The first Italian PPP project to reach financial close, this involved the refurbishment and extension of part of the Brescia Hospital Campus.
THE BACKGROUND
The financing structure was optimised in 2003, with FSA guaranteeing the issued loan and hedging arrangements. Project revenues are paid by Brescia Hospital Authority (Spedali Civili).
The majority of revenue is a fixed payment stream that is not subject to unavailability or performance deductions. A limited proportion of revenue is linked to hospital occupancy, therefore the concessionaire retains economic-financial risk in the project, and projected occupancy levels are expected to meet forecasts.
The majority of the project revenue streams are fixed (subject to indexation) with a limited proportion of project revenue linked to third party revenue opportunities.
Facts
Project capital cost
EUR27m
Total floor space
20,000sqm
SDGs Supported
