October 2010 PUBLIC WORKS Volume 253

The international business guide to public-private partnerships and TM infrastructure finance, since 1988. INANCING IN THIS ISSUEE 2010 INTERNATIONAL SURVEY OF PUBLIC-PRIVATE PARTNERSHIPS

This month Public Works Financing presents its 19th annual survey of the worldwide PWF’s “2010 International portfolio of infrastructure projects and services that have been proposed, awarded or com- Major Projects Survey” may pleted as public-private partnerships (P3) since 1985. be copied to your desktop by emailing rein- The “International Major Projects Survey” database has been published as the October [email protected]. issue of PWF since 1992. To make it easy to use our annual compilation of P3 projects, it Subscribers will receive free is presentedF in electronic form that subscribers can download by following instructions on password access; others must our website at www.pwfinance.net prepay $675 (see p. 7). The download contains an inter- PWF started publishing its monthly newsletter in January 1988. Since then, we have active database that lets you gathered project information from news reported each month by PWF editors, annual search, sort and print cus- developer surveys, government and company web sites and other sources to update and tomized reports on a wide correct the database. The result is a cumulative review of PPP projects in all stages of range of public-private part- development, from those that are in planning now to completed facilities dating back to nership projects, by market 1985. sector, country, region, and worldwide—since 1985. PWF discourages year-to-year comparisons of the project data due to improvements each year in the quality of the reporting and changes in the scope and cost estimates of 1 2010 International Major projects as they mature. The resulting additions, corrections and deletions in the data don’t Projects Survey necessarily reflect changes in the market. That said, we’ve added a search option this year 2 Global data on key P3 market that lets users sort projects by their date of financial close back to 1985. Publicly funded sectors and regions DB/DBO/DBOM and DB/warranty projects are recorded as closed on the date of notice 3 Top transportation developers to proceed, if available. ranked by concessions signed 4 Transportation P3 scorecard: There are a broad range of privately developed public works facilities and transactions $68 billion signed since 1989 described in the survey. They fit the definition of public-private partnerships on p. 7. The 7 Instructions for downloading global expansion of P3s is largely due to government policy-makers’ desire to draw new the projects database capital and market-driven innovation into the provision of infrastructure services. 8 Opinion: expand federal tax assistance and tax code incen- The use of P3s is growing in the U.S. The traditional procurement approach used— tives design-bid-build—works well for many projects. But there are situations in which P3s can by David Seltzer and Michael produce better outcomes, such as: Parker 10 Transport developers ranked • Capture private sector innovation early in project development by invested capital 11 U.S. & Canada transportation • Accelerate project delivery deal flow: $11 billion in 2010; $12 billion est. in 2011 • Fix costs/completion date early in design phase 20 Public-Private Services Directory • Encourage life-cycle cost efficiencies and quality facility performance

• Shift risks and reduce claims that under design-bid-build are the public’s responsi ability continued on p. 3 2010 Roads, Rail, Water, Buildings PPPs by Region* (cumulative since 1985)

(a) (b) Source: Roads Rail Water Buildings Total Public Works Financing 2010 projects database # of Cost # of Cost # of Cost # of Cost # of Cost Projs. US $m** Projs. US $m** Projs. US $m** Projs. US $m** Projs. US $m** United States Total planned + 100 81,101 37 80,349 194 19,094 164 10,983 495 191,527 funded since 1985

Funded by 10/10 43 23,096 20 13,310 141 13,678 158 9,418 362 59,502

Canada

Total planned + 31 19,047 9 8,075 31 2,333 97 16,462 168 45,917 funded since 1985

Funded by 10/10 22 13,151 2 2,175 17 1263 63 14,685 104 31,274

Mexico + Latin America + The Caribbean Total planned + 267 112,118 67 49,913 161 19,003 21 3,183 516 184,216 funded since 1985

Funded by 10/10 153 68,413 26 10,354 85 11,655 10 975 274 91,397

Europe Total planned + 339 315,881 106 159,966 223 33,838 327 94,372 995 604,056 funded since 1985

Funded by 10/10 200 176,673 57 47,350 171 23,263 239 70,358 667 317,643

Africa + Mid-East Total planned + 25 18,786 17 19,479 113 45,971 9 1,410 164 85,645 funded since 1985

Funded by 10/10 13 5,691 4 4,668 55 29,290 4 957 76 40,606

Asia + Australia Total planned + 299 105,226 92 96,708 184 51,170 41 11,672 616 264,776 funded since 1985

Funded by 10/10 192 63,504 49 63,180 121 37,677 22 7,255 384 171,616

Worldwide Total planned + 1,061 652,159 328 414,489 906 171,408 659 138,081 2,954 1,376,137 funded since 1985

Funded by 10/10 623 350,528 158 141,037 590 116,825 496 103,648 1,867 712,038

*For detailed region, country and projects data (including airports and sea- (b) Includes total fees for long-term service contracts under fixed-price agree- ports), please download interactive database from the PWF International Major ments. Projects Survey CD and see “Transportation, Water & Buildings Projects” chart.. Note: Where projects are announced but scope and cost are not well defined, ** Nominal dollars converted to US$ at time of financial close PWF has noted the intent to award a concession(s) but has not included a (a) excludes design-build-only road projects (In the U.S., 40 DB projects have cost figure in its database. been publicly funded since 1985 for $16.6 bn See Scorecard p. 4-5.)

2 PWFinancing / October 2010 Also, in the U.S., P3s can offer more upfront capital forma- • Accelerated depreciation creates significant value for private tion than municipal revenue bonds because: equity

• The tax-exempt bond market has more conservative debt- EVOLUTION OF PPPS coverage ratios The shift toward market forces in the delivery of infrastruc- ture services began in the U.S. with rail, power and telecom • Investor classes are different, offering different risk appetites deregulation during the 1970s. In the mid-1980s, Argentina, Chile and, most aggressively, the United Kingdom, broadened • Private investors are willing to take more risk on toll-revenue the privatization portfolio to include new risk-sharing arrange- performance ments for the delivery of public works infrastructure.

• Tax-exempt borrowing rates are available through PWF’s “International Major Projects Survey” was started to the $15-billion federal PABs program monitor that trend. The cumulative database now includes reports on about 3,300 projects that add up to $1.54 trillion. This number includes P3 projects that are being planned, built or are operating TOP TRANSPORTATION DEVELOPERS in 140 countries. Within that universe, our project reports show By Number of Concessions 1,867 transport, water and buildings facilities worth $712 billion in Concessions / P3 Projects fees and invested capital that have been placed under construction Company Const../Operating* Prospects or completed since 1985 (see chart on opposite page). I ACS/Iridium (Spain) 60 52 Global Via-FCC-Caja Madrid (Spain) 45 37 Abertis (Spain) 40 7 Mining PWF’s Projects Database Ferrovial/Cintra (Spain) 38 12 Macquarie Group (Australia) 36 9 Deal Flow: Twelve U.S. and Canadian transportation pro- Vinci/Cofiroute (France) 35 14 jects worth $11.3 billion reached financial close in the past OHL (Spain) 29 18 12 months (see p. 11). There are 56 mostly greenfield U.S. NWS Holdings (China) 28 2 Acciona/Necso (Spain) 23 13 and Canadian P3` transport projects (not including nine Sacyr (Spain) 22 12 parking leases) that are in the deal-flow pipeline. Eleven Hochtief (Germany) 22 7 transportation projects worth $12 billion will close in the Cheung Kong Infrastructure (China) 21 4 coming year, experts predict. EGIS Projects (France) 20 30 Bouygues (France) 18 14 John Laing (UK) 18 8 P3 History: Since 1989, in the U.S. and Canada there Andrade Gutierrez (Brazil) 16 2 have been 114 projects worth $68 billion that have been Road King (China) 16 0 built or are under construction now as design-build projects BRISA (Portugal) 14 8 (see p. 4-6). Of those, $33.5 billion included private respon- Alstom (France) 14 7 sibilities such as financing, operation and maintenance, and Grupo ICA (Mexico) 14 6 long-term warranties. Lease-improve contracts for five toll Bilfinger Berger (Germany) 14 3 Camargo Correa (Brazil) 12 1 roads were signed since 1999, when Highway 407 was auc- Impregilo (Italy) 10 6 tioned by Ontario to the highest bidder. Eiffage (France) 10 4 Reliance (India) 10 1 League Tables: “Top Transportation Developers By Strabag (Austria) 98 Number of Concessions” signed since 1985 is led by SNC Lavalin (Canada) 94 Balfour Beatty (UK) 91ACS/Iridium, Global Via, Abertis and Ferrovial/Cintra. “Top Transurban (Australia) 91Developers by Total Invested Capital”(see p. 10) since Siemens (Germany) 8 11 1985 is led by Ferrovial/Cintra, ACS/Iridium, Macquarie Odebrecht (Brazil) 85and Vinci. The top 10 developers ranked on this list have Skanska (Sweden) 78built 316 P3 projects worth $280 billion since 1985. Fluor (US) 75 Itinere (Spain) 71 Bombardier (Canada) 65Worldwide: Since 1985, over 600 tollroad and motorway * number of road, bridge, tunnel, rail, port, airport concessions over $50m capi- P3 projects worth $350 billion have been financed. Europe tal value put under construction or operation from Jan. 1, 1985 to Oct. 1, 2010 ($170 billion), Latin America ($68 billion) and Asia ($64 bil- (excludes design-build). Source: PWF 2010 International Major Projects data- lion), including Australia, lead the market. Rail concessions base worth $142 billion have been financed, almost half in Asia.

PWFinancing / October 2010 3 U.S. & Canadian Transportation Projects Scorecard

Contract Amount in nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsors (DB component) 3,850 Indiana Toll Road, IN Indiana Finance Authority 75-yr lease 6/06 Cintra Concessions/Macquarie 2,800 I-635 LBJ Managed Lanes, TX Texas DOT DBFOM 6/10 Cintra/Meridiam ($2.1bn Ferrovial Agroman) 2,600 ETR 407, Toronto, ON Ontario Ministry of Trans. 99-yr lease 5/99 Cintra Concessions/Macquarie 2,460 Port Mann Bridge, BC BC Ministry of Transportation DB 2/09 Kiewit/Flatiron 2,100 Denver Eagle P3 Rail, CO Denver RTD DBFOM 8/10 Fluor/Laing/Uberior ($1.27bn Fluor/BBRI) 2,047 North Tarrant Express, TX Texas DOT DBFOM 12/09 Cintra/Meridiam ($1.46bn Ferrovial) 1,998 I-495 HOT Lanes, VA Virginia DOT DBFOM 7/08 Transurban/Fluor ($1.4bn Fluor/Lane) 1,830 Chicago Skyway, IL City of Chicago 99-yr lease 1/05 Cintra Concessions/Macquarie 1,814 I-595 Managed Lanes, FL Florida DOT DBFOM 2/09 ACS Infrast. ($1.2bn Dragados/EarthTech) 1,674 Hudson-Bergen Lt. Rail, NJ NJ Transit DB/Equip+O&M 10/96 Wash. Group/Itochu ($1.15bn Perini/Slattery) 1,650 Canada Line, Vancouver, BC Gr. Vancouver Transit Auth, DBFOM 8/05 SNC Lavalin/Serco ($1.2bn SNC Lavalin) 1,430 A-30, Montreal, QC Ministry of Transport DBFOM 9/08 Acciona/Iridium (Dragados/SICE/Arup) 1,376 I-15 Reconstruction, UT Utah DOT DB 3/97 Kiewit/Granite/Washington Group 1,369 SH 130 Seg. 1-4, TX Texas DOT DB 7/02 Fluor/Balfour Beatty/DMJM + Harris 1,358 SH 130 Segments 5-6, TX Texas DOT DBFOM 3/08 Cintra/Zachry 1,340 Edmonton Orbital (NW), AB Alberta Transportation DBFOM 7/08 Bilfinger Berger (Flatiron/Parsons/Graham) 1,186 I-25 T-REX Road/Rail Exp., CO Colorado DOT/RTD DB 5/01 Kiewit/Parsons Trans. Group 1,100 I-15 South, UT Utah DOT DB 9/09 Fluor/Ames/Wadsworth + HDR 1,002 DFW Connector, TX Texas DOT DB 10/09 Kiewit/Zachry 980 Jamaica-JFK Airtrain, NY Port Auth. NY/NJ DB/Equip+O&M 9/99 Skanska/Bombardier ($980m Slattery/Perini) 914 Port of Miami Tunnel, FL Florida DOT DBFOM 10/09 Meridiam ($607m Bouygues/Jacobs) 814 Golden Ears Bridge, BC TransLink/Partnerships BC DBFOM 3/06 Bilfinger BOT ($746m Bilfinger/CH2M Hill) 803 Foothill Eastern Toll Road, CA Trans. Corridor Agencies DB 6/95 Flatiron/Wayss & Freitag/Sukut/Obayashi 790 San Joaquin Hills Toll Rd., CA Trans. Corridor Agencies DB 9/91 Kiewit/Granite 773 SR 125 So. + Connectors, CA San Diego Expressway L.P. DBFOM 5/03 Macquarie ($653m Washington/Fluor) 765 Southeast Stoney Trail, AB Province of Alberta DBFOM 5/10 SNC Lavalin/Acciona (same DB) 730 Confederation Bridge, PEI Public Works Canada DBOM 10/93 Vinci/BPC Marine/Ballast Nedam/SCI 712 Alameda Corridor, CA Alameda Corridor Trans. Auth. DB 11/98 Tutor-Saliba/O&G Indus/Pars. Grp + HNTB 705 So. Fraser Perimeter Road, BC BC Ministry of Transportation DBFOM 7/10 ACS/Ledcor ($650m Dragados/Ledcor) 700 Safe and Sound Bridge, MO Missouri DOT DB 4/09 Kiewit/Traylor Bros. + HNTB/LPA Group 689 JFK Terminal 4, NY Port Auth. NY/NJ DBFOM 5/97 Schiphol/LCOR ($689m Fluor/Morse Diesel) 645 Foothill South Toll Road, CA Trans. Corridor Agencies DB 11/98 Flatiron/HBG/Sukut/Fluor Daniel 615 Tacoma Narrows Bridge, WA Washington State DOT DB 11/02 Bechtel/Kiewit 611 Pocahontas Parkway Lease, VA Virginia DOT 99-yr lease 6/06 Transurban ($45m Fluor/WGI) 610 I-95 Relocation, Providence, RI Rhode Island DOT DB 6/97 Maguire Group/Cardi Construction 603 Northwest Parkway Lease, CO Northwest Parkway Authority 99-yr lease 5/07 BRISA/CCR 600 Eastside Light Rail, CA Los Angeles County MTA DB 7/04 Washington Group/Obayashi/Shimmick 597 Sea-to-Sky Highway, BC BC MInistry of Transportation DBFOM 9/05 Macquarie ($354m Kiewit/Miller/Capilano) 555 Northeast Stoney Trail, AB Province of Alberta DBFOM 2/07 Bilfinger ($345m Flatiron/Graham/Parsons) 541 Cooper River Bridge, SC South Carolina DOT DB 7/01 Flatiron/Skanska + Parsons Brinckerhoff 538 A25 Montreal, QC Quebec Ministry of Transport DBFOM 9/07 Macquarie ($207m Kiewit/Parsons) 530 BART SF. Airport Ext., CA Bay Area Rapid Transit Dist. DB 5/98 Tutor-Saliba/Slattery + HNTB 508 Trenton River Light Rail, NJ NJ Transit DB/Equip+O&M 6/99 Bechtel/Conti/Foster/Bombardier 500 Trans Canada Highway, NB NB Trans Ministry DBOM 11/98 Dragados-FCC/Vinci/Miller Paving 500 Route 1, NB Province of New Brunswick DBFOM 4/10 Dexter Group (Dexter Construction) 469 I-75, Collier + Lee Counties, FL Florida DOT DBF 5/07 Anderson Columbia Co., and Ajax Paving 464 Intercounty Connector, MD Maryland DOT DB 6/07 Granite/Corman/GA & FC Waggoner 446 I-4 Connector, Hillsboro, FL Florida DOT DBF 1/10 PCL Civil Constructors/Archer Western 446 Western Wake Freeway, NC NC Turnpike Authority DB 8/09 Archer Western/Granite + The LPA Group 431 IROX I-75, FL Florida DOT DBF 6/07 Anderson Columbia/Ajax Paving

4 PWFinancing / October 2010 U.S. & Canadian Transportation Projects Scorecard

Contract Amount in nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsor (DB component) 420 I-64 St. Louis, MO Missouri DOT DB 12/06 Granite/Parsons Trans. Group/URS 414 Highway 161, TX No. Texas Tollway Auth. DB 8/09 Fluor/Balfour Beatty + AECOM 395 Edmonton Orbital SE, AB Alberta Min. of Trans. DBOM 1/05 Macquarie/PCL/LaFarge 390 Route 28 Expansion, VA Virginia DOT DB 10/03 Clark Constr. Group/Shirley Contracting Corp. 390 SR 22 Improvements, CA Orange Cty CA Trans. Auth. DB 9/04 Granite/C.C. Myers/Steve P. Rados Inc. 390 LA Expo Lt. Rail, CA Expo Line 1 Const. Auth. DB 9/06 Flatiron/Fluor/Parsons Trans. Group 386 Conway Bypass Highway, SC South Carolina DOT DB 3/98 Fluor Daniel 385 Route 3 North, MA Mass. Highways DBF/Maint. 8/00 Modern Continental/Roy Jorgenson 350 Dulles Greenway Toll Road, VA TRIP II DBFOM 9/93 TRIP II ($150m Brown & Root) 343 Las Vegas Monorail, NV L.V. Monorail LLC DB/Equip+O&M 10/00 Bombardier/Granite 328 281 North Toll, TX Alamo Reg. Mobility Auth. DB 5/08 Fluor/Balfour Beatty 324 E-470 Beltway, Seg. 2&3, CO E-470 Public Hwy Auth. DB 8/95 Washington Group Intl/Fluor Daniel 323 E-470 Seg. 1, CO E-470 Public Hwy Auth. DB 7/89 Fluor/Morrison Knudsen 300 Ontario Service Centres, ON Ontario Min. of Transportation DBFOM 8/09 HMS Host/Kilmer Van Nostrand (Ellis Don) 295 US 550 (was SR 44), NM New Mexico SH&TD D/CM/Warranty 9/98 Koch Materials ($295m CH2M Hill/Flatiron) 291 Hiawatha Light Rail, MN Minnesota DOT DB 9/00 Granite/C.S. McCrossan 267 Gold Line Light Rail, CA LA-Pasadena Blue Line Const. DB 4/00 Kiewit/Washington Group 260 Anacostia River Bridges, DC Washington DC DOT DB 9/09 Skanska/Facchina 243 I-10 Bridges Escambia Bay, FL Florida DOT DB 4/05 Tidewater Skanska/Flatiron 238 TH 212, MN Minnesota DOT DB 8/05 Fluor/Edward Kraemer/Ames 238 I-15 Bridge Replacements, UT Utah DOT DB 1/06 Granite/Ralph L. Wadsworth Const. 236 Rt. 288, VA Virginia DOT DB/Warranty 12/00 Koch/APAC/CH2M Hill 234 St. Anthony Falls Bridge, MN Minnesota DOT DB 11/07 Flatiron/Manson + FIGG 233 E-470 Beltway, Seg. 4, CO E-470 Public Hwy Auth. DB 1/00 Kiewit/Washington Group 232 Palm Beach-Ft. Laud. Rail, FL Tri-County Commuter Rail Auth DB 8/01 Herzog/Granite/Washington Group 232 US 52 Reconstruction, MN Minnesota DOT DB 2/03 Fluor/Edward Kraemer/Ames 226 Carolina Bays Pkwy, SC South Carolina DOT DB 11/99 Flatiron/Tidewater 220 Blue Line Extension, DC WMATA DB 4/02 Lane/Granite/Slattery Skanska 211 I-95 Widening, FL Florida DOT DBF 12/07 Community Ashpalt 200 Kicking Horse Canyon, BC BC Min. of Trans. DBFO 2005 Bilfinger ($114m Flatiron/Parsons) 198 Rt. 28 Corridor, VA Virginia DOT DB 9/02 Clark Const./Shirley Contracting Corp. 195 Disraeli Freeway Bridge, MB City of Winnipeg DBFM 3/10 Plenary Group (PCL Constructors) 192 US 17 Washington Bypass, NC North Carolina DOT DB 2/06 Flatiron/United Contractors 191 Southern Connector, SC Connector 2000 Assn. DBF 2/98 Interwest ($na Thrift Bros.) 191 Atl. City-Brigantine Tunnel, NJ New Jersey DOT DBF 10/97 Mirage Resorts ($191m Yonkers/Granite) 184 U.S. 60 Upgrade, AZ Arizona DOT DB 5/01 Granite/Sundt 180 Northwest Parkway, CO NWP Public Highway Auth. DB 6/01 Washington Group/Kiewit Western 178 US 183, Austin, TX Central Tex. Mobility Auth. DB 12/04 Granite/J.D. Abrams + URS175 177 Palmetto Exp. Widening, FL Florida DOT DBF 8/08 Condotte-De Moya j.v. 175 York, ON BRT Regional Muni of York DBFOM 6/02 Nine firms (Kiewit/Delcan) 171 Reno ReTRAC, NV City of Reno DB 7/02 Granite/Parsons Trans. Group 148 US Route 1, Key West, FL Florida DOT DB 11/04 Granite w/Jacobs 140 I-485, Charlotte Loop, NC North Carolina DOT DBF 6/10 Blythe Construction/Wilbur Smith Assoc. 138 Triangle Parkway, NC NC Turnpike Authoriity DB 8/09 S.T. Wooten 136 I-494 Reconstruction, MN Minnesota DOT DB 8/04 Granite/C.S. McCrossan 132 U.S. 64 Knightdale Bypass, NC North Carolina DOT DB 6/02 Flatiron/Lane Const. Corp. 130 CPTC 91 Express Lanes, CA CalTrans DBFOM 7/93 Level 3/Cofiroute/Granite (sold 1/03) 130 U.S. 20, OR Oregon DOT DB 7/05 Granite/TY Lin International 129 U.S. 70, NM New Mex. SH&TD DB 7/02 Granite/Sundt/James Hamilton + URS

PWFinancing / October 2010 5 Contract Amount in nominal $ Private Notice to ($ millions) Project Name Owner Risk Proceed Sponsors (DB component) 125 Portland Airport Max Rail, OR Tri Met DB 10/98 Bechtel 121 95 Express Lanes, FL Florida DOT DBF 1/08 FCC/MCM 120 Okanagan Bridge, BC BC Dept. of Transport DBFOM 5/07 SNC Lavalin 111 US-1 Improvements, FL Florida DOT DBF 11/07 Community Asphalt 102 I-4 Over St. John’s River, FL Florida DOT DB 1/01 Granite/PCL Civil Constructors 86 I-17 Thomas to Peoria, AZ Arizona DOT DB 1/99 Granite/Sundt 85 Camino Colombia Bypass, TX Texas DOT DBFOM 6/99 Granite + Carter & Burgess 83 Hwy 104 Cobequid Pass, NS Nova Scotia MOT DBOM 5/96 CHIC: Aecom/AMEC/Dufferin 82 Hathaway Bridge, FL Florida DOT DB/Warranty 6/00 Granite 81 Sawgrass Expwy Widen, FL Fla. Turnpike Enterprise DB 4/05 APAC/Parsons Trans. Group 57 Anton Anderson Tunnel, AK Alaska DOT DB 9/98 Kiewit + Hatch Mott MacDonald 56 Belt Parkway, NY NYC DOT DB 7/02 Granite Halmar + Gannett Fleming 54 Carolina Bays, ph. 2, SC South Carolina DOT DB 5/03 APAC + Wilbur Smith Assoc. 53 New River Bridge, FL Tri-County Commuter Rail DB 2/03 Washington Group

Total $67.7 Billion Since 1989 $24.7 Billion Design-Build $33.5 Billion DB+F/O/M $9.5 Lease+Improve

Public Works FINANCING • published monthly since January 1988

Editor/Publisher: William G. Reinhardt / Westfield, NJ Advertising Policy: (908) 654-6572; fax (908) 654-6573 The use of Public Works Financing as an advertising vehicle does not entitle advertisers to special consideration on [email protected] editorial content or placement of articles or other special treatment. Publication office: Associate Editor: 147 Elmer St., Westfield, NJ 07090 Lori Sharn / Washington, D.C. © Copyright 2010 by Public Works Financing. All rights reserved. (703) 359-9773 [email protected] Subscription Price: Public Works Financing publishes 11 issues annually for a yearly price of $897 private sector; PWF Canada: $697 government; $997 outside North America, payable in U.S. dollars drawn on a U.S. bank. Dan Westell / Toronto (416) 538-2382 [email protected] International Editor: Peter Reina / London 44-207-249-7059 [email protected] PWF Spain: Dominic Curcio / Madrid (34) 91 413 7316 PLEASE NOTE: No part of this publication may be repro- [email protected] duced, stored in a retrieval system, or transmitted by any means without the prior written permission of the publisher. Executive Editor: Elizabeth B. Reinhardt / Westfield, NJ ∅ (908) 654-0397 [email protected] Illustrator: Kevin Sacco

6 PWFinancing / October 2010 INSTRUCTIONS FOR DOWNLOADING PWF’S MAJOR PROJECTS DATABASE

PWF’s International Major Projects Survey 2010 may on the top left of the “Search” screen. Print these direc- be downloaded to your desktop by emailing rein- tions for easy reference. [email protected] to obtain a password and direc- tions for accessing the file. Paid subscribers and guests of • The Public-Private Services Directory links you to PWF advertisers may download the database for free. PWF's directory of the leading P3 experts. Others must prepay US$675.00 to obtain detailed descriptions of the P3 infrastructure projects summarized • The six titles under Tables, starting with U.S. & in this issue. Canada Transportation Deal Flow, are self explanatory. Of particular interest is the interactive chart, Global The file you will receive is a standalone database that Transportation, Water and Buildings P3 Projects by does not require installation and will not affect your Region, which allows you to quickly search and registry. It may simply be deleted, rather than unin- organize public works project reports by country, stalled. region and by type of project.

Once your copy of the Click on any country database is activated, you Definition of Public-Private Partnerships to see all of its projects. will see an introductory Pull down the “Select screen that shows all the PWF adopts the definition of public-private partnerships Category” menu to parts of the report. (P3) used by the British Private Finance Initiative office, which arrange projects by type. Double click on any of encompasses three types of long-term arrangements: Click on any project’s the text lines to see and name to get a more com- print the information > the introduction of private sector ownership, full or partial, plete description of that described there. into state-owned enterprises; project.

The “Home Page” > arrangements where the public sector contracts to pur- Public Works Financing includes: chase quality services on a long-term basis so as to take advan- has produced the tage of private sector management skills incentivized by having International Major • Banner Ads—A private finance at risk. This includes concessions and franchis- Projects Survey each scroll bar on the left side es, where a private sector partner takes on the responsibility for October for the past 19 of the screen shows the providing a public service, including maintaining, enhancing or years. Our goal is to banner ads of many of constructing the necessary infrastructure; and inform the debate on P3s PWF’s advertisers. by providing verifiable Moving your mouse over > selling government services into wider markets, and other records of projects com- an ad will stop the partnership arrangements where private sector expertise and pleted and planned scrolling. finance are used to exploit the commercial potential of govern- around the world, and ment assets. including sophisticated • The Projects tools for analyzing the Database allows you to project data. access details of over 3,300 projects, customize searches for subsets of the data, including individual project In the debate over cancellation of the ARC tunnel in reports, and print them out. The data is derived from New Jersey, for example, a 60-second search of the data- reports from P3 developers, governments and company base reveals details of 38 tunnels worth $53 billion in 18 websites, plus reporting from PWF’s correspondents, countries that have been constructed as some form of and is updated monthly. For the first time, the search P3. options this year allow you to sort projects by date of “Financial Close.” Please send corrections, updates and information on new P3 projects to William G. Reinhardt, A “How to Use” button for using the search capability is Editor/Publisher at [email protected]

PWFinancing / October 2010 7 Providing Federal Assistance with an Eye on the Deficit by Michael Parker and David Seltzer

A recurrent issue in this fall’s The tool kit for financing surface debt capital. These and other potential Congressional election campaigns was transportation should be diverse and federal lending programs will always the effectiveness of the new grant pro- flexible enough to allow states and local- remain critical, counter-cyclical tools grams authorized by the 2009 ARRA ities to use the most efficient and appro- that should be adequately funded and (Recovery Act). Critics questioned the priate forms for each given project. administered consistently, and transpar- wisdom and efficacy of more federal Public owners should be able to launch ently. spending programs while the federal the challenging processes of planning deficit grows ever larger. At the same and procuring projects with the confi- Public Benefit Bonds time, the “other deficit”—under-invest- dence that, at their conclusion, they will ment in the nation’s infrastructure— have access to a full range of potential The successful Build America Bond remains a huge challenge, and project financing instruments, summarized (BAB) program hopefully will be sponsors continue to struggle to arrange below: extended in some form by Congress for financing on favorable terms in con- at least another year. It should be strained and volatile credit markets. The Federal Credit Programs expanded to include projects with pri- financing costs are passed on to the pub- vate participation that benefit the gener- lic in the form of higher fees and taxes to The Transportation Infrastructure al public (“Public Benefit Bonds”) such cover those costs, delayed projects (and Finance and Innovation Act (TIFIA) as highway, transit, intercity passenger associated benefits), or less infrastruc- and Railroad Rehabilitation & rail and airports in the transportation ture financeable from the same future Improvement Financing Program sector. This type of debt instrument revenue stream. (RRIF) can play an important role in offers an opportunity for international supplementing other financing sources, commercial banks, pension funds, life While the core federal grant pro- especially amidst the current financial insurance companies, and the broader grams will continue to play an impor- market turbulence affecting many pub- market for BABs to provide competi- tant role, we believe an effective way for lically and privately-financed projects. tively priced debt for infrastructure pro- the federal government to stimulate fur- However, limitations in these programs jects. ther investment in this fiscal and market have reduced their utility relative to the environment is to expand federal credit demand (from both private and public Many of these entities cannot benefit assistance and tax code incentives. These sector borrowers) while new applica- from and/or hold tax-exempt private two powerful federal policy tools share tions for them have arisen. For example, activity bonds, but would like to include the following common features: of 39 projects submitting letters of U.S. infrastructure projects in their loan interest for TIFIA loans last March, portfolios. The introduction of liquid • Project sponsors must identify rev- only four were invited to continue the debt instruments for projects with pri- enue streams to support repayment, process and apply for FY 2010 assis- vate participation should lead to lower addressing the primary impediment tance, primarily due to program fund- interest costs for project sponsors, and nationwide to further capital invest- ing constraints; almost $35 billion of translate into lower user charges or fewer ment; projects were passed over. state and local resources needed to ser- vice the debt. Moreover, Public Benefit • Both credit and tax incentives draw As conditions in the capital markets Bonds would incur little additional cost upon market discipline to ensure hopefully continue to stabilize, TIFIA’s to the Treasury over “regular” tax- the proposed projects are financially role may become less critical. Today, due exempt governmental or private activity sound; to the global flight of investors to quali- bonds. Finally, a broadened BABs pro- ty, the taxable TIFIA/RRIF interest rate gram could reduce the need for TIFIA • Credit and tax measures can be is often lower than most tax-exempt and RRIF loans over the long-term by applied to both publicly managed municipal borrowing rates. When this allowing private lenders to “compete” projects and P3’s; and relationship reverses, demand for more effectively with the federal credit Federal credit programs may slacken. programs. • There is a much smaller budgetary However, apart from rate benefits, pro- cost of credit and tax subsidies than grams like TIFIA and RRIF offer greater In many cases, these investors can for grants, enhancing the feasibility flexibility in structuring and paying lend to projects on a draw-down sched- of any proposed policy initiative. loans than do commercial sources of ule (like TIFIA and RRIF) thereby

8 PWFinancing / October 2010 avoiding or reducing the “negative carry” subsidy is set daily by the U.S. Treasury, A Qualified Tax-Credit Bond pro- associated with capitalized interest, or and the maximum term of the bonds is gram rewards states and localities for the need for accreting interest, which, in set each month by the U.S. Treasury. developing their own sources of revenue turn, reduces financing costs and the to fund critical transportation infra- federal subsidy. In addition, attracting In 2010, Congress authorized issuers structure. Issuers can develop projects these highly experienced lenders who of most types of tax-credit bonds to elect with positive benefit-cost ratios sooner, understand complex infrastructure to receive refundable tax credits that accelerating the benefits, taking advan- transactions will provide for stronger they could present to the Treasury tage of today’s attractive construction diligence and oversight, improving the Department for cash. This feature allows market and creating jobs now. quality of projects and indirectly pro- the bonds to be sold to investors as inter- tecting other lenders to projects, such as est-bearing obligations indistinguishable Conclusion federal credit programs and/or individ- from BABs, substantially enhancing ual bondholders. their marketability over bonds paying In an era of limited budgetary investors interest in the form of tax cred- resources, policy tools that draw upon a Pubic Benefit Bonds would have low- its. combination of credit and tax incentives ered the cost of financing now indirectly can play an important role in advancing borne by states such as Florida on tax- A strong policy argument can be major transportation investments for supported projects with private conces- made for establishing a sixth class of both traditional and P3 project spon- sions, like the Port of Miami Tunnel and bonds for surface transportation pro- sors. With federal grants being con- I-595. A sample senior bank loan that jects—qualified transportation strained for the foreseeable future by today bears a 7% interest rate would improvement bonds—because of their deficit concerns, the fractional budget have an effective rate under 5% if it were substantial spillover benefits. The pro- scoring of credit assistance and tax-pre- executed through Public Benefit Bonds. gram might be divided between a dis- ferred bonds such as Public Benefit cretionary program for large projects Bonds and Qualified Tax Credit Bonds Similarly, less-expensive subordinated that are largely non-reliant on federal for surface transportation may offer the or mezzanine debt, provided through grants, and a portion that would be for- most promising opportunities. At the Public Benefit Bonds, could offer a cost- mula-allocated to the states on the basis same time, these financing tools would effective way to reduce the amount of of population or some other metric. reduce pressure on the existing federal equity needed for some projects and/or grant programs, which would continue be used on projects that do not incorpo- The Treasury Department would set to be focused on traditional uses. rate equity (non-concession projects). the maximum reimbursable rate for the bonds marketed each day, at a rate These financing mechanisms could Qualified Tax-Credit Bonds enabling the bonds to be sold at their be implemented by existing organiza- face (par) amount, without interest cost tions, such as USDOT, which manages In recent years, Congress has estab- to the issuer. Every month, the Treasury the TIFIA and RRIF programs and allo- lished half a dozen new classes of special would establish the maximum permit- cates private-activity volume cap for taxable-rate bonds—qualified tax-credit ted final maturity that would result in Highway and Intermodal exempt-facili- bonds—where the federal government the discounted present-value of the ty bonds. Alternatively, if Congress were pays most or all of the interest expense bonds equaling 20% of the maturity to pass enabling legislation in coming through granting the investor an annual value (i.e., an effective 80% federal months establishing a National tax credit in lieu of cash interest. share, consistent with other federal sur- Infrastructure Bank, the Bank could Congress to date has authorized quali- face transportation assistance pro- assume responsibility for selecting pro- fied tax-credit bond programs totaling in grams)—provided that in no case jects to receive both credit assistance and excess of $36 billion for forestry conser- would the bond maturity extend Qualified Tax-Credit Bond volume cap vation, renewable energy projects, ener- beyond 35 years. While this is a deeper allocation. gy conservation, qualified-zone acade- federal subsidy than the 50% level mies and new school construction. applied to other types of qualified tax- credit bonds, it is justifiable based on Qualified tax credit bonds differ from the long-lived nature of transportation David Seltzer is a Principal at Mercator other federally-subsidized bonds such as investments and their substantial pub- Advisors LLC in Philadelphia and Michael BABs in several important respects. The lic benefits (pollution reduction, energy Parker is a Managing Director at Jeffrey permitted purposes are more narrowly conservation, job creation and econom- Parker & Associates, Inc. in Philadelphia. defined, the issuance volume is legisla- ic development, etc.). tively capped, the maximum interest rate

PWFinancing / October 2010 9 Transport Developers Ranked By Invested Capital (as of 10/1/2010)

Company Total Invested* Some Representative Projects $ millions (Total number of concessions/leases)

Ferrovial –Cintra ! $61,493 (38) Highway 407 (Canada), Texas IH-635, Texas North (Spain) Tarrant Express, Texas SH 130, Indiana Toll Road, Chicago Skyway (US), BAA, Birmingham Roads and Street Lights (UK), M-30, Madrid Sur (Spain)

ACS (Iridium Concessions) $38,244 (60) Fla. I-595 (US), South Fraser, Montreal A30 (Spain) (Canada), Madrid Calle 30, Barcelona Metro, Seville Light Rail, (Spain), Autopista Central (Chile)

Macquarie $34,154 (36) Autoroutes Paris-Rhin-Rhone (France), M6 (Australia) Toll (UK), Highway 407 (Canada), Incheon Airport Expressway, Cheonan-Nonsan Expressway (S. Korea), Indiana Toll Road, Chicago Skyway, SR125,

Vinci-Cofiroute $34,130 (35) A5 (Germany), Liefkenshoek Rail (Belgium), (France) Prado Sud Tunnel (France), Vasco da Gama Bridge (Portugal), Elesfina-Patras-Tsakona Motorway (Greece), Confederation Bridge (Canada)

Hochtief $27,531 (22) Vienna Bypass (Austria), Sydney International (Germany) Airport, Eastlink (Australia), Vienna Northeastern Bypass (Austria), Americo Vespucio Norte Beltway (Chile)

Egis Projects $22,203 (20) A5 North (Austria), A28, Rouen-Alençon (France), (France) A8 (Germany), A2 (Poland), SCUT A24 (Portugal), M25, London Orbital Widening (UK)

Bouygues $16,514 (18) Port of Miami Tunnel (US), Gautrain Express Rail (France) (South Africa), M5 Motorway (Hungary), A28 Rouen- Alencon (France), Busan New Port (S. Korea), New Tyne River Tunnel (UK)

Global Via–FCC–Caja Madrid $18,241 (45) Transmontana Highway (Portugal), R3/R5 (Spain) Motorways, Malaga Metro, Barcelona Metro (Spain), Envalira Tunnel (Andorra), M50 Dublin Ring Road (Ireland), Nuevo Necaxa Toll Road (Mexico)

OHL $15,689 (29) Barajas Airport Connector, Madrid Light Rail (Spain), (Spain) Autopista Regis Bittencourt, Autopista Fernao Dias (Brazil), Autopista del los Andes (Chile), Mexico City Beltway (Mexico)

Bilfinger Berger $11,374 (14) A1 (Germany), M6 Tolna (Hungary), (Germany) (Germany) RiverCity Tunnel, Peninsula Link (Australia), Edmonton Ring Road, Kicking Horse Canyon, Golden Ears Bridge, (Canada)

Total $280 billion (317 concessions/leases)

Source: Public Works Financing “2010 International Major Projects” database

*Aggregate value (in nominal dollars) of all of a firmʼs transportation P3 projects from October, 1985 to October 1, 2010. The “Total Invested” number is the amount of public and private capital invested in public-private partnership projects in which a company has invested equity as part of a project devel- opment consortium, i.e. the public infrastructure improvements a firmʼs expertise and capital have helped to create or improve. ! Includes Ferrovialʼs 2006 acquisition and operation of BAAʼs 7 UK airports, using $24.3bn enterprise value, post Gatwick sale.

10 PWFinancing / October 2010 U.S. & Canada Transportation P3 Deal Flow

Projects closed since 10/1/09 ($ mill.) Status Toll Roads (cont.) ...... ($ mill.) Close Date Florida, Port of Miami Tunnel $903 10/09 Florida, I-4 Managed Lanes, Orlando na feasibility Texas, North Tarrant Express Phase 1 $2,050 12/09 Florida, Jacksonville First Coast Beltway 2,200 feasibility Maryland, Baltimore Seagirt Terminal 334 1/10 Georgia, I-285/I-20 Truck Only Toll Lanes 1,200 feasibility Manitoba, Disraeli Bridge 195 3/10 Georgia, West by Northwest 1,100 5/10 RFQ New Brunswick, Route 1 Gateway 500 4/10 Georgia, SR 316 (University Pkwy) 0 feasibility Ontario, Highway Service Centres 300 4/10 Nevada, I-15/US 95 HOT Lanes na feasibility Connecticut, Highway Service Plazas 178 4/10 Ontario, Highway 407 East Extension 1,460 12/10 RFP Alberta, Southeast Stoney Trail 765 5/10 Pennsylvania, I-95 HOT Lanes, Phila. na feasibility Texas, LBJ IH 635 2,796 6/10 Puerto Rico, PR 22/5 lease 2,000 9/10 shortlist California, BART Airport Connector 484 7/10 Puerto Rico, PR-22 Extension na feasibility British Columbia, South Fraser Orbital 705 7/10 Puerto Rico, PR-66 Phase 3 na feasibility Colorado, Denver FasTracks Eagle Rail 2,086 8/10 Texas, North Tarrant Express 2-3 2,000 11/10 est. close $11.3 billion Texas, Grand Parkway SH 99, Houston na feasibility

Toll Bridges Projects in procurement, planning Michigan-Ontario, Detroit-Windsor Bridge 4,000 3/10 SOI ($ mill.) Status Indiana-Ohio, Ohio River Bridge 4,100 feasibility Airports New York, Goethals Bridge 1,000 11/10 RFQ New York, Tappan Zee Bridge 9,500 feasibility Florida, Hendry County, Airglades na FAA application North Carolina, Mid-Currituck Bridge 935 7/10 funded Georgia, Gwinnet County, Briscoe Field na prequals Pennsylvania, Scudder Falls Bridge 310 feasibility Illinois, Chicago, Midway 2,500 deferred to 2011 Virginia, Elizabeth River Bridge/VA 104 400 feasibility Louisiana, New Orleans, Louis Armstrong na FAA application Virginia, Jordan Bridge Replacement 100 1/09 agreement New York, JFK Terminal 4 expansion 1,200 12/10 const. est. Wash.-Ore., Columbia River Bridge-LRT 3,600 5/10 negotiations Ontario, Billy Bishop pedestrian tunnel 45 12/10 contract est. Puerto Rico, San Juan, Louis Muñoz Int’l na RFQ 8/10 Toll Tunnels Rail Virginia, Norfolk Midtown Tunnels 2,200 CDA Virginia, Hampton Roads Bridge-Tunnel na feasibility British Columbia, Vanc. Evergreen Rail 1,000 7/10 RFQ California, LA, Crenshaw Blvd. Corridor na feasibility California, LA, Metro Red Line Ext. 4,100 feasibility Untolled Highways California, San Fran., Presidio Parkway 500 pref. bidder California, Sonoma-Marin Light Rail 600 feasibility California, LA, I-710 South 2,000 feasibility California, High Speed Rail 45,000 feasibility California, LA, SR-710 Northern Extension 5,000 feasibility Florida, Tampa-Orlando High Speed Rail 2,600 11/10 RFI Florida, Miami-Dade Expressway na feasibility Hawaii, Honolulu Elevated Rail 5,400 feasibility Ontario, Windsor-Essex Parkway 1,459 9/10 RFQ Nevada-California, DesertXpress 3,500 10/09 RFQ Ontario, Sheppard East Maintenance 400 6/10 RFQ Ontario, Ottawa N-S Light Rail 1,400 feasibility Miscellaneous

California, Carlsbad Desalination 600 4/11 est. close Ports California, Long Beach Courthouse 200 11/10 est. close California, Los Angeles Parking Garages 300 11/11 proposals Oregon, Portland Port, Terminal 6 120 5/10 contract Connecticut, Hartford Parking Garages 75 1/10 RFP Pennsylvania, Phil. Southport Terminal 300 7/10 shortlist Florida, Miami Parking Facilities na 11/10 referendum Texas, Corpus Christi, LaQuinta Terminal 800 12/08 MOU Georgia, Atlanta Multimodal Terminal na 9/10 RFQ Texas, Freeport, Velasco Terminal 1 200 9/09 negotiations Indiana, Indianapolis Airport Parking na 3/10 RFI Texas, Galveston Port 1 Seaport na 6/10 RFQ New Jersey, NJ Transit Parking Lots na 10/10 RFQ Pennsylvania, Pittsburgh Airport Parking 215 feasibility Toll Roads Pennsylvania, Pittsburgh Meters, Lots 452 9/10 pref. bidder Puerto Rico, San Juan Airport Parking 200 feasibility Alabama, Montgomery I-10-Florida Coast na feasibility Arizona DOT (2 projects) na feasibility California, High Desert Corridor 900 feasibility A panel of experts has determined that projects in boldface are likely to Colorado, Denver, Jefferson Parkway 480 feasibility reach financial close in 2011. Colorado, E-470 Lease na feasibility

Source: Public Works Financing, October 2010

For access to PWF’s Major Projects database, email [email protected] for downloading instructions

PWFinancing / October 2010 11 PUBLIC WORKS FINANCING newsletter “PWF is the No. 1 must-read publication • Timely in our industry.” • Pertinent Richard Fierce, Sr. VP, Fluor Corp. • Accurate • Complete . . . Since 1988

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Subscribe Now: PUBLIC WORKS o ® c ill be ncis d Youʼll get 11 issues a year full of ra law w oul F P3 ld ew cou s n ing project case studies, news y cost ed a DBFOMinanc wan - 010 rive infornia' San w e f r Y 2 Cali ho at ove r pro R sis s riv c othe updates, project leads, nder y .P not r NUA ss INANCINGnt t h fo 5 ne d u e gh s JA 4 si t- r Doyle Dan analem mi ca ar fo orwar r ur s te ly political trends, analyses lume 2 l bu p e M afte roc und ta ent Vo na ate O ove f , p c f us s m tio iv uctur FBF m rive al bli o he na -pr tr D u reci er ic as r D le ition p as ve of successful financings, nt r oject to ad able p w who useo therk is i publ inf ea pr Doy a tr ail on in , s he to . 0-Y t of v illi ter he w P3 T nd 88 3 first en than at a m rkwaymu , t e ide s a e 19 I em th ad ibl profiles of key industry gu hip The ac alue ns $170 io Pa om te ns rs , sinc v r up sid Ins o ne ce SUE epl ore g any c ge. ey. Underesp the an IS the r m once in of m on fin S e lve c free he Pre e m players, a directory of the reat so le t om l ill be r p. 1 c is i led h loca n w IN THI o d , wh l nty, en Gatend Brid tio e 3 als uns , ca ou old e a ta most experienced le Driv p. err ad tat por s y 4 ov in C the G s ew r Do ing p. . ew ro Mar to Trans N fo ead k’d cts in h s. S. M spr p. 4 je e n s federal,t of ear consultants and much more. U. BFO on O o th proac of en • D ti BO O . 5 g eader re m 30 y BF op dge es DB p Tollin rn ap xtu or • D ri go tudy d by l he mi Depart ® e l s p. 6 ose out a a ents f Jordan Bidenc unne 7 e s ni m • rov n T p. opp il ifor Youʼll understand the new roles o P3s -m nded by ity pay • E. P dtow w p 9 1.6 fu bil Mi eds t ck u lt p. g the Calila •Va. e a io, being played by design-build ail s ls st defau bein ar g ava HSR ea rail cen in ept. of • ort d ono s p. 10 s ak s) p s m w r m ran • Air test .11 fo rnia Dalt o contractors, developers, equipment s Vega nal Ne pro p ifo C isc La tio TP 3 Cal • a W w p. 1 he tion ( anc ion tern ity W 3 la l T ta at In s P elSo . 14 por an Fr t e suppliers, bankers, engineers and ico C rite ta d p ans S spor th •Mex ew u il 4 Tr he ran — e r ns R SRa p. 1 T A) s— Chil sig s H ute d t FCT sor others in major financial transactions. • mbia ard disp p. 15 an y (S st UL nt y spon ue • Colo al aw el L eal 16 Cou it co- rtug cht d d p. hor a req in Po l-Be roa ard 7 e ® • via BF aw . 1 Aut ct ssu ns ot erro D ink p oje i tio nn • F rk ts pr fica ca e ry Youʼll track the realignment of risks and ma oad l bus end to na • Den nel int quali il th imi l bourne r n n RFPnt rel na Mel e r y. A u tation p fi rewards on publicly sanctioned projects • ey toll tu or th fo ar d s he g a ynd ltim bru se nspor ine t. T tin • S Ba ced wi Fe elea ra erm e lies y: an a T et r execu Stud 3 fin be r ni ts th - e ea nd e. funded through innovative public-private t P ifor b t th t, a fic and Case or t l ssion dct mee l, a s l 18 t p deb Ca oje f ri aves of ita gir pt r B 4 for pus.I Ap Augu le Sea m it Commihe p S in by er Cap financial structures that work as off-balance- exe wa t t t in ership ed er egg ry ax- 3s a a e tn d in s idd per t rt P th ia s he elea b rzen S dio po s er par rante t e r ing wa si sheet deals. tion crit ate g ch, d b nn ch and . e l- ginia ec v s r l wi d S gal e Pr mi Vir ir y -pri al i Ma ou a ol le ram th 20 al d lic lic ov or als c ng Arn or rog ed 00 th litic Po y os cti v. all t $5 sou po ion appr r rop ele o u r tat rua r s e G s P3 p way or nal isky b fo efor an LLPa fns’ to be c g abo ree Unde sp tio Fe est for p lls r, b am ltr is in uld ran Na ank is r qu e Ca ch cost tion. wo T w: B re ine ca mb or ch lane f he 21 vie re le Jr. el ce s f , whi six- truc e II Re uctu o red Nossor ent ew ons as str Po tim e in De vis n c h fra t W. card as as hi acem hases, eah a e P n 2013. T In er ore le e h l o p it nder i c tat rep tw e w y u financ d by Rob ion S s ive o riv ad lete tat r int re and p or ure The as financial ad le D ed le D ld com ruct G oy id I is al , bui is Transp PM e D div e Doy gn ct I agree to pay $897 a year (private sector); $697 4 frast K h n ac hase roje Yes, 2 repl P desi ian In k on t bee ill ge. to he p or t w rid red n t Canad W ay, has jec B hi he 26 e & ro e t w a year (govʼt); or $997 a year (outside North America). nanc ex es kw e p team en Fi nd Par Th en Gat m er I ervic old the ay tis te S lion. G p ver ario, one Ad the cen Start my subscription to PWF today at the 6 -Priva of 3 s ilest 3 ublic e P m P tory th e a rec eiv following address: Di rec

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12 PWFinancing / October 2010 CANADIAN PUBLIC-PRIVATE SERVICES DIRECTORY

KPMG is a global leader – and Canada’s largest professional Osler, Hoskin & Harcourt LLP has one of the leading public-pri- advisory firm, providing services to international public and pri- vate partnership (P3) legal practices in Canada. Osler has vate sector clients on matters of privatization, commercializa- extensive experience in all types of P3 arrangements including tion, public–private partnerships and innovative infrastructure concessions, outsourcing of services, and privatizations of vari- finance. KPMG has provided economic and financial analyses, ous government agencies, crown corporations and service feasibility studies, demand forecasting, business planning, regu- providers. We have advised on a broad spectrum of P3 pro- latory and bid tender strategic advice to both public and pri- jects including major transportation (highways and airports), vate sector clients pursuing airport, toll road, water and waste- public transit, hospitals, schools, prisons, police stations, casi- water, and telecommunications projects in North and South nos, waste, water treatment, power generation and transmis- America, Asia, Europe, and the former Soviet Union. Contact sion facilities and other infrastructure projects. We represent Stephen C. Beatty at (416) 777-3569, fax (416) 777-3515, or Will public and private sector participants including developers, Lipson at (416) 777-3557, fax (416) 777-3515, Co-Chairs of contractors, consortiums, service providers, governmental KPMG’s National Privatization Group. agencies, consultants and financial institutions. Please contact Bob Beaumont at (416) 862-5861 (e-mail: rbeau- [email protected]), Lorne Carson at (403) 260-7083 (e-mail: lcar- [email protected]), Tobor Emakpor at (416) 862-4268 (e-mail: [email protected]) or Rocco Sebastiano at (416) 862-5859 (e-mail: [email protected]).

PUBLIC-PRIVATE SERVICES DIRECTORY

RT

For information about Raymond Tillman, P.E. has been a widely recognized toll road expert for over 35 years. Services he provides to a broad range how to list your firm in of public and private sector clients throughout the US and Latin America include: traffic and revenue forecasts (back-of-the- PWF’s envelope through investment grade); internal and external peer Public-Private Services reviews; project development consulting, including viability assessments and implementation strategies; and toll road advi- Directory, please contact sory services. He has worked closely with toll agencies, under- William Reinhardt writers, lending institutions, rating agencies, “greenfield” facility investors and developers, and equity participants. Reports pre- at (908) 654-6572 or pared under his direction have supported over $30 Billion worth of bonds, and his credibility in the financial community reflects fax (908) 654-6573 this record. Contact information is: (917) 328-2265 (cell) or (212) or email: [email protected] 315-3566, or [email protected]

PWFinancing / October 2010 13 PUBLIC-PRIVATE SERVICES DIRECTORY

Parsons Brinckerhoff provides a total package of consulting ser- vices for infrastructure projects worldwide. We advise senior decision-makers of private firms, public agencies and financial Veolia Water North America is the leading provider of institutions in all aspects of assess- comprehensive water and wastewater services to munici- ing, developing and delivering pal and industrial customers, providing projects and programs. With a world class strategic adviso- services to approximately 14 million people in more than ry group within our leading international engineering and 600 communities. Our services include designing, building construction management firm, we draw on over a centu- and operating water and wastewater treatment facilities ry of successful experience with challenging and complex and systems. We operate the nation’s largest public-pri- projects to provide cutting-edge strategic advice. From ini- vate partnership for water services in Indianapolis, where tial assessment of project feasibility to procurement or bid we serve 1 million people, as well as the country’s very first development and on through project delivery, we work partnership established in 1972 with Burlingame, Calif., an side by side with our clients to make you successful. Our ongoing customer now for more than 30 years senior team has successfully helped our clients close inter- . The company is part of Veolia Water, the No. 1 water national transactions through our Program Management, company in the world, serving more than 110 million cus- Procurement Advisory, Due Diligence/Owner’s Engineer, tomers. Veolia Water is the water division of Veolia and P3/Concession Advisory services. Contact David Environnement (NYSE:VE and Paris Bourse: VIE), the largest Earley, Director of Strategic Consulting, (202) 661-5310 ear- environmental services company in the world, with more [email protected] or Matthew Bieschke, Investor Advisory than 252,000 employees in more than 80 countries and Services Manager, (202) 661-5311 [email protected] annual revenues of approximately $30 billion. Visit the North American web site at www.veoliawaterna.com or call (800) 522-4774.

Wilbur Smith Associates is an internationally recognized toll road expert, providing financial, procurement, operations and construction support for public agencies and private clients on hundreds of toll facilities worldwide. For more than 50 years, WSA has worked with investment bankers, debt holders, rating agencies, and equity partners to place $65 billion of revenue based financings, providing us with unparalleled credibility in today’s financial markets. We pro- As part of SUEZ ENVIRONNEMENT, United Water provides vide services that help define a public-private partnership water, wastewater and asset management services to 7.3 and ensure that our clients are able to design a procure- million people in 25 states through the dedication of its 2,600 ment to maximize their objectives. Notable projects include employees. In addition to owning and operating 20 regu- 91 Express Lanes (California), 407 ETR (Ontario), Melbourne lated utilities, United Water operates 240 municipal and CityLink, President George Bush Turnpike (Texas), and South industrial systems through public-private partnerships and Bay Expressway (California). Contact Ed Regan (203) 865- contract agreements. Founded in 1869, the company’s 2191, Kamran Khan (630) 434-8111, or Grant Holland (770) core expertise in providing safe, clean drinking water has 936-8650, or visit us at www.WilburSmith.com. evolved into providing a full range of services, from techni- cal assistance to total asset ownership. We assist communi- ties improve service, reduce costs, comply with environ- mental regulations, manage labor relations and provide excellent customer service. For more information visit unit- edwater.com or contact Mark Kropilak at 201-767-9300 or at [email protected].

14 PWFinancing / October 2010 PUBLIC-PRIVATE SERVICES DIRECTORY

Scully Capital is a specialized investment banking and finan- cial services firm providing a broad range of project finance and mergers and acquisitions expertise to clients in the envi- ronmental and infrastructure industries. The firm serves public sector entities and private developers in water, wastewater, biosolids manage- ment, solid and haz- OHL Concesiones, SL OHL Concesiones, SL is one of the ardous wastes dis- world’s leading private developers of transportation infra- posal, power gener- structure, being active in all its modes: highways, railways, ation, transportation airports and seaports. The company, founded as a sub- and infrastructure sidiary of the OHL Group, provides expertise and state of the development. Scully art technology for developing under concession all types of Capital brings a infrastructure in any part of the world. Currently participating unique combination in 24 concessions comprising 2,737 miles in the highway sec- of industry knowledge and financial expertise to help your tor, the corporation is also active in urban and suburban public-private partnership reach a successful closing. The train lines, airports and commercial ports and marinas.In firm is active in structuring senior debt, mezzanine financing contrast to other groups in the sector, OHL Concesiones and equity capital through the bank and private equity mar- holds control stakes in practically all of the concessions com- kets. Please contact Brian T. Oakley or Kapil Jatindarya, 1133 prising its portfolio, guarantying the best quality service. For 15th St. NW, Washington, D.C. 20005, ph. (202) 775-3434, fax more information please contact: Roberto Hombrados 34 (202) 775-6049. (91) 348 47 58 [email protected]; or visit www.ohlconcesiones.com.

Nossaman LLP, a U.S. law firm dedicated to representing gov- ernment agencies, is widely acknowledged to possess the broadest and deepest practice in the world focused on U.S. transportation infrastructure, specializing in the effective deployment of P3s and other forms of innovative project delivery, finance, operations and maintenance. Recently we helped our clients achieve significant milestones: • Texas DOT $2.8B LBJ Express Project – Toll Concession – O. R. Colan Associates (ORC) provides a full range of real Financial Close, June 2010 estate services related to the appraisal, acquisition and relo- • Texas DOT $2.02B North Tarrant Express Managed cation phase of design build highway projects. With more Lanes Project – Toll Concession – Financial Close, than 30 offices in 18 states nationwide, the company is December 2009 broadly recognized as a leader in providing real estate solu- • Utah DOT $1.1B I-15 Corridor Expansion – Design-Build tions for public works projects. ORC provided the right of Contract – Proposer Selected, December 2009 way acquisition and relocation assistance for the following • Florida DOT $900M Port of Miami Tunnel Project – successful design-build highway projects: Segments 1-6 of SH Availability Payment Contract – Financial Close, - 130 in Texas; the Pocahontas Parkway in Virginia; Route 3 October 2009 North in Massachusetts; I-64 in Missouri; and portions of the • Texas DOT $1.02B DFW Connector – Design-Build Indiana Toll Road in Indiana. Currently ORC is in the final Contract – Notice to Proceed, October 2009 stages of providing program management for the right-of- • Texas DOT $2.68B LBJ-635 Expansion – Toll Concession way acquisition phase of I-69 in Indiana and the DFW – Commercial Close, September 2009 Connector project in Texas. Time is money on a design build • North Carolina Turnpike Authority $640M Mid-Currituck project. ORC has the proven ability to deliver the right of Bridge Project – Pre-Development Agreement – way in time for construction on fast paced projects while Executed, April 2009 meeting all state and federal requirements. Contact Steve • Florida DOT $1.8B I-595 Managed Lanes Project – Toth, COO, at [email protected] or visit us at Availability Payment Contract – Financial Close, March www.orcolan.com 2009 Contact Geoffrey S. Yarema at [email protected] / 213.612.7842, Patrick Harder at pdhard- [email protected] / 213.612.7859, or Simon Santiago at [email protected] / 202.887.1472. On the web at www.nossaman.com and www.InfraInsightBlog.com

PWFinancing / October 2010 15 PUBLIC-PRIVATE SERVICES DIRECTORY

With more than 40 years of experience, IRIDIUM Concesiones (formerly Dragados Concesiones) is the ACS Group company Infrastructure Management Group, Inc. (IMG) is a results dri- that promotes, develops and operates concession projects ven, full-service advisory firm specializing in improving the worldwide. With over 100 projects developed in 21 countries, management, financing and operations of utilities, airports, including 4,368 miles of highways, 1,107 miles of railroads, 16 transportation and other public-use infrastructure. IMG helps airports, 17 ports and several social structure concession pro- infrastructure owners and operators provide more and per- jects, IRIDIUM Concesiones is the world leader in this field. We form better through innovation, performance management are proud to have global presence with local commitment. technology, creative finance solutions, and public-private ACS Group companies apply their unsurpassed technical skills partnerships. IMG identifies and implements pragmatic to the planning, design, construction, operation and mainte- approaches and bold initiatives for superior customer service nance of infrastructures, using the latest technologies in any delivery and efficient operations. From San Diego to Boston area and providing the highest level of excellence through- and from Detroit to Miami, our innovations have saved clients out. A solid financial capability combined with an innovative billions of dollars in operating costs and capital investment. approach allows IRIDIUM Concesiones to structure the neces- Our corporate motto ‘bringing business to government’ is a sary financial resources for any project. Contact Salvador testament to both the demands of our times and IMG’s com- Myro ([email protected]) at +(34) 91 703 85 48 or visit mitment to our clients’ public service goals. For more informa- www.iridiumconcesiones.com or www.grupoacs.com for fur- tion, contact John E. Joyner, President at (301) 907-2900, fax ther details. (301) 907-2906, or at 4733 Bethesda Avenue, Suite 600; Bethesda, MD 20814.

Jacobs is one of the world’s largest and most diverse providers of professional technical consulting services. As a With more than 2,000 staff across North America, Lochner full-spectrum lifecycle solutions provider we focus on devel- MMM Group combines the respected transportation engi- oping close strategic partnerships with our clients over the life neering and planning reputation of H.W. Lochner Inc. with cycle of their projects. Jacobs provides a distinctive range of the extensive global P3 experience of MMM Group Limited. comprehensive planning, design and management exper- The firms’ project portfolios feature major award-winning tise in almost every industry—public and private. We are transportation assignments in the U.S. and Canada, includ- often called upon by government agencies to provide pro- ing many P3s. Lochner MMM Group has proven working gram advisory services related to public-private partnerships relationships with leading constructors and transportation (P3) including financial and economic feasibility, procure- infrastructure investors. Its project implementation know- ment and other related services. As project funding decreas- how and access to private capital and concessions exper- es, public-sector clients are partnering with Jacobs to identi- tise allow governments to achieve their infrastructure goals fy and implement P3 programs tailored to meet their project more quickly and at a lower cost. delivery and financing challenges. Besides transportation planning and engineering, Lochner For more information, please contact Katie Nees at (214) MMM Group’s core services include process consulting, pro- 801-8822 or Pamela Bailey Campbell (303) 968-7897 ject management, and investment and due diligence adviso- ry services for large P3 transportation undertakings. With over 35 North American office locations, Lochner MMM Group is a partner of choice for U.S. P3 transportation projects. Contact: Tom Stoner, PE, tel. (727) 572-7111; tston- [email protected], or Dave Jull, P.Eng., tel. 905-882-7203; e- mail: [email protected]

16 PWFinancing / October 2010 PUBLIC-PRIVATE SERVICES DIRECTORY

Hawkins Delafield & Wood LLP has the largest specialized pub- Global challenges. Real solutions. lic contract and finance legal practice in the United States. We Established in 1868, Halcrow specializes in planning design have successfully negotiated and closed major infrastructure and management services for infrastructure development transactions in every state. Our clients consist exclusively of gov- worldwide. We offer expertise in virtually all areas related ernmental, non-profit and financial institutions. In the water sec- to the built environment. Our teams are also specialists in tor, Hawkins has served as special planning, procurement and a number of innovative areas, leading the way in markets negotiating counsel to local governments on more than 75 like public-private partnerships. Our expert strategic trans- public-private partnership projects. In the transportation sector, action advice helps clients harness the potential of P3’s in we are consistently ranked by Thompson Securities Data as the infrastructure delivery through: leading finance counsel nationally. • Strategic procurement For over 30 years Hawkins has pioneered highly successful • Due diligence alternative delivery approaches to public works development • Risk management and implementation using design-build, design-build-operate, • Asset management and design-build-finance-operate contracts, franchise and At Halcrow, we’ve developed an unparalled track concession agreements, project financings and private activity record of public-private partnerships. Our ability to lis- bonds. The breadth and depth of our contract and finance ten and our detailed understanding of P3 transactions practices provide a unique foundation for the firm’s practical have led to strong relationships with a range of clients and creative counsel and strategic advice to clients seeking including public agencies, project promoters, conces- solutions to infrastructure challenges in the water, transportation, sionaires and financiers. For information on how we’re solid waste and power sectors. solving some of our clients’ greatest challenges, visit Contact: Eric Petersen at (212) 820- 9401 or Ron Grosser (212) halcrow.com or email [email protected]. 820-9423 in New York, or Rick Sapir at (973) 642-1188 in Newark, or through our website at www.hawkins.com

Herzog Contracting/Herzog Transit Services Inc. – Design-build HOCHTIEF is one of the leading international providers of for highway / heavy construction and railroad mass transit. construction-related services. With more than 64,000 North America’s largest rail and commuter rail construction employees and a sales volume of EUR 19.10 billion in FY and maintenance contractor, provides rail mass transit opera- 2008, the company is represented in all the world‘s major tions and dispatching in North America and railroad expertise markets. The Group's service offering in the fields of devel- worldwide, delivering state-of-the-art technology for Hi Speed opment, construction, services, concessions and opera- Rail Flaw Detection and railcar and railroad equipment leas- tion covers the entire life cycle of infrastructure projects, ing, ballast distribution, rail re-laying and railcar unloading. real estate and facilities. In the USA, the biggest construc- Also, development and operation of municipal and industrial tion market in the world, HOCHTIEF is the No. 1 general solid waste facilities. builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the I At (816) 233-9001, fax (816) 233-9881, or 600 S. Riverside Rd., field of transportation infrastructure construction. P.O. Box 1089, St. Joseph, MO 64507-1089, please contact: Flatiron, with a construction volume of more than $1 billion Joe Kneib, VP Market Development – in 2009, is one of the leading providers of transportation [email protected]; construction and civil engineering in North America. Its core George Farris, VP Marketing [email protected]; competencies include major bridge, highway, and rail pro- Ray Lanman, VP Corp. Development, Herzog Transit – rvlan- jects. Flatiron also operates as a contractor in public-private [email protected]; partnership projects. For additional information, please Scott Norman, V.P. Estimating/Project Development, contact Steve Skelton (647) 259-3746 or Matt Girard (720) [email protected] at (816) 233-9001 494-8110 or visit us online at www.flatironcorp.com and www.hochtief-pppsolutions.com

PWFinancing / October 2010 17 PUBLIC-PRIVATE SERVICES DIRECTORY

Egis Projects has unrivalled experience in most types of infra- Leaders and award-winners in design/build and privatization structure P3 and concessions: motorways, bridges, tunnels, projects, Granite Construction with its joint venture partners has urban infrastructures, and, more recently, airports. We are completed nearly $6 billion worth of design/build work, and has experienced with all types of remuneration (real toll, shadow another $1.5 billion underway. Our highly successful design/build toll or availability schemes). Egis Projects relies on the spe- projects include the award-winning I-15 NOW Project in Ogden, cialized skills of its shareholders: Groupe Egis, a leader in Utah, the I-64 Project in St. Louis, the US 90 Bridge in Bay St. Louis, infrastructure engineering, and Caisse des Dépôts, a AAA MS, and the Hiawatha Light Rail project in Minneapolis. financial institution. Egis Projects acts as promoter, develop- Granite, established in 1922, is a pioneer and strong advocate er and investor in concession/P3 projects, as turnkey equip- of partnering, for which we have received numerous awards. The ment integrator, as operator and manager of airports, and, company employs about 5,000 people and reported 2009 rev- via its wholly owned subsidiary Egis Road Operation, as oper- enues of $2 billion. Our large-project regional/estimating offices are ator of roads and motorways. Egis Projects has also extend- in Watsonville, CA; Dallas; Tampa and New York. Other estimating ed its activities to electronic toll collection, toll network inter- offices are located in over 20 offices in six western states. operability, and safety enforcement, as well as associated Contact Yale Lyman at (831) 728-7540, fax (831) 728-7578 or services for road users under the Easytrip brand. at P.O. Box 50085, Watsonville, CA 95077. Our website is Egis Projects has financially closed 20 infrastructure pro- www.graniteconstruction.com jects for a total value of Euro 10 bn. Egis Road Operation is operating 20 motorways totalling 1,550 km in 14 countries. Contact: Alain Poliakoff in Paris, France at (33) 1 30 48 48 09, fax (33) 1 30 48 48 91 or [email protected] or visit www.egis- projects.com

Global Via Infrastructure is a major transportation infrastructure promoter, developer and operator with more than 41 projects For nearly a century, HNTB has helped create infrastructure world-wide. Consistently ranked one of the top five companies that best meets the unique demands of its environment and in the public-private partnership market, exceeds client expectations. With client relationships span- Global Via has the financial capability to accelerate delivery of ning decades, we understand infrastructure life cycles and projects, as well as the construction and operational expertise to have the perspective to solve technical challenges with meet the highest standards for the life of a project. We take pride clarity and imagination. Using a highly collaborative in working with local contractors, employing area businesses and approach, we see and help address far-reaching issues of individuals during operation and incorporating community feed- financing, legislation, design, construction, community out- back to deliver the best possible public service. For more informa- reach and ongoing operations. As employee-owners com- tion, contact Fernando del mitted to the highest levels of performance, we enable Campo, at 011 (34) 91 456 58 73 clients to achieve their goals and inspiring visions. ([email protected]) or Contact Keith Rosbury at (972) 661-5614 or visit hntb.com. Tony Garrastazu at 305-789-6754 ([email protected])

18 PWFinancing / October 2010 PUBLIC-PRIVATE SERVICES DIRECTORY

Successful project finance requires the development and integration of marketing, engineering and environ- mental strategies into the overall financial framework. The Louis Berger With a proud tradition of service dating back to Group, Inc. has a proven track 1 8 8 6 , American Water is the water solutions record and an established practice provider. Through our subsidiaries, we serve in all three areas and has devel- approximately 16 million people in 35 U.S. states oped innovative tools creating a and two Canadian provinces. Our experience in seamless web between the technical and the financial water and wastewater services is extensive and design of projects. This has resulted in the successful financ- we are dedicated to applying our expertise to ing and execution of projects in the United States, Europe solve our partners’ water and wastewater chal- and the World. With offices in over 90 countries, the Group lenges. Our commitment to quality is clear: brings in-depth local understanding and an unequaled We’ve consistently scored among the highest of ability to rapidly respond to clients’ needs. Contact: Nicholas all water companies for compliance with state Masucci (973) 407-1000, [email protected] and federal drinking water standards as well as wastewater requirements. Our services include: • Public-private partnerships customized to the needs of your municipality- • Solutions for water-related financial, opera- tional and resource-related challenges- • Innovative water reuse systems for total water cycle optimization- • LineSaver® Service Line Protection Program, Elias Group LLP provides legal and consulting services to gov- offering water line, sewer line and in-home ernment and industry. We are a boutique law firm internation- plumbing emergency protection for homeown- ally recognized for our expertise in project finance, pub- ers lic/private partnerships, industrial outsourcing, joint ventures Call Mark Strauss at (856) 346-8200 or visit and strategic alliances, and M&A of regulated and non-regu- www.amwater.com lated entities. The firm’s unique accomplishments include the first 20-year concession agreement executed in the U.S. for the rehabilitation and operation of a municipal wastewater treat- ment facility. Our skills and practical experience are evident in the multitude of transactions successfully completed. Contact: Dan Elias or Michael Siegel at 411 Theodore Fremd Cintra plays a leading role in transport infrastructure development Avenue, Rye, NY 10580; tel: (914) 925-0000; fax: (914) 925-9344; throughout the world, with nearly 2,000 miles of managed high- or visit our web site: www.eliasgroup.com ways worldwide. This represents a total global investment in traffic congestion improvements of more than US $25 billion. Cintra has a portfolio of 25 concessions in seven countries distributed among Spain, Canada, United States, Portugal, Ireland, Greece and Chile. Cintra was recently selected for two projects in Dallas, the LBJ Express and NorthTarrant Express. The Cintra-Ferrovial merger in 2009 created one of the world's largest private operators of transportation infrastructure and a leading services provider. It For information about currently generates net revenues of more than $16 billion a year, how to list your firm in PWF’s has operations in 49 countries and assets totaling approximately $59 billion. Ferrovial's business model is focused on end-to-end Public-Private Services Directory, infrastructure management, design, construction, financing, please contact William Reinhardt operation and maintenance. To this end, the company is active at (908) 654-6572 or in complementary sectors, such as airport and toll road construc- fax (908) 654-6573 tion and operation, as well as services. Contact: Carlos Ugarte ([email protected]) (512) 637-8545. More information: or email: [email protected] www.cintra.es

PWFinancing / October 2010 19 PUBLIC-PRIVATE SERVICES DIRECTORY

Acciona—not just another Spanish company in North America. At Acciona we have a corporate commit- ment to sustainable devel- opment and renewable abertis is an international group that manages infrastructures energy. With over 38,000 employees worldwide, we for mobility and telecommunications in five business areas: > are a publicly-traded international firm based in Tollroads > Telecommunications infrastructures > Airports > Spain, bringing local results to your community. As a Car parks > Logistics parks . The group, with a presence in a world leader in seawater reverse osmosis desalination facilities, Acciona Agua has 70 reference projects total of 17 countries, has a staff of over 11,000 employees with a total capacity of 420 million gallons per day of and practically 50% of its income is generated outside Spain. drinking water from the sea. We are the turnkey joint abertis 2007 key figures: > Total net profit: 682 million Euros. > venture partner for the remediation and long-term Operational income: 3,620 million Euros. > Cash-flow: 1,345 operation of the Tampa Seawater Desalination million Euros. > Gross operational income (EBITDA): 2,269 mil- Facility. Additionally, we have proudly designed, built, lion Euros. > Investments: 2,141 million Euros. and now operate 320 conventional water, waste- Contact: Studies and Corporate Communications water, and reuse projects treating 2.6 billion gallons of Direction (34) 93 230 50 39 water per day-come to Spain and see for yourself. Visit us online at www.acciona-agua.com or call Andy Shea, USA Development Director (+1 914.441.7634) or Alejandro Jimenez, International Commercial Director (+34 91.435.32.55). Acciona —Pioneers in Development and Sustainability

ADVERTISER INDEX Ray Lanman, [email protected] Financiers/Financing Advisors Developers/Operators/Sponsors (816) 233-9001 Scott Norman, (816) 233-9001 Infrastructure Management Group, Inc. Abertis [email protected] John E. Joyner (301) 907-2900 Studies and Corporate Communications Direction Iridium Concesiones (formerly Dragados KPMG (34) 93 230 50 39 Concesiones) Stephen C. Beatty (416) 777-3569; fax (416) 777-3515 Acciona Agua Salvador Myro in Madrid (34) 91 703 85 48 Will Lipson (416) 777-3557; fax (416) 777-3515 Andy Shea +1 (914) 441-7634 [email protected] Louis Berger Group Inc. Alejandro Jimenez (34) 91 435 3255 OHL Concesiones Nick Masucci (973) 407-1000 AECOM Enterprises Roberto Hombrados + 34 (91) 348 47 58 Scully Capital Services, Inc. Regis Damour (212) 973-3081 [email protected] [email protected] Brian T. Oakley or Kapil Jatindarya (202) 775-3434 United Water Ashley Yelds (703) 682-5054 Mark Kropilak (201) 767-9300 Raymond Tillman [email protected] (917) 328-2265 [email protected] Jonathan Dingle +44(0)20 7776 2396 URS Corporation Wilbur Smith Associates [email protected] Frank Finlayson (208) 386-5887 Ed Regan (203) 865-2191 American Water [email protected] Kamran Khan (630) 434-8111 Mark Strauss (856) 346-8200 www.amwater.com Veolia Water North America Grant Holland (707) 936-8650 Cintra, S.A. Scott Edwards (800) 522-4774 www.wilbursmith.com Carlos Ugarte (512) 637-8545 Legal/Procurement Advisors [email protected] Procurement/Technical Advisors EGIS Projects Elias Group Alain Poliakoff in Paris (33) 1 30 48 48 09 Halcrow Dan Elias or Michael Siegel (914) 925-0000; [email protected] [email protected] fax (914) 925-9344 or www.eliasgroup.com Flatiron / Hochtief HDR Inc. Hawkins Delafield & Wood Matt Girard (720) 494-8110 [email protected] Eric Petersen in NY (212) 820-9401 Steve Skelton (647) 259-3746 HNTB Ron Grosser in NY (212) 820-9423 Ferrovial Infraestructuras, S.A. Keith Rosbury (972) 661-5614 Rick Sapir in Newark (973) 642-1188 Nicolás Rubio (34) 91 418 5610; [email protected] Infrastructure Management Group, Inc. Nossaman LLP Fernando Redondo (34) 91 418 5631 John E. Joyner (301) 907-2900 Geoffrey S. Yarema (213) 612-7842 [email protected] Jacobs Patrick Harder (213) 612-7859 Global Via Infrastructure Pamela Bailey Campbell (303) 968-7897 Simon Santiago (202) 887-1472 Fernando del Campo 011 (34) 91 456 58 73 Katie Nees (214) 801.8822 Osler, Hoskin & Harcourt LLP [email protected] Lochner MMM Group Bob Beaumont (416) 862-5861 Tony Garrastazu (305) 789-6754 Tom Stoner, PE (727) 572-7111 Lorne Carson (403) 260-7083 [email protected] [email protected] Tobor Emakpor (416) 862-4268 Granite Construction Inc. Dave Jull, PE (905) 882-7203 Rocco Sebastiano (416) 862-5859 Yale Lyman (831) 728-7540; fax (831)728-7578 [email protected] [email protected]; www.graniteconstruction.com O.R. Colan Associates Herzog Contracting/Herzog Transit Services Inc. Steve Toth [email protected] Joe Kneib, [email protected] Parsons Brinckerhoff Strategic Consulting (816) 233-9001 David Earley (202) 661-5310, [email protected] George Farris, [email protected] Matthew Bieschke (202) 661-5311 (816) 233-9001 [email protected]

20 PWFinancing / October 2010