The second phase of the Southwark BSF programme reached financial close on 17 August 2010. The project involves the construction of St Thomas the Apostle College and Sacred Heart RC School in Southwark, South London over a period of four years. 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 senior debt financing of approximately £43 million is to be provided by Dexia Credit Local and NordLB with a tenor of 26 years. An additional £5 million equity bridging facility will cover the construction period and a capital receipt of £0.1 million will be received on completion of the construction of St Thomas the Apostle College.
Operis provided financial model auditing services, including a full tax and accounting review, on behalf of the funders, Balfour Beatty Capital, BSFI and Southwark Council.