The West Lothian Schools PFI project reached financial close today.

The project involves the financing and construction of two new schools, Armadale College and Dean’s Community High School, both located in West Lothian. The existing building will be demolished and replaced with state-of-the-art school where students will soon benefit from a range of sports and arts facilities. Construction has already begun and is due to be completed by August 2009.

HDM School Solutions, a consortium comprised of Hochtief, Dawn Construction and Mackenzie Partnership, was selected by West Lothian Council as the preferred bidder for the project.

Operis provided financial model due diligence services and tax and accounting advice to the senior lenders, Dexia, who are providing £65m senior debt for this project.

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