XII. Public Private Partnerships for Public Transport Investments
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1 XII. Public Private Partnerships for Public Transport Investments Introduction to Public Transport Planning and Reform XII-1
2 What is PPP? Agreement between Public and Private sector entities Often (but not always) on a long term basis For the provision of services or a facility, most often defined as outputs Payments may flow in either direction between private sector and the government (sometimes both) Risks are shared between the private sector and the government But foremost this is a partnership XII-2
3 Potential Benefits of PPP Use private sector expertise/know-how Reduce costs through better efficiency Focus state role on service improvement p Link quality of services to payments Focus public resources in areas where e private money cannot be channeled Mobilize private funds Meet expectations for more/better services Address backlogs in infrastructure maintenance XII-3
4 What can go wrong with PPP? Some external elements are difficult to manage Macro economic shocks (e.g. financial crisis) Lack of interest of international investors Enron crisis International banks withdrawal Design problems often can be overcome with the right preparation: Partial feasibility study Unrealistic risk allocation Poorly defined financial viability of project Unclear legal environment, urban context maybe more so in urban context - decentralization?) Lack of capacity for project follow-up during implementation XII-4
5 Overview: Forms of PPP Focus is payment for delivery of services rendered and transfer of the performance risk Public Private Partnership Works & Services Contracts Managemen t & Maintenanc e Contracts Operation and Maintenanc e Concessions Build Operate Transfer Concessions Full Privatizatio n Low Extent of private sector participation High XII-5
6 Overview: Some Examples Urban Highway 407 ETR, Toronto New Light Rail Transit Line, Madrid Street and Bridges Maintenance, Management and Preservation, Washington DC Fleet Operations and Maintenance, Several cities Off-Street Parking, Paris XII-6
7 Investor Perspective Financial Return and Risks Objective Concerns/Approach Debt (Banks) Debt (Principal & Interest) paid every 6 months - Ensure revenue covers debt - Minimize Risks Equity High return on - Focus on profits (Investors) equity invested - Maximize potential Talking to investors is not enough! Lenders will ultimately dictate what is financially feasible XII-7
8 Lesson 1 What Should You Do? PPP Project should be Projects with High Economic/Social Benefits XII-8
9 Lesson 2 When Should You Proceed? Value-for-Money Demonstrated value in bringing the private sector - Cost efficiency (main) - Investment (secondary) Optimum risk transfer to the private sector Affordability Risk allocated to party best able to manage it e.g. construction to private sector Issue of demand and economic risks? - City/Government can afford short and long-term payments - Guarantees are accounted for - Users can afford tariffs XII-9
10 Lesson 3 Good PPP Framework Encourages Private Sector Participation Policy (Do you know what you want?) Legal/Regulatory Institutional (Make sure private (Coordination, sector is allowed Decision making, to participate!) Capacity) Procurement (Competitive process, transparency) XII-10
11 Developing Successful PPPs Requires Time and Money We know what we want!!! Can we start Construction in 6 months? Timeline 1 month 2-6 months 6-24 months Africa National T reasury years South XII-11
12 Feasibility Study is Critical for Success and Saving Time/Money Recent review by World Bank of PPP transport projects in Central/Southeast Europe: Most issues/delays during procurement/operations could have been avoided with a solid feasibility study. Examples include: 1. Project failures during operations due to weak demand analysis and estimation of user willingness to pay 2. Delays in procurements often linked to important legal review not done prior to bidding stage Other common reasons for failure: Poor legal framework and enforcement Weak institutional capacity and PPP strategy Unrealistic revenue and cost estimates Lack of thorough financial and economic analysis Inappropriate sharing of risks Lack of competitive procurement Public resistance (willingness to pay not assessed) XII-12
13 Financial Equilibrium of Project Should Be Checked Frequently entl Dividends id d (Equity) = CAPEX GRANT (PUBLIC) Taxes/Fees Debt Servicing (Interest & Principal) OPEX Taxes/Fees EQUITY (PRIVATE) Operating Revenues and/or Availability Payment DEBT (PRIVATE) Construction Operations Do you have a sufficient and reliable REVENUE STREAM? XII-13
14 Public Financial Share Should Reflect Financial Model Projections 80,000 in Feasibility Analysis Equity Shareholders account Interests CAPEX 60, Debt Dividends Taxes Required Revenues or Capital Grant Principal Operating Availability payments 40,000 20, ,000-40,000-60,000-80,000 XII-14
15 Risk Allocation Transfer What Each Manages Best Risk should be allocated to the party best able to manage it If the private sector is asked to take over a risk it cannot manage (macro, demand ), it will either not participate or price it with a premium Availability Insurance Residual value Completion Cost overrun Design Environmental Exchange rate Force majeure Inflation Insolvency Interest rate Latent defect Maintenance Market, demand or volume Operating Planning Political Regulatory Resource or input Subcontractor Tax rate change Technology utilities XII-15
16 Risk Allocation An Illustration City/Government Reference Engineering Design Timely delivery of land Removal of public utilities Support in obtaining the permits and licenses Revenue and ridership risk Pay the Availability Fee Pay the Capital Grant Private Partner All risks associated with the detailed design, construction and operation (incl. construction price, operating cost, etc ) Performance during project operation in line with Agreement Take all risks related to raising the private financing necessary to complete the project XII-16
17 Competitive Bidding Brings Value Reduces costs and increases transparency Many failures directly linked to public/political opposition to non-transparent procurement Direct negotiations Can take longer than competitive bidding Unsolicited proposals Requests for direct negotiation rarely justified Can be done using competitive process XII-17
18 Close Supervision and Monitoring is Necessary Issues during operation can often be linked to contract design and to preparation p phase Contract Monitoring and Regulation can be complex and time consuming Close Monitoring is essential for the life of the contract (often as long as 30 years) Importance of institutional memory: ensure people and institution involved in preparation and procurement remain involved in monitoring Importance of human and financial resources: ensure that sufficient financial resources are dedicated to monitoring contracts and that people with the right skills are involved XII-18
19 Example of PPP Washington DC Street and Bridges Maintenance/Management/ t/ Preservation Client: Washington DC Contractor: VMS Inc. Type: Performance-Based Contract Contract Amount: US$84 million Total Center line km = 120 Total Lane km = 544 Contract Duration: 6 years Contract executed on June 22, 2000 Contract End on June Categories of Assets to be Managed: Pavement Structure Roadway Cleaning Drainage Roadside (curbs, gutters and sidewalks) Traffic Safety (guardrails, barriers) Roadside cleaning Roadside vegetation Bridges & Tunnels Pavement Markings Snow and Ice control Traffic Signs Highway Lighting XII-19
20 Example of PPP Washington DC Street and Bridges Maintenance/Management/ Preservation Contractor must meet a specified standard for each defined asset Contractor was told what outcomes to achieve No mention of inputs A asset condition inventory was prepared dfor the Request for Proposals XII-20
21 Example of PPP Sao Paulo Metro Line 4 Line 4 XII-21
22 Sao Paulo Metro Line 4 Content Investment (Phase I): 12.8 km metro, 9 stations, rail operating systems, 1 depot, rolling stock 30-year concession for the operation (Phases I and II) Beyond Vila Sonia: concessionaire-owned bus line operation, without additional fare. Primary Award criterion Lowest State investment required XII-22
23 Sao Paulo Metro Line 4 Investment t and Risk Sharing Investment Phase I Phase II Total Public $734M $188M $922M 73% Private $184M $156M $340M 27% Total $918M $344M $1262M 100% Private Sector Risks Construction delay Ridership (fare revenues) Exchange risk Inter-municipal bus integration risk XII-23
24 Best Practice in PPP Need serious commitment at all government levels Also coordinated approach by government counterparts The better the preparation, the quicker the process to financial close The more hurried the preparation, the longer the process to financial close and the higher the chance of failure Bid award is not the end of the story Larger scope for project modification Half time in development process Start small, be pragmatic and innovative, learn from experience, develop domestic expertise, then expand XII-24
25 Summary Projects should be integrated/consistent with overall urban transport strategy Solid demand forecasts are key to PPP viability Institutional set up is key to success Roles of local/central l/ l governments, sources of revenues and funding, integration of services and infrastructure, regulation Government help likely l needed d to ensure a reliable revenue stream Options include government contribution, provision of guarantees, or legally binding public service contracts Start with simple and small projects with established demand XII-25
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