2016年-普华永道全球_Public-private_partnerships_in_the_US_The_state_of_the_market_and_the_road_ahead_14页_1mb

Public-Private Partnerships in the US: The State of the Market and the Road Ahead

Core Content

Public-private partnerships (P3s) are increasingly seen as a viable solution for addressing the critical infrastructure needs in the United States. The American Society of Civil Engineers (ASCE) has highlighted that the US infrastructure requires $3.6 trillion in investment by 2020, and P3s are being considered as a key mechanism to meet this demand. Despite initial challenges, the market for P3s is growing, with more projects entering the pipeline and reaching financial close.

Main Points and Key Information

1. Rising Importance of P3s

• P3s are no longer a niche concept but are gaining traction as a way to finance and deliver infrastructure projects.
• The US is expected to see an increase in P3s in the coming years due to the need for infrastructure investment and the availability of private capital.
• P3s offer a range of benefits, including cost savings, speed of delivery, and risk-sharing, which make them attractive to both governments and investors.

2. Current Market Landscape

• In 2015, only five P3 deals totaling $2.4 billion were closed in the US.
• As of H1 2016, infrastructure funds focused on North American assets held $75 billion in dry powder, indicating strong private sector interest.
• The UK has a well-established P3 market, with over £4 billion in annual capital investment from P3s.

3. New Deal Types and Expansion

• P3s are moving beyond traditional toll road concessions to include social infrastructure, schools, universities, and other public buildings.
• Examples include:
  • Kentucky: A $275 million P3 for a 3,000-mile broadband network.
  • Miami-Dade County, Florida: P3s for civic and water/waste projects.
  • Pennsylvania: Bundling 558 bridges into a $900 million P3.
  • UC Merced: A $1 billion P3 for campus facilities.
  • Purdue University & West Lafayette: A P3 to transform State Street into a pedestrian-friendly hub.

4. Growth in the P3 Pipeline

• The number of P3s entering the pipeline has accelerated since 2014.
• In 2016, nine P3s closed in the first three quarters, compared to five in all of 2015.
• Major projects include the $3.9 billion redevelopment of Terminal B at LaGuardia Airport and the $2 billion Maryland light rail Purple Line.

5. Challenges in P3 Implementation

• Not all P3 projects are successful. Some, like the $400 million Indianapolis criminal justice facility P3, were canceled.
• High preparation and procurement costs can be a barrier, and political opposition is a significant risk.
• Governments must ensure that P3s are viewed as procurement mechanisms, not just financing tools, and that lifecycle costs and non-financial benefits are analyzed.

6. Government Support and Legislation

• The FAST Act (2015) allows states to use federal funds for P3 offices and provides mechanisms to streamline and accelerate projects.
• The WIFIA (2014) enables federal credit assistance for water infrastructure P3s.
• The federal government is expected to continue supporting P3s due to the need for infrastructure and fiscal constraints.

7. Strategies for Success

• Dedicated P3 offices: Centralizing expertise and responsibilities improves efficiency and reduces risk.
• Standardized procedures: Helps in project assessment, procurement, and decision-making, increasing transparency and market confidence.
• Transparent communication: Essential for building public and political support, especially around the benefits and risks of P3s.
• Political champions: A strong advocate can help navigate political challenges and ensure continuity.
• Break fees and RFP design: These can reduce political risk and encourage investor participation.

Emerging Practices for Advancement

To further grow the P3 market, the following practices are recommended:

• View P3s as procurement mechanisms, not just financing tools.
• Develop specialized P3 teams in states and cities.
• Create standardized processes for evaluating and implementing P3s.
• Implement communication strategies to sustain public and political support.
• Structure contracts to mitigate political risk, such as including break fees.

Conclusion

The US P3 market is evolving and shows promise for delivering much-needed infrastructure. While challenges remain, the growing pipeline, government support, and private sector interest suggest that P3s will play an increasingly important role in the future of US infrastructure development. With the right strategies and a focus on long-term value, the US can leverage P3s to meet its infrastructure needs efficiently and effectively.