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09:00
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09:15Keynote: European transport in the age of the pandemic
Even before the coronavirus hit the continent, Europe’s governments were keenly aware of the gap which needed to be quickly made up between transport capacity and demand. They also knew of the difficulties in meeting that challenge while staying committed both to a quick transition to a zero-carbon economy and making sure transport still worked for all members of society. Now those challenges have become both more complicated and more urgent as the pandemic has called into question the structure and priorities of modern transport policy and potentially accelerated a move towards more sustainable infrastructure.
As deputy head of the unit responsible for transport investment policy within the European Commission’s Mobility and Transport (MOVE) directorate, Antongiulo Marin is one of the people wrestling with these problems. Here he sets out how the pandemic has changed the Commission’s thinking on transport investment and what he sees as the role of private investors in catalysing the urgently needed transformation and repositioning of the EU’s transport infrastructure:
- What have been the short-and-medium term effects on transportation projects and priorities within the EU and how has the Commission worked with governments and the private sector to alleviate these?
- To what extent is EC transport investment policy changing to allow for a reconfiguration of transport projects?
- Has the last year changed the position of private financing in transport infrastructure and what opportunities will investors have to play a role in the drive to more sustainable infrastructure priorities?
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09:30Panel: The reshaped world of transport investing
Transport has been one of the hardest hit parts of the asset class as lockdowns and other restrictions on movement this year dealt a massive blow to revenue-based assets. But several deals did get done in road and rail this year particularly in Germany which saw the close of five rolling stock deals and two road PPPs.
- Is a traffic-based revenue model for roads still viable in a post-coronavirus environment?
- Has the pandemic put rail investment back at the top of transport investors’ list and what measures for the sector are needed to meet the challenge?
- How have investment strategies for both these sectors had to be adjusted to the new realities?
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10:10Keynote: Healthcare innovation beyond COVID. Implications for infrastructure?
In this keynote presentation, Imperial College’s Professor James Barlow will discuss the reshaping of healthcare infrastructure beyond the coronavirus pandemic. Technological and organizational innovation is fundamentally changing the way we deliver healthcare. What does this mean for the infrastructure needed in the 21st century?
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10:30
Networking break
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10:50Panel: Rethinking construction risk and project delivery for a new generation of infrastructure in challenging times
The coronavirus brought to a halt many new project procurements in Europe and the rest of the world this year, but the value of European PPP investment in the first nine months of 2020 almost doubled on last year even as the number of transactions halved. With eight of these at around EUR 1bn or more reaching financial close, there was a clear movement to bigger deals. And a significant number of these were in relatively new sectors like broadband, renewables and transitional power.
Investors and their financiers have had to consider how best to meet two challenges in 2020: default of otherwise sound projects stricken by the extraordinary event of the pandemic ; and opportunities in the new and transitional infrastructure the establishment of which this year’s crisis may have helped hasten.
In this session, we consider whether procurers, sponsors and project financiers have successfully rethought the model to incorporate the new realities of greenfield procurement:
- How have lender rights been applied in the COVID-19 environment?
- What options do fund managers shouldering additional costs have?
- How can supply chain delays and restrictions be managed?
- What new funding models and structures are emerging because of the pandemic and the shift towards transitional infrastructure?
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11:30Panel: Future of procurement models
The scale of government intervention this year to shore up economies has dwarfed that of previous economic crises. And infrastructure investment has again been selected as the lever to pull to get things moving again. But with public finances already strained, another look at what role the private sector could and should play in securing these public outputs is required.
This panel will explore the future of partnerships in infrastructure delivery.
- How has the private sector supported infrastructure development in meeting unprecedented challenges of the pandemic?
- Can governments afford long and complex planning and procurement processes in a post COVID-19 world? Does the swift government action taken to respond to the crisis provide a new way forward for simplified procurement?
- What role do investors in infrastructure see for themselves in the UK’s ‘new deal’?
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12:10Keynote: Will government stimulus kickstart a wave of sustainable infrastructure?
The crisis has sparked debate among policymakers of how to build a sustainable route out of the economic downturn, largely underpinned by the EU Green Deal. This flagship EU policy to build a more sustainable, digital and inclusive economy, will permeate into the national infrastructure programmes of the block’s member states and beyond. Institutional investors should have a critical role to play in delivering infrastructure projects within these programmes, but there remain challenges to implementation. We consider the changing policy and regulatory environment and how infrastructure investors can contribute actively to the sustainability goals ahead:
- How can policymakers ensure that the good intentions of the Green Deal and Covid-related recovery packages turn into concrete action?
- What should be the priority areas of focus for policymakers and infrastructure investors alike in order to deliver on climate Net Zero goals?
- How can the infrastructure industry ensure that the transition to a low-carbon economy also takes into account other sustainability, particularly social, goals?
- How can infrastructure investors continue to build sustainability outcomes into their investment strategies and processes?
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12:30Panel: Fibre broadband's role in digital transformation
Digital infrastructure is an obvious bright spot for investment. Supported by a digital policy agenda across Europe, the conditions are ripe for accelerated investment in an already hot corner of the market. Investors are positioning for a permanent change in the demand curve for data and consumption habits because of the pandemic. From an M&A perspective, valuations on fibre assets have skyrocketed. Yet the long-term outlook for regulation remains uncertain. In this session we explore the opportunities.
- How has the crisis changed growth assumptions for urban and rural connectivity?
- Given the uncertain regulatory outlooks, how do lenders view credit risk when financing projects?
- With many larger players already acquired, where might carve-outs emerge as larger telecoms players reposition their portfolio?
- What sort of returns will investors receive, and will these justify the multiples spent?
- How will changing regulations towards fibre broadband as an essential service affect investment?
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13:10
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Tom Williams has worked in financial journalism for 15 years, taking over overall responsibility for all of Inframation’s content and events in 2013. He was previously group editor of Inframation’s European service having worked as deputy editor and Germany and industrials correspondent for Acuris in Europe, and as a reporter for PRWeek and Euromoney.
Dermot McCloskey heads Inframation Deals' global research and data. Based in London he has been instrumental in building out the company’s coverage of infrastructure fundraising, fund performance and the sale of limited partner (LP) interests within the sector. Dermot joined the company in January 2013. He holds a LLB in Laws from the London School of Economics (LSE).
Matthieu Muzumdar is Meridiam’s Chief Operating Officer for Europe. Matthieu joined Meridiam in 2011 as Investment Director with a focus on project development in Europe,. He then took responsibility for the Investor Relations function, in charge of managing relationships with investors globally and of fundraising.
Prior to joining Meridiam, Matthieu worked for the French Ministry of Transport. Matthieu graduated from the Ecole Polytechnique and Ecole Nationale des Ponts et Chaussées in Paris. He has been teaching project finance since 2009 and was the program director for the « Infrastructure Project Finance » masters program between 2016 and 2018.
Danilo Quattromani is a Head of EMEA Transport Team of the Global Infrastructure and Project Finance Group.
Previously he was a member of the International Public Finance Group of Fitch Rating, where he was responsible for ratings of Italian Sub-nationals and Public Sector Entities, ranging from development financial institutions, holding and financial companies, real estate, transportation, and postal services firms. He also cooperated with Corporate and Global Infrastructure departments on issuers’ ratings with public sector-links.
From 2005 to 2007, Danilo worked as Senior Credit Analyst in the Credit Risk Management department of HSBC, where he was responsible for a portfolio of "large corporate” names operating in telecommunication, luxury, engineering and energy sectors. From 2004 to 2005, Danilo worked as Credit Complex Manager in ABN AMRO, where he was in charge of the credit analysis and management of worldwide exposure of Italy-based corporate borrowers (active in automotive, construction, consumer goods, and motorways sectors).
From 2001 to 2004, Danilo worked for the Structured Finance department of Banca Antonveneta, where he was involved in the merger, acquisition LBO and debt restructuring transactions.
Prior to this (1999-2000), Danilo worked in the corporate Banking department of Banca Nazionale dell’Agricoltura where, back in 1998, he won a scholarship aimed to development banking sector skills.
Danilo has a degree in business economics at the University of Bologna and is a chartered accountant.
Benjamin joined MEAG’s Infrastructure Debt Team as a Senior Investment Manager and Dep. Head of Infrastructure Debt in October 2014 and is responsible for the coordination of all core European Markets within the team. He has more than 15 years’ experience in originating and structuring infrastructure project finance transactions with a strong focus on transport and social infrastructure PPPs in the EMEA region.
Previously, Benjamin held a Director position within the infrastructure and energy project finance group at Siemens Bank in Munich and London. He started his career with BayernLB in the infrastructure project finance team EMEA in Munich and Paris.
Benjamin has completed training as a banker and holds Master degrees in business administration and economics from the Catholic University of Eichstaett-Ingolstadt.
Tim Mawhood leads GHD Advisory’s business in the UK, Europe and Middle East. Mawhood has over 20 years experience in commercial, strategy, policy and operational consulting in the infrastructure sector. Mawhood’s team delivers transaction advisory, due diligence, origination, business case, logistics and infrastructure policy services to the public and private sectors.
Over the past 8 years, Mawhood has delivered technical due diligence and transaction management services on over USD 60bn of infrastructure transactions, with USD 20bn of these in the ports sector in Europe, Asia Pacific and North America.
Most recently Mawhood led the technical due diligence on behalf of NSW Treasury for its sale of the USD 22bn Westconnex road network asset.
Mawhood’s sector experience spans defence, operational outsourcing, oil & gas, logistics and infrastructure, with asset experience in ports, rail, road, air and intermodal infrastructure and supply chains.
Richard is Global Head of Infrastructure at KPMG. He has over 20 years’ experience in infrastructure policy, governance, strategy and financing, advising both public and private sector clients in the UK and overseas.
Richard began his career as a civil servant at the UK Department for Transport where he held positions in the road, rail and aviation directorates. Between 1996 and 1998 he was Private Secretary to the Secretary of State for Transport and the Deputy Prime Minister. He subsequently moved to the Infrastructure Advisory team at Citigroup before joining KPMG, where he led the UK Infrastructure, Building and Construction sector until 2018.
Richard has an extensive network of contacts across the infrastructure, transport, utility, and construction markets and the related political, financial and legal communities, in the UK and internationally. His clients include national and local infrastructure and transport authorities, private infrastructure owners and promoters of infrastructure schemes. He has advised on the governance and financing of some of the worlds’ most complex civil engineering projects.
He has a long-standing reputation for leading clients through complex and politically high-profile transactions and providing strategic, financial and governance advice in relation to the delivery of infrastructure services and projects.
He has a particular interest in supporting the impending mobility revolution, promoting dialogue between the public and private sectors globally to maximise the social and economic benefits of autonomous vehicles, electric vehicles and mobility as a service.
Richard is a Fellow of the Institution of Civil Engineers. He is a member of the Infrastructure Board of the Confederation of British Industry. He chairs the Advisory Council of The Infrastructure Forum, which is an independent think-tank which brings together organisations with involvement in UK infrastructure from public, private and regulatory perspectives. He is a prolific writer on infrastructure and transport, and is quoted regularly in the trade and national press.
I have been a Professor of Technology and Innovation Management (Healthcare) at Imperial College Business School since 2003. I am a member of the Business School's Centre for Health Economics and Policy Innovation.
I was educated at the London School of Economics and have a background in geography and economics. My previous positions include the Science Policy Research Unit, University of Westminster and the Policy Studies Institute.
My research, teaching and consultancy focuses on the innovation processes in healthcare systems. I have also worked extensively on innovation in housing provision and other housing policy issues.
As well research and teaching, I advise and consult for government, healthcare services and industry. I have worked with companies from the medical technology, pharmaceutical, ICT and construction sectors in many countries.
I am an associate director of research for Imperial College Health Partners and a member of the management team for the NIHR Policy Innovation and Evaluation Research Unit. I currenty sit on several advisory boards: Guy’s and St Thomas’ Hospital Charity Strategy Committee (funding major research and innovation projects in the local health community and providing strategic guidance), AGE-WELL (a major Canadian research programme on technology for an ageing society), Deloitte Healthcare Innovation Observatory, and the International Academy for Design and Health.
I am currently the Carl Bennet Visiting Professor at the Center for Innovation, Entrepreneurship and Learning at Halmstad University, Sweden. I also hold an Honorary Professorship at University College London (Bartlett Real Estate Institute).
For full details please visit my personal website. Many of my publications can be downloaded from my ResearchGate site here. My latest book, Managing Innovation in Healthcare, was published by World Scientific in January 2017.
Robert is lead Deal Advisory director in our Infrastructure & Government practice. Robert has over 16 years of advisory experience. He has provided commercial, financial and procurement advice on a number of high profile infrastructure projects in both Ireland and Australia. Throughout his career, Robert has worked with both public and private sector clients on all areas of the infrastructure lifecycle from strategy to execution to operations and to divestment.
Tamsyn is a solicitor qualified in Scotland, England & Wales and Ireland. She has over 15 years of experience advising on complex and market leading project financed transactions in the UK and internationally. Since joining Assured Guaranty, Tamsyn has supported the underwriting and surveillance teams in London and Paris on their transactions in the UK, Europe and Australia. Prior to this, Tamsyn was General Counsel at Zaha Hadid Architects and had previously provided legal advice and commercial support on new and operational projects at Balfour Beatty Investments and Bouygues Construction.
Angelica Krystle Donati is head of business development at Donati S.p.A. and CEO of Donati Immobiliare Group, an international property development and investment company operating in Italy and abroad.
Prior to joining Donati S.p.A., Angelica started her career on the trading floor at Goldman Sachs. She graduated from the London School of Economics with a BSc in Management and holds an MBA from Oxford University's Business School in the United Kingdom.
Angelica is a real estate and construction entrepreneur, PropTech founder, investor, thought leader and expert. She is a contributor to Forbes and Property Week. She is the first women in Italy to have been entitled President of ANCE Giovani Lazio, the Italian Association of private construction contractors. She is also an advisory partner at Concrete VC, a London-based venture capital specialised in early stage PropTech investment.
Michael has worked for Equitix Limited since April 2013. He is a Managing Director of Investments and most recently has been active in bidding and developing Greenfield projects within the UK and Ireland. In additional to this role he also holds the position of CEO of the Equitix procured PPP social infrastructure development company-hub South West Scotland Limited- procured by the Scottish Futures trust in 2012. Prior to this Michael held the position of Executive Director of HOCHTIEF PPP Solutions UK for 8 years and worked for BAM PPP prior to this.
Michael has worked for Equitix Limited since April 2013. He is a Managing Director of Investments and most recently has been active in bidding and developing Greenfield projects within the UK and Ireland. In additional to this role he also holds the position of CEO of the Equitix procured PPP social infrastructure development company-hub South West Scotland Limited- procured by the Scottish Futures trust in 2012. Prior to this Michael held the position of Executive Director of HOCHTIEF PPP Solutions UK for 8 years and worked for BAM PPP prior to this.
Luca joined SMBC Europe in February 2006 and has 20 years of international banking and structured finance experience in EMEA and North America. At SMBC, Luca is responsible for the Infrastructure team's activities,covering healthcare, education, emergency services, housing, smart energy,waste, wastewater and has arranged and advised on a number of PFI/PPP/P3projects in EMEA and North America. Before joining SMBC, Luca was a project finance associate director at Banca Intesa (now Banca IMI) in London, which he joined in 2002 and for which he worked on TMT, energy and transport projects.Prior to joining Banca Intesa in London, Luca was a credit derivative associate at IntesaBci (formerly Banca Commerciale Italiana) in New York, where he worked for 6 years, starting as a credit analyst for both Italian and Fortune 500 multinationals. Luca holds a cum-laude BBA from Bocconi University in Milan and an MBA with distinction from the Stern School of Business of New York University.
Damien has been involved in PPPs and project finance for over 15 years.
He spent the main part of his career in London, first with an investment company targeting PFI/PPP in social and transport infrastructure projects in the UK and subsequently with KPMG in the infrastructure advisory team, assisting public authorities in the implementation and financing of their infrastructure plans.
In 2018, Damien joined the European PPP Expertise Centre (EPEC) as an advisor. He has worked on a range of topics such as the use of EU funds in PPP, good practice in procuring PPPs and alternative PPP models for small projects. He is also currently leading EPEC’s work on the PPP models for the deployment of electric vehicle public recharging infrastructure.
Chair of the OECD Senior Infrastructure and PPP’s Officials Network
Gabriele is a Director at Presidency of Council of Ministers – Department for Planning and Coordination for Economic Policy . He is currenty involved in implementation of Recovery and Resilience National Plan, Green New Deal, urban development and healthcare infrastucture policies.
He was Head of Secretariat of Public Infrastructure Unit and visiting professor of Transport Law and EU Law at the Faculty of Architecture of the Polytechnic of Milan.
Chair of the OECD Senior Infrastructure and PPP’s Officials Network
Gabriele is a Director at Presidency of Council of Ministers – Department for Planning and Coordination for Economic Policy . He is currenty involved in implementation of Recovery and Resilience National Plan, Green New Deal, urban development and healthcare infrastucture policies.
He was Head of Secretariat of Public Infrastructure Unit and visiting professor of Transport Law and EU Law at the Faculty of Architecture of the Polytechnic of Milan.
Richard Fechner is the Group Executive Manager of GHD Advisory, leading a global business that provides strategy, commercial, economic, business case, logistics, policy, risk, regulatory, asset management and transaction services. Fechner has over 30 years' experience in leadership of infrastructure development, investment and delivery across ports, energy, government, defence, and infrastructure sectors in Australasia, North Americas, Europe and the Middle East. Fechner has held senior roles in the private and public sector, and is a Fellow of Engineers Australia, the Australian Institute of Project Management and the Australian Institute of Company Directors. Fechner is an active in industry working groups including the Warren Centre for Advanced Engineering, Consult Australia and is an active Trustee of the Committee for Economic Development of Australia (CEDA). Fechner has contributed to significant infrastructure development under a range of commercial models as well as providing leadership in capital recycling programs across Australia. Fechner’s team has advised on over $150BN in infrastructure transactions globally.
Prior to joining the PRI, Simon worked for over 10 years at Control Risks, where he led a team providing political and social risk advisory support to investors and corporate clients in Latin America. This often involved carrying out pre- or post-transaction due diligence for major investments and operations in the region, as well as assessing clients’ social risk management and governance frameworks and performance.
Simon holds a MSc in Latin American Politics from the University of London (Institute for the Study of the Americas) and a BA in Modern Languages (French and Spanish) from the University of Bristol.
Matthew is the founder and Chief Executive of full fibre operator Zzoomm plc. Zzoomm builds and operates new full fibre communications networks in towns in the UK. Zzoomm will provide its brilliant broadband service over its first network to homes and businesses in Henley-on-Thames, where construction started in September 2019.
Matthew founded Zzoomm at the end of 2018, following the sale of rural full fibre operator Gigaclear which he founded in 2010 to Infracapital in May 2018. Matthew was involved in network, wireless, data and telephony businesses including Vodafone, Millicom, Orange UK, Liberty Communications, ts.com and Community Internet Group.
In 2018, Matthew was awarded an OBE for services to Broadband provision in the UK, was selected by the FTTH Council as European Fibre Executive of the year and was awarded UK Internet Services Executive of the year by ISPA.
Conal Henry is Founder and Chair of Fibrus. He also Chairs the £500m HM Treasury backed National Digital Infrastructure Fund based in London. Prior to this Conal was CEO of enet taking it from start up to its £200m acquisition by the Irish Infrastructure Fund in 2017, as CEO of Enet, Conal also lead what is now known as NBI to become the winning bidder for the €2bn Irish National Broadband Plan. Prior to enet Conal was Commercial Director at Ryanair having been Head of Finance for Non Food and George Clothing at Asda in the UK. Conal began his career at Procter & Gamble. He is also Vice Chair of An Cosán Ireland’s leading Community Education Charity and sits on the Board of The Shannon Foynes Port Company. Conal graduated in Law from QUB in 1991 and is a Chartered Management Accountant.
As Sector Director for Network Operators, Sarah is responsible for our strategy in helping Mobile Network Operators achieve their 5G ambitions through high capacity fibre delivery as well as supporting other Network Operators in achieving their regional or global strategies. Sarah has over 15 years of experience having worked at O2 for 8 years followed by 7 years with Telefonica Global Solutions, leading business development and strategy across Latin America, China, and Europe.
Neha Puri is a Principal at Faculty AI. She was previously Assistant Directors at PwC's Deals practise, advising on global infrastructure transactions and fund formations worth £5bn+. She was recognised in Bisnow’s ’Women in Real Estate’ 2019 power-list, and won Global Corporate Venturing (GCV) Awards in 2015 and 2016 for investment strategies across a range of emerging technologies (e.g., Electric Vehicle charging and low-carbon energy). She is now applying this industry background to 'make AI real' in infrastructure and the built environment.
Tom Williams has worked in financial journalism for 15 years, taking over overall responsibility for all of Inframation’s content and events in 2013. He was previously group editor of Inframation’s European service having worked as deputy editor and Germany and industrials correspondent for Acuris in Europe, and as a reporter for PRWeek and Euromoney.