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08:00
Registration and networking breakfast sponsored by Assured Guaranty
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Current state of play
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09:00
Infralogic welcome and infrastructure market update
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09:10
Opening Keynote presentation: An update from the Build America Bureau, USDOT
In this opening keynote presentation hear from Build America Bureau’s Dr Morteza Farajian as he shares what the latest is with the Bipartisan Infrastructure Law and Jobs Act, outlining how the new grant/loan programs can benefit P3s in the US, how these can be accessed and what resources the department is offering to help states get their infrastructure projects off the ground.
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09:30
Opening Panel discussion: P3 opportunities
A year ago, the Biden administration pushed through the Infrastructure Investment and Jobs Act, a historic piece of legislation that incentivizes P3s. Now the work begins as federal agencies draft rules and municipalities start to plan new projects. P3 activity by deal value in 2022 is already set to surpass 2021 levels this year thanks to the closing of the New Terminal One project at New York’s JFK airport. By volume year to date, 6 deals have reached financial close and 18 have launched, compared to 12 closings and 45 deal launches in the same period of 2021, according to Infralogic data.
In a scene-setter for the next two days, a panel of P3 investors, advisors and government officials will review the state of the P3 market and discuss measures that could accelerate deal-flow.
In this opening panel session panellists will discuss:
- What are the trends and developments shaping the US P3 market?
- How the new federal infrastructure legislation will help deliver P3 projects
- What specific factor are driving the diversification of the P3 project in the US?
- How the infra market is managing the inflation challenges and uncertainties?
- What the Infrastructure Investment and Jobs Act means for the public sector and private sectors?
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The future of transportation P3s
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10:15
Panel discussion: Transportation P3s
The bipartisan infrastructure legislation is expected to have the most immediate impact on transportation projects to fund the construction and refurbishment of highways and bridges. Georgia, Louisiana, Maryland and Pennsylvania are among the states actively considering megaprojects. Some state and local governments are exploring using new technology to solve transportation challenges through microtransit. Delegates will have an opportunity to listen to panellists discuss opportunities in the sector across traditional and emerging methods of transport.
- How is the 2021 infrastructure legislation impacting new and future procurements?
- What are the best strategies for grantors and developers to overcome political opposition to use fees like tolls?
- Has the pandemic led to a permanent change in travel patterns that will impact projects?
- Is microtransit a viable alternative to light rail? What are the best use cases?
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11:00
Morning Networking break
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11:30
Case study presentation: 495 Express Lanes Northern Extension
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12:00
Networking lunch
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01:00
Case study presentation: JFK New Terminal One
This session will be a conversation with key players on the recently closed JFK New Terminal One P3 deal. Consortium members involved in this successful P3 deal, will share why they procured the project as a P3, how it was financed and share insights into how challenges were over come and what other states and municipalities can learn from this project.
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Telecoms and broadband P3s
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01:45
Panel discussion: P3s for connectivity
State and local governments have been seeking private capital to help upgrade systems and bring high-speed internet to underserved areas. Many of these projects, though, have proved not to be viable without government subsidy. Compounding the challenge, developers face higher installation costs and supply chain issues.
In this session, panelists will discuss how to overcome these issues and future digital infrastructure opportunities.
- What projects work best as P3s and what ones need to be solely financed by the government?
- How do broadband P3s need to be structured to benefit the grantor and developer?
- Is there a room for leverage on riskier deals?
- How is government spending changing dynamics of broadband procurement?
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Social and environmental P3s
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02:30
Panel discussion: University energy systems
Ever since Ohio State University earned over USD 1bn through an energy P3 in 2017, an increasing number of colleges and universities have explored options to upgrade their campus energy systems through partnerships. Different deal structures have emerged and not all transactions have proved a success. Panelists will discuss the issues universities face as they go to market.
- What is the ideal deal structure, and is there a downside to maximizing the upfront payment?
- How can schools and their private partners align interests on a deal spanning decades?
- ESG considerations in procurements. What fuel sources count as “clean”?
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03:15
Networking break
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03:45
Case study: Washington DC streetlighting
Washington DC in May this year, reached financial close on an innovative P3 to replace its entire streetlight network with more efficient lights and install smart city technology. The USD309 million DC Smart Street Lighting Project is the district’s first-ever P3 and is considered the nation’s largest urban streetlight modernization project using the P3 model. The project is also the first streetlighting P3 project to make use of tax-exempt, private activity bond financing.
Hear from the District Department of Transportation Office of Public-Private-Partnerships and the consortium members involved in this successful P3 deal, as they discuss why they procured the project as a P3, how it was financed and share insights into what other municipalities can learn from DC.
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04:30
Panel Discussion: Social Infrastructure goes mainstream
Over the past decade, municipalities have become comfortable using P3s to finance the construction of social infrastructure like schools, public housing and government buildings. The P3 model promises to deliver projects faster and at lower upfront cost but doesn’t work in all cases and sometimes attracts political opposition. In this session we bring together a panel of experts who have experience in social infra P3s to share:
- How do politics play a role in procurement?
- What types of social projects work best for P3s?
- What are the challenges and constraints for the public sector procuring these types of deals?
- What are the best financing models for social infrastructure?
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05:15
Close of day one and networking reception
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08:30
Registration and networking breakfast sponsored by Assured Guaranty
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09:40
Infralogic welcome
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09:45
Panel discussion: Boosting clean energy infrastructure
The infrastructure act is funnelling billions of dollars into the Department of Energy for the promotion of clean energy initiatives. Among the largest of these is USD 20bn in financing for transmission infrastructure upgrades and expansion, including authorization for the agency to use public-private partnerships. On this panel, speakers will discuss existing and future frameworks for collaboration between private clean energy developers and federal and local authorities.
How to use P3s to adapt to an ever-changing energy landscape?
What hurdles lie before stakeholders in building energy and power P3 projects?
What are the most promising areas for P3s in clean energy?
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10:30
Panel discussion: P3s and the macroeconomic risks
From inflation to rising interest rates to climate resiliency, the public sector is contending with high amounts of risk when procuring infrastructure projects, making the services of an experienced developer important for managing risk and keeping costs low. In this session hear from developers and the public sector as they share their views on technological innovation and how P3s can withstand macroeconomic risks.
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11:15
Networking break
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11:45
Panel discussion: Financing novel P3s
The need for new types of infrastructure – like electric vehicle charging – has created challenges to traditional P3 financing and funding models. At the same time, ever-shorter technology lifecycles do not fit well with long-term infrastructure financing. On this panel, leading P3 funding and finance experts will discuss the best ideas for creating new models in a changing infrastructure landscape.
How to best integrate and monetize new technologies within physical infrastructure?
What is the best approach to sharing risk with a grantor for unproven technology?
Does a venture capital-like model work when it comes to P3s?
Are banks able to offer debt financing?
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12:30
Networking lunch
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01:30
Panel discussion: Solving urgent water needs
Water infrastructure in the United States is aging, with demand for new sewage systems and facilities, but state and federal government investment continues to fall short, leaving municipalities to deal with the problem on their own. In response to expanded federal incentives, water shortages, and the urgent need to replace ageing plants and systems, some water authorities in the United States are beginning to embrace P3s or consider the sale of systems to private entities.
In this session, speakers will discuss how to successfully deliver water projects under the P3 model.
How can P3s be used to help tackle water shortages issues in the US?
What lessons can we learn from successful projects like Fort Lauderdale?
What types of P3s are most likely to succeed without running afoul of regulators and political pressure?
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02:00
Panel discussion: Secondary opportunities
Several investors are developers this year have looked to sell their stakes in P3 projects ranging from toll roads to bridges and student housing. Opportunities are expected to increase in the coming years as developers cycle out of completed projects. This panel will examine how investors think about an exit and what P3s are likely to be most fruitful for deals.
What is the optimal time to monetize a P3—financial close, project opening, after several years?
How will higher interest rates impact valuations on P3 deals?
Who are active buyers of P3s?
How much say should a grantor have in the new owner of an asset?
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02:45
Close of conference
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06:00
Welcome Drinks Reception
Join us on Monday September 12 at the William Hotel, Raines Room for our welcome drinks reception. This is a great opportunity to meet up with all attendees to kick start networking before the main events starts on Tuesday morning. The reception will start from 6pm and conclude at 8pm.
We look forward to seeing you there!
Location: Raines Room at the William Hotel, 24 E 39th Street (between Park & Madison), New York, NY10016
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