Moving on from PFI - Innovative ways to Fund and Finance Major Infrastructure
Seminar
Members Only Event
Unlocking private finance has long been a quest since PFI fell out of favour after the 2015 infrastructure cost review.
It is hard to look forward without looking back at the challenges of PFI, but looking forward is what we will be focusing on. The United Kingdom has significant infrastructure challenges, and it also has a new Government. The Chancellor, Rachel Reeves MP, has already pledged “a new partnership with the private sector” and investors with about $4 trillion of “dry powder” to invest are clearly interested in being part of the solution, more than ever before.
With a new Government there appears to be the appetite to get things moving: The King’s Speech included some 39 bills for the next parliamentary session, of which the Major Projects Association highlights 14 that relate to major projects. In particular there is a new organisation called Great British Energy, a publicly-owned energy production company set up to own, manage and operate clean power projects and an Infrastructure & Planning Bill to help accelerate projects and improve investor confidence. Aligned to this is the new National Wealth Fund – which will provide £7.3bn of capital and look to “crowd in” three times as much from private investors to support the Government’s growth, industrial strategy and clean energy missions. It will do so initially via the existing national banks – the UK Infrastructure Bank and the British Business Bank – before being established as a statutory body in its own right. The aim is to simplify the support and routes for businesses and investors. It will align to the Industrial Strategy and the Green Prosperity Plan. Add to this the £100bn of capital projects that Water UK states is in the business plans of the water companies for the next five years, any approach that can “simplify the support and routes” will be very welcome.
This seminar looks to investigate the future of private finance and other innovate ways to fund and finance major projects, taking on board the learning from projects prior to make more informed decisions. The speakers and panellists will look at the issue through a variety of lenses:
- The private investor lens – what are those who provide the capital looking for in an investment
- The developer lens – what can project owners and developers do to put their project at the forefront
- The government lens – what can government and associated organisations do to support these projects
The event registration is now closed.
SEP
17
Tuesday 17th September 2024
12:30pm - 5:15pm
Institution of Civil Engineers
70 of 85 places filled
Programme
Tuesday 17th September 2024
12:30
Registration and Lunch
13:00
Housekeeping and Introductions
Manon Bradley
Development Director Major Projects Association
Manon Bradley
Development Director, Major Projects Association
Manon is Development Director of the Major Projects Association and has been instrumental in shaping the Association over the past 20 years. She is passionate about equality and diversity in the workplace and promotes this through the work of the Association.
Amongst the many initaitives introduced by Manon is the Gender Balance Initiative which she established in 2015 - this has now developed into our Inclusion Hub. In 2020 she worked with Isabel Linden to set up the Sustainability Ambassadors Network - a group she is still very much involved in.
One of her main responsibilities is to grow the membership by recruiting new members and retaining current members by ensuring the quality of our offerings. Over 90% of current members have been recruited by Manon.
Amongst the many initaitives introduced by Manon is the Gender Balance Initiative which she established in 2015 - this has now developed into our Inclusion Hub. In 2020 she worked with Isabel Linden to set up the Sustainability Ambassadors Network - a group she is still very much involved in.
One of her main responsibilities is to grow the membership by recruiting new members and retaining current members by ensuring the quality of our offerings. Over 90% of current members have been recruited by Manon.
13:05
Inclusion Moment
Kerry Bangle
Major Projects Director WSP
Kerry Bangle
Major Projects Director, WSP
Kerry (MAPM, FCILT) is WSP’s Major Projects Director with over 25 years’ experience in a wide variety of transport, advisory and major project roles in the UK and Australia. Kerry particularly enjoys dealing with the challenge of high-profile infrastructure projects in complex and politically-charged environments, with multiple stakeholders where priorities and objectives compete. She has held senior roles on HS2, Crossrail, airport expansion projects, and Cambridge’s ambitious road user charging scheme. She is currently WSP’s Programme Director for Sizewell C.
Kerry is particularly passionate about bringing forward the next generation of major project professionals and ensuring better representation of women in the industry. She is a STEM ambassador and mentor and speaks frequently at conferences and All-Party Parliamentary Groups on transport, infrastructure and diversity.
Kerry is particularly passionate about bringing forward the next generation of major project professionals and ensuring better representation of women in the industry. She is a STEM ambassador and mentor and speaks frequently at conferences and All-Party Parliamentary Groups on transport, infrastructure and diversity.
13:10
Chair's Introduction
Stephen James
Global Head of Infrastructure Investment Advisory Arcadis (UK) Limited
Stephen James
Global Head of Infrastructure Investment Advisory, Arcadis (UK) Limited
Global Head of Infrastructure Investment Advisory
Over the last 11 years , Stephen has set up and led an infra advisory service in Arcadis, and has advised on Thames Tideway Tunnel which is a SIPR project, highways and tunnel PPPs in the UK and overseas, DPC which is a new form of PPP in the water industry, and a large number of other privately financed assets and transactions.
The role in Arcadis was a logical progression from his previously broad infrastructure career in aviation, healthcare, highways, telecoms, water, schools and the energy industry.
Prior to Arcadis, Stephen was a client at Gatwick where he managed the development and capital programme after GIP acquired and successfully transformed the airport from its time floundering as part of the BAA group. During his time there, regulatory performance improved on Gatwick’s performance commitments to the CAA from the “Red sea” to the “Sea of green”.
Prior to Gatwick, Steve was at Nuffield Health, bidding and managing PPPs before then was at Anglian Water where he was on the AW International management board providing a PPP service to water customers in over 40 countries. While there Stephen chaired AWG’s investment Committee to manage both Morrison Investments and Anglian Water’s diverse calls on its capital (Morrison, part of AWG had a large portfolio of PFI contracts). Before Nuffield, Stephen worked for BP and Shell, mostly managing and delivering services to the UK Government.
Over the last 11 years , Stephen has set up and led an infra advisory service in Arcadis, and has advised on Thames Tideway Tunnel which is a SIPR project, highways and tunnel PPPs in the UK and overseas, DPC which is a new form of PPP in the water industry, and a large number of other privately financed assets and transactions.
The role in Arcadis was a logical progression from his previously broad infrastructure career in aviation, healthcare, highways, telecoms, water, schools and the energy industry.
Prior to Arcadis, Stephen was a client at Gatwick where he managed the development and capital programme after GIP acquired and successfully transformed the airport from its time floundering as part of the BAA group. During his time there, regulatory performance improved on Gatwick’s performance commitments to the CAA from the “Red sea” to the “Sea of green”.
Prior to Gatwick, Steve was at Nuffield Health, bidding and managing PPPs before then was at Anglian Water where he was on the AW International management board providing a PPP service to water customers in over 40 countries. While there Stephen chaired AWG’s investment Committee to manage both Morrison Investments and Anglian Water’s diverse calls on its capital (Morrison, part of AWG had a large portfolio of PFI contracts). Before Nuffield, Stephen worked for BP and Shell, mostly managing and delivering services to the UK Government.
13:20
Risk Based Financing
Robert Clews
Head of UK & Western Europe Bechtel Ltd
Robert Clews
Head of UK & Western Europe, Bechtel Ltd
Robert acts as the Head of UK & Western Europe for Bechtel Enterprises (BEn) in London.
He has over 25 years’ experience in project and structured finance covering a variety of sectors, especially Infrastructure, Energy and Nuclear. His recent activities include projects in sustainable aviation fuels, pumped storage hydro, hydrogen and advanced nuclear.
Prior joining Bechtel 2 years ago, Robert spent over 25 years working in project finance, including 20 years at Sumitomo Mitsui Banking Corporation (SMBC) in London where he acted as Head of Oil, Gas and Petrochemicals project finance. During his at SMBC he led transactions in various industry sectors including oil & gas, power generation, industrial and shipping. His experience encompassed financial structuring, sources of finance, risk analysis and due diligence, bankability assessments, legal and documentation, project economics, accounting, tax and insurance.
Robert has an MBA from Said Business School, University of Oxford and a Master’s degree in Chemical Engineering from the University of Manchester. He is also a Fellow of the ICAEW and a Fellow of the Energy Institute.
He has over 25 years’ experience in project and structured finance covering a variety of sectors, especially Infrastructure, Energy and Nuclear. His recent activities include projects in sustainable aviation fuels, pumped storage hydro, hydrogen and advanced nuclear.
Prior joining Bechtel 2 years ago, Robert spent over 25 years working in project finance, including 20 years at Sumitomo Mitsui Banking Corporation (SMBC) in London where he acted as Head of Oil, Gas and Petrochemicals project finance. During his at SMBC he led transactions in various industry sectors including oil & gas, power generation, industrial and shipping. His experience encompassed financial structuring, sources of finance, risk analysis and due diligence, bankability assessments, legal and documentation, project economics, accounting, tax and insurance.
Robert has an MBA from Said Business School, University of Oxford and a Master’s degree in Chemical Engineering from the University of Manchester. He is also a Fellow of the ICAEW and a Fellow of the Energy Institute.
13:40
Sizewell C
Julia Pyke
Joint Managing Director Sizewell C
Julia Pyke
Joint Managing Director, Sizewell C
Julia is Director of Financing for Sizewell C, and is working with Government to identify an innovative way for Sizewell C to be funded at best value to electricity consumers, and with potential investors and lenders to raise the capital required (the design replication and funding model could also pave the way for other nuclear projects such as Moorside).
Prior to her move to Sizewell C, Julia was Head of Power and Renewables for UK, US & Europe at Herbert Smith Freehills LLP. At HSF, she led a cross-practice team advising on nuclear, wind, biomass and tidal projects.
Julia is a Fellow of the Energy Institute, and member of the CBI Energy & Climate Change Board and of the advisory board for Business in the Community, East of England.
Prior to her move to Sizewell C, Julia was Head of Power and Renewables for UK, US & Europe at Herbert Smith Freehills LLP. At HSF, she led a cross-practice team advising on nuclear, wind, biomass and tidal projects.
Julia is a Fellow of the Energy Institute, and member of the CBI Energy & Climate Change Board and of the advisory board for Business in the Community, East of England.
14:00
Investor Lens
Natasha Rouse
Director, Asset Management Equitix
Natasha Rouse
Director, Asset Management, Equitix
Natasha is a senior executive with over 25 years of experience in infrastructure sector, and a Chartered Director. She is currently a member of a senior management team at Equitix Ltd, a leading infrastructure fund manager, developer, and investor with £12bn of infrastructure Assets Under Management. She is responsible for a £2.5bn AUM investment portfolio (circa 200 infra companies), leading a team of 18 infrastructure professionals and managing infra companies in the UK, Ireland, Italy, Spain, the Netherlands, and Austria. Her Board and advisory experience includes some of the flagship UK infrastructure assets such as High Speed 1, Connect Plus M25 and Silvertown tunnel as well as some major European infrastructure projects such as A1/A6, A15, A16 in the Netherlands and Bretagne-Pays de la Loire High Speed Line in France.
Prior to joining Equitix, she has built a successful infrastructure advisory businesses, and delivered performance improvement and business transformation programmes in infrastructure and utility companies. She has worked with both private and public sector, closely collaborating with co-investors, banks, governments, local authorities, and international funding institutions.
Prior to joining Equitix, she has built a successful infrastructure advisory businesses, and delivered performance improvement and business transformation programmes in infrastructure and utility companies. She has worked with both private and public sector, closely collaborating with co-investors, banks, governments, local authorities, and international funding institutions.
14:20
Discussion
Opportunity for Q&A, facilitated by event chair.
14:50
Coffee Break
15:20
Panel Discussion
James Heath
Chief Executive Officer National Infrastructure Commission
James Heath
Chief Executive Officer, National Infrastructure Commission
James joined the Commission as Chief Executive in May 2020. Previously, James was Director, Digital Infrastructure at the Department for Digital, Culture, Media & Sport (DCMS), responsible for advising Ministers on broadband, mobile and telecoms security policy, and overseeing the UK’s £200m million 5G Testbeds and Trials Programme.
Prior to joining the UK Government, James was Director, Policy at the British Broadcasting Corporation (BBC), responsible for public policy, government relations and regulation.
Prior to joining the UK Government, James was Director, Policy at the British Broadcasting Corporation (BBC), responsible for public policy, government relations and regulation.
Amar Qureshi
Joint CEO and Co-Founder Agilia Infrastructure Partners
Amar Qureshi
Joint CEO and Co-Founder, Agilia Infrastructure Partners
Amar is the joint CEO and Co-Founder of Agilia Infrastructure Partners. Amar has been at the forefront of developing new models for the delivery of major infrastructure programmes for the past 20 years and is a recognised leader in the field of infrastructure development. His experience includes leading the Agilia team supporting Portsmouth Water in the development of the innovative commercial arrangements underpinning the £340 million Havant Thicket Reservoir; As Commercial Director his team led the development of the ground-breaking and widely recognised RAB model for the Thames Tideway Tunnel project; In the PPP sector he led on led on behalf of HMG the commercial team responsible for delivery of the £12 billion Waste PFI programme. Amar began his career as a lawyer with Allen & Overy, advising banks and sponsors on UK and international projects.
Agilia is a specialist infrastructure consultancy based in London and Teesside, an SME as well as an Employee-Owned Trust and is advising on nationally significant infrastructure projects across the Energy, Defence, Transport and Water sectors within the UK and internationally.
Agilia is a specialist infrastructure consultancy based in London and Teesside, an SME as well as an Employee-Owned Trust and is advising on nationally significant infrastructure projects across the Energy, Defence, Transport and Water sectors within the UK and internationally.
Kate McGavin
Chief Strategy and Policy Officer UK Infrastructure Bank
Kate McGavin
Chief Strategy and Policy Officer, UK Infrastructure Bank
no bio
Kamal Patel
Partner EY
Kamal Patel
Partner, EY
Kamal joined EY as a highly respected corporate finance expert in the transport and infrastructure sector having worked as an advisor, lender and Government client. At EY he leads the transport team in EY’s Corporate Finance practice, bringing both the public and private sector together to deliver economic growth and societal benefit.
Prior to joining EY, Kamal was head of Corporate Finance, Property and Shareholding at the Department for Transport. Whilst at the DfT, he had unparalleled insight into transport schemes from project level advisory, Board level interaction at DfT’s delivery bodies and investment approval at DfT’s Tier 1 Investment Committee.
Over his 25 year career he has been involved in most of the UKs major transport projects, across roads, rail, airport, ports. He has a unique understanding of how to successful deliver projects and programmes, given the number of different roles he has had over his career.
Prior to joining EY, Kamal was head of Corporate Finance, Property and Shareholding at the Department for Transport. Whilst at the DfT, he had unparalleled insight into transport schemes from project level advisory, Board level interaction at DfT’s delivery bodies and investment approval at DfT’s Tier 1 Investment Committee.
Over his 25 year career he has been involved in most of the UKs major transport projects, across roads, rail, airport, ports. He has a unique understanding of how to successful deliver projects and programmes, given the number of different roles he has had over his career.
Stephen Dance
Director of infrastructure & Built Environment National Infrastructure & Service Transformation Authority (NISTA)
Stephen Dance
Director of infrastructure & Built Environment, National Infrastructure & Service Transformation Authority (NISTA)
Stephen Dance is a Chartered Surveyor and Director of the Commercial Adviser Team at the Infrastructure and Projects Authority. He holds current non executive directorships in Local Partnerships LLP (a joint venture between HM Treasury and Local Government Association), The Thames Estuary Growth Board and Northern House Multi Academy Trust.
Stephen has more than 35 years of experience in social and economic infrastructure projects. Before joining the public sector in 2010 he was a Director of international property advisers DTZ specialising in complex development transactions in the fields of infrastructure privatisation, urban regeneration and Public Private Partnerships. He joined Partnerships UK in 2004, where he headed the major projects team and delivered the innovative MoDEL project for the MoD, structured the delivery agreements for Crossrail and chaired the Compliance and Oversight Group to assure the venues and infrastructure procurements for the London 2012 Olympics.
In 2010 Stephen joined Infrastructure UK (a unit of HM Treasury) as Head of Infrastructure Delivery. He was actively engaged in development of the UK’s first National Infrastructure Plan and delivery of key projects including Thames Tideway Tunnel, The Northern Line Extension to Battersea Power Station, Mersey Gateway Bridge, Hinkley Point C and HS2.
In his current role Stephen leads a team of Commercial Advisers. The Commercial Adviser Team includes people with deep professional knowledge and experience in specialist fields. They provide expert advice to HM Treasury, Cabinet Office and government Departments to improve the performance of project delivery in Infrastructure, Enterprise & Growth and Public & Security Services. Current IPA responsibilities include leadership of the Transforming Infrastructure Delivery programme, advice to the Palace of Westminster restoration and renewal project, Oxford - Cambridge corridor development, Building Safety programme, HS2 stations development and construction industry reform.
Stephen has more than 35 years of experience in social and economic infrastructure projects. Before joining the public sector in 2010 he was a Director of international property advisers DTZ specialising in complex development transactions in the fields of infrastructure privatisation, urban regeneration and Public Private Partnerships. He joined Partnerships UK in 2004, where he headed the major projects team and delivered the innovative MoDEL project for the MoD, structured the delivery agreements for Crossrail and chaired the Compliance and Oversight Group to assure the venues and infrastructure procurements for the London 2012 Olympics.
In 2010 Stephen joined Infrastructure UK (a unit of HM Treasury) as Head of Infrastructure Delivery. He was actively engaged in development of the UK’s first National Infrastructure Plan and delivery of key projects including Thames Tideway Tunnel, The Northern Line Extension to Battersea Power Station, Mersey Gateway Bridge, Hinkley Point C and HS2.
In his current role Stephen leads a team of Commercial Advisers. The Commercial Adviser Team includes people with deep professional knowledge and experience in specialist fields. They provide expert advice to HM Treasury, Cabinet Office and government Departments to improve the performance of project delivery in Infrastructure, Enterprise & Growth and Public & Security Services. Current IPA responsibilities include leadership of the Transforming Infrastructure Delivery programme, advice to the Palace of Westminster restoration and renewal project, Oxford - Cambridge corridor development, Building Safety programme, HS2 stations development and construction industry reform.
16:15
Chair’s Closing Comments
Stephen James
Global Head of Infrastructure Investment Advisory Arcadis (UK) Limited
Stephen James
Global Head of Infrastructure Investment Advisory, Arcadis (UK) Limited
Global Head of Infrastructure Investment Advisory
Over the last 11 years , Stephen has set up and led an infra advisory service in Arcadis, and has advised on Thames Tideway Tunnel which is a SIPR project, highways and tunnel PPPs in the UK and overseas, DPC which is a new form of PPP in the water industry, and a large number of other privately financed assets and transactions.
The role in Arcadis was a logical progression from his previously broad infrastructure career in aviation, healthcare, highways, telecoms, water, schools and the energy industry.
Prior to Arcadis, Stephen was a client at Gatwick where he managed the development and capital programme after GIP acquired and successfully transformed the airport from its time floundering as part of the BAA group. During his time there, regulatory performance improved on Gatwick’s performance commitments to the CAA from the “Red sea” to the “Sea of green”.
Prior to Gatwick, Steve was at Nuffield Health, bidding and managing PPPs before then was at Anglian Water where he was on the AW International management board providing a PPP service to water customers in over 40 countries. While there Stephen chaired AWG’s investment Committee to manage both Morrison Investments and Anglian Water’s diverse calls on its capital (Morrison, part of AWG had a large portfolio of PFI contracts). Before Nuffield, Stephen worked for BP and Shell, mostly managing and delivering services to the UK Government.
Over the last 11 years , Stephen has set up and led an infra advisory service in Arcadis, and has advised on Thames Tideway Tunnel which is a SIPR project, highways and tunnel PPPs in the UK and overseas, DPC which is a new form of PPP in the water industry, and a large number of other privately financed assets and transactions.
The role in Arcadis was a logical progression from his previously broad infrastructure career in aviation, healthcare, highways, telecoms, water, schools and the energy industry.
Prior to Arcadis, Stephen was a client at Gatwick where he managed the development and capital programme after GIP acquired and successfully transformed the airport from its time floundering as part of the BAA group. During his time there, regulatory performance improved on Gatwick’s performance commitments to the CAA from the “Red sea” to the “Sea of green”.
Prior to Gatwick, Steve was at Nuffield Health, bidding and managing PPPs before then was at Anglian Water where he was on the AW International management board providing a PPP service to water customers in over 40 countries. While there Stephen chaired AWG’s investment Committee to manage both Morrison Investments and Anglian Water’s diverse calls on its capital (Morrison, part of AWG had a large portfolio of PFI contracts). Before Nuffield, Stephen worked for BP and Shell, mostly managing and delivering services to the UK Government.
16:30
Close