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Dutch PPP Dealflow 2012-2020
London, 5th Global Leadership Infrastructure Forum Danny Zwerk PPP Unit, The Netherlands
Overview
• Rijkswaterstaat • Dutch Government PPP Policy • PPP-dealflow in general • Upcoming tenders • Key features of Dutch PPP’s
– Risks allocation – Legal framework – Competitive dialogue – Payment mechanism
3 February 2012
Rijkswaterstaat
• Rijkswaterstaat (1798) is the executive agency of the Ministry of Infrastructure and Environment
• Rijkswaterstaat works to ensure that the Dutch have: • dry feet • sufficient clean water • a smooth and safe flow of transport on nation’s roads and waterways • reliable and useful information
• Round 9.000 Employees • Annual budget: € 4 to 5 billion
PPP Policy
• Multi Annual Investment Programme 2012-2028 – Budget approved by Parliament up until 2023 – Cost Benefit Analysis – Environmental Impact Analysis – Ceiling Price including maintenance and interest
• First allocate budgets to attractive projects then determine the best contract type for each project.
• Current government: PPP/DBFM unless… Comply or Explain • Dealflow 2-3 projects each year • Support local government • Attract institutional investors
3 February 2012
Potential PPP Dealflow
• 32 Indicated PPP’s in the Multi Annual Programme • Total ca € 20 bln (CAPEX)
• 2 Rail Projects (under investigation) • 10 Projects in Maritime Infrastructure • 20 Projects in Road Infrastructure
• Some greenfield • Mostly new highway, next to existing highway
New highway next to existing highway…
3 February 2012
Dutch PPP’s 5 tendered 2 tendering >20 upcoming (2-3 each year)
The SAA-corridor: € 4½ bln (5 contracts)
SAA: Estimated time schedule and budgets
A10-East/A1 A1/A6 A9 Gaasperdammerweg A9 Amstelveen A6 Almere
9
2011 2014 2012 2013 2015 2017 2016 2018
2020 2019 2021
Realisation
Exploitation
Tender Legenda
5,0%
40,0%
22,5%
22,5%
10,0%
BUDGET
A10 Amsterdam ZuidAs
The Amsterdam Sealock (1)
The Amsterdam Sealock (2)
The Afsluitdijk: improve safety and renovate locks
Risk Allocation
• Client Risks (Full compensation) – Force majeur event – Compensation event (change of law)
• Shared Risks (only compensation for delay) – Delay events
• Contractors Risks (All on contractors expense) – All but… supervening events
15
Remaining with the client
Incidentmanagement Winter maintenance Traffic Management
16
What happened?…… And what happens next?
17
Force Majeure or contractors risk?
Legal framework
• Procurement Directive 2004/18/EG • Dutch contract law • Decree Procurement rules for Public Contracts
Dutch abbreviation: BAO • Guidelines for procurement of public works
Dutch abbreviation: ARW 2005
Challenges
• Improve Contractmanagement • Capacity Building within the Government • Attract Institutional Investors • Support Local Governments
Concluding remarks
• Long term stability • Strong political commitment • Substantial dealflow • Solid projects • Standard contracts and procedures • Looking for partnership and foreign involvement
Thank you very much! www.ppsbijhetrijk.nl
PPP features
• DBFM with availability payments • Ceiling Price for bidders including maintenance and interest • Standard contracts and standardized risk allocation • Standard tender documents and standard procedures • Competitive dialogue
DBFM-payment mechanism
• Payments on availability (after completion) – Penalties in case infrastructure is
not available – Penalties in case quality is
insufficient • Bullet-payment on realisation • Ceiling price during tender
procedure
Bullet payment on realisation
Availability payment
Partial availability payment
Payment mechanism
Tender Schedule Dialogue
phaseSelection phase Best and Final Offer1st dialogue rounds 2nd dialogue rounds 3rd dialogue rounds
Aw
ard
[nr] Candidatesn Candidates
1 C
an
did
ate
Plan of ApproachRequest to participate Final Tender
An
no
un
cem
en
t
[nr] Candidates
Award phase
Contract Close Financial Close
Co
ntr
act
Clo
se
Fin
an
cial
Clo
se
3 months
3 months 3 months 6-9 months
3 months
3 months 3 months
Award criteria
Award criteria
Selection criteria