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Six firms act on major PPP

Six firms act on major PPP

Allens Arthur Robinson is advising Plenary Group and its GoldlinQ Consortium partners, Bombardier, Downer EDI, McConnell Dowell and Keolis, on the $1 billion first stage of the Gold Coast Rapid…

Allens Arthur Robinson is advising Plenary Group and its GoldlinQ Consortium partners, Bombardier, Downer EDI, McConnell Dowell and Keolis, on the $1 billion first stage of the Gold Coast Rapid Transit project, which is one of Australia's first public transport public-private partnerships (PPPs).

The first stage of the light rail project, which is expected to be completed in 2014, involves a 13 kilometre stretch between Broadbeach and the Gold Coast University Hospital.

The GoldlinQ Consortium announced financial close for the first stage of the light rail project on 7 June. The financing will include $365 million of debt and $65 million of equity.

Partner Emma Warren and senior associate David Donnelly led the Allens team that advised GoldlinQ on all aspects of its successful bid for the project.

"The Gold Coast Rapid Transit PPP is a significant development for the Gold Coast," Warren said.

"For a technically, commercially and legally complex project like this to reach financial close in such a short space of time, shows how well the PPP procurement process can be used for the efficient delivery of significant infrastructure projects."

PPPs are playing an increasing role in financing Australian infrastructure. Infrastructure Projects Australia has estimated that approximately $400 billion will be spent on Australian infrastructure in the next decade, and that investment in PPPs will constitute between 10 and 15 per cent of that market, generating approximately $6 billion in value to the Australian public.

Corrs Chambers Westgarth is acting for the State Government; Mallesons Stephen Jaques for the financiers; Maddocks for McConnell Dowell; DLA Piper for Keolis and Downer EDI; and Minter Ellison for Bombardier.

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