At DWPF, we advise both public and private sector clients on infrastructure transactions, providing financial and commercial advice from project inception through to financial close. We have a long and successful track record of funding both primary and secondary market transactions, having structured and arranged over £6bn of debt in the project finance market.
We work across all the main infrastructure sectors. This includes higher education and student accommodation, waste projects (both municipal and merchant), social infrastructure transactions (such as schools, hospitals and roads) and renewable energy (wind, solar and other). In addition, we also advise on commercial property transactions.
Thanks to our commitment to quality and service, we have been shortlisted for the best financial adviser award by Partnerships Awards every year from 2010 to 2015, being ‘highly commended’ in 2012. We are also previous winners of the Best Financial Adviser in the Public Private Finance Awards.
In This Section
What differentiates DWPF is their proactive hands-on approach. They offer more than your typical financial advisor, and quickly become an integral part of the bid team. Their advice bridges commercial matters as well as financial. Their team is solid at all levels and the level of service is consistent.
Head of Environmental Infrastructure, John Laing
We aim to work in partnership with our clients as an integral and proactive part of their team, rather than acting purely as an external financial advisory service. Our involvement in a project typically includes:
- Provision of commercial and structuring advice.
- Funding competitions and negotiation of debt terms.
- Structuring of the overall debt package.
- Review of funding and contractual documentation.
- Development of the financial model.
An in-depth knowledge of the project funding market is key to success given the diverse range of institutions now looking to lend to infrastructure transactions. Project finance banks, debt funds and institutions are all investing in infrastructure, each with their own specific sector appetites, ticket sizes, requirements and lending characteristics. Thanks to our expert understanding of the various requirements different lenders have, we can approach the most appropriate sources to secure capital for your project.
We have worked with, and arranged, a broad range of debt instruments, including traditional senior debt products (fixed and index-linked), income strips and capital market solutions.
Finally, we also have relationships with a range of equity providers and strategic investors, and can advise on typical investment criteria and willingness to accept risk positions (such as volume or demand) in order to find the right partner for your project.
Secondary Market Transactions
DWPF’s extensive private sector bidding experience was clearly apparent and enabled them to quickly understand the private sector refinancing proposal. The issues identified in their final report directly influenced negotiations with the private sector and added significant value to the financial outcome agreed.
Finance Director, Nottingham University
The secondary market focuses on transactions that occur after the initial financial close. This includes areas such as refinancing, equity sales, purchases and restructuring.
We have advised sponsors on numerous refinancing transactions, dating back to 1999 when we closed the first refinancing of a PFI secondary school in the UK. In addition, we have refinanced over 20 further projects, including portfolios transactions, as well as refinancing projects grouped together with significant new capital expenditure.
We have also worked on a number of transactions involving the sale and purchase of subordinated debt and equity stakes in projects to new parties. For these we have maximised proceeds and returns through both an attention to detail and a thorough understanding of the commercial documentation. We have acted for both investors seeking to acquire stakes, as well as structuring the sales process on behalf of selling parties.
Public Sector Advisory
DWPF provided exceptional financial advice … there is no doubt that DWPF’s contribution to the process has added considerable value to the University.
Director of Estates, University of Hertfordshire
We work with public sector parties on the procurement of PFI/PPP assets, including the drafting of tender documentation, management of the finance dialogue process and assessment of tenders, prior to working with preferred bidders through to financial close.
Our services to the public sector also includes the appraisal of sponsor led refinancing proposals, ensuring gain share payments are value for money (given the potential for increased termination liabilities), assessing the potential for the public sector to make operational savings on PFI/PPP projects, as well as being an expert adviser in cases of dispute.