The £200 million Southwark Building Schools for the Future (BSF) secondary programme reached financial close on 13 May, 2009.
The project involves the delivery of a major capital investment programme over three phases covering 12 schools across the Borough. The project has secured funding under the Department for Children, Schools and Families’ Low Carbon Schools scheme and will incorporate a number of renewable energy technologies to achieve a reduction in carbon dioxide in use in excess of 60%.
The new schools in Southwark in the first phase are scheduled to open in September 2010 and January 2011.
The Balfour Beatty-led Transform Schools consortium was awarded preferred bidder in November 2008, and SMBC is providing £23m of debt for the project.
Operis conducted financial model auditing services and a full tax and accounting review on behalf of the funders and sponsors.
