Background

Welsh Education Partnership (WEPCo) is a platform to efficiently plan, design, procure, build, finance and maintain schools and other community-based facilities in Wales. It will allow local authorities (the Participants) to develop and deliver schools projects through the Mutual Investment Model schemes (MIM). MIM is a Welsh variation of Private Finance Initiatives, with a particular focus on community benefits.
Following a tender process:
• Meridiam has been selected to setup this WEPCo jointly with the Welsh
Government (Development Bank of Wales)
• Meridiam has secured the right to invest in all MIM projects being developed by
WEPCo with an 80% shareholding
In September 2020, WEPCo signed a Strategic Partnering Agreement (SPA) with the Participants, called the 21st Century Schools Welsh Education Partnership.
Under this agreement, WEPCo will have a 10-year exclusivity period for delivering MIM projects across Wales, with an optional 5-year extension. Each MIM project is expected to have a 25-year operational term.
The schools developed under the Partnership are part of the Welsh Governments objectives to improve educational attainment in Wales (lower than in other regions of the UK). In addition, the Welsh Government has a policy objective of carbon neutrality by 2050 and we expect that all new buildings delivered by WEPCo will target net zero carbon.

Stage:

Partnership Closed

ESG/SDG Key Facts

The project is part of the 21st Century Schools Programme, a collaboration between the Welsh Government and Local Councils in Wales. The Programme is a long-term investment in schools and colleges to:
• Meet demand for education in Wales through investment in new schools and colleges
• Improve teaching and learning environments in Wales
• Develop schools that are highly energy efficient, with an aspiration towards Net Zero Carbon construction and operational approach.