This Week in P3: Dec 16

Railway megaprojects ramp up and governors take center stage in a busy week for P3 - as we launch our new Global Projects service.

New York continued its P3 run this week with Governor Kathy Hochul and NYC Mayor Eric Adams launching a new action plan for the city that includes the potential for P3 development to revitalize old office space.

The ‘New New York: Making New York Work For Everyone’ plan could see some of the Department of Citywide Administrative Services’ 55 buildings being regenerated or rejuvenated through P3s to fit the city’s needs.

Also in New York, not a traditional P3 but the Gateway Development Commission (GDC) is set to release a request for qualification (RFQ) for the Hudson Tunnel project imminently - kicking off the long-awaited (drawn out) political football that is this much-needed megaproject.

The scheme is set to debut the use of a project delivery partner (PDP) in the USA, in which the partner will be incentivized and “embedded with the asset owner” as it delivers the system.

On the topic of major rail projects, Canada’s government has launched the project company for the High Frequency Rail megaproject. Set to release a request for proposals next month, this project will be one of the biggest (and longest) projects of 2023 and beyond.

Talking of long procurements, the Hawaii stadium P3 is back on after its new governor insisted the existing procurement approach (which is already at shortlist stage) will continue. It had already been split into two projects by the previous governor, David Ige, before he announced the stadium portion would be fully publicly funded just before he left office. That had also raised questions over the future of the entertainment district portion of the project - also being procured as a P3 - but new Governor Josh Green has returned to the P3 model for both. He told local news: “It’s always been my approach to bring the private sector.”

Brazil’s P3 pipeline seems set to continue its strong momentum, as incoming President Luiz Inacio Lula da Silva (Lula) selected one of the brains behind its P3 framework, former Sao Paulo Mayor Fernando Haddad, as his new finance minister. Haddad then underscored the likely focus on P3 by appointing P3-experienced former banker Gabriel Galipolo as his executive secretary.

Some exciting news involving Canada & the US, as the countries signed a major investment deal with Vietnam for its climate ambitions as part of the Partnership for Global Infrastructure and Investment (PGII) program, alongside European and global partners.

Targeting infrastructure and other sectors, the deal will look to mobilize $15.5bn of public and private finance over the next three to five years to support Vietnam’s green transition.

Also, if you haven’t already seen, here at P3 Bulletin we’ve unveiled our refreshed Global Projects Tracker (GloPro) database, covering all the P3s around the globe. Have a browse and see some of the improvements - there’s plenty more to come, and even some exciting new projects. But we’ll get into that next year.