Home' Future Building: The Australian Infrastructure Review : Issue 1 Contents Th
stitutions to the test
ralian infrastructure pro
new desalination plant to help
bourne was a
y in how the funding could be achie
ved in a very negative
mate by a well structured and argued business case.
Receiving the 'Financial Excellence' award* at the Australian
National Infrastructure Awards in March 2010 was due recognition
for a lot of clever work done by the AquaSure Consortium and
colleagues to get over the line.
"The sheer size and complexity of this landmark transaction
(close to $4 billion of debt and $800 million of equity) made it
noteworthy," said Chris Herbert, CEO of the AquaSure consortium
Capital, and the Department of Sustainability and Environment
(DSE) Capital Projects division on behalf of the State of Victoria.
market conditions at the time."
The start of the transaction in September 2008 was less than
fortuitously timed - coinciding with the collapse of Lehman
Brothers and the ensuing big chill across international debt and
had to be submitted in March 2009 -- pretty well the height of the
the world's largest desalination plants, but also the largest PPP
the GFC in August 2007. To add extra context, there was also
No one knew where it was all headed. According to Jim
Miller, executive director, head of infrastructure and utilities,
Australia and NZ, Macquarie Capital Advisers Limited, "Financial
evaporating as every week went by".
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