When public-private-partnerships emerged in Canada in the early 2000s, many would say that the Owners/Authorities saw this new delivery model as a “one-stop shop” for infrastructure procurement – a complete risk transfer for project delivery from Owner to private sector, where governments could adopt a “hands-off” approach. Over the last 15 to 20 years, however, this view seems to have evolved, as more and more projects are now in operations and lessons are being learned.
Join us for a discussion about what Owners should care about most with respect to projects that are procured through the P3 model. We will explore:
- how far Owners should go in conducting due diligence on respondents and proponents during the RFQ, RFP and Financial Closing stages;
- when and on what matters Owners should get involved during the Construction and Operations terms;
- the appropriate level of interaction/intervention by Owners over the life of a project;
- the appropriate level of intervention by the Owners when things go south (i.e. insolvency events, defaults, other adverse developments);
- how Owners should protect their investment and the communities in which the project is located (i.e. health and safety matters, design integration, political risk);
- the appropriate communication channels between parties during construction and operations;
- how carefully Owners should scrutinize the rights and remedies of lenders providing long term project financing.
Now that the Canadian P3 model is in its teenage years, we are able to reflect on recent events and discuss what may be in store in the future with respect to Owner involvement and oversight in P3 projects. Is it sufficient for Owners to review material project and lending documents to confirm substantial consistency with the project agreement and financial proposal, or should there be more?
The full agenda will be announced shortly.