Public sector equity participation in PF2 projects — final documents published
In July 2013, the government opened a consultation on the terms on which the public sector (through the Treasury PF2 Equity Unit) would invest public money into public-private partnership projects (known as PF2 projects) going forward. On 16 October, it published its response together with the final form of the Shareholders Agreement, Articles of Association and Loan Note Instrument (Standard PF2 Equity Documents) that will be used.
The final approach is broadly the same as that set out in the consultation and the new documents will be used first for the privately financed element of the Priority Schools Building programme. The Education Funding Agency has already issued them to shortlisted bidders for the first two batches of schools.
When an authority begins its procurement for a PF2 project, it will advise prospective bidders whether the government wishes to make an investment and, if so, what percentage it will invest. The transaction must satisfy the Treasury PF2 equity unit’s eligibility criteria (yet to be published) and bids will be assessed against the eligibility criteria by ‘primary’ due diligence following submission of final bids, with ‘final’ due diligence taking place before financial close…
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