Date: 12th - 13th June 2019
Location: Grand Hyatt, New York
"This will be the year in which the US P3 market takes off" has become a cliché to P3 stalwarts, many of whom have watched similar false dawns come and go. Only five such projects reached financial close in 2017 and two of those just crossed the finish line in the last week of the year.
This was a disappointment for the market. Following the election of President Donald Trump in 2016, infrastructure players of all stripes had eagerly anticipated his plan to make good on a campaign boast to pump USD 1trn into the asset class. While some see the delay in rolling out that plan as a factor in the lack of 2017 deal activity, states and cities were and still are the real drivers. The last twelve months saw the development of several ground breaking P3 deals such as Los Angeles World Airports’ Consolidated Rent-A-Car Facility (ConRAC), Fargo Moorhead Area Diversion, Pennsylvania Fiber-Optic Broadband Network P3, Michigan I-75 Modernization and the I-10 Mobile River Bridge and Bayway Widening P3
It is against this background that this year’s US P3 Infrastructure Forum, will wrestle with the enduring challenge of getting projects and deals across the line. 2018 promises to be a particularly exciting year. The Federal Aviation Administration (FAA) reauthorization is taking place in March, with pundits expecting legislation to open the FAA’s airport privatization program, while the financial close in last November of the managed lanes project to transform the I-66 corridor in Virginia is, through its size and complexity, providing a template for further deals in the US. Texas and North Carolina showed these projects can generate revenue and have created high expectations for future deals. Where managed lanes projects are heading next and the opportunities expected to emerge in the airport sector, will therefore be key areas of discussion in June.
Federal government actions will hardly be absent from the US P3 program either with the implications for the industry of the administration’s new tax law, and especially the deductibility of interest, looming larger. Reliant as the sector is on debt, the tax deductibility of that leverage will challenge cash flows and IRRs to the point where many worry it will discourage new build infrastructure investment.
Above all, Inframation's 14th annual US P3 Infrastructure Forum will provide market players with an opportunity to reconnect with former colleagues, network with potential business partners and meet new industry entrants. I look forward to meeting you this June in New York at the Hilton Midtown.
Jon Berke, Americas Editor, Inframation News
"This year’s event was another rousing success. Every year the InfraAmericas US P3 Forum seems to top the prior year and this year's event was no exception. A large enthusiastic crowd and with the increasing public sector presence, it makes attendance that much more compelling." Joe Pavona, Special Advisor for Public Private Partnerships, MICHIGAN GOVERNOR'S OFFICE