Operis acted as financial advisors to the Bank of Scotland on the Renfrewshire Schools PPP Project which reached financial close in March 2005. The Bank of Scotland was the senior debt provider. The £135 million contract is between Renfrewshire Council and the Renfrewshire Schools Partnership Limited (“RSP”), a joint venture company owned by Amey Ventures Investment Limited, Carillion Private Finance and the Bank of Scotland Corporate.
Under the 32 year contract, RSP will assume responsibility for the construction of ten new schools, which will comprise six primary and four secondary schools, two community nurseries and a community learning centre. The schools, which carry a build value of just under £100 million, were designed by Carillion and will be managed by Amey on behalf of the consortium. It is expected that the first facility will be completed by the middle of 2006 with the remainder due for completion by the end of 2007.