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Financiera de Desarrollo Nacional S.A. (FDN)
Roschier, Attorneys Ltd.
Tieyhtiö Valtatie 7 Oy
Blake, Cassels & Graydon LLP
An extra £440 million will be made available to help local authorities modernise their street lighting, Transport Minister, Sadiq Khan announced today.
27 July 2009Local authorities across England will be able to apply for the Private Finance Initiative (PFI) credits to improve street lighting on their local roads.
Announcing the funding Sadiq Khan said: “Good quality street lighting improves road safety and reduces crime and the fear of crime. This funding will help to create safer and healthier local communities by promoting social inclusion and more sustainable patterns of transport such as cycling and walking.” Full details of how local authorities can apply for this funding will be issued to all local authority Chief Executives in September asking for formal Expressions of Interest by December. This is the 3rd bidding round for street lighting credits. Projects from the last bidding round in 2005 are now completing their procurement.
The IPFA would like to acknowledge The Department of Transport for permission to use this press release onto our website. For more information please contact:
Press Enquires: 020 7944 3066
Out of Hours: 020 7944 4292
Public Enquiries: 020 7944 8300
Department for Transport Website: http://www.dft.gov.uk/
Notes to editorsPFI credits are paid as a Special Grant and calculated according to a formula set out in the Special Grant Report which will be published for the relevant financial year. Revenue Support starts in the first year in which the authority payments under the contract are made. So far, 19 street lighting projects have commenced operation in England. A further ten are currently in procurement, having been endorsed by the Project Review Group (PRG). Further information on the Local Government PFI process can be found on the CLG website http://www.communities.gov.uk/localgovernment/localgovernmentfinance/pupprivatepartnership/This announcement relates only to local authority PFI projects in England. Separate arrangements apply elsewhere.
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