The £40m project to redevelop two schools in North-East Scotland has reached financial close.

Replacement works on Keith Primary School and Elgin Academy, one of the largest secondary schools in Moray, are expected to be completed in October 2011 and February 2012 respectively. The operations phase of the contract is scheduled to end in February 2042 for both schools.

Moray Council awarded the contract to a consortium led by International Public Partnership Limited. The construction works are to be undertaken by Stewart Milne Construction, while the operation and the maintenance of the schools will be carried out by FES Limited. Amber Infrastructure Limited are the sole shareholders and conducted financial advisory for the project.

The project is being procured under Scotland’s Non-Profit Distribution scheme, which sees surplus equity flows paid out to a charitable body or put to community use.

The senior debt financing is being provided entirely by Aviva.

Operis conducted a review of, and provided an opinion on, the financial close model. Prior to that, Operis assisted with the model review at bid stage

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