Winning proponents will soon be announced on a series of school projects in Calgary. The legacy of mixed successes for P3 schools to date in Canada remains the projects' biggest obstacle however. By Alison Healey. In Calgary there are 29 schools that need to be replaced and eight in need of significant renovations. The Calgary Board of Education (CBE) received 18 submissions of interest in December and shortlisted four, but did not release the identity of the bidders. Calgary may announce a winn

The central government of Mexico laid out a new plan last year to attract nearly US$2bn in investment to an ambitious toll road construction programme modelled on the European private-public partnership (PPP) scheme. While the pilot concession has yet to be tendered, bankers and ratings analysts believe that the willingness of the Mexican government to adopt suggestions from the market and to try new ideas bodes well for the programme. By Nicole Gelinas. Mexico's highway system comprises 207,000

The private finance initiative in Japan continues to enjoy growth and popularity. While projects in the scheme fall mainly under the building and accommodation sector which offer the safe government risk, the latest projects achieving financial close include not only government risk but also market risk. Minerva Lau writes. A flurry of activities in the financial market is usually witnessed during the last two or three months before the close of a fiscal year, as banks attempt to finalise transa

The private participation in infrastructure (PPI) scheme of the South Korean government has been successfully implemented since the PPI Act was enacted in 1998. However, its success has led to some problems and new challenges, and the government is now about to introduce some changes to make the scheme more efficient. By Minerva Lau. The implementation of the PPI Act is made through the now recognised Private Infrastructure Investment Center of Korea (PICKO) which turned five on April 1. It can

Writing about PPPs in France is a daring enterprise these days, when hardly a week passes without a conference or an article on the subject. One of my standard jokes to warm the audience in these conferences is that if we could only have one PPP actually delivered for each conference or round table organised, we would probably be the world leader. By Pierre Coindreau, partner, PricewaterhouseCoopers, Paris. Let us not complain about it. Things are certainly looking a lot brighter to-day than, sa

Mandated lead arrangers ABN AMRO, IntesaBCI and Banca Antonveneta subsidiary Interbanca could close before the summer break roughly E180m of senior debt for the E230m Mestre hospital project, the first such major healthcare deal in Italy to fully emulate the UK PFI model with the private sector taking performance risk on non-clinical services through a long-term operating concession. It should mark the beginning of large-scale Italian hospital schemes as a new business line for project bankers,

The rescue refinancing of the East Lothian grouped schools PPP project reached financial close on 11 March 2004. It is notable because it is the first PFI project in the UK where the building contractor and service provider became insolvent and required to be replaced at an early stage of construction. By Amanda Methven, Dundas & Wilson, legal adviser to the project company. East Lothian Council (the authority) appointed the project company in December 2002 having appointed the Innovate consorti

This article concerns an arbitration decision about a toll road in Venezuela. Despite being subject to Venezuelan law, there are plenty of points in the case this article discusses that are relevant to those involved in privately financed infrastructure projects in the UK and elsewhere. The case is Autopista Concesionada de Venezuela (Aucoven) v Bolivarian Republic of Venezuela (September 2003). By Jeremy Winter, partner and Carole Ditty, senior associate, in the projects group at Baker & McKenz

The UK secondary market private finance initiative (PFI) equity space is set for a little boom in the coming months. Since the first portfolio sale deal was transacted by Barclays and Abbey National/Babcock & Brown in late 2001, the sector has not taken off as expected. But there are now signs its time has come with plenty of sellers and more cash having been raised by the buyers. By Rod Morrison. The secondary market involves buying PFI assets developed by contractors and the primary private eq

The financial close and commencement of construction have both been achieved for the SDWPS (Supply of Desalinated Water by the Private Sector) project, the first public procurement project of its kind in Singapore in which the private sector will build, own and operate (BOO) a drinking water production facility. The facility also marks the first large scale use of reverse osmosis desalination technology in Singapore. This landmark project, brought to success by Singapore-based sponsor Hyflux Ltd

Deteriorating infrastructure in Latin America and the Caribbean (LAC) is constraining the competitiveness of the region's national economies. Hindered by severe fiscal constraints, governments are seeking to respond with new private infrastructure initiatives at a time when investors and traditional project lenders are taking a cautious approach toward new commitments in LAC. The Private Sector Department of the AAA-rated Inter-American Development Bank (IDB) has entered the ring with a host of

Australian infrastructure developers have been enjoying good support from both retail and institutional investors. Starting out as domestic players, the Macquarie stable of infrastructure funds have now emerged as global players. Others have aspirations in the domestic and overseas markets too. By Sharon Klyne. Australian infrastructure developers have had a good run in Australia, and they now can be seen around the world. The Australian-push has been led by Macquarie Bank's stable of specialist