In April 2016, the final of five batches of schools in the Priority Schools Building Programme (PSBP) delivered under the Government’s PF2 approach reached financial close. Overall, the PSBP represents a £4.4 billion programme created to rebuild or refurbish the worst school buildings across the country.
All five batches have been financed by an innovative special purpose Aggregator funding vehicle, which itself is funded by Aviva, the European Investment Bank and International Public Partnerships Limited (part of the Amber Consortium). The Aggregator’s function is to combine the funding requirements of the batches and thereby provide a total of £601m across the programme.
Operis has been heavily involved with PSBP from the outset. Working closely with Amber Infrastructure, we delivered audits of the Aggregator financial model at bid stage and for each batch’s financial close. We also audited the SPV financial model at each financial close, and acted as advisor to the winning consortium for the Midlands batch.
Most recently, on behalf of Amber Infrastructure, Operis was pleased to undertake an audit of the operating model used to monitor the financial elements of the Aggregator Vehicle, including a review of the model’s tax and accounting treatments.