Bam PPP has reached financial close on the three sample schools salvaged from the Somerset Building Schools for the Future scheme.
Bam Construction will build the three schools in Bridgwater, while Bam Facilities Management will operate them for 25 years.
Bam PPP provided £8 million equity investment and arranged the rest of the finance to close the deal. Senior debt is being provided by Dexia and SMBC.
Construction work on the schools – Chilton Trinity Technology College, Robert Blake Science College and Elmwood School – will commence in the next few days.