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: Peninsula Link Project
Year in Operation:
Sector: Transportation
Subsector: Roads, Bridge
Status: Design / Construction
Type: New Facility
Description: : The project involves the design, construction operations and maintenance of 27 km of freeway standard road to reduce congestion on key traffic routes in Frankston and the Mornington Peninsula. The Linking Melbourne Authority (LMA) will manage the delivery of the project. Other goals include retaining flexibility for future enhancement of the Peninsula Link and Integrating the project with the existing and surrounding transport network.
Delivery Method as described in the country where it's located: Public Private Partnership
Is the project still active: Yes
Comments: Design, Build, Finance, Operate, Maintain with a 25-year term

Project Locations

Address: Mornington Peninsula Fwy
City: Carrum Downs
State: Victoria
Country: Australia, Commonwealth of

Address: 1137 Moorooduc Hwy
City: Morooduc
State: Victoria
Country: Australia, Commonwealth of

Souces of Project Support (Non-monetary)

Checkbox Checked Land: The State of Victoria has acquired land for the project at a cost through land acquisition agreements with various land holders as some of the project route is aligned on private property. State legislation provides for compulsory land acquisition for projects of this nature.
Checkbox Checked Access to Land: The State fully leases the project land to the PPP concessionaire for the entire design, construction, operations and maintenance term.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): The State of Victoria will make quarterly service payments to the Concessionaire based on road availability and performance against a set of Key Performance Indicators (KPIs) during the operations term. The mechanism provides an incentive for the concessionaire to deliver the service required, consistent with the underlying objective to provide a safe and efficient road link to reduce congestion. If these indicators and availability requirements are not met, the payment reductions will occur. The State will audit the performance and is not required to make any quarterly service payments until the freeway and other project facilities have been certified as being fully constructed according to the project documents.
Checkbox Checked Environmental Clearance: Environmental Sustainability is a project goal for the Peninsula Link. Specifically, the goal is to enhance the environment in relation to the project while adhering to applicable government laws, guidelines, and standards concerning environmental protection, especially those related to noise, water, and air quality. Specific sites of high ecological value required localized realignment of the freeway and particular engineering responses, such as retained earth structures to minimize the construction footprint. In addition one site required particular responses to meet heritage overlay requirements stipulated as part of a heritage permit.

Souces of Project Support (Monetary)

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: The PPP Concessionaire has arranged its project debt funding through various financers including the Royal Bank of Scotland (12.4%), ANZ (12.4%), the National Australia Bank (12.4%), Banco Bilbao Vizraya Argentaria (12.4%), Banco Santander (8.1%), Bank of Ireland (9.9%), Sumitomo Mitsui Banking Corporation (9.9%), WestLB (12.4%), and Bank of Tokyo-Mitsubishi (9.9%).

Checkbox Checked

From Producers as Equity: Bilfinger Berger Project Investments (the financing arm of the PPP) and Access Capital Clients will provide the equity required for the project. Bilfinger Berger Project Investments will contribute 33.3% while Access Capital Clients will provide the remaining 66.67% through the Officers Super Fund (19.61%), Prime Super Fund (11.77%), and State Super Fund (35.29%).

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? Yes
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
8
0
Forms
Description
 
 

Project Value (If and As Known)

Date of Estimated Project Value: April 13, 2011
Project Value
Hard Cost
Hard & Soft Costs
Total
$500 Million - 2 Billion US
$500 Million - 2 Billion US

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