The Victorian government's Partnerships Victoria policy was announced in June 2000 and then followed up by the release of guidance material in June 2001. This article reviews Victoria's experience in procuring projects under the Partnerships Victoria policy and discusses some of the pertinent issues that have arisen during the projects completed to date. By Andrew Sutcliffe, assistant director, project development commercial & infrastructure projects, department of treasury and finance, Victoria.
Despite a renewed focus in recent years, private financing of public infrastructure in New South Wales (NSW) is not a new thing. NSW has a long and well-established record of working with the private sector to provide infrastructure to the community, and is in many respects a global leader in this field. However the provision of social services via PFI initiatives is just taking off. By Simon Palagyi, senior financial analyst, private projects branch, NSW Treasury.
Queensland has a smart state agenda - a vision of innovation in everything we do, creating new opportunities to meet our full potential to be a globally competitive regional economy. An important part of this agenda is to find smarter ways to deliver infrastructure to a rapidly expanding region. In particular, we are keen to find better ways to manage the risks of large projects, writes Shaun Drabsch, executive director, infrastructure partnerships taskforce, department of state development, Queensland.
The government of Western Australia has just recently released its policies and guidelines for public private partnerships (PPPs). Robert Mianich, director - asset financing, department of treasury and finance reviews the government's approach to private finance.
The joint lead arrangers Deutsche Bank and Westpac Banking Corporation recently closed syndication of a A$580m project facility for Cross City Motorway Consortium. The deal marks the first time a bullet structure has been adopted for a greenfield transaction in Australia; and it was well received in the market. By Jason Peasley, director - debt products, Deutsche Bank and Brad Masters, director - loans & syndications, Westpac Banking Corporation.
Cheung Kong Infrastructure has become the biggest foreign investor in Australia, replacing the American and European developers, which have been exiting from the region during the last few years. The Hong Kong-based conglomerate has been building its assets there, acquiring significant equity stake in a number of projects and winning some infrastructure projects. Indeed, it is one Asian developer that is making a wave in Australia and a player the market cannot afford to ignore. Minerva Lau writes.
The use of private finance in passenger rail infrastructure is always tricky, especially when passenger forecasts go horribly awry. However, recent failed examples have highlighted the risks involved, as well as the potential political fall-out. By Sharon Klyne.
The inroad of gas as a fuel of choice seems assured with its share of global primary energy supply predicted to continue into the coming decades. What then are the emerging trends in this market and the issues for project financiers seeking potential opportunities? Craig Lee, head - corporate and project finance, Sumitomo Mitsui Finance Australia discusses.