FC for Victoria schools

The consortium behind the New Schools PPP Project in Victoria has reached financial close on the deal, less than two months after being selected as preferred bidder.

The Learning Communities Victoria Consortium has signed the deal with the State of Victoria. The consortium comprises Amber Infrastructure with International Public Partnerships (INPP), Watpac Construction, Spotless, YMCA and the Centre for Education and Research in Environmental Strategies.

INPP will invest £16.5m in the project, representing 100% of the project’s risk capital. Details on the debt structure have not been revealed, although the project is backed by the State of Victoria, which has a triple-A rating from both Standard & Poor's and Moody's.

Under the 25-year deal, 15 schools will be built across Victoria, with the total value of the project expected to be $223m.

Construction is now expected to begin before the end of the year, with the first tranche of schools scheduled to open in time for the start of the 2017 school year.

The Learning Communities Victoria Consortium won the contract in September, beating off competition from Plenary Schools.