§ Mr. BercowTo ask the Secretary of State for Environment, Food and Rural Affairs how many Private Finance Initiative projects have been subject to refinancing after the contracts have been signed; and what has been the financial effect in each case. [50282]
§ Mr. MorleyOne Private Finance Initiative project, Brooklands Avenue Cambridge, has been subject to refinancing after the contract had been signed. The financial effect was to achieve a net present value saving to the Department of around £515,000 over 15 years, which represents a broadly equitable share of the potential refinancing gain. No other departmental PFI projects have been subject to refinancing.