Question 75-76 (Mr Bacon): The number of partnerships and how many involve PFI procurement and the present value of the PFI book and how many have refinancing clauses in their contracts

As at the end of February 2009, 29 BSF projects, including three repeat schemes, have reached financial close in 26 local authorities. Local Education Partnerships (LEPs) have been established in 18 of these authorities-the remaining eight have used local or national frameworks to deliver their projects. 21 of the schemes which have reached financial close include 59 schools being delivered using the private finance initiative, with a combined capital value of £1.2 billion; 26 of these schools are open and in the operational phase.

Looking to the future, there are 22 PFI projects currently in procurement which are all expected to reach financial close in the next 18 months. A further 23 second and third phase schemes (in local authorities which have already formed a LEP) should also reach financial close by March 2011. The total value of these projects is estimated to be £2.4 billion

All BSF Project Agreements contain refinancing clauses. The refinancing clause is mandatory within the Standardisation of PFI Contracts (SoPC)4, which has been updated recently to alter the split of the share of gains between the public and private sector in the public sector's favour. It is unlikely that any proposed PFI scheme would survive the rigorous BSF approvals process without it.