The new Ayr Academy, developed under the PPP model in South Ayrshire, Scotland, has reached financial closure and will now begin construction.

The PPP project involves the construction of the new Ayr Academy, a secondary school currently located in the town's Fort Street. It will comprises an integrated sports block, which will have capacity to accommodate 1,000 pupils, with the potential to increase to 1,300.

Financial closure was achieved on 7 January 2016, it has been financed through a £26 million (US$38 million) loan provided by Nord/LB. A £2.5 million subordinated debt loan and the project equity have been provided by a team composed of Equitix, Kier, Hubco, Scottish Futures Trust and South Ayrshire Council. 

​The engineer procurement and construction (EPC) contractor is Kier Construction.

Nord/LB was advised by CMS Cameron McKenna.

The project is part of a £330 million (US$469.9 million) pipeline of ten new schools and two new health projects being built under the hub finance model. 

Scottish Deputy First Minister John Swinney said:

“This school is the first of 12 school and health centre projects now being progressed across Scotland through the hub finance model following the Office for National Statistics ruling that changes to the hub model adhere to updated European Union guidelines.

“These developments will make an enormous difference in local communities, not just in the jobs that the construction will bring, but in the health and education benefits they will provide to local people.”