Public Private Partnership in the Baltics and Europe Alternative means of financing public energy and infrastructure projects The Arlanda Link Project LEGAL#1894150 v 1 Vilnius, Lithuania 23 November 2006 Jan Kansmark www. mannheimerswartling. se
Arlanda Link Project • • • LEGAL#1894150 v 1 • • The only infrastructure project implemented on a PPP and project finance basis in Sweden Important connection between Stockholm Central Station and Stockholm-Arlanda Airport and for the traffic on the regional as well as on the national railway network Efficient implementation and operation of an infrastructure project Attractive solution for the travellers Government budget relieved from substantial costs www. mannheimerswartling. se
Project Scope LEGAL#1894150 v 1 • • 22 km new railway integrated into the national network 3 stations at the Stockholm-Arlanda Airport New terminal at Stockholm Central Station 7 trains www. mannheimerswartling. se
Project Structure A-Banan Projekt AB Design, Construction, Operation and Financing Lease of Arlanda Link Grant of land rights, traffic rights and other necessary rights Gov. Commitment Grant of land rights and other rights the SPC LEGAL#1894150 v 1 Project Sponsors Equity Gov. Grant Subord. Loan www. mannheimerswartling. se Swedish Government
Contract Structure Swedish Rail Administration 50 % Civil Aviation Administation 50 % Government Commitment MEIF Stockholm AB (orig. GEC Alstom, pon ct S e Proj t men gree A sors Sha r Agr eholde eem r ent s NCC and Siab, Vattenfall, Mowlem) (Swedish Government) A-Banan Projekt AB Project Agreement d ate din nt or e m ub. S gree v Go an A Lo em gre ent Lea Loan Agreements A gr ee m en t Security Agreements e Nordbanken Finans se A (the SPC) A-Train AB Loan providers International Banks EPC Contract (design, construction, delivery) In su ra nc Swedish National Debt Office Consortium Agreement / Arlanda Link Consortium Insurance Companies Insurance Agreement Banbrytarna Construction Mowlem Alstom www. mannheimerswartling. se Supplier rail trains, signal, tele 5
Financing Costs 4, 203 MSEK Available Funds 4, 975 MSEK Capital from Shareholders 600 + 200 = 800 MSEK Turnkey Contract 3, 838 MSEK LEGAL#1894150 v 1 Other Costs 365 MSEK Lease and Loans 2, 325 MSEK Government Grant 850 MSEK Gov. Subordinated Loan 1, 000 MSEK www. mannheimerswartling. se
Time Schedule LEGAL#1894150 v 1 • • 1989 – 93 1993 – 95 3 July 1995 – 99 25 Nov. 1999 2000 – 40 2004 Government studies, political discussions Competitive bids, negotiations, legal arrangements and financing Financial Close Construction, build-up of organisation, marketing Start of Commercial Operation Contract Period Macquarie acquires the shares of A-Train www. mannheimerswartling. se
Important Experiences Gained & Lessons Learned Clarify the respective roles of the Government and the SPC in relation to implementation and operation • Secure the powers of SPC in relation to the EPC Contactor and the O&M Contractor (sufficient human and financial resources) • Input from the operator during the tendering stage • Develop a Swedish model to reduce transaction costs • LEGAL#1894150 v 1 • Important to consider principles and procedures for handling unforeseeable changes in legislation etc. • Third party access to railway infrastructure (EC; Third Railway Package) www. mannheimerswartling. se
The Arlanda Link Project LEGAL#1894150 v 1 23 November 2006 Jan Kansmark www. mannheimerswartling. se
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