The Turks and Caicos Islands Airports Authority along with consultants ALG Transport & Infrastructure Advisors PLC (“ALG”) from Spain were in attendance at a recent Cabinet meeting, held in South Caicos, and presented on the redevelopment of the Howard Hamilton International Airport on that island.
The Following is the synopsis of the presentation:
In May 2022, upon the culmination of an open tender exercise, the TCIAA contracted ALG as feasibility and transaction advisors for the Howard Hamilton International Airport Redevelopment Project. The scope of the engagement was and remains to specifically assist the TCIAA in conducting technical, legal, environmental, and financial assessments of the Airport to:
i. define an appropriate scope, structure, and risk allocation for financing the redevelopment through the required technical and legal studies to ensure maximum value for the use of public resources for the modernization and operation of the airport;
ii. develop a comprehensive Invitation to Tender for the tendering process based on the financing model concluded;
iii. conduct a transparent tendering procedure to attract private investors; and
iv. lead in the implementation of the project.
The project for which ALG is engaged is divided into three (3) Phases:
i. Phase I: The conduct of technical studies, finance, legal due diligence, and the identification of a preliminary transaction structure.
ii. Phase II: The conduct of the tender, evaluation, and pre-award of the project.
iii. Phase III: This phase will be oriented toward the achievement of commercial and financial closure with the Preferred Bidder and the final award of the contract.
In the conduct of its function as transaction advisor, ALG is assisted by the Gide Loyrette Nouel (GIDE) a global law firm based in France with representation in the United Kingdom. The delivery model of ALG in phase 1 consisted of the following activities:
i. An initial site visit was conducted to assess needs and to determine whether there was an appetite for investment;
ii. A follow-up site visit comprised of workshops and a stakeholder engagement was conducted to further identify the market needs, the feasibility of the development, and the value for money (VfMMfV) for an investment, and to determine the evaluation criteria and weightings for shortlisted models.
Upon completion of a preliminary feasibility study which involved site visits, stakeholder meetings, and a series of workshops with a designated Steering Committee, ALG produced a Due Diligence Report addressing its findings and recommendations across the following areas:
i. Market and Traffic;
ii. Indicative Development Plan and Investment Programme;
iii. Environmental & Social Assessment;
iv. Fees and Charges;
v. Business Plan;
vi. Legal and Contractual Framework;
vii. Cost Benefit Analysis; and
viii. Airport funding scenario analysis.
CEO of the TCIAA, Godfrey Smith noted “while there is still a lot of work to be done, we are a step closer in realizing the building of a new, modern airport terminal building for the island of Providenciales “
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