Apparently, Poland has a PPP project with a CAPEX of €12,000. I haven’t forgotten any zeros. Twelve thousand euros. A colleague of mine in Poland told me the story. My first thought? Surely the lawyers cost ten times more. I haven’t seen their invoices. But, I would say… Please don’t send me a legal letter. It might double the project budget. But seriously. You know I work in PPPs. I like them. I’ve spent more than 20 years bidding, delivering and managing them. And sometimes, the most useful...
1 day ago • 1 min read
In 2009, French composer Maurice Jarre died. An Irish student called Shane Fitzgerald decided to give him something to say. Very generous. So… He invented a quote and added it to Jarre’s Wikipedia page. Newspapers picked it up for their obituaries. Lovely words. Right person. Perfect timing. Only one small problem. Jarre had never said them. The source was a student with an internet connection… unchecked. Apparently, that was enough to become an internationally published authority on what a...
3 days ago • 1 min read
Tony Robbins made a point that stayed with me. When you believe something won’t work, you barely try. Then the results disappoint. And you say: “See? I knew it.” Congratulations. You have successfully proved a theory you barely tested. We do this with businesses. Careers. Difficult projects. “I’m not ready for that role.” “They would never hire us.” “This team will never change.” Sometimes we call it experience. Sometimes it’s fear wearing a very respectable suit. And yes, in infrastructure,...
4 days ago • 1 min read
Yesterday, I paid my house insurance again. The house is still standing. Nothing burned down. Another year of terrible returns. I should complain. Which brings me to New Zealand’s proposed LNG import facility. Interesting project… So, of course… Everyone has an opinion. Too expensive. Ridiculous. Essential. A disaster. And that’s before anyone opens the spreadsheet. Here is how I look at projects like this one. An insurance policy. Domestic gas supplies are declining. When the hydro lakes run...
4 days ago • 2 min read
I spent two weeks without WhatsApp. Not a digital detox. Life made the decision for me. As a business owner, consultant, investor, and someone with hundreds of friends all over the world… I was uncomfortable. When I finally opened it, I had around 2,600 unread messages. Honestly, I was surprised there were so few. But the bigger surprise? Nothing terrible had happened. A humbling discovery. Apparently, the universe had continued operating without my blue ticks. Things stayed under control....
5 days ago • 1 min read
An infrastructure fund manager has three problems. First, raise the capital. Not easy. Second, deploy the capital. Also not easy. Because after telling LPs you have access to a wonderful infrastructure pipeline, eventually you need to buy something. Small detail. And third… Invest the capital in something that does not behave like what the fund promised to invest in. That is where careers become interesting. It’s not only about losing money. It’s walking into the Investment Committee and...
6 days ago • 2 min read
Auckland’s City Rail Link is finally open. Yes. Finally. After years of works. Road cones. Traffic disruption. Political fights. Budget headlines. People explaining why it should have been cheaper. People explaining why it should never have been built. People explaining why Auckland is not London, Madrid, Singapore, Tokyo, Sydney, Paris or any other city with trains. And of course… People explaining everything after the project is finished. My favourite type of infrastructure expert. But here...
7 days ago • 3 min read
Good morning, Silicon Valley has discovered project finance. Congratulations. Only took them a few trillion dollars. Clever guys… For years, the story was simple. AI will change everything. Data centres will be built everywhere. Power will somehow appear. Permits will somehow be granted. Communities will somehow be happy. Debt markets will somehow fund it. And if something goes wrong, someone will just raise another round. Beautiful. I love start-ups… And business plans written by people who...
8 days ago • 2 min read
Good morning, Very boring news from the Philippines. No megaproject render. No minister standing in front of a bridge that does not exist. No announcement of a new $5 billion airport, railway, tunnel, hospital, spaceport, floating city, or “transformational infrastructure corridor unlocking generational growth.” Just this: The Philippines PPP Center continues to train public agencies, local governments and private proponents on how to prepare, evaluate and manage PPPs and unsolicited...
9 days ago • 2 min read