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Currie & Brown wins PPP award

12-Mar-2012

Currie & Brown is part of the team that won Project Finance Latin America Deal of the Year 2011 for the Tlalnepanlta hospital project. The award was presented to Miguel Donovan, director of the Mexico business, at an awards dinner in New York on 1 March 2012.

Currie & Brown was appointed to be PPP technical advisor, supervisor and independent engineer.

Miguel Donovan, director of the Currie & Brown Mexico business, explained: "The deal is significant because it features the first equity from investment from pension funds in Mexico in a greenfield social infrastructure PPP project using a development capital certificate."

The project, which is backed with monthly availability payments, is a greenfield design, build, finance and maintain concession covering a 120-bed hospital, located in Tlalnepantla in the State of Mexico. Once completed the new hospital will replace an obsolete one and will be located about 16km from the existing hospital. The hospital will offer medical services to more than 6,000 in-patients and more than 20,000 out-patients each year.

The Security Institute of the State of Mexico will continue to be responsible for the hospitalís doctors and nurses, while Marhnos, the sponsor, will oversee the provision of non-clinical services, as well as the delivery of most diagnostic services for the entire concession period. Marhnos aims to reduce the hospitalís operating costs by 30 per cent.

The project is also noteworthy since it is the first social infrastructure project in Mexico that is required to have a silver LEED certificate for both the construction and operations of the hospital. The certification will lead to a CO2 emission reduction equivalent to 5 tons per year.

Following the announcement of the award, Euan McEwan, group CEO of Currie & Brown commented: "This deal represents a milestone, and Currie & Brown is very proud to have contributed to its success."

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