Two projects on which Arthur Cox was lead legal advisor to the Sponsor were amongst the nine winning projects at the Partnerships Awards 2015 held in London in May. Judged by the most respected decision makers in PPP, the Awards recognise the world’s most innovative PPP Projects in the past year.
Dublin Waste to Energy PPP, on which Arthur Cox advised Covanta, claimed the Gold Prize for Best Waste/Energy/Water Project. The €500M Dublin Waste to Energy Project, was recognised for having overcome a whole range of issues, including a fundamental change in the waste market and a European Commission review, whose success is testament to the excellent partnership between the public and private parties involved. The difficult conditions led to a number of novel solutions, including the funders agreeing to accept a significant degree of unexpected revenue and usage risk. An unusual funding package was also developed by creating financing instruments tailored to each investors’ risk-return requirements. The importance of this scheme to the Irish market was highlighted by the judges, who praised the efforts and resilience of all involved to get it over the line. The judges also thought the deal structure could open up new opportunities within the UK and Irish PPP markets.
The Schools Bundle 4 PPP, on which Arthur Cox advised BAM, claimed the Silver Prize for Best Education Project. Schools Bundle 4 PPP will result in four new post primary schools with an overall pupil capacity of 2,950. Representing an “outstanding achievement” in the Irish PPP market, the judges noted it achieved a speedy procurement process, which took 18 months in total from the date the contract notice was published to the date of financial close. The judges said this project demonstrated “innovation across a number of criteria”.