Leading advisors in project finance
We have a deep understanding of the impact tax and accounting treatments have on a project cash flows and financial statements. Our services range from due diligence, advice on a single issue through to full advice across both tax and accounting.
Our team comprises chartered accountants and qualified tax advisors who have worked on hundreds of project finance and infrastructure deals across multiple sectors and countries. We have detailed knowledge of sector specific issues gained from working on real life transactions.
In particular, we have in-depth knowledge of UK and Canadian project finance and can provide expert tax and accounting advice to new entrants to those markets.
One of our specialities is the tax and accounting implications of refinancing, and another accounting for a broad range of sectors such as:
Working alongside your in-house team, we help you interpret and apply complex tax laws and accounting standards. We support you with delivering the most efficient structures for new projects, acquisitions or disposals of assets.
We’ll happily assist you with specific issues you may encounter on your transaction or provide full advice on all its tax and accounting aspects.
We offer professional advice on how applicable tax legislation and accounting standards are likely to affect your project finance transaction.
We can advise you on the application of IFRS across the World as well as either UK GAAP or Private Enterprise (PE) GAAP and tax legislation in the UK and Canada.
With the support from our renowned modelling team, we can efficiently model and assess the impact of different structures, and advise on the best course of action to provide an effective tax and accounting outcome.
We help our clients unlock value from their projects through focused tax and accounting advice on refinancing.
You can rely on the team to support you at any stage of the refinancing. We offer independent advice enabling you to understand the tax and accounting consequences of each aspect of the refinancing including:
Getting an assessment of the implications of the project structure and advice on how it should be accounted for in the private sector operator’s accounts is obviously key.
We can also review the proposed structure and contracts to assess whether they are likely to result in a liability being recognised on balance sheet for the government or other public sector body grantor.
Our review would determine any material factors in the proposed structure and contractual arrangements that would individually or cumulatively result in a liability being recognised in the grantor’s accounts, as well as indicating how we would expect to see the transaction being reflected in the SPV’s financial statements.
We can review financial models to determine whether the tax and accounting assumptions are in line with applicable accounting standards and tax legislation.
Depending on your needs, we can:
We offer this service as a standalone sign-off or as part of a full model audit.
We can support you on all aspects of your deal or just one single issue.
We cover both tax and accounting queries. No need to wait for responses from different teams.
We give clear plain-language conclusions on the likely implications of different options.
Experts in UK and Canadian tax legislation for project finance, with considerable experience in other jurisdictions.
years of combined experience
projects worked on
countries covered
| Project | Value | Country | Year | |
|---|---|---|---|---|
| Barnsley BSF III Refinancing advice & Advice on BEPS legislation | £54 m | United Kingdom | 2019 | |
|
The Barnsley BSF programme involves replacing 13 secondary schools with 9 completely new build Advanced Learning Centres (ALCs). It consisted of 3 phases, with all of the ALCs planned to be built and opened by 2011/14. Operis was engaged to advise on the tax and accounting implications of the proposed refinancing including in relation to the grandfathering provisions included in the UK's interest deductibility legislation. |
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| Coventry Street Lighting Refinancing advice | £53 m | United Kingdom | 2019 | |
|
The Coventry Street Lighting PFI Project involved the replacement of approximately 26,000 lighting columns, the installation of 6,000 new columns and the replacement of 3,000 traffic signs across Coventry. Operis was engaged to advise on the tax and accounting implications of the proposed refinancing including in relation to the grandfathering provisions included in the UK's interest deductibility legislation. |
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| Hartland Residuals Treatment Facility Greenfield Advisory | £71 m | Canada (BC) | 2018 | |
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The Hartland Residuals Treatment Facility is near Victoria, British Columbia, in Canada. The project was procured by the Capital Regional District (CRD) under the design-build-finance-operate-maintain P3 model. View case study |
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| EFG Hermes Vortex Solar Refinancing IFRS 16 advice | £450 m | United Kingdom | 2018 | |
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Project Vortex involved the refinancing of EFG Hermes' UK solar assets with a total capacity of 365MW. Operis was delighted to provide a review of the leasing calculations for the project following the adoption of IFRS 16. |
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| Royal Holloway Rusham Park & George Eliot Hall Residences Tax & Accounting advice | £229 m | United Kingdom | 2018 | |
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The project involved the procurement by the University of a private partner to provide finance and operational services for George Eliot Hall. Operis was delighted to provide tax and accounting support as part of its wider advisory mandate. |
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| Hamilton Biosolids Tax & Accounting advice | £26 m | Canada (Ontario) | 2016 | |
23 Jun 2023
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