Financial close for Carillion joint venture

A Joint Venture, Inspiredspaces Bundle 5 (Ireland), which is a 50:50 joint venture between Carillion and Dutch Infrastructure Fund, has achieved financial close on the Irish Schools Bundle 5 Public Private Partnership project, which has been procured by the Department of Education and Skills, with Ireland’s National Treasury Management Agency acting as agent on its behalf.

The joint venture will be responsible for financing, construction, operating and maintaining five schools and an institute of further education that comprise Bundle Five of its schools Public Private Partnership programme, located in counties Meath, Carlow, Wicklow and Wexford.  The joint venture will invest £9M of equity in the project, of which Carillion’s share will be £4.5M.

Carillion will also carry out the construction and provide support services over the 27-year concession period and these activities, combined with the equity investment, are expected to generate around £190M of revenue for Carillion.

Carillion has delivered over 150 new schools across the UK over recent years.

Richard Howson, Carillion Chief Executive, said: “We are delighted to have achieved financial close on this important schools programme, which I believe reflects our experience and expertise in this sector of the PPP market.

“We look forward to working with the National Treasury Management Agency, the Department of Education and Skills and the individual school authorities to deliver a state-of-the-art facilities that provide excellent learning environments for students and staff.”

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