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Regional Workshop on Concessions / Public-Private Partnerships Tirana, 11-12 December 2007

Highways Sector. Regional Workshop on Concessions / Public-Private Partnerships Tirana, 11-12 December 2007. by Mary Dunne Head of Projects BCM Hanby Wallace 88 Harcourt Street Dublin 2. 11 Motorway Schemes since 2000 Total value of the 11 is €1.5B

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Regional Workshop on Concessions / Public-Private Partnerships Tirana, 11-12 December 2007

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  1. Highways Sector Regional Workshop on Concessions / Public-Private Partnerships Tirana, 11-12 December 2007 by Mary Dunne Head of Projects BCM Hanby Wallace 88 Harcourt Street Dublin 2

  2. 11 Motorway Schemes since 2000 Total value of the 11 is €1.5B All Design Build Finance Operate and Maintain Contracts for a minimum of a 30 year term All hard toll contracts, some with a government subsidy where the 30 year projected tolls does not return the necessary investment to the private sector THE FIGURES

  3. KEY ELEMENTS PPP • PPP must deliver more quickly than traditional procurement • An alternative toll-free route must be available for road users • Toll roads must be geographically dispersed so that no one area is subjected to hard tolling alone • Must be of a minimum size of approximately €65million • Necessity for a government subsidy not a barrier to PPP procurement

  4. PROCUREMENT PROCESS

  5. STATUTORY PROCESS Motorway Scheme • Planning Permission/Appeal • Compulsory Purchase Order Toll Scheme Bye-laws All completed before Project brought to the market

  6. CASE STUDY N1/M1 Dundalk Western By-Pass • Design Build Operate Maintain and Finance 11 Km of new motorway • DBFOM 8km of associated side roads and tie-ins • DBFOM 13 bridge structures • Upgrade, operate and maintain 42 km of existing motorway recently built by way of traditional procurement together with the toll plazas • Timed to coincide with the upgrade of the road on the other side of the border in Northern Ireland

  7. Consortium Celtic Roads Group (Dundalk) Ltd. comprising: • Dragados Concesiones de Infraestructuras SA • Edmund Nutall Ltd. • HBG Ascon Limited (part of Royal BAM Group) • NTR plc

  8. CONSORTIUM

  9. FUNDERS Non-Recourse Debt Financing;75% - €109m Societe Generale KBC/IIB Depfa Bank plc AIB plc Instituto de Credito Oficial Sponsor Equity; 25% - €36m Consortium Total Funding €145m

  10. KEY TERMS

  11. KEY TERMS • Design, Build, Operate, Maintain and Finance all new road • Upgrade, operate and maintain existing motorway • 30 year Concession • Hard Tolls • Full transfer of design and build risk • Transfer of archaelogical, geological and human remains risk • Transfer of unforeseen ground condition and environmental risk • Transfer of protestor and trespasser risk • Transfer of unforeseen failure or delay by owners of utilities • Major upgrade at end of 30 year Concession period • Transfer of demand and availability risk • 50% share on refinancing • No compensation for termination due to contractor default

  12. Financing terms • No subsidy from Government • 95% of toll revenue collected during design and build period given to State • Undisclosed revenue sharing arrangement during Operation phase designed to ensure no “superprofits” for private sector

  13. DELIVERED 5 MONTHS AHEAD OF SCHEDULE!!

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