Infralogic US P3 Forum 2023
Getting creative: how P3s can be part of the solution to deliver America’s essential infrastructure
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
Day 2
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Agenda07.30 - 08.30EDT
AIAI P3 workshop breakfast* by invitation only
08.30 - 09.30EDTRegistration and networking breakfast sponsored by Assured Guaranty
09.30 - 09.40EDT09.40 - 10.25EDTSocial Infrastructure
Over the last five years, cities have become more comfortable procuring schools, courthouses, government buildings, prisons, and recreational facilities as P3s. Universities have also embraced P3s to build housing and upgrade energy systems, with 28 greenfield P3s accounting for USD 3.5bn reaching financial close since 2018.
In this session hear panellists discuss:
- Are social P3s easier to advance than large mass transit projects?
- How can P3s help to meet the demand of affordable housing?
- How do politics play a role in these projects?
10.25 - 11.10EDTThe Impact of Climate Change on Infrastructure
Adaptation to carbon emission-free infrastructure presents enormous challenges and opportunities for the sector. The deployment of newer infrastructure technologies – EV charging, microgrids, hydrogen, carbon capture – have become focal points in the push for decarbonization and sustainability. At the same time, new and existing projects must withstand resiliency tests in the face of extreme weather events due to climate change. The scaling of innovations in technology and procurement methods can advance investor and community interests.
- Is climate change an opportunity for smarter P3 investments?
- Advancing projects through partnerships with local and national governments
- How do stakeholders mitigate the physical risks of climate change on infrastructure assets?
- What are prevailing strategies and policies to make infrastructure resilient and sustainable?
11.10 - 11.40EDTMorning networking break
11.40 - 12.25EDTHow to manage risk in P3s: Construction, financing, O&M
Risk is a key characteristic of P3s, influencing project structure and cost. The assessment of risk is a critical task in developing and executing P3 projects. Effective risk allocation and risk transfer can drive more competitive bids while simultaneously increasing value for money for the public sector.
A panel of experts from the developer, financing and investment industry will look at how the risks inherent in the different stages of projects can be managed within the framework of a P3:
- What is the appropriate risk transfer between the public and private sector for optimal project delivery?
- What are the current insurance and surety products available for P3 projects? How can an advisory team mitigate risks?
- How can stakeholders identify and mitigate their respective risks in a P3 project?
- Can progressive P3s fairly allocate risk between the public and private sectors?
12.25 - 13.10EDTFunding P3s
Developers faced dramatically more expensive financing markets in 2022 as the Federal Reserve raised interest rates in response to stubbornly high inflation. Even so, P3 projects secured record amounts of capital to reach financial close. In 2022, almost USD 20bn dollars in SPV and holdco-level debt were secured in the US P3 market, with both loans and bonds highly increasing their YoY values. PABs figures experienced their record year in 2022, driven by large deals such as the redevelopment of JFK Terminal 6, the financing of Maryland Purple Line, and the financial close of the Pennsylvania Major Bridge Program.
In this panel, experts will discuss what are the best strategies for financing projects in a high volatility environment.
- How much capacity do banks have to provide construction financing?
- How can developers take advantage of TIFIA and WIFIA financing? PABs?
- What other sources of debt and equity capital are available?
- If the US enters a recession, how concerned should developers be about the financial strength of state and local governments?
13.10 - 15.00EDTClose of conference and networking lunch
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Robin oversees global editorial and research coverage for Infralogic. A 24-year news veteran, with 16 of them spent editing financial news, Robin has worked for some of the world's leading news outlets, including The Wall Street Journal, Dow Jones Newswires and Bloomberg. He has been a regular on live television, commenting mainly on Chinese government and central bank policy. At Infralogic, he is responsible for daily news coverage and analysis written by a team of journalists spread across the globe, including the Americas, EMEA and the Asia-Pacific region.
Jamie Wilhelm oversees ACC’s public-private partnership division and is responsible for all on-campus business development efforts, including our American Campus Equity (ACE) program. Under Jamie's leadership, his team has developed and/or completed more than 75 on-campus transactions totaling approximately 65,000 beds and approximately $6.1 billion in total project cost. These transactions have been completed as third-party, tax-exempt bond finance projects, conventional leasehold mortgages, university general obligation bonds and direct investments under the ACE program.
Prior to joining ACC, Jamie specialized in higher education and related non-profit finance. During an investment banking career that spanned nearly two decades, he participated in the origination of more than $2 billion of debt and derivative transactions for more than 80 higher education institutions and non-profits. He also served as the investment banker for more than $350 million of ACC projects. Jamie joined ACC from RBC’s public finance department where he served as the managing director of the higher education sector. Prior to RBC, he was a managing director with Banc One Capital Markets (currently JPMorgan Capital Markets) and held positions at McDonald & Company Securities (currently KeyBanc Capital Markets) and The Ohio Company (currently Fifth Third Markets). Jamie is a graduate of Miami University in Oxford, Ohio.
Jensen Clarke is a senior member of the Fengate Infrastructure investment team and is responsible for P3 partnering and project development across Canada and the US. As the firm’s business development and teaming lead, Jensen is focused on a strategic roster of high-profile P3 pursuits across North America. His most recent resume includes the LAX Consolidated Rent-a-Car Facility, Macdonald Block Reconstruction project, Prince George’s County Public Schools project, and Gander and Grand Falls-Windsor Long-Term Care Homes project.
Prior to joining Fengate in 2013, Jensen was a senior member of the transaction finance group at Infrastructure Ontario, a Crown agency with a mandate to build and modernize vital public infrastructure and maximize the value of government-owned buildings and land.
Jensen holds an MBA from the Schulich School of Business at York University and a Bachelor of Business Administration from Wilfrid Laurier University.
Eivind N. Dueland is an accomplished infrastructure investment professional with over 15 years of experience in infrastructure investment and project development in North American and Europe from P3 transactions totaling more than $18 billion. As Senior Vice President of Development at Amber Infrastructure he focuses on accelerating Amber’s interests in public infrastructure projects, and leads all aspects of development and execution of Amber’s P3 and public infrastructure investments in the U.S.
Before joining Amber, Eivind’s firm, Endeavor Infrastructure, LLC, advised companies and investors in the infrastructure and P3 markets in North America. Previously Mr. Dueland also held leading roles with Skanska, where he led P3 transactions as developer and equity investor in the U.S. and Europe – including the successful close of the Ultimate I-4 Project in Florida and the Rv.3 Project in Norway. While at Skanska Eivind also oversaw the structuring of all insurance programs on Skanska’s P3 pursuits in North America, including the USD 4 billion “LaGuardia Central Terminal Building” in New York.
Eivind holds a Master of Science degree in Project Management and Construction Engineering from the Norwegian University of Science and Technology and is currently based in Washington DC.
Brian Dugan serves as a Managing Director for Edgemoor Infrastructure & Real Estate. Edgemoor is a leader in the development of public-private partnerships (P3s), with more than $4.5 billion of P3s delivered or under construction nationally. As part of Edgemoor’s leadership team, Brian helps shape the firm’s business strategy, structure, budget and staffing. Additionally, he is responsible for identifying opportunities, forming partnerships, sourcing debt and equity, negotiating contractual arrangements, and overseeing projects. Brian currently serves as CEO of Edgemoor-Star America Judicial Partners, which delivered and now operates and maintains the Howard County Circuit Courthouse in Maryland. Prior to joining Edgemoor in 2013, Brian was with Poseidon and helped develop the $1 billion Carlsbad Seawater Desalination P3 in San Diego County. Brian holds an MBA from the UCLA Anderson School of Management and a BS from the University of Virginia McIntire School of Commerce.
Suhrita is the Founder and Principal of Infrastructure Advisors, a platform devoted to development, planning, and financing of infrastructure including the unique multidisciplinary needs of P3s. She advises national and international leadership in public private partnerships in roles as varied as financial advisor, strategic advisor, and technical advisor. Suhrita is an advocate for entrepreneurism, innovation and diversity in infrastructure.
Emeka Chinwuba is a project finance partner at Cahill Gordon & Reindel LLP and his practice focuses on project development and financing transactions, particularly for renewable energy and infrastructure projects in the Americas. His practice also includes US public private partnerships for transportation and social infrastructure projects, as well as general bank finance transactions, including acquisition financings, investment grade financings and asset-based lending transactions.
Emeka previously worked in the United Arab Emirates advising on the development and financing of renewable energy projects (including offshore wind) in the MENA region and in Europe.
Emeka has also served as a volunteer prosecution attorney at the International Criminal Tribunal for Rwanda located in Arusha, Tanzania, in connection with the trials of genocidaires involved in the 1994 Rwandan genocide.
Michael is President of the Delgany Advisory practice, a technical and commercial advisor for Infrastructure Development. He has over 25 years experience in infrastructure advisory including 20 years advising on P3 projects, starting in the U.K. and Ireland in the late 90’s and for the last 15 years across the U.S. as well as in Mexico and Canada. Michael advises both public and private sector clients with a particular focus on the technical and commercial aspects of the transaction. He has advised on over 50 P3 or alternative delivery transactions with a total value of over USD$150bn.
Jonathan is the Co-Founder and Co-CEO of Sidewalk Infrastructure Partners (SIP). Over two decades Jonathan has led three private equity platforms and personally led investments of over $3B with a focus on the application of technology to real assets.
Previously, Jonathan was Head of Investments for Alphabet’s urban innovation platform. In this role, Jonathan managed dedicated investment funds related to technology venture capital, real estate, and infrastructure.
He previously founded Nereus in 2009, a private equity fund that invests in alternative energy infrastructure in Asia. Prior to Nereus, Jonathan worked at the D. E. Shaw group where he built the private equity team across venture capital, growth equity, and structured finance. Jonathan started his career by founding startups in natural language processing and computational biochemistry.
Jonathan graduated from Yale with degrees in Philosophy and Computer Science. Jonathan is based in SIP’s Brooklyn office and lives in Brooklyn, New York.
Kristy advises financial institutions and developers on project finance transactions in the renewable and clean energy, infrastructure, water, and transportation & transit sectors. Having advised on some of the largest and most complex project financings globally, her expertise includes analyzing financial, market, and credit risks, structuring and negotiating financial terms, and conducting due diligence on all aspects of a project. She has extensive experience with public-private partnerships, portfolio financings, expansion financings, complex multi-source financings, loan guarantees, and alternative project delivery methods. Her clients include lenders, export credit agencies, federal credit programs, commercial financial institutions, sponsors, borrowers, public and private enterprises, and institutional investors. Ms. David received a Master of Arts in International Affairs with specializations in International Finance and International Energy Policy from Johns Hopkins University School of Advanced International Studies (SAIS). She received her Bachelor of Arts in Economics from New York University, where she graduated summa cum laude.
Wilson works with clients on providing proactive risk solutions and insurance strategies within the
construction and infrastructure segment. As Midwest Construction Practice Leader, he supports clients in defining, assessing, mitigating, and transferring their unique risks. Wilson is responsible for coordinating the delivery of all Gallagher resources to our clients, supervising the client team, developing marketplace strategies, and crafting solutions for unusual business and insurance risks. His expertise with complex accounts includes designing traditional and alternative risk management programs for construction and infrastructure clients.
Wilson develops creative insurance solutions and manages client relationships to ensure top-level service. His responsibilities include day-to-day primary oversight of the client’s program, marketing and negotiations, client/carrier/broker services coordination, claims, loss control, contractual, and coverage needs.
Wilson began his career as a civil engineer in 2009 and joined Gallagher in 2022. Before Gallagher, he spent several years at two other large brokers, where he was the infrastructure leader for the USA and Latin America. Wilson has extensive construction and infrastructure experience and has worked on many construction, infrastructure, and public-private partnership projects in theAmericas.
Profile to follow shortly.
Profile to follow shortly.
As the Director of North America Business Development, Ricardo Bosch leads Cintra’s business development and bid development efforts in United States, Canada and Mexico. He has over 20 years of global experience and expertise in developing, structuring and financing PPP projects.
Prior to his current position, he served as Cintra’s Global Head of Project Finance, being responsible for leading the structuring and negotiation of financing for infrastructure projects in North America, Europe and LATAM markets.
Among other deals, Ricardo has led the execution and financing of the $2.7 billion LBJ Express and the $2.1 billion North Tarrant Express Managed Lanes in Texas or the $3.5 billion I-66 Express Lanes in North Virginia.
Ricardo holds a master’s degree in Finance and Management from the University of Exeter in UK. He also has a bachelor’s degree in Industrial Engineering from the Universidad de Chile.
Roger Boothe leads all operations in the U.S. for Altus Group’s Cost and Project Management Practice, offering a full range of technical, financial and project management advisory services to public and private sector owners, design/builders and financiers. He brings expertise in the full mega projects delivery lifecycle, from financial analysis (CAPEX/OPEX, VFM, BCA, etc.) and crafting the business deal, through design and construction to Operations and Maintenance.
Amanda leads development and operations in Virginia for end-to-end customer operations―including network enhancements, road operations, maintenance and dynamic pricing―across the Express Lanes.
Amanda has over two decades of experience in both public and private sectors leading, developing, and managing complex transportation and infrastructure projects working directly for the owner agency and as owner’s representative. Proven leader in strategic development, negotiation, commercial/financial close and delivery of Public Private Partnerships (P3) within transportation. Amanda has expertise in policy, planning, design, permitting, implementation, construction and operations of major multimodal surface transportation initiatives.
Amanda is a graduate of George Mason University and currently a EMBA Candidate, Class of 2023, at the Darden School of Business, University of Virginia.
David Blaisdell is Senior Development Director at Bechtel Enterprises responsible for leading development of BEn’s transportation initiatives. In this role, he leads and manages partnering, bidding, development, investment, financing, and asset management of BEn’s transportation developments globally. These opportunities are a mix of public-private partnerships (P3s) and development projects. David has experience on a number of transportation developments and financings with a particular focus on passenger rail and airports and the next generation of infrastructure emerging in the transportation sector.
David is a graduate of Middlebury College and holds an MBA from the Wharton School, University of Pennsylvania.
Before joining Infralogic in early 2022, Ford worked for the Chicago Tribune for 23 years in a variety of roles, including covering politics and suburban development topics, as well as running the paper's homicide and shooting databases. While at the Tribune, he covered covered various public works projects including the renovation of Soldier Field and wrote a peer-reviewed book for the University of Chicago Press about the stadium. He ended his time there as the paper's Breaking News editor. A graduate of Harvard College with a degree in political philosophy and American government, he works with a nonprofit that runs a food pantry on Chicago's Far North Side and keeps bees. He's married to another journalist and they have two children.
Syed Ahmed is a Director in the Infrastructure and Project Finance group at MetLife investment Management. He has been in this role since 2015, and is responsible for sourcing, structuring, and executing debt transactions across a number of infrastructure sectors with a focus on North America, Latin America, and Australia. The sectors span across digital, PPP, transportation, energy transition, power, and energy. Syed first started his career at MetLife in 2012. Mr. Ahmed graduated from Rutgers University with a BS in Finance. He is a CFA charterholder.
Duane Callender manages the Credit Programs Office within the Build America Bureau which houses the Transportation Infrastructure Finance and Innovation Act (TIFIA) credit program and the Railroad Rehabilitation and Improvement Financing (RRIF) credit program. Callender directs a staff responsible for all aspects of underwriting, portfolio monitoring and risk management. Callender oversees a portfolio that encompasses over USD 28bn in Federal credit assistance to intermodal, highway, transit and rail projects totaling more than USD 92bn of infrastructure investment in the U.S. Prior to his current position he held positions in DOT’s Office of Budget and Programs; where he was responsible for oversight of the Maritime Administration budget; in DOT’s Inspector General’s Office and the Budget Office of the District of Columbia’s Metropolitan Police Department.
Jorianne Jernberg is the director of the WIFIA Management Division. In this capacity, she is spearheading the implementation of a Federal infrastructure bank at EPA – overseeing the origination, underwriting, negotiation, and monitoring of water, wastewater, and stormwater projects around the country. Prior to joining EPA, Jorianne served as the head of risk management and financial operations at the TIFIA program within the Department of Transportation where she was responsible for a team conducting a wide range of financial, programmatic, and credit functions.
Julie Burger is a Managing Director at Wells Fargo Corporate & Investment Banking, where she serves as Co-Head of Public Finance. Within this role, she is responsible for leading the origination arm of the Municipal Products Group, with a particular focus on transportation, P3 and infrastructure clients. She is a 16 year veteran of the municipal industry, having begun her career at Bank of America in 2007.
Within her current role, Ms. Burger helps oversee the firm’s national P3 practice, where she has led a wide range of P3 financings across multiple products and sectors. During her career, she has helped lead the execution of over $6.0 billion of P3/project financings, including: $1.76 billion for the Pennsylvania Department of Transportation’s Major Bridges Project, $160 million for the District of Columbia DC Smart Street Lighting project, $125.0 million for the Gilcrease Expressway Project, $309.1 million for the Miami-Dade County Courthouse P3 Project, $610.3 million for the I-75 Improvement Project in Michigan, $273.9 million for the Port Newark Container Terminal, $2.4 billion for the LaGuardia Airport Central Terminal Building Redevelopment, and $721.4 million for the Pennsylvania Department of Transportation’s Rapid Bridge Replacement Project.
Ms. Burger graduated summa cum laude from New York University’s Stern School of Business.
Michael Lexton is the Head of Transportation and P3/ESG Finance at UBS. Mr. Lexton has focused on financing public infrastructure for state and local governments as well as through the investment of private sector capital with a focus on ESG and sustainability considerations. During his 40+ year career in public finance, he has led over $50.0 billion of financing for national transportation entities in the airport, highway, seaport, transit, and toll sectors. Two of his financings, $257.0 million for the Denver International Airport and $934.1 million for JFK International Airport's Terminal 4, were selected by Institutional Investor magazine as their municipal Deals of the Year.
In 1997, Mr. Lexton was selected by then Transportation Secretary, Rodney Slater, to serve on the Congressionally mandated National Civil Aviation Review Commission (known as the Mineta Commission in honor of its Chairman, Norman Y. Mineta) to review the funding and operating mechanisms of the FAA. He also has served on the Associates Board of the Airports Council International- North America and as Chairperson of the Public Private Ventures Division of the American Road and Transportation Builders Association. Mr. Lexton has a BS degree in Economics from the Wharton School of the University of Pennsylvania.
Robin oversees global editorial and research coverage for Infralogic. A 24-year news veteran, with 16 of them spent editing financial news, Robin has worked for some of the world's leading news outlets, including The Wall Street Journal, Dow Jones Newswires and Bloomberg. He has been a regular on live television, commenting mainly on Chinese government and central bank policy. At Infralogic, he is responsible for daily news coverage and analysis written by a team of journalists spread across the globe, including the Americas, EMEA and the Asia-Pacific region.