Our opinion is that generally the procurement timelines for TG were in line with international examples of similar road and availability PPPs. Our view is this outcome was a major achievement given TG was the first road availability PPP undertaken by the New Zealand Government and for the Waka Kotahi as an organisation, and TG is a highly complex infrastructure project and transaction.
Our only observations regarding the tender timeline are:
• The RFP phase could possibly have been extended slightly to give RFP Respondents more time to deal with the geotechnical requirements; and
• The PB negotiations may possibly have been shorter had the AT been set at a more realistic level. If this was done, it may have reduced the number of concessions submitted by the PB that later had to be negotiated before reaching Financial Close.
We have no material recommendations regarding the tender timelines.