Selection of an Investment Partner for the Global Centre of Rail Excellence
Published
Buyer
Description
GCRE Ltd (the "Company") is seeking a strategic investor to fund the Company. This is an investment and commercialisation opportunity in relation to the Global Centre of Rail Excellence ("GCRE"), a planned railway infrastructure and rolling stock testing, proving, demonstration and storage facility in South Wales, on a site of 700 hectares located within the Powys and Neath Port Talbot local authorities. GCRE is being developed by the Company, which is currently wholly owned by the Welsh Government. The strategic investor, which could be a single investor or a consortium of investors, will acquire a majority shareholding in and control of the Company (being a minimum of 51%). Lot 1: This is a procurement to acquire a controlling interest in GCRE Ltd (the "Company"). The Global Centre of Rail Excellence ("GCRE") is a planned railway infrastructure and rolling stock testing, proving, demonstration and storage facility in South Wales, on a site of 700 hectares located within the Powys and Neath Port Talbot local authorities. For the rail industry and its supply chain, GCRE will provide a single site that brings people and ideas together, enabling world class research, testing and innovation. GCRE will be net zero in operation and will be the first purpose built large scale rail testing facility in the UK. The capital deployment needed will occur over a period of 3 years with the aim to achieve full commercial operations in FY25/26. GCRE's core revenues will be derived from the assets delivered by Investment Phases 1 and 2, which are described as follows: 1. Investment Phase 1: ground works, site preparation, outline design and the development of storage facilities. 2. Investment Phase 2: development of the rail infrastructure, including construction of a rolling stock testing track (outer loop with track length of 6.9km), an infrastructure testing track (inner loop with track length of 4km), additional storage and maintenance facilities, and the required building and civil works to make the site fully operational, including: (a) assuring supply of cost effective, sustainable, and reliable energy to the site to support 24/7 operations; and (b) working with local stakeholders to get access to relevant utilities and access infrastructure. The total estimated capital cost to deliver Investment Phases 1 and 2 is c.GBP400m. Investment Phase 1 is already underway using public funding. Investment Phase 2 requires private funding. There is also an opportunity to commercially exploit and develop the renewable energy opportunities available at the site in line with GCRE’s energy strategy (which opportunity would be beyond the initial c.GBP400m investment). The initial c.GBP400m investment is proposed to be funded through: i) Public funding of GBP70m already committed and partially drawn down: Welsh Government equity investment of GBP50m and a GBP20m grant from the Department for Business, Energy and Industrial Strategy. ii) Private funding of c.GBP330m. The strategic investor selected through this procurement process will take majority ownership and control of the Company. Please note that this is a current estimate and work is underway to determine more precise value of the total capital cost. It should also be noted that site works (including award of the contract for earthworks) and relevant studies have already commenced. There is also the opportunity to develop, over the course of time, other commercial / revenue opportunities related to land / real estate development on the site. Potential returns will depend on many commercial factors including (but not limited to) market conditions. Details about the requirements and the scope can be found in the Selection Questionnaire ("SQ") and the Memorandum of Information ("MOI") with a more detailed description of the Company, its business plan and investment requirements to be provided at the tender stage of the procurement process. Access to procurement documentation: The MOI will be provided by GCRE Ltd to the applicant following signing by the applicant of a non-disclosure agreement ("NDA") and returning it to GCRE Ltd at the email address above. Access to the SQ and the NDA is unrestricted and you can access the SQ and the NDA in the Additional Documents section of Sell2Wales. Bidders should seek independent legal and commercial advice in relation to the opportunity. Additional information: The duration is an estimate only, provided on the basis of the estimated time periods required to deliver Investment Phases 1 and 2. Any queries and responses and circulars that may be issued during the tender period will be communicated exclusively via eTenderWales. See section II.2.4 above for instructions on how to access the procurement documentation.
Timeline
Publish date
a year ago
Close date
a year ago
Buyer information
GCRE LIMITED
- Contact:
- Tamara Evans
- Email:
- tamara.evans@gcre.wales
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Selection of an Investment Partner for the Global Centre of Rail Excellence
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