Interim bids were submitted last Friday for the Priority School Building Programme (PSBP) private finance batch in Midland region.This is the fifth and final private finance batch of phase 1 of the Priority Schools Building Programme in England.

The project will be developed on a design, build, finance and maintain (DBFM) basis

UK's Education Funding Agency (EFA) shortlisted 3 teams in May for the Midlands PSBP private finance batch. The three firms shortlisted, all of which submitted interim bids for the project, are the following:

• Bam PPP,
• a Carillion/Equitix joint venture and
• an Interserve/Kajima joint venture

The proposed term of the contract will include an estimated 24 month construction phase and a 25 year operational term from the service commencement date of the final school to be completed in this batch.

The project cost is estimated between GBP100 million and GBP 150 million.

The schools involved in this batch are located in Midlands region. They are the following: Alfreton Grange Arts College; ARK Kings Academy; Greenwood Academy; The Phoenix Collegiate; Plantsbrook School; President Kennedy School; Queen Elizabeth School; and Top Valley Academy.

Operis are financial advisors to a consortium consisting of Carillion and Equitix.

Operis said that in its role as financial advisor to the consortium, Operis will assist in obtaining an investment grade credit rating for the project and raising senior debt finance from the priority schools aggregator.

Final bids for the project are due in October 2014 and Financial Close is scheduled to take place in August 2015.