BAM PPP has achieved financial close on the first phase of the Somerset BSF project on 23 September 2010. This phase involves the redevelopment of Chilton Trinity Technology College, Robert Blake Science College and Elmwood School in Somerset, involving £49m of capital expenditure. The remainder of the £600m Somerset BSF project is currently awaiting confirmation from the Department of Education on whether it can proceed.
Construction on the schools is expected to last two years, with operations continuing for a further 25 years. Senior funding of over £60 million was provided equally by Dexia and Sumitomo Mitsui Banking Corporation.
Operis provided financial model due diligence services as well as full tax and accounting review for the funders and BAM PPP.