Herbert Smith Freehills’ infrastructure and project finance expertise has been recognised at the inaugural 2017 PPP Awards. Two Public Private Partnership (PPP) deals the firm advised on were acknowledged at the prestigious awards, which were held in Sydney on 30 November 2017.
These were:
- Transurban Queensland’s Logan Enhancement Project - Best Transport Project (Gold Award)
The Logan Enhancement Project, to upgrade the Logan and Gateway Extension Motorways, was the first ever private sector proposal to be assessed and approved under the Queensland Government’s Market-Led Proposal (MLP) framework, which allows uniquely placed private sector proponents to propose and deliver projects to the Queensland Government.
Herbert Smith Freehills advised Transurban on all aspects of the transaction including MLP submission strategy, drafting and negotiating project documents (including head contracts, design and construct contracts and side deeds), conducting a multi-staged competitive tender process, tolling declaration requirements, environmental and cultural heritage issues and drafting all ancillary land, access and tolling agreements.
The project achieved financial close in December 2016, and construction is now well underway.
- New Grafton Correctional Centre PPP Project - Best Social Infrastructure Project (Silver Award)
This ambitious project, which reached financial close in June 2017, saw the Northern Pathways Consortium undertake cutting edge design, construction and maintenance for the New Grafton Correctional Centre in NSW.
Herbert Smith Freehills advised the financiers of Consortium, which consisted of John Laing Investments, John Holland Group, Serco Group and Macquarie Capital.
Once completed, the new correctional centre will be the largest facility of its type in Australia and accommodate 1,700 inmates, providing state-of-the-art security and rehabilitation services.
In a boost for regional residents and businesses, the facility will also inject more than A$560 million into the local economy, with 1,100 jobs created during its construction and about 600 permanent jobs once operational. Construction is expected to be completed in 2020.
In Australia, Herbert Smith Freehills is leading the way when it comes to PPPs. The firm is advising the Melbourne Metro Rail Authority on the A$11 billion Melbourne Metro Project - the largest public transport project in Victoria’s history. The firm also recently advised on the Capital Metro light rail project in the ACT and the first stage of the A$1.1 billion Social and Affordable Housing Fund in NSW.