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Eversheds Sutherland to lead review of UK Government guidance for the next generation of PF2 contracts

Eversheds Sutherland to lead review of UK Government guidance for the next generation of PF2 contracts

  • United Kingdom
  • Global

    30-10-2017

    Eversheds Sutherland has been appointed by the UK Infrastructure and Projects Authority (IPA), after competition, to review and update the draft guidance for contracts under PF2, the successor to PFI. Working with Eversheds Sutherland in consortium are Currie & Brown and EY.

    PF2 is one of many mechanisms the government uses to provide the infrastructure we need for growth. PF2 is the government’s preferred model of PPP, drawing on private sector expertise to build operational assets and deliver services on time and on budget, while simultaneously promoting innovation and value for money by transferring the financial risk from the public sector to the private sector.

    The four hundred page PF2 guidance covers practical, legal, technical and financial aspects and blends them into a cohesive and comprehensive approach to PF2 contracting, including extensive legal drafting and detailed guidance notes.

    Eversheds Sutherland with its impressive record of delivering successful PPP projects, including some of the largest infrastructure, energy, construction and transport projects in UK, Europe, Asia and Middle East, is strongly placed to lead this review.

    The Eversheds Sutherland team will be led by Jackie Heeds (Commercial Practice Partner) and supported by Michael Grimes (Partner) and Aneliese Bayley (Senior Associate) together with a wide team of specialists.

    The team at Currie & Brown will be led by Jim Crossman (Director) and Mohammed Ahmed (Associate Director) and at EY by Richard Barnes (Director) and Andrew Mee (Assistant Director), in each case supported by a team with relevant expertise.

    Explaining the significance of this deal, lead Eversheds Sutherland Partner, Jackie Heeds, said:

    “This is not only a high profile and topical project but also an extremely important one, so we are proud to be leading this. PF2 will continue to play an instrumental role in enabling projects in a diverse range of sectors and the guidance and templates provided by IPA form a critical part of the process to ensure consistency, good practice and transparency. The guidance is also used as a basis for PPP contracting internationally.”

    Matthew Vickerstaff, Deputy Chief Executive of the IPA and Head of Project Finance, commented:

    “The IPA has commissioned a top to bottom review of the new standard contract for PF2 projects before it is released to the market next year. We want to make sure that future PF2 contracts adhere to global best practice, are legally sound and deliver the best possible value for money for taxpayers.

    “PF2 has so far delivered 6 schemes with a capital value of around £1bn. We are now developing 2 major roads schemes – the A303 Stonehenge improvement project and the Lower Thames Crossing as privately financed schemes. Together these two projects will have a capital value of around £3 billion.  

    “The IPA has advised over 50 governments around the world on PPPs, so the new PF2 guidance will also be eagerly anticipated by the global PPP market."

    Disclaimer

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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