Learning Communities Victoria Consortium has reached financial close on the New Schools PPP project in the state of Victoria in Australia.
The total project investment is estimated at A$223 million (US$158.1 million). International Public Partnerships Limited (INPP), and investment vehicle managed Amber Infrastructure, will fully own the project and invest £16.5 million (US$25.2 million) representing 100% of the project's risk capital. The investment will be funded by INPP through a mix of cash and its revolving credit facility.
The Learning Communities Victoria Consortium is made up Amber Infrastructure (sponsor), Watpac Construction (design-builder), Spotless (FM) and YMCA (community services and activities).
The project comprises the delivery of 15 schools across 12 sites in Melbourne's growth suburbs. It will be developed on a design, build, finance and maintenance (DBFM) basis. The preferred bidder will have to supply maintenance for 25 years, and will be paid quarterly over the life of the project.
Construction is expected to commence in Q4 2015 with the delivery of the first tranche of schools to be in time for the commencement of the 2017 school year and the subsequent, second tranche of schools to be delivered in time for commencement of the 2018 school year.
Commenting on the appointment, Chairman of International Public Partnerships, Rupert Dorey said:
"We are delighted to have made our investment into the Victorian New Schools PPP Project. We look forward to working with the Victorian Government and the consortium to develop the high quality schools which are at the heart of the project. For our investors this project demonstrates the Company's ability to continue to source attractive long term infrastructure investment opportunities on an international basis."