Planning + EPC + O mode
Case:Dalian Xinghai Bay Area Overall Upgrading and Renovation Project(Planning + EPC + O) has been approved by the project approval, approval, and filing authorities, and the project fund ** is 1600000 yuan of self-raised funds. The tenderer is Dalian urban construction and operation of the first project land area, with a total land area of about 4 square kilometers, including the underground space of the commercial complex and the subway connection channel, the underground parking lot of Xinghai Square, the sunken commercial space of Xinghai, the seagull market, the fountain ** living room, the sea floating club, the Xinghai Bay light show, etc.;Dalian Marine Geology Museum and Youth Marine Geology Research Center, etcUpgrading and renovation of commercial blocks along the Malan River;The quality of the building business district is upgraded to the resort hotel, apartment and other projects in the area. Analysis:It can be seen from the bidding content that the project contains a number of sub-projects, and the project approval methods include approval, approval and filing, that is, the public welfare infrastructure is approved by the local state-owned enterprises, and the operational part is approved by the local state-owned enterprises by the approval system or the filing system, and the tenderer is a local state-owned enterprise. The author believes that the content of planning roughly includes planning and design, consulting services, industrial planning and business positioning, etc., EPC includes preliminary design, construction drawing design, procurement, construction, trial operation, etc., and operation (O) includes investment promotion, industrial introduction, infrastructure operation and maintenance, unified operation and property management of supporting businesses, venue leasing and tickets, etc.
The project of 16 billion yuan, implemented in the mode of "planning + EPC + O", without mentioning investment, the author believes that it is unlikely, in addition to the bidding documents, local state-owned enterprises and the winning social capital are likely to have other transaction conditions, such as requiring social capital to advance a certain amount, social capital to assist the project company in financing, social capital needs to jointly obtain commercial land with local state-owned enterprises, etc. Investor + EPC (Combined Investment and Construction Tender).
Case:Nanyang High-speed Rail Area Headquarters, Economic Port and Supporting Facilities, TOD-oriented Comprehensive Development Project Investor + Construction General Contractor. The headquarters port will be built in the high-speed rail area, and the surrounding plots and projects will be supported and integrated and comprehensively developed. The project is located in the high-speed rail comprehensive hub group of the eastern new city of Nanyang City, with a total area of 70390 acres (including the headquarters port plot, supporting communities, that is, industrial development supporting plots, 3 municipal roads and green space area), of which the total land area of the headquarters port industrial carrier is 185507 acres, usable land area of about 11020 acres. Cooperation period: 15 years (the overall construction period is 5 years, of which the construction period of public welfare projects is 2 years). The total investment of the project is about: 459641600,000 yuan.
The bidding index is the proportion of equity of social capital in the project company, the proportion of investment and financing risk reserves, and the proportion of investment and financing risk reserves during the construction period.
Analysis:Through the analysis of the above content, it can be concluded that the main transaction logic of the project is to authorize local state-owned enterprises as the implementation body, and the implementation entity is responsible for the infrastructure construction, industrial carrier (plant, R&D office, etc.) development and rental and sales, and the development and sales of commercial housing with a balance between employment and housing within the scope of authorization, and the implementation entity realizes the balance of funds through the primary and secondary linkage. The implementing entity selects the social investor and the general construction contractor through public bidding by the investment entity, and the social investor and the implementing entity establish a project company or enter by increasing capital and shares, and the social investor who wins the bid is also the general contractor of the project.
This case seems to be no different from the conventional investor + EPC, but in fact, two bidding indicators are set in the bidding documents: equity proportion and investment and financing risk reserve, that is, the project with more money wins. The author believes that the investment and financing risk reserve is similar to a cash performance bond, which is equivalent to the winning social capital to provide a cash financing service for the owner to solve the upfront costs and compensation for land acquisition and demolition, and the social capital helps the project start through equity + cash. The industrial carrier and the residential part may require the project company to acquire land for development, construction and sales, and the winning social capital can withdraw after the end of the 15-year cooperation period. Investor + EPC (EPC Traditional Tender).
Case:General contracting of the EOD project of comprehensive ecological environment management and green industry integration development in Shenbei New Area. The scope of the project includes comprehensive water environment management of the Shenbei section of the Puhe River, protection and restoration of the Qixing Wetland and improvement of ecological functions, the life and health industrial park project of Shenbei New Area, the rural revitalization project of Changhe Village of the Qixing Wetland in Shenbei New Area, the agriculture and photovoltaic complementary project, the second phase of the life and health industrial park and infrastructure projects. The scope of the bidding includes but is not limited to geological survey and survey, schematic design, preliminary design and budget estimate, construction drawing design, special design and budget of the projectConstruction, procurement, installation, commissioning, trial operation, inspection, testing, completion acceptance and handover, quality warranty and other turnkey projects. The winning bidder is responsible for handling the relevant approval procedures to ensure that it has passed the acceptance of the administrative departments of various industries and put it into formal use. The total investment of the project: 421901590,000 yuan.
The auction metric includes the annualized rate of return on investment.
Analysis:Although the traditional bidding mode of EPC is adopted in this case, the bidding index includes the annualized rate of return on investment, that is, the social capital is given the responsibility and obligation similar to "financing + agent construction" through the "turnkey" method, and the bidding subject must be a local state-owned enterprise, and the project must be a project with strong market-oriented business attributes, otherwise it is easy to involve local hidden debts. The author speculates that the project is likely to use the annualized rate of return on investment as an additional condition or bonus point for EPC bidding. Investor + EPC + O
Case:The comprehensive development project of double open resources in Chigang Service Area in Fujian Province is planned to be implemented in three phases. Total project investment: 1000885$310,000. Where: 1Phase 1 content: (1) The main construction content of the Chigang Service Area Expansion Area project is commercial blocks, supporting services, boutique hotels and basements. (2) Fujian High-speed Smart Cold Chain Integrated Logistics Park. (3) Public infrastructure projects, road projects, social public parking lots, Dawang Lake water system landscape, etc. 2.Phase 2: (1) Automobile Industry Science and Technology Innovation Park Project. (2) Leisure farms. (3) Chigang Lake water system landscape and other public infrastructure. 3.The content of the third phase: business operation center, health care residence, talent apartment.
Scope and content of bidding: including Chigang Service Area Expansion Area Project, Fujian High-speed Smart Cold Chain Integrated Logistics Park Project, Automobile Industry Science and Technology Innovation Park Project, Investment and financing, construction (including survey, design, procurement, construction), investment and operation of leisure farmsConstruction of public infrastructure projects (including the first and second phases) (including survey, design, procurement, and construction);The specific cooperation method of the third phase of the project shall be negotiated separately by the two parties. Analysis:The investor + EPC + O model is a derivative and extension of the investor + EPC model, which is mainly applicable to the public welfare and operational package of local state-owned enterprises to implement the development projects or pure market-oriented and operational projects. Superior financial subsidies and user payment income and other ways to make up for the construction fund gap, the premise is that social capital needs to provide financial support in stages or medium and long-term, and social capital can choose equity or debt to support the platform company, including direct subscription of platform equity, joint establishment of a project company with the platform, social capital formation of **subscription of project company equity, social capital purchase of **guidance** or platform-initiated industry **share, etc., debt includes self-reliance or the introduction of guarantee agencies to provide guarantees for platform financing, Provide financing channels such as financial leasing or factoring for the platform, and introduce non-standard financing products to finance the platform. In addition to investment and financing responsibilities, the operation of social capital (O) includes investment promotion, industrial introduction, infrastructure operation and maintenance, unified operation of supporting businesses and property management, etc. The platform company has obtained the first statutory authorization, has a certain regional scope or project investment, construction, operation and other authority, or the platform company itself has the investment and construction qualifications of the project within a certain range, for example, the above-mentioned project is an important aspect of the economic expansion of the expressway, and can be implemented by the concession entity of the high-speed company (project company), of course, the implementation subject at this time may not be the local platform. The platform company selects social investors through public bidding through the "social investor + EPC + O" model through the "two moves and one move" model, and the winning bidder and the platform company set up a project company or provide financing services, and the project company is responsible for the investment, financing, construction and operation of the area, and the construction part is implemented by the members of the social investor consortium with construction capabilities, and the operation part is implemented by the members of the social investor consortium with performance experience. The third phase of the above-mentioned project is a commercial real estate development part, which requires land bidding, auction and listing, so the specific cooperation method shall be negotiated separately by the two parties. Financial funds + investors + EPC
Case:Investor + EPC of the protection and restoration project of the ecological corridor of the middle route of the South-to-North Water Diversion Project in Henan (Danjiang-Tangbai River Basin). The scope of the project is mainly small and medium-sized reservoirs in the Tangbai River Basin, the tributaries of the Tang River and the Baihe River, and some small watersheds in various districts and counties (excluding projects with implemented funds and existing responsible entities).
Funds** and total project investment: self-owned capital investment, national awards and subsidies, national bonds;The total investment is about 91600 million. Cooperation period: tentatively 12 years, with the implementation period of the first award and subsidy fund project for 3 years. Analysis:The business attributes of this case are not strong, and it is speculated that there are two types of sub-projects in general, one is the project with abundant funds such as national awards and subsidies, national bonds, etc., and the other is the project with insufficient financial funds. The investment income and investment exit of the social investor need to be realized through the tenderer's own funds (local state-owned enterprises) or the operating income of the project. EPC+O (operation to be negotiated separately).
Case:
Xiangyin County Yugonggang Railway Special Line Engineering Design and Construction General Contracting (EPC) plus operation. There are 2 stations on the whole line, Gupeitang (connecting station) and Yugong Port (port ** operation station), and 1 railway bulk cargo loading and unloading yard and 1 container and bulky cargo loading and unloading yard in the port area. The estimated total investment of the project is 216.4 billion yuan. The specific matters of the project operation and maintenance agreement shall be negotiated separately with the tenderer after the bidder wins the bid.
The project is divided into two phases: construction period and operation period (including charging period), of which the construction period is 24 months and the operation period is 30 years. Analysis: Although this project is an EPC+O model, the standards and rights and obligations of operation and management are not clarified in the bidding stage, and a separate agreement needs to be signed. The method of granting the operation right during the operation period can be roughly divided into cost + remuneration, fixed unit price, fixed total price, management contract with VAM conditions, etc. EPC+O (Clear Operating Consideration).
Case:The construction and operation of the cross-strait integrated development demonstration industrial park and supporting infrastructure project (phase I) are integrated. It is mainly divided into two parts, including the cross-strait integrated development demonstration industrial park and supporting infrastructure. Among them, the demonstration industrial park includes the comprehensive development of 5 industrial plots, and the construction content is mainly standard workshops, scientific research buildings, related supporting buildings and outdoor public supporting facilitiesSupporting infrastructure projects include parking lots, charging piles, supporting roads in the park, access projects in the park, advertising facilities, smart light pole facilities, etc. The main construction contents include housing construction works, road works, bridge works, water supply and drainage works, tunnel works, electrical and lighting works, greening and landscape works, traffic and safety facilities, etc.
The scope of the bidding is mainly for the survey, schematic design, preliminary design and budget estimation, construction drawing design, construction, operation and management of operable facilities and equipment (parking lots, charging piles, smart light poles, etc.), property management and investment promotion operation, facility maintenance and other construction, management and operation of cross-strait integrated development demonstration industrial park and supporting infrastructure projects (phase I). The maximum bid limit for this project is 6898322716 yuan. The bidding target includes an annual operating revenue share. Analysis:This project is an EPC+O model, in the bidding stage to clarify the scope, content, standards and rights and obligations of operation management, the operation period needs to pay the operating income to the tenderer on an annual operating revenue share, and the operational risk is mainly borne by social capital. In February 23, 12 24, offline open classes were held in first-tier cities across the country, and the class schedule was finally updated (human resources, finance, office, investment and financing, PPP, bidding, construction, etc.).