The effects of the ongoing financial downturn continue to be felt keenly. As a result of the perceived increased risk of borrower insolvency, banks have reverted to closer scrutiny of all stages of the project financing process. This update summarizes the ways in which banks can ensure that all aspects of their pre-drawdown criteria have been met.
The Planning and Development (Strategic Infrastructure) Act provides a streamlined planning consent procedure for strategic infrastructure developments, with applications made directly to a new division of the planning appeals board - thus bypassing the need for consent from the local planning authority. This will expedite the development of certain classes of transport, energy and environmental infrastructure.
The government is looking to public private partnerships (PPPs) to provide funding, as well as specialist skills and innovation, in its plan to revitalize public transport in Dublin. The PPP model is currently being used in the LUAS light railway project, and has been proposed for several other forthcoming projects.
Twenty eight per cent of the Irish electricity market has been opened up to competition as a result of an EU directive. However, potential developers should wait, since radical changes introduced by the new legislation will take some time to be fully implemented. In addition, planning appeals are likely to cause delays and the allocation of gas supplies among competitors must be resolved.
Including: Public-Private Partnerships; Electricity Sector; Gas Sector; Infrastructure Projects; Waste Management and Water Treatment; Telecommunications; Mining Sector; Legal Environment