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South Australian Schools 2 PPP Refinancing

Aldinga & Angle Vale SA

Tetris Capital acted as financial advisor for TESA Education, on the refinancing of the SA Schools 2 PPP Project. Tetris Capital successfully refinanced circa $245M via a use-of-proceeds sustainability loan from ANZ.

The project required a significant amount of legal and financial analysis in addition to typical due diligence and was complicated by the fact the Project had only recently commenced operations. The SA Government and investors in the Project realised significant benefits through the reduction in debt margins and longer-term financing certainty.

The Project’s sustainability loan was accredited on project-specific factors as a green and social loan. The SA Schools project met the requirements as an Eligible Project under the APLMA and LMA, GLP and SLP and also contributes toward the United Nations Sustainable Development Goals (UN SDG). The Project focused on energy efficiency, green building standards, and social features such as high-quality, inclusive learning environments for students and access to local residents for community use.

TESA Education, a consortium of Tetris Capital, Sarah Constructions, ISS, DIF and ANZ reached financial close on the South Australian Schools PPP Project in December 2019. The consortium financed, designed, built and maintains two birth to year 12 public schools in the Adelaide suburbs of Aldinga and Angle Vale. Each school has the capacity to accommodate 1,675 students, including 100 integrated special school students and a 75 place children’s centre, with provision for future expansion to 2,000 students.

Image courtesy of Sam Noonan

LOCATION

Adelaide, South Australia

CLIENT

TESA Education

TOTAL VALUE 

$245m (debt)

OUR ROLE

Financial Advisor
Co-Investor 

BUILDER

Sarah Constructions

ARCHITECT

Swanbury Penglase
Perumal Pedavoli Architects

SERVICES CONTRACTOR

ISS

FINANCIAL CLOSE

2022

COMPLETION DATE

2022

CONTRACT TYPE

Finance