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Roundtable: The selling of US PPP
10 November 2011
Transaction volumes in US PPP continue to disappoint.
Cheap debt, plentiful equity and state budget problems have not yet combined to produce a solid deal pipeline. Six US PPP market participants sat down to discuss the state of the sector and how to make it grow.
The US public-private partnership market is languishing. Abertis and Goldman Sachs’ $1.136 billion PR-22 and PR-5 real toll brownfield highway concession in Puerto Rico is the only transportation deal to close so far this year. But state-level grantors are now evaluating the feasibility of PPP deals rather than debating the concept of PPP, a clear sign of progress for the sector.
But US PPP may rally before the end of the year. Hochtief and Meridiam Infrastructure’s roughly $360 million Presidio Parkway phase two concession, which was awarded a year ago this month, has been delayed by a lawsuit from the Professional Engineers in California Government (PECG). But the financing could move forward once the California Supreme Court decides by November whether or not to hear the case. Macquarie Investments and Skanska’s $1.9 billion Midtown Tunnel project is targeting an early December close, pending receipt of a $586 million TIFIA loan from...
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