The Abu Dhabi Investment Office (ADIO) has reached financial close (FC) on its debut schools PPP.
In May this year, the office selected a consortium of Plenary and Besix to deliver the project, beating off competition from Vinci, Zublin Construction and Archiron.
HSBC, Intesa Sanpaolo and The Norinchukin Bank are providing the debt on the deal.
Under the plans, three new schools will be delivered in the Zayed City, delivering over 5,300 new school places.
Plenary’s chief investment officer Paul Crowe praised the Abu Dhabi government on its “its impressive program of infrastructure development and investment and its acknowledgment that private sector capital can support its ambitions to deliver infrastructure vital for social and economic growth.”
“We look forward to delivering this exciting project and future opportunities in the region,” he added.
Under an indicative timeline, construction will start later this year, aiming to be completed in time for school opening September 2024.