Bruno Alves
PwC’s Richard Abadie thinks PF2’s greater emphasis on equity will make projects more expensive, while DLA Piper’s Liam Cowell argues there ‘is nothing ground breaking’ in Chancellor George Osborne’s announcement.
Profit sharing, public sector equity stakes, less leverage, greater transparency, flexible soft facilities management contracts and faster procurement times are the headline features of PFI Mark II, the aptly named PF2 procurement framework.
Turkish airports operator TAV has secured €250m in debt from the EBRD, Unicredit, Siemens Bank, Denizbank and the Black Sea Trade and Development Bank. Expect the long-running $1.2bn Eurasia Tunnel Project to also reach financial close this week.
A majority of water firms are unwilling to accept Ofwat's demand for unprecedented flexibility over the sector, opening the door for a lengthy referral to the Competition Commission.
Philippe Benaroya, Chris Wrenn and Gilles Lengaigne – who worked together at Blackstone/GSO for over 10 years – are launching BlackRock’s European infrastructure debt Investment unit in London. The team will target investment grade infrastructure debt investments for insurers and other investors.
London’s High Court told the 22 LPs looking to press charges against the Henderson PFI Secondary Fund II that they will have to forfeit their limited liability status if they wish to proceed with legal action.
The bank will kick-off the pilot phase for its project bond initiative tomorrow. The bank has €230m of EU money to credit-enhance up to €4.4bn of transport, energy and broadband deals. The success of the pilot phase will determine the fate of a planned 2014 rollout.
A second Ferrovial and Sacyr-managed concession - the AP36 Ocana-La Roda - has gone bust, following last month's bankruptcy of Madrid's R4 ring road. It is the third Spanish road to start Chapter 11 proceedings.
Private equity stalwart Guy Hands is in early talks with the China Development Bank on launching a global renewables-focused fund. Terra Firma will help sell the fund to European and US investors while the Chinese bank will focus on Chinese LPs.
While a new system of capital allowances seems to be the infrastructure investor’s best shot at tax relief, there are other tax breaks that could help spur investment.