PwC Corporate Finance advises the Welsh Government on the delivery of new Cardiff and Vale College campuses

PwC’s Corporate Finance team has supported the Welsh Government in reaching financial close on a £119m project to deliver two brand new, state-of-the-art campuses for Cardiff and Vale College: a new campus at Barry Waterfront and an Advanced Technology Centre at Cardiff Airport.

The project is being delivered through the Welsh Government’s Mutual Investment Model (MIM) - a revenue-funded, off-balance sheet model for infrastructure investment. Delivery will be led by the Welsh Education Partnership Company (WEPCo), a joint venture between Meridiam and the Development Bank of Wales.

PwC supported the Welsh Government with the development of the MIM model and acted as financial adviser on the competitive procurement of Meridiam in 2020 as the long-term private sector partner in WEPCo. More recently, PwC provided financial and commercial advice to the Welsh Government in the lead-up to financial close on the Cardiff and Vale College project.

This marks the third education project in Wales to utilise the MIM model, following the financial close of two school projects in 2022. The MIM model has also been used for the new Velindre Cancer Centre and the A465 Sections 5&6 road scheme. PwC has advised on all MIM schemes to date, from early development through to contract award.

The PwC Corporate Finance team advising on this project included Karen Best, Andrew Brown, Dan Whittle, Darren Kane, Rob McDowell and Jack Sterritt.