International Public Partnerships Further Investment into Gold Coast Light Rail (7964G)
31 Marzo 2022 - 5:49AM
UK Regulatory
TIDMINPP
RNS Number : 7964G
International Public Partnerships
31 March 2022
FURTHER INVESTMENT INTO GOLD COAST LIGHT RAIL
31 March 2022
International Public Partnerships Limited ('INPP' or 'the
Company'), the FTSE 250 listed infrastructure investment company,
is pleased to announce that it has reached financial close on Stage
3 of the Gold Coast Light Rail project (the 'Project').
The follow-on investment in the Project has arisen through the
Company's existing 30% interest in the Project.
The Project extends the existing Gold Coast Light Rail network
(known as G:link) a further 6.7 kilometres south from Broadbeach to
Burleigh Heads. It will include eight new stations, five additional
light rail trams, new bus and light rail connections at Burleigh
and Miami, and an upgrade of existing depot and stabling
facilities.
At completion of Stage 3 in 2025, Queensland's only light rail
system will have a route 27 kilometres long from Helensvale to
Burleigh Heads, stopping at 27 stations and serviced by 23
trams.
Stage 1 and 2 of the Gold Coast G:link light rail system has
become a resounding success with more than 60 million passenger
trips to date. One of the many benefits of the rail system has been
an overall increase in public transport use on the Gold Coast with
a 43 percent uplift for combined tram and bus use since light rail
opened in 2014. The Company will look to support the delivery of
the project in line with its Sustainability Policy Aims, with a
particular focus on reducing embodied carbon as far as
practical.
Gold Coast Light Rail is a public-private-partnership ('PPP')
between the Queensland Government and GoldlinQ - a consortium of
which INPP is a member. The consortium has successfully designed,
constructed, financed, operated, and maintained the project since
2011. In addition to private financing, the project received
funding from the Federal and Queensland Governments and the City of
Gold Coast.
Under the terms of the acquisition the Company will make an
investment totalling approximately A$13.5 million. (c.GBP7.7
million at current exchange rates). The return profile of the
investment is expected to be consistent with the returns being
generated by the Company on its existing investment in the Project.
Following financial close of the acquisition the Company will be
approximately GBP173.1 million drawn against its GBP250 million
corporate debt facility including GBP16.9 million drawn under
letter of credit.
Mike Gerrard, Chair of INPP, said: "INPP's now ten year
investment in Gold Coast Light Rail reflects its continued
contribution to developing sustainable, reliable modes of transport
in one of Australia's fastest-growing areas. It is also an example
of the importance of public-private sector collaboration in
delivering outcomes for society. Reaching financial close on the
third stage of its development reflects our long-term commitment to
the Project, and our confidence in its ability to continue
transforming the way people move around the city in line with
sustainable goals."
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0) 7557 646 499 / (0) 7827 238
355
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 7703 330 199 / (0) 7807 296
032
FTI Consulting
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in over 140
infrastructure projects and businesses. The portfolio consists of
utility and transmission, transport, education, health, justice and
digital infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of over 150 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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March 31, 2022 07:49 ET (11:49 GMT)
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