I propose to take Questions Nos. 378 to 380, inclusive, together.
The precise manner in which National Broadband Ireland (NBI) must be capitalised and supported throughout the project term was set out in the tender documentation. These requirements were fully assessed by an expert commercial and finance team as part of the final tender evaluation process. While there are no further requirements outside of this process, the level of the State subsidy is capped, with NBI carrying project risk.
NBI is a new entity established by Granahan McCourt for the purposes of delivering the NBP. It is this company that will be the signatory to the NBP Contract. The equity of NBI will be invested in NBI via a holding company as would be typical for projects such as this. The holding company will be wholly owned by Granahan McCourt Dublin (Ireland) Limited.
The Bidder will invest a minimum level of up to €220 million including equity funding and working capital requirements. This is made up of €175 million from Tetrad Corporation and the rest from Granahan McCourt (Dublin) Ireland Ltd.
At final tender, Tetrad Corporation provided a commitment letter in relation to the equity required for the project. The equity commitments will be contractualised in advance of contract award. This means that the Minister will have the right through those contracts to enforce the equity commitment on behalf of the project.
