Financial close reached for Primary Care Programme PPP in Ireland

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Financial close reached for Primary Care Programme PPP in Ireland

A landmark program to deliver 14 primary care centers across Ireland is set to get underway following a circa €140 million (US$156 million) deal. New facilities will be built in Dublin, as well as at locations in Galway, Kildare, Limerick, Mayo, Roscommon, Sligo, Waterford, Tipperary and Wexford.

The project has been financed by the European Investment Bank (EIB), and the Bank of Tokyo Mitsubishi UFG (BTMU) and Talanx Asset Management under the Government’s programme of Public Private Partnership (PPP).

The EIB is providing up to 50% of the funding required and the balance is being provided by the Bank of Tokyo Mitsubishi UFG (BTMU) and Talanx Asset Management. 

This is the first time the EIB has supported healthcare investment in Ireland and the first time that the bank has given dedicated backing to Primary Health Care in Europe. This funding represents a substantial contribution of up to 50% of the total finance of c€140 million required for this PPP project.

HICL will provide the necessary equity to complete the total investment of the project. The program is being delivered by a consortium composed of Prime, Balfour Beatty and InfraRed Capital Partners Limited (as the investment adviser to HICL Infrastructure Company Limited (HICL)Eversheds has also been arranged to provide legal advisory.

The advisors to the government were: Evershed (Legal advisor), Willis (Insurance adviser), Reddy Architecture, RPS, JV Tierney and ORS (Technical advisors) and NDFA (Financial advisor) 

News of financial close follows the announcement of the consortium as preferred tenderer last May for the 25-year PPP (design, build, finance and maintain) contract. Since then the Consortium has worked closely with the Health Service Executive (HSE) and the National Development Finance Agency (NDFA) to reach financial close.

Location of the new primary care centres:
1 Ballymote, Co Sligo
2 Boyle, Co Roscommon 
3 Claremorris, Co Mayo
4 Westport, Co Mayo
5 Ballinrobe, Co Mayo 
6 Tuam, Co Galway
7 Limerick City, Co Limerick 
8 Carrick-on-Suir, Co Tipperary 
9 Dungarvan, Co Waterford 
10 Waterford City, Co Waterford
11 Wexford Town, Co Wexford
12 Kilcock, Co Kilkenny 
13 Summerhill Dublin North Inner City 
14 Coolock/Darndale, Dublin North City

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