Schools Bundle 5 PPP reaches financial close

• Final schools project as part of the Infrastructure Stimulus Programme
• Construction to commence immediately providing 4,870 new school places to Irish students

The National Development Finance Agency (NDFA) today announced the contract award in respect of the Schools Bundle 5 PPP project to the preferred tenderer, the InspiredSpaces consortium, and the start of construction following financial close of the project yesterday. The NDFA acted as agent for the Department of Education and Skills in the procurement of the project.

The project will provide five schools in counties Carlow, Meath, Wexford and Wicklow and is the final Schools Bundle under the Infrastructure Stimulus Programme introduced by the Government in 2012.

Brian Murphy, Director of the NDFA said: “We welcome yesterday’s financial close and congratulate the InspiredSpaces consortium on the award of the contract for this PPP.

In the procurement of the Schools PPP Programme the NDFA, as agent for the Department of Education and Skills, has reached financial close or has fully delivered five schools projects providing 28 schools and almost 20,000 student places in areas of the country where there is high demand.

“The success of these schools projects demonstrates the value that PPPs present in delivering competitively priced infrastructure.”

The InspiredSpaces consortium is a 50:50 joint venture between Carillion and the Dutch Infrastructure Fund.

The NDFA acts as statutory financial advisor across the entire PPP component of the Government stimulus programme and is responsible for procuring all the accommodation PPP projects in the programme, including Schools Bundle 5. In its procurement role, the NDFA is responsible for all aspects of the procurement and delivery of the PPP projects including transferring the projects to the sponsoring body once construction is complete and the asset is operational.

Notes to editors

The Schools Bundle 5 PPP programme will consist of five schools on four sites in counties Carlow, Meath, Wexford and Wicklow. The schools included are:

• Tyndall College Campus in Carlow will consist of a development that will provide accommodation for over 2,000 Post Primary School and Further Institute of Education students;
• Eureka Secondary School, Kells, Co Meath will be a replacement Post Primary School and will provide 800 pupil places.
• Loreto College, Wexford will be a replacement Post Primary School and will provide 900 pupil places;
• Coláiste Ráithín, Bray, Co Wicklow will be a replacement Post Primary School and will provide 450 pupil places;
• St Philomena’s National School, Bray, Co Wicklow will be a replacement 24 classroom Primary School with SNU. Both Colaiste Raithín and St Philomena’s NS will be constructed on a single new site in Bray

About the National Development Finance Agency

Acting as the National Development Finance Agency (NDFA), the NTMA is the statutory financial advisor to State authorities in respect of all public investment projects with a capital value over €20 million. It also has full responsibility for the procurement and delivery of Public Private Partnership (PPP) projects in sectors other than transport and the local authorities. In addition, the NDFA provides contract management of the operations and maintenance of certain operational PPP schools, and the direct procurement of certain Exchequer-funded projects on behalf of the Department of Education and Skills.

In its financial advisory role, the NDFA advises State authorities on the optimal financing of priority public investment projects by applying commercial standards in evaluating financial risks and costs. The NDFA’s overriding objective is to maximise value for money for the Exchequer.

In its procurement role, the NDFA is responsible for all aspects of delivering the procurement of projects and hands them over to the sponsoring body after construction is complete and the asset is operational.