The joint venture of constrcution company Carillion and fund manager Equitix will finance, design, build and provide hard facilities management for the eight schools that comprise the Midlands private finance batch of the government's £750m priority school building programme (PSBP).
Carillion expects to invest up to £9m of equity in the project, from which it also expects to generate construction and services revenues of approximately £190m over the life of the 27-year construction and concession contract.
The contract will provide new facilities for eight schools, namely:
- Alfreton Grange Arts College, Derbyshire
- ARK Kings Academy, Birmingham
- Greenwood Academy, Birmingham
- Plantsbrook School, Birmingham
- President Kennedy School, Coventry
- The Phoenix Collegiate, Sandwell
- The Queen Elizabeth Academy, Warwickshire
- Top Valley Academy, Nottingham
Carillion chief executive Richard Howson said: " Carillion is a market leader in the education sector having delivered around 180 new schools and academies through a combination of privately and publicly financed projects and we look forward to working closely with the Education Funding Agency and the schools to create excellent facilities for pupils and staff.
"This is the second major PPP project in the UK for which we have been selected as the preferred bidder this year, following our success in being selected for the Aberdeen Western Peripheral Route in which we will invest some £20m of equity and from which we expect to generate around £175m of construction revenue."