Plenary led consortium achieves financial close on Blueprint Schools Phase II project

Progressive Education Partners (PEP), a Plenary Americas led consortium, has reached financial close on the Prince George’s County Public Schools (PGCPS) $800 million Blueprint Schools Phase II project in Prince George’s County, Maryland.

The Phase II project includes the construction of eight (8) new school facilities grouped into three (3) separate bundles. PEP will also be responsible for maintenance and rehabilitation for each school throughout the 30-year operating term.

The project will be financed through both public and private sources. Public funding will account for US$228m during construction while the long-term financing includes US$650 million in taxable municipal bonds. Private capital will be repaid over the concession in the form of Availability Payments.

PEP will now begin the design-build phase of the project, with construction expected to begin in September and be completed in 2028.

Members of the PEP team include:

• Lead developer and equity member: Plenary Americas
• Equity members: EllisDon Capital and Phoenix Infrastructure
• Design-Builder: MCN Build
• Lead designer: Perkins Eastman
• Operations & Maintenance: EllisDon Facilities, US Facilities, RSC Electrical and Mechanical