Making Projects Investable
Seminar
Members Only Event
The publication of the National Infrastructure Pipeline last year provided a strategic overview of the level of public and private infrastructure investment planned to 2024/25 and beyond. It revealed a portfolio of projects requiring over £650bn of investment over the next 10 years. This figure is for infrastructure only and does not cover non-infras developments such as industrial facilities, real estate or transformations. So the true figure of the 10-year investment planned for major projects in the UK could easily top £1trn.
The outlook is one of an abundance of projects seeking investment, whether that is from the exchequer or the private sector. However, with economic uncertainties due to the pandemic, Brexit, the war in Ukraine and inflation, it is clear direct investment for public projects from the exchequer may be increasingly challenging to secure. Analysts seem to agree that there is plenty of private money available to finance new capital projects, but whether they are banks, pension funds, or insurance companies, there will be a range of factors influencing their choice of lending or equity investment. Aligning project proposals to those factors will be key, not just to securing finance, but to reducing the overall cost of capital for the project.
This seminar will explore how major projects can be set up and developed to make them more investable. We will consider:
- Does scale matter (too big or too small)?
- What's more important - the funding model for the asset or the financing model for the project?
- How do investors assess risk for major projects and what can be done to reduce their risk rating and its impact?
- What's the role of the Government financial guarantees, the National Infrastructure Bank or other Government financial institutions? Help or hindrance?
- Do major projects need to work on delivery reputation to attract new investors?
- How do contractual models affect investor appetite?
- What's the role of the UK's local government pension pools in investing in local or regional projects?
- How should project sponsors/developers seek and secure investment?
The seminar will explore such questions through a mix of presentations (e.g. current strategies/trends, market analysis and case studies), discussions/debate and workshops.
The event registration is now closed.
OCT
25
Tuesday 25th October 2022
12:00pm - 5:00pm
32 of 100 places filled
Programme
Tuesday 25th October 2022
12:00
Registration and lunch
12:45
Chair's introduction
James Stewart
Senior Adviser Agilia Infrastructure Partners
James Stewart
Senior Adviser, Agilia Infrastructure Partners
James Stewart retired last year from KPMG and now has a number of non-executive roles. He is a Senior Advisor to Agilia Infrastructure Partners and a non-executive of Sequoia Economic Infrastructure Income Fund. He also sits on the board of two charities: Shaw Trust and Power for the People.
Previously, James was the Global Chair of KPMG’s infrastructure business and CEO of both Partnerships UK and Infrastructure UK.
Previously, James was the Global Chair of KPMG’s infrastructure business and CEO of both Partnerships UK and Infrastructure UK.
13:00
Setting the Scene - Show me the Money!
Alex Murray
Vice President Preqin
Alex Murray
Vice President, Preqin
Alex Murray is a built environment economist with special interests in the private financing of publicly funded infrastructure. Starting his career in the Corporate Finance function at KPMG LLP in London, his development of methods to collate and apply public datasets to monitor operational infrastructure provided the foundations for his PhD research on infrastructure asset whole life cost and value.
Alex spent eight years as a researcher and lecturer at UCL’s Bartlett School of Sustainable Construction and more recently was a Senior Analyst at the UK Government Cabinet Office, Infrastructure and Projects Authority. His work as a civil servant focused on evaluating the cost and performance of historic capital investments using both public and private finance, alongside work streams tracking investors in public-private partnership contracts.
He joined Preqin as Vice President in September 2020, where he specialises in coverage of unlisted infrastructure.
Alex spent eight years as a researcher and lecturer at UCL’s Bartlett School of Sustainable Construction and more recently was a Senior Analyst at the UK Government Cabinet Office, Infrastructure and Projects Authority. His work as a civil servant focused on evaluating the cost and performance of historic capital investments using both public and private finance, alongside work streams tracking investors in public-private partnership contracts.
He joined Preqin as Vice President in September 2020, where he specialises in coverage of unlisted infrastructure.
13:20
UK Infrastructure Bank - Lessons from Year One
Steve Lomas
Managing Director Banking and Investments UK Infrastructure Bank
Steve Lomas
Managing Director Banking and Investments, UK Infrastructure Bank
Steve Lomas is Managing Director, Banking and Investments at UK Infrastructure Bank. Previous to this, he headed up the Structuring and Advisory team (Project and Structured Finance Group) within the Infrastructure and Projects Authority (IPA). Steve’s background includes Specialised and Structured Finance at NatWest, Project Finance at NatWest and RBS before joining Ambac in 2001 where he was involved in a number of high-profile global infrastructure transactions. He has been involved in financing infrastructure projects for 25 years.
Steve has been in Government for 11 years and originally joined HM Treasury to held establish the Infrastructure Finance Unit before becoming involved in the setup of the Green Investment Bank with BEIS. In 2012 the team helped establish the £40bn UK Guarantees Scheme (UKGS) which over £4bn of guarantees. He led teams in Infrastructure UK and the IPA which ran the UKGs, provided project finance support to government departments and delivered the Digital Infrastructure Investment Funds and the Charging Infrastructure Investment Fund.
During the last 2 years, Steve has played a leading role in the set up and launch of the UK Infrastructure Bank, Co-Heading the Banking Team during the first year of operations.
Steve Lomas is Managing Director, Banking and Investments at UK Infrastructure Bank. Previous to this, he headed up the Structuring and Advisory team (Project and Structured Finance Group) within the Infrastructure and Projects Authority (IPA). Steve’s background includes Specialised and Structured Finance at NatWest, Project Finance at NatWest and RBS before joining Ambac in 2001 where he was involved in a number of high-profile global infrastructure transactions. He has been involved in financing infrastructure projects for 25 years.
Steve has been in Government for 11 years and originally joined HM Treasury to held establish the Infrastructure Finance Unit before becoming involved in the setup of the Green Investment Bank with BEIS. In 2012 the team helped establish the £40bn UK Guarantees Scheme (UKGS) which over £4bn of guarantees. He led teams in Infrastructure UK and the IPA which ran the UKGs, provided project finance support to government departments and delivered the Digital Infrastructure Investment Funds and the Charging Infrastructure Investment Fund.
During the last 2 years, Steve has played a leading role in the set up and launch of the UK Infrastructure Bank, Co-Heading the Banking Team during the first year of operations.
Steve has been in Government for 11 years and originally joined HM Treasury to held establish the Infrastructure Finance Unit before becoming involved in the setup of the Green Investment Bank with BEIS. In 2012 the team helped establish the £40bn UK Guarantees Scheme (UKGS) which over £4bn of guarantees. He led teams in Infrastructure UK and the IPA which ran the UKGs, provided project finance support to government departments and delivered the Digital Infrastructure Investment Funds and the Charging Infrastructure Investment Fund.
During the last 2 years, Steve has played a leading role in the set up and launch of the UK Infrastructure Bank, Co-Heading the Banking Team during the first year of operations.
Steve Lomas is Managing Director, Banking and Investments at UK Infrastructure Bank. Previous to this, he headed up the Structuring and Advisory team (Project and Structured Finance Group) within the Infrastructure and Projects Authority (IPA). Steve’s background includes Specialised and Structured Finance at NatWest, Project Finance at NatWest and RBS before joining Ambac in 2001 where he was involved in a number of high-profile global infrastructure transactions. He has been involved in financing infrastructure projects for 25 years.
Steve has been in Government for 11 years and originally joined HM Treasury to held establish the Infrastructure Finance Unit before becoming involved in the setup of the Green Investment Bank with BEIS. In 2012 the team helped establish the £40bn UK Guarantees Scheme (UKGS) which over £4bn of guarantees. He led teams in Infrastructure UK and the IPA which ran the UKGs, provided project finance support to government departments and delivered the Digital Infrastructure Investment Funds and the Charging Infrastructure Investment Fund.
During the last 2 years, Steve has played a leading role in the set up and launch of the UK Infrastructure Bank, Co-Heading the Banking Team during the first year of operations.
13:40
Assessing Risk
Paul Innes
Director, Business Risk Services Grant Thornton UK Advisory & Tax LLP
Paul Innes
Director, Business Risk Services, Grant Thornton UK Advisory & Tax LLP
no bio
14:00
Discussion
An opportunity for Q&A.
14:15
Coffee
An opportunity for networking.
14:35
Finding Mixed Sources of Investment
Richard Bowen
Flood and Coastal Risk Partnership Funding Manager, Environment Agency Department for Environment, Food and Rural Affairs
Richard Bowen
Flood and Coastal Risk Partnership Funding Manager, Environment Agency, Department for Environment, Food and Rural Affairs
no bio
Paul Wyse
Partnerships Lead (Government Depts), Environment Agency Department for Environment, Food and Rural Affairs
Paul Wyse
Partnerships Lead (Government Depts), Environment Agency, Department for Environment, Food and Rural Affairs
no bio
15:05
A Sponsor Perspective
Stuart Westgate
Lead Partner (Infrastructure, Transport, Cities) Boston Consulting Group UK LLP
Stuart Westgate
Lead Partner (Infrastructure, Transport, Cities), Boston Consulting Group UK LLP
no bio
15:25
Discussion
An opportunity for Q&A.
15:45
Workshop
Where do you set out the strategy to making your projects investable?
Where do you set our what you need to do to increase investment appeal?
Alex Murray
Vice President Preqin
Alex Murray
Vice President, Preqin
Alex Murray is a built environment economist with special interests in the private financing of publicly funded infrastructure. Starting his career in the Corporate Finance function at KPMG LLP in London, his development of methods to collate and apply public datasets to monitor operational infrastructure provided the foundations for his PhD research on infrastructure asset whole life cost and value.
Alex spent eight years as a researcher and lecturer at UCL’s Bartlett School of Sustainable Construction and more recently was a Senior Analyst at the UK Government Cabinet Office, Infrastructure and Projects Authority. His work as a civil servant focused on evaluating the cost and performance of historic capital investments using both public and private finance, alongside work streams tracking investors in public-private partnership contracts.
He joined Preqin as Vice President in September 2020, where he specialises in coverage of unlisted infrastructure.
Alex spent eight years as a researcher and lecturer at UCL’s Bartlett School of Sustainable Construction and more recently was a Senior Analyst at the UK Government Cabinet Office, Infrastructure and Projects Authority. His work as a civil servant focused on evaluating the cost and performance of historic capital investments using both public and private finance, alongside work streams tracking investors in public-private partnership contracts.
He joined Preqin as Vice President in September 2020, where he specialises in coverage of unlisted infrastructure.
16:45
Chair's closing comments
James Stewart
Senior Adviser Agilia Infrastructure Partners
James Stewart
Senior Adviser, Agilia Infrastructure Partners
James Stewart retired last year from KPMG and now has a number of non-executive roles. He is a Senior Advisor to Agilia Infrastructure Partners and a non-executive of Sequoia Economic Infrastructure Income Fund. He also sits on the board of two charities: Shaw Trust and Power for the People.
Previously, James was the Global Chair of KPMG’s infrastructure business and CEO of both Partnerships UK and Infrastructure UK.
Previously, James was the Global Chair of KPMG’s infrastructure business and CEO of both Partnerships UK and Infrastructure UK.
17:00
Close
This event is followed by Member Networking. We encourage you to register for this here.