News story

PSBP: funding procurement agreement signed for aggregator model

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

A funding procurement agreement has been signed for the Priority School Building Programme (PSBP) private finance aggregator model.

Education Funding Agency (EFA) has developed a financing model for the Priority School Building Programme based upon the establishment of a funding vehicle known as the ‘aggregator’. One of the key features of the aggregator is the ability to warehouse loans and thereby aggregate total financing requirements across all the batches.

There has been a high level of interest in the procurement and EFA is grateful to all consortia for the high quality submissions received throughout the procurement.

EFA is pleased to announce that it signed a Funding Procurement Agreement with the aggregator on 5 November 2014. The aggregator is a wholly owned subsidiary of International Public Partnerships Limited, a FTSE 250 listed company, receives services from Amber Infrastructure Limited, and will have senior funding provided by Aviva and EIB.

EFA now looks forward to working with the aggregator to fund the first of the private finance batches.