Currie & Brown to support review of UK Government guidance for the next generation of PF2 contracts
26 October 2017
Currie & Brown is working with Eversheds Sutherland and EY to review and update the draft guidance for contracts under Private Finance 2 (PF2), the successor to PFI (Private Finance Initiative). The consortium has been appointed by the UK Infrastructure and Projects Authority (IPA), the government’s centre of expertise for infrastructure and major projects.
PF2 is the government’s preferred model of PPP (public-private partnership), 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 400-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.
"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," commented Matthew Vickerstaff, deputy chief executive of the IPA and head of project finance.
He continued: "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."
Currie & Brown’s team will be led by director Jim Crossman and associate director Mohammed Ahmed. Jim, who is based in the company’s London office, explained: "Privately financed infrastructure projects will continue to be an important route to delivering better and more efficient facilities both in the UK and abroad. Our technical advisory experience in PFI/PPP has spawned sustainable work worldwide, and being part of the UK government reviewing team for this globally-important contract will keep Currie & Brown at the forefront of developments in this area."