Treble for Plenary, Western Roads Upgrade at PPP Awards
Published 25 October 2018
SYDNEY, AUSTRALIA – Plenary has been crowned Sponsor/Developer of the Year for the second year running, and the Western Roads Upgrade has won Best Financial Structure and Best Road/Bridge/Tunnel Project at the second annual PPP Awards.
The awards, run by international industry publication Partnerships Bulletin, recognise and reward outstanding achievement in public-private partnerships across Asia Pacific.
The winners were presented at a black-tie ceremony in Sydney overnight.
Plenary CEO Paul Oppenheim said Plenary has now grown its Asia Pacific PPP portfolio to 14 projects with a project capitalisation of more than $15 billion.
“This recognition demonstrates the quality outcomes that can be achieved by taking a true partnership approach with governments, and the great work being done by the infrastructure sector more broadly,” Mr Oppenheim said.
“The Western Roads Upgrade project is a great example of the innovative solutions we can achieve in project financing and procurement.
“We thank our partner, the Victorian Government, for its commitment to delivering such a standout project with myriad benefits to the community.
“We look forward to continuing to offer unique solutions on road and other major infrastructure projects as the opportunities arise.”
In awarding Plenary Sponsor/Developer of the Year, the judges highlighted the creativity shown by Plenary, noting the trailblazing nature of Plenary’s deals acting as a marker for others to follow.
In awarding the Western Roads Upgrade the judges considered the pioneering project as one that can be replicated in other jurisdictions and sectors, making it an important landmark for the PPP industry both in Australia and around the world.
They also praised the focus on the local community and sustaining local jobs as part of the project’s workforce development initiatives.
The judges welcomed the fact the unique finance package arranged by Plenary marked Australia’s first greenfield bond financing for a PPP since the GFC, and also that it is replicable, acting as an exemplar for others.
The $1.8 billion Western Roads Upgrade project is the State of Victoria’s largest single investment in arterial roads to date, comprising high-priority road upgrades with a comprehensive 20-year maintenance program covering a more than 260-kilometre road network.
Plenary is financial arranger, joint project sponsor and joint SPV manager for the project, part of the Netflow Western Roads Upgrade consortium – also comprising Cintra as joint project sponsor and SPV manager, WBHO Infrastructure as design and construction lead, and the Amey and Broadspectrum joint venture as services contractor – contracted by the Victorian Government to design, build, finance, and maintain the project for 20 years after capital works are completed.
The recognition continues for the Western Roads Upgrade in 2018 having won the Financial Excellence award at the 2018 National Infrastructure Awards earlier this year.
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