§ Mr. Matthew TaylorTo ask the Secretary of State for the Environment, Transport and the Regions what the net cost is of the Croydon Tramlink project under the Private Finance Initiative; what the value is of public 607W sector comparators in (a) pre-risk and (b) risk adjusted terms and what risks are identified as having been transferred; and if he will make a statement. [132269]
§ Mr. HillCroydon Tramlink was designed, built and is being operated by Tramtrack Croydon Ltd. (TCL), a private sector consortium, under a concession agreement with London Regional Transport made in 1996. Under the concession agreement TCL bear the risks associated with the construction and operation of the project. The Government made a fixed contribution of £125 million towards the projected capital cost of £200 million, in recognition of the wider benefits of Tramlink to the local area. TCL raised the remainder of the cost and run the system without public subsidy.