlands in all schools to retain and reuse water as the key initiative for the design of the project is to link the teaching of environmental sustainability with practical applications.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: The contract is a Design, Build, Finance, Maintain contract with a 25-year maintenance term.

Project Locations

Address:
City: Melbourne
State: Victoria
Country: Australia, Commonwealth of

Souces of Project Support (Non-monetary)

Checkbox Checked Land: The State was obligated to procure the grant of construction license over the 11 project sites and a lease over each of the sites during the operations phase for the delivery of the project services.
Checkbox Checked Access to Land: The State will grant the concessionaire a non-exclusive construction license during design and construction to construct the facilities as well as a 25-year lease during the operating phase.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): The State will make quarterly service payments (QSP) to the concessionaire during the operating phase of the project. Since the project is being delivered in two phases, these payments will begin after the completion of the first phase. The payments will then be increased as each school in the second phase is completed. The QSP will be indexed on a quarterly basis using the consumer price index (CPI) and labor price index (LPI) for the State. Any failures by the concessionaire to meet service standards set in the contract will result in payment deductions.
Checkbox Checked Environmental Clearance: The school facilities are being designed to incorporate wet lands to reuse and retain water around the site.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: ABN AMRO Bank N.V. (Australian Branch) is the sole financier of the project as well as the hedge provider. The senior debt is comprised of a series of floating rate bank debt facilities with staggered maturities. These will be refinanced regularly throughout the term with the concessionaire taking on the refinancing risk

Checkbox Checked

From Producers as Equity: The equity provider for the project is ABN AMRO Australia Pty Limited. This entity will also take preferred equity units, offering net cost advantages to the State

Project Delivery & Finance Method

Project Delivery:
All Public Finance. Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner operates and maintains the resulting facility.
Is there an independent checking engineer? No
Project Finance Method: All By Private Sponsor

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Combined Term: Initial Design, Construction, O&M Period
27
0
Forms
Description
Other
Corrs, Chambers, Westgarth Lawyers drafted the Project Agreement 

Project Value (If and As Known)

Date of Estimated Project Value: April 13, 2011
Project Value
Hard Cost
Hard & Soft Costs
Total
$200-500 Million US
$200-500 Million US
Array ( )

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