DET received eleven registrations of interest in PFP1. Four of the registrants were short-listed to submit detailed proposals for the project.
Following assessment, two proponents were invited to submit Best and Final Offers. On 3 December 2002 the NSW Treasurer announced the selection of the preferred proponent for PFP1. The proponent offered an actual bid of roundly $132.7 million, which was adjusted upwards by $4.0 million to $136.7 million to ensure comparability with the State's allocation of risks better carried by the private sector. The proponent's bid was the amount sought from the State, including all future service payments over the contract period, discounted to provide a present equivalent value.