Puerto Rico is making some noise. P3 legislation

On June 8, legislation was passed that provided a clear public policy and legal framework for P3s in Puerto Rico. The law limits P3s to 50-year leases, with an extension to 75 years with legislative approval, and sets a special tax rate.

The Public-Private Partnership Act signed by Governor Luis Fortuño sets out Puerto Rico's policy for allowing government entities to enter partnerships with the private sector. State entities eligible to participate in P3s include all government agencies, public corporations, and municipalities.

Here I leave you a list with the most interesting transportation projects under study to be carried out under the P3 scheme:

TRANSPORTATION PROJECTS
PR-22-Extension of the PR-22 road from Arecibo to Aguadilla
PR-66-Phase II Extension of the PR-66 highway from Canovanas to Rio Grande
PR-5-Connect PR-5 from Bayamón to Highway PR-22
PR-199-Completion of Las Cumbre Avenue Maunabo Tunnels Maunabo Tunnels /completion and conversion of PR-3 into PR-53
San Juan Bay Bridge Bridge over San Juan Bay to Cataño
BRT-Santurce to Old San Juan Bus Rapid Transit (BRT) from Santurce to Old San Juan
BRT-Cupey to Caguas Cupey to Caguas
BRT-San Juan to Carolina San Juan to Carolina
BRT-Bayamon to Barceloneta Bayamon to Barceloneta


Last week we knew that the Puerto Rico P3 Authority has appointed Macquarie Capital as financial advisor to oversee the development of its P3 program.

The Commonwealth is seeking P3 investment and hopes to have awarded three projects by June 2010. The Authority is seeking to develop a program that incorporates best practice from around the world in procurement.

Macquarie Capital's will role will include assisting the Authority in formulating and developing program guidelines and procedures, developing a methodology adequate for P3 projects and formulating public sector comparator methods.

Fo all interested investors there will be a P3 conference, which is to be held in San Juan, Puerto Rico on October 15-16. This will feature information about specific projects and will outline the role of P3s in Puerto Rico's economic development. It will also set out the process for initiating a P3 project.

The conference will be hosted by the Puerto Rico Public-Private Partnerships Authority (PRPPPA) and is intended to acquaint potential investors and contractors with the Commonwealth's recently established P3 programme.

The program on October 15th will include:
- a presentation on Puerto Rico's Economic Development Plan, fiscal update and the role of the P3 program;
- a presentation by Larry Blain, CEO of Partnerships British Columbia;
- an overview of the Commonwealth's public corporations that are in charge of managing the main components of Puerto Rico's infrastructure;
- a speech by the Governor of Puerto Rico, Luis G. Fortuño;
- presentations of specific projects that have been referred to the PRPPPA as having near-term potential for becoming P3s.

Events the second day will include:
- a presentation on regulations and partnership procedures in Puerto Rico and a practical discussion of public policy guidelines, the legislative framework, and regulations and procedures for establishing a P3;
- organized visits to potential P3 project sites.

So this is all the information you should know if you are considering investing on nfrastructure projects in Puerto Rico. By no means all this means that P3 will be succesful in Puerto Rico, it already had some failures in the past, so let´s see if this second time they know how to overcome them.

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SEPTEMBER 21ST TO 25TH. PPP NEWS IN THE WORLD

Hello! I stopped by to leave you all the PPP/P3 news of this week around the world. It´s been a long time since I wrote something on this blog. Travelling for work kept me busy all this time but I hope to have more time from now on to keep you updated with the the most interesting stories on PPPs.

From all these news I would like to point out (as I always do) the case of India, I consider it to be the most oustanding market in the globe and you can see how many news are coming out there.

Securing the Financial Health of New High-Speed Projects.US

Feds begin P3 procurement to build massive east-end spy HQ.Canada

One-time nod to let road builders bid for multiple works.India

World Bank approves $4.3-bn loan to India

21st ARTBA Conference Explores Role of Public-Private Partnerships (P3)in Funding Transportation.US

LGA explores pension fund investment into PFI schemes.UK

Elevated highway work to start in Nov - Chennai.India

Laing O'Rourke and Bouygues battle for £350m east London BSF deal.UK

New Orleans airport gets go-ahead to seek private investors.US

Ontario seeks construction team for new Thunder Bay courthouse.Canada

CASA submits US$130mn highway concession project to government. Uruguay

Crossing the chasm.India.PPP

Taiwan Transportation Minister denies takeover high-speed rail imminent. Taiwan

Deloitte financial consultant for metro rail. Hyderabad. India

Public-private partnership deals no longer confidential.India

New highway bidding scheme to save time.India

Bulgaria Hemus Highway to Be Given on Concession.Bulgaria

Building 20000 km roads per year achievable: Kamal Nath.India

IDB supports toll highway in Dominican Republic.

Mississippi DOT stops Jackson Airport Parkway P3 - rating agencies No to investment grade.US

Balfour Beatty to take over Parsons Brinckerhoff .US&UK

Puerto Rico Public-Private Partnerships Authority to Hold First Projects Conference. Puerto Rico

Government may award road projects to single bidder. India

Miami Tunnel PPP on Track for Financial Close.US

Award for Wigan Leisure Hub PFI,UK

Canadian Public Private Partnership (P3) Market Development Moves Forward.Canada

By the way, the numbers of subscribers is growing and I am really excited about this project. I encourage you to participate and comment whatever you want. It would be awesome if you guys want to write on this blog as a host. I think it would be very relevant if you want to share with the rest of us the PPP experience in your country! Have a good time!

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