Industry Day Watty Vos Boulevard Aruba
Transcript of Industry Day Watty Vos Boulevard Aruba
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Watty Vos Boulevard
INDUSTRY DAY
23 JANUARY 2014
ARUBASolely for Information Purposes
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Welcome
Mr. Ruben Goedhoop, Chairman Industry Day
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Program – Industry Day
Welcome Aruba and PPP Infrastructure Investment Networking Coffee Break Technical Scope Project Spatial Development DBFM Agreement Lunch Financial Aspects Tender Procedure Q & A Session Closing
Prime MinisterMinister Sevinger
Marlon Croes & Paul KempBruce KaschykMarcelle van Valkenburg
Paul van den BergSwinda Dijkhoff
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Aruba and PPP
Prime Minister of Aruba, Mr. Eman
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• October 14, 2011Aruba Pursues Sustainability
Aruba, January 23Investment Opportunities in Sustainable Aruba
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Infrastructure Investments
Minister of Integration, Infrastructure and SpatialDevelopment, Mr. Sevinger
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Technical Scope of the ProjectMr. ing. Marlon Croes, deputy Director of the department ofPublic Works (DOW)
Mr. ing. Paul Kemp, Technical Advisor of the department ofPublic Works (DOW)
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a. Background
b. Project objectives
c. Technical challenges
d. Detailed scope
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Technical Scope of the project
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Agenda
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Background
1. No suitable transport option between new Barcadera port andthe Hotel zone
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Technical Scope of the project
New PortArea
Hotelarea
Oranjestad
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Background
1. No suitable transport option between new Barcadera port andthe Hotel zone
2. There is a need for more social - economic developmentacross the island
3. Traffic congestion in Oranjestad
4. Congestion between residential areas and the rest of Aruba
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Technical Scope of the project
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Background
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Technical Scope of the project
GreenCorridor
RingRoad 3
SpiralRoundaboutAirport
L.G. SmithBlvd.
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Project Objectives
1. Improve traffic flows
2. Improve travel time
3. Improve road safety
4. Enable and facilitate the relocation of the port to Barcadera
5. Enable more social - economic development
6. Improve appearance low-rise hotel zone
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Technical Scope of the project
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Scope Watty Vos Boulevard
• Greenfield infrastructure 7 km
• Renewal of 14.5 km
• Bike path of 17 km
• Construction of 13 civil structures (roundabouts)
• Construction of 2 overpasses
• Including all designs
• Maintenance (regular, renewals, repairs)
• And financing
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Build
DesignMaintainFinance
• Integral Design- Build- Finance- Maintain (DBFM) Agreement forlife-cycle management and optimum availability
• Contract period approx. 22 years (construction + maintenance)• Estimated construction period 2 - 2.5 years
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Technical Scope of the project
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Technical challenges
1. Integral planning
2. Live traffic during construction at the cross-sections
3. Construction of overpasses without disruption of traffic flows
4. Utilities
5. Water management
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Technical Scope of the project
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Scope – Step by Step
Junction Cumana
• Delays
• Black spot intersection
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Technical Scope of the project
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Meiveld
• Overpass
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Technical Scope of the project
Scope – Step by Step
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Meiveld
• Overpass
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Technical Scope of the project
Scope – Step by Step
Example:
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Scope – Step by Step
Sero Patrishi
• Construction of a newconnection
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Technical Scope of the project
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Scope – Step by Step
Tanki Leendert
• Construction ofnew connection
• Black spot
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Technical Scope of the project
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Scope – Step by Step
Ponton
• Construction of a newconnection
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Technical Scope of the project
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Scope – Step by Step
Hato
• Overpass
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Technical Scope of the project
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Scope – Step by Step
Hato
• Overpass
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Technical Scope of the project
Example:
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Scope – Step by Step
Bushiri (after Madiki Kavel)
• Construction of a newconnection
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Technical Scope of the project
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Scope – Step by Step
Caya di Pos (Ling & Sons /Caribbean Oversees)
• Black spots
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Technical Scope of the project
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Scope – Step by Step
Punta Brabo (L.G. SmithBlvd. / J.E. Irausquin Blvd.)
• Intersection with bypass
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Technical Scope of the project
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Scope – Step by Step
Punta Brabo (L.G. SmithBlvd. / J.E. Irausquin Blvd.)
• Intersection with bypass
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Example:
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Technical Scope of the project
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Scope – Step by Step
L.G. Smith Blvd.
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Technical Scope of the project
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Scope – Step by Step
L.G. Smith Blvd.
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Technical Scope of the project
Example:
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Scope – Step by Step
Junction Hospital(Caya Punta Brabo)
• Black spot
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Technical Scope of the project
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Scope – Step by Step
Roundabout at Pos Abao
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Technical Scope of the project
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Scope – Step by Step
Roundabout at Pos Abao
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Technical Scope of the project
Example:
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Scope – Step by StepJunction Bubali (Superfood)
• Reconstruction ofexisting intersection
• Delays
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Technical Scope of the project
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Scope – Step by StepAlhambra
• Many car accidents
• Delay
• Black spot
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Technical Scope of the project
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Scope – Step by Step
Junction J.E.Irausquin Blvd. /Bubali (Amsterdam Manor)
• Black spot
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Technical Scope of the project
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Scope – Step by Step
Roundabout Santa Helena
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Technical Scope of the project
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Scope – Step by Step
Roundabout Santa Helena
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New situation:
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Technical Scope of the project
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Scope – Step by Step
Roundabout Montaña(Frans Figaroa Stadion)
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Technical Scope of the project
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Junction at Noord (Churchin Noord)
• Delays
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Technical Scope of the project
Scope – Step by Step
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Scope – Step by Step
Linear Park Phase 4
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Technical Scope of the project
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Scope – Step by Step
Linear Park Phase 4
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Example:
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Technical Scope of the project
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Scope – Step by Step
Example: Eagle Beach and surroundings
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* Beach area is not included in the scope of the project
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Technical Scope of the project
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Example: Beach areanext to Costa Linda
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Technical Scope of the project
Scope – Step by Step
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Example: Beach areanext to Costa Linda
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Technical Scope of the project
Scope – Step by Step
Example:
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Scope – Step by Step
Bike path Ponton / Noord
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Technical Scope of the projectTechnical Scope of the project
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Scope – Step by Step
Bike path Ponton / Noord
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Example:
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Technical Scope of the projectTechnical Scope of the project
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Scope – Step by Step
Bike path Ring Road 3
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Technical Scope of the projectTechnical Scope of the project
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Scope – Step by Step
Bike path Ring Road 3
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Technical Scope of the projectTechnical Scope of the project
Example:
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Scope – Step by Step
Bike path by Phoenix Hotel
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Technical Scope of the project
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Scope – Step by Step
Bike path by Phoenix Hotel
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Technical Scope of the project
Example:
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DBFM Agreement
Mrs. Marcelle van Valkenburg, Legal Advisor of the DutchMinistry of Infrastructure and Environment
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Agenda
1. Legal Framework
2. DBFM Agreement
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DBFM Agreement
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Landsverordening2013
No. 82
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DBFM Agreement
Landsbesluithoudendealgemene
maatregelen2013 No. 92
• Enabling long term commitment.• Facilitating the use of the
competitive dialogue asprocurement procedure.
• Separate detailed decree for thelegal guidelines of the competitivedialogue procurement procedure.
State Ordinance (Landsverordening)
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Legal Framework
• Watty Vos Boulevard DBFM Agreement:
– Aruban legislation is applicable
– Aruban jurisdiction is applicable
– Based on latest DBFM best practices
– Based on lessons learned of the Green Corridor project
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DBFM Agreement
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DBFM Agreementmoving from products to services
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Contractor to deliver
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DBFM Agreement
FinanceMaintain
BuildDesign
Long term2015 – 2037
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DBFM Agreement
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• Road management.
• Communication with thepublic.
• Incident management
• Facilitating single point ofcontact for permits (ARINA).
• Site availability.
• Design, Build, Maintain andFinancing.
• Coordinate therearrangement of utilityinfrastructures.
• Obtaining necessarypermits.
• Maintenance of publicplants and trees.
• Contract Management– Standard ISO 9001
– Proof of delivery of services
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DBFM Agreement
Responsibilities of theGovernment remains:
Responsibilities of theDBFM contractor:
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DBFM Agreement
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DBFM Agreement
1. Definitions2. Key obligations and
duration3. Financing4. Infrastructure6. Third Party Cables
and Pipelines7. Transfer8. Quality assurance9. Supervening Events10. Early termination11. Default12. Liability and
indemnity13. Changes14. Insurance15. Shareholders16. Subcontractors17. Intellectual property
Schedule 1:Definitions
Schedule 2:Payment mechanism
Schedule 3:Compensation forSupervening Events
Schedule 4:Compensation for earlytermination
Schedule 5:Changes
Schedule 6:Direct Agreement
Schedule 7:Models
Schedule 8:Basic Management Plan
Schedule 11:Insurance
Schedule 12:Project Data
Schedule 13:Rights of third partiesto access theInfrastructure duringthe Development Period
Schedule 10:Financial ModelAdjustment Guideline
Schedule 9:Programme ofRequirements1 System definitions2 System specificationsAnnex 1 Traffic lane definitionsAnnex 2 Availability Req’s
3 ManagementSpecifications
18. Miscellaneousprovisions:
- Regulations- Working conditions
and occupationalhealth and safety
- Permits- (Traffic) safety- Traffic accidents and
non-standard transport- Cost of main services- Weighted Average Cost
of Capital- Ownership of released
materials- Market conformitiy
19. Indexation20. Surplus profit21. Dispute resolution22. Communication23. Confidentiality24. Final stipulations
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DBFM Agreement covers amongst others:
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1. Full compensation Contractor in case of CompensationEvents
2. Continued payment in case of Force Majeure
3. Step in rights lenders via Direct Agreement
4. Compensation in the event of Early Terminations, due to:a. Contractor defaults
b. Contracting Authority defaults or discretionary termination
c. Force majeure
5. Protection against extraordinary insurance premiumincrease and uninsurable risks.
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DBFM Agreement
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Financial Aspects
Mr. Paul van den Berg, Transaction Advisor (PwC)
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Agenda
a. Introduction
b. Financial characteristics
c. Performance mechanism
d. Financing requirements
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Financial Aspects
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Introduction
• Aruban community and businesses expect improvement ofthe infrastructure.
• Procurement shifts from ‘product’ to ‘service’.
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Financial Aspects
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Financial Characteristics
• Total project costs estimated over USD$ 100 million
• Project finance:
– CONTRACTOR is required to deliver an integral service asset out in the DBFM Agreement
– CONTRACTING AUTHORITY pays for the actualperformance
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Financial Aspects
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Contractual framework
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ContractingAuthority
SPV
Builder Banks
EquityProviders
MaintenanceServices
Services Payment
Funds
Dividends
Interest& Payment
Lend
Build
Services
Payment Payment
DBFM Agreement
Special Purpose Vehicle:• Limited Liability Company
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Financial Aspects
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Payment Profile
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Traditional Government Procurement PPP Procurement
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Financial Aspects
EstimatedCapitalCost
Costoverruns
Tim
eo
verr
un
s
Estimated running costs
Running cost overruns
2 22
Years
ConstructionPhase
Operation andMaintenance Phase
No paymentsuntil
infrastructureis ready
Payment based onavailability and service
Years
2 22Construction
PhaseOperation and
Maintenance Phase
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Performance mechanism principles
• Mechanism aligns payments to performance delivered.
• Mechanism enables predictable future cash flows.
• Mechanism includes incentives.
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Financial Aspects
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Net performance fee
• Gross Availability Payment based on:
– Full availability of lanes during rush hours.
• Performance penalty
– to prevent lane closures caused by SPV during rush hours.
– to prevent loss of Watty Vos Boulevard scope items.
– to prevent non compliance with other requirements(process and condition criteria).
– credit applicable to penalties during construction.
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Financial Aspects
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Financing requirements
• Funding plan
– Authority Term Sheet based
– Shareholder support letters
– Financial advisor support letters
• Financial model and a statement from an independentmodel auditor.
• Tender bond Afl. 1.000.000
– Commitment period sufficient to reach financial close
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Financial Aspects
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Financing requirements
• Price evaluation
– the Gross Availability Payment submitted will be used tocreate a payment profile;
– the profile will be indexed by the bidder’s indexationformula;
– the Present Value of the bid will be determined;
– A Neutralized Present Value will be calculated to neutralizefor earlier availability dates
• Present value of bids should remain below the Ceiling Price
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Financial Aspects
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Procurement Procedure
Mrs. ing. Swinda Dijkhoff, Project Leader Watty VosBoulevard of the Public Works (DOW)
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a. Outline tender procedure
b. Tender procedure
c. Our commitment
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Tender Procedure
Agenda
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Outline of the Tender Procedure
• Procedure used will be Competitive Dialogue• Aimed at finding the best solution for the project.
• Open dialogue.
• Candidates present their best solutions.
• Candidates and Contracting Authority discuss and negotiate, indialogue, optimisation of a solution
• Tender procedure according to international standards,meaning: Transparency / Objectivity / Equal treatment
• Standardized tender process adapted based on lessonslearned from the Green Corridor project
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Tender Procedure
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Tender Documents
• The tender procedure is further elaborated in the TenderingInstructions.
• After the announcement of the “Call to Tender”, interestedparties are invited to register via our email [email protected]
• Legal registration fee is USD$ 2,000
• The registered parties will receive all the tender documents(including drawings, Tendering Instructions and the draftDBFM Agreement).
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Tender Procedure
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Indicative Timeline
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Selection Phase (n Candidates) Date
Announcement – “Call to Tender” 14 February 2014
Information Sessions March – April 2014
Receipt of letter of interest April 2014
Dialogue Phase (maximum 3 Candidates)
Invitation to participate in Dialogue Phase May 2014
Dialogue Phase / meetings June – October 2014
Final Submission Phase
Receipt of Final Submission November 2014
Contract and Financial Close Phase (1 Bidder)
Announcement of Preferred Bidder December 2014
Contract Close / Financial Close Mid 2015
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Tender Procedure
DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3FinancialClosePhase
4
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Tender Procedure – Selection Phase
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• Minimum requirements:1. Project finance experience2. Project management experience3. Construction experience4. Capability of providing sufficient equity5. Standard exclusion grounds
• Shortlist of maximum 3 tenderers – to be invited for next phase• Based on reference projects regarding specific experience
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Tender Procedure
DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3
FinancialClosePhase
4
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Tender Procedure
DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3
FinancialClosePhase
4
Tender Procedure – Dialogue Phase• Optimising DBFM Agreement• General and confidential clarifications• Leads to identical DBFM Agreement for all tenderers• Discuss and evaluate draft parts of the submission• Discuss bidder specific solutions• Tenderers prepare their bids• Time frame approx. 5 months
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DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3
FinancialClosePhase
4
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Tender Procedure
Tender Procedure – Final Submission Phase• Candidates submit their final offer based on the tender
documents by November 2014
• Announcement of preferred bidder by December 2014
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Tender Procedure
DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3
FinancialClosePhase
4
Tender Procedure – Award criteria1. PRICE: Present value of the bid 75%
2. QUALITY of Design 15%
3. Business Plan 10%
Added value to economy of Aruba
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DialoguePhase
2
SelectionPhase
1
FinalSubmission
Phase
3
FinancialClosePhase
4
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Tender Procedure
Tender Procedure – Financial Close Phase• Contract Close and Financial Close: Mid 2015 latest
• Financial compensation:For tenderers ranking 2nd and 3rd place – Afl. 1.000.000 (for acompliant bid)
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Communications during tender procedure
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• Two-way constructive and open dialogue:
• General clarifications made available to all tenderers• Confidential clarifications only available to tenderer involved• DBFM Agreement and dialogue language is English• Pre-set meeting schedule for the dialogue phase
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Tender Procedure
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Our commitment
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• Political commitment• Well organized and capable team:
• Government departments• External advisors
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Tender Procedure
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Pioneer Projects Place
Partnership
Parcels
Procurement
Procedure Planning
Payment
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Pioneer Projects Place
Partnership
Parcels Private
Procurement
Procedure Planning
Payment
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Q & A Session
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Closing
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Announcement / Call to Tender: February 14, 2014
Looking forward for your Letter of Interest in April 2014
Please visit our website:
http:// www.p3aruba.com
Email: [email protected]
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Closing