Listed infrastructure fund, International Public Partnerships (INPP), is set to invest an additional GBP12.4 million (US$16.17 million) in the Midlands batch of the PF2 Priority Schools Building Programme as part of a recapitalization of the project.

The company has been supporting the project since March 2015 when the funds were originally provided by a vehicle that also involved the European Investment Bank and Aviva Annuity. The members of the now-defunct Carillion Group were one of the original equity sponsors to the project, and also provided construction and facilities management services. When Carillion liquidation was taking place, a sports hall and some external works at a few schools in the fourth batch were not completed yet.

The investment adviser of INPP has been actively engaged with the Department for Education, Infrastructure and Projects Authority (IPA) for the replacement facilities management service partner and the affected schools to resolve the outstanding works.

INPP said - "The company has agreed with the other Aggregator lenders, the Department for Education, IPA, and other stakeholders to make the investment needed to fund the project to complete the works, remedy defects and finance its operations. A new construction partner will be appointed as part of the restructure and recapitalisation with completion of outstanding works due by the end of 2019."