The Inspired Spaces Bundle 5 (Ireland) consortium, which comprises DIF Infrastructure IV and Carillion Private Finance, both 50% shareholders in the consortium, has reached financial close on the Irish Schools Bundle 5 PPP project. The project was procured by the Department of Education and Skills, with Ireland’s National Treasury Management Agency acting as its agent.

Under the contract, the consortium is responsible for the design, construction and finance of six new education facilities in Ireland and the operations and maintenance of them for 25 years. Construction is expected to complete in early 2018. Construction delivery will be by Carillion Construction. Operations and maintenance delivery will be by Carillion Services.

As we reported in December 2015, the project involves building four new post-primary schools, as well as a primary school and a new facility for the Kilkenny Carlow Education and Training Board site in Mortarstown, Co. Carlow. Building works will take place in four different locations across the country. The details of the schools are as set out below:

• Eureka Secondary School, Kells, a new replacement post-primary school to accommodate 750 students;
• Colaiste Raithín Bray, a new replacement post-primary school to accommodate 450 students;
• Carlow, a new post-primary school to accommodate 1000 students;
• Loreto College, Wexford a new post primary school to accommodate 700 students;
• St. Philomena's National School, Bray a new primary school comprising 24 classrooms.

The project financing includes equity bridge and loan facilities provided by Mitsubishi UFJ Financial Group (MUFG) and Helaba, with a term of 26 years.

Advisers to the consortium include Pinsent Masons (legal) and Operis (financial). Advisers to lenders include DLA Piper (legal), WSP (technical), Marsh (insurance) and Mazars (model audit).

The project is part of the €1.4 billion (US$1.48 billion) PPP stimulus package delivering critical social and economic infrastructure across the country.