Operis advised Stepnell Ltd in its successful bid for the provision of the new Whitecross High School in Hereford under the Private Finance Initiative (PFI). The project closed in January 2005. Under the agreement the SPV will provide a fully equipped 900 place secondary school for 25 years with occupation in June 2006 and full facilities management services. It has an overall value of £65m including £15m for construction, ICT and equipment. The design has reflected demanding requirements in respect of sustainability and it is anticipated that the project will be a national exemplar in energy use. Stepnell is providing the equity and sub-debt and has led the Consortium.

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