A school district in Essex County, England has finalised a public-private partnership (PPP) contract with Swedish developer Skanska and infrastructure fund manager International Public Partnerships (INPP) for the development of a new school.
The Essex County Council (ECC) said work on the £26 million (€31 million; $41 million) Woodlands School PPP will begin immediately via a contract with Skanska Infrastructure Development, a Skanska business unit and Sweden-headquartered company with a significant presence in the PPP market. Skanska Infrastructure Development is oriented toward social infrastructure and skilled at hospital and school construction.
Skanska said it is investing some £1.6 million of equity in the project. Once construction ends in 2014, Skanska will also be responsible for a 23-year management contract, valued at £530,000 per year.
INPP is listed on the London Stock Exchange and is invested in more than 110 PPP projects across the globe.