Altra Capital is an independent advisory group that specializes in infrastructure and public-private partnerships. It provides procurement, management, capacity building, financial, and legal advisory services for infrastructure financing. The company has extensive experience advising governments on projects in various sectors like transportation, aviation, energy, and social services. It helps develop feasible studies, business cases, and financial models to attract private financing for projects.

1. Global
experience,
where it's
needed
www.altracapital.com

2. Altra Capital is a high level independent
advisory group established to review,
design, implement, and finance
strategic and complex projects.
Altra Capital is predominantly active
in infrastructure and public-private
partnerships.
Altra Capital specialises in the provision
of procurement, management,
capacity building, financial and legal
advisory services for the financing
of infrastructure in all sectors; and
especially to support public sector
clients in the international market. The
team was created to bring together
global PPP experts, all of whom have
been active in the evolution of PPP
since its inception. Altra Capital offers
a full range of transaction advisory
services.
Altra Capital makes the best case for
any good project. One of its skills is in
developing ‘bankable’ project feasibility
studies, business cases and financial
models; supporting projects that are
able to attract debt or equity finance.
Our team has extensive experience
in all stages of the project cycle and
understands the priorities of each stage.
We will work closely with our clients
throughout, and by preference in an
integrated team. The Altra Capital team
comprises of very senior experts that
know each other well and can interact
as a single entity, bringing together the
entire set of skills to provide seamless,
high-quality services wherever you are
located around the world.
Our
companyGlobal
experience,
world-class
expertise

3. Altra Capital is committed to encouraging
social improvement by placing an
ethical approach to business at the
core of its activities. From our work in
developing infrastructure programmes
and strategies internationally, we
recognise the challenges facing
emerging economies, from the unlocking
of economic growth by closing the
infrastructure gap in Latin America and
Africa to the benefits of building a robust
private sector in the rapidly expanding
economies of the GCC. There is global
competition for the strategy, structuring
and financing skills to deliver successful
projects. Altra Capital is committed to
bringing world-class expertise and the
best global experience wherever it is
needed, to deliver projects that will
have positive social impacts and bring
economic growth.
Altra Capital was formed to apply
the skills and experiences that its
principals have built up over thirty
years. At the centre of Altra Capital’s
approach is the transfer and exchange
of knowledge and best practice on
account of our expertise, innovation and
partnerships. By preference we work
closely with our clients using integrated
delivery methods to develop skills
and build capacity within our clients’
organisations.
Altra Capital’s team also works with and
teaches at London School of Business
and Finance, London Guildhall Faculty
of Business and Law, Birmingham
University, Bristol University, Brunel
University, Moscow School of
Economics and Universidad de Los
Andes, Bogota.
“Altra Capital is
committed to bringing
global experience wherever
it is needed, with the
skills required to deliver
the strategy, structuring
and financing for projects
that will have positive
social impacts and bring
economic growth”
John Davie,
Chairman
John Davie, our chairman, is a visiting
professor at the London Guildhall
Faculty of Business and Law. He served
as chairman of the UK Government's
Advisory Group on Public Private
Partnerships for two 3 year terms and as
a member of the UK Financial Services
Sector Advisory Board. He is a past
Chairman of British Expertise and a
founder member of UK Islamic Finance
(UKIFS).
Geoff Maynard,
Managing Director
Geoff Maynard has held leading senior
positions in both the private and public
sectors. He is an expert in privatisations
and operational management and has
undertaken a wide range of business
consultancy and strategic planning
commissions in the transportation and
infrastructure sectors.
Geoff is very experienced in all aspects
of the railway industry, having held
senior director positions within the
UK’s rail industry and has led a number
of strategic projects advising the
British Rail Chairman. He is Chairman
of Greener by Design, the Aviation
Industry’s environmental and economic
sustainability think tank.
Tony Smith,
Director Legal Services
Tony is a UK qualified lawyer with
over 20 years of practice during which
he has been a partner in a number of
major international laws firms. He is a
specialist in infrastructure, construction
and PPP projects and has advised on
many major PPPs in transport, health,
education, defence, accommodation,
energy and waste to energy in Europe,
the Middle East, the Far East and Africa.
Tony is a member of the United Nations
PPP
Team of Specialists, and has served as
the Head of the UN PPP Readiness
Task Force.
Lloyd Schultz Bolívar,
Head of Investment Banking
Lloyd Schultz is Altra Capital’s Head
of Investment Banking and principal
adviser on Private Equity. He is a director
of Syntaxis Capital, a private equity
mezzanine firm with circa €250 million
under management. Lloyd trained as a
lawyer and was admitted to the New
York Bar, but has spent much of his
professional career as an investment
banker in London. He has over 25
years’ experience in capital markets
and corporate finance.
Stephen Harris,
Director PPP
Stephen Harris is a director of
Altra Capital and an internationally
recognised expert in PPP. He is
the chairman of TheCityUK Public
Private Partnerships and Projects
Group and an advisor to the UK
government on large international
infrastructure projects; specialising
in PPP in emerging markets. He has
worked with over 60 countries around
the world in developing their PPP
agendas.
Amongst Stephen’s published work
is a paper for the Inter- American
Development Bank which is widely
quoted and was used as the principal
training document by the government
of Brazil when starting their PPP
programme He is also a co- founder of
the Turkish PPP Association (Istanbul).
James Davie,
Associate Director LatAm
After reading architecture in London
James studied finance at the
Association of Chartered Treasurers.
He joined Altra Capital as a Project
Manager, where he has worked
in the UK, the Middle East and
Latin America. James oversees
many of Altra Capital’s financial
modelling activities and has worked
on PPP Readiness programs for
the Saudi Arabian government,
and feasibility studies in Spain and
Libya. He is based in Santiago de
Chile, developing LatAm business
opportunities for the company.
Cristobal Pollman Loosli,
Associate Director LatAm
Cris is an engineer with a masters
in business and finance. He is one
of our experienced project and
programme managers who has
been involved with international rail
projects in several countries. This has
focused in transport operators in Sao
Paulo, Rio de Janeiro and Santiago
de Chile including an “over-station”
development programme for Metro
de Santiago. He has also managed
multi-disciplinary teams for projects
for Transport for London.
Our senior team

4. Specialising in
infrastructure
Altra Capital was created on the back
of the United Kingdom being the first
country to commercialise and privatise
its essential infrastructure. At the very
heart of Altra Capital’s international
mission lies an ambition to enable
emerging economies to be able to
provide good infrastructure and reliable
public services.
The single most important thing
that government must do to attract
investment in essential services and
infrastructure is commission very high
quality project development work. Altra
Capital provides the quality required
using its highly experienced advisers.
Attracting investment
“Altra provides business
plans and investment
material that meets the
standards that international
investors expect. We are
familiar with the specific
needs of major projects in
expanding economies”
Our senior team has been involved
in many aspects of international
infrastructure developments for several
decades. Our extensive experience
encompasses both government
and the private sector in developing
medium and long term investment
plans and then helping to deliver them.
Altra Capital has a multi-skilled and
multi-sectoral team that specialises
in transportation and aviation
infrastructure. This team has been
providing advisory services to
government agencies, banks,
investors and infrastructure
investment companies,

5. Cardiff Airport
Access Study
The Welsh Assembly required an
integrated transport Strategic Master
Plan for the South Wales region. The
existing Cardiff Airport was to be a
core element of the transport plan
identifying the opportunities that
better transport connectivity of the
airport would present to the region.
The associated costs were to be
carefully assessed.
A hand-picked team was assembled
to consider the transport aspects
of the development combining
improvements to Cardiff Airport and
better access to the rail network.
Initially our transport consultants
analysed the airport’s growth potential
and developed a land use plan and
associated commercial development
potential together with surface access
infrastructure improvements.
To meet the development plans, a
wide variety of transport options to
improve access were considered.
These included new road links,
alternative locations for the passenger
terminal, new bus services, a new
railhead station on a reopened freight
line, and a new direct rail link. This
comprised extending Inter-City train
services, which currently terminated
at the main Cardiff station to the
airport, by re-opening a freight railway
and laying 1.5 km of new track to
create a new station within the
airport. Various alignments for the
route into the airport were considered,
influenced strongly by the challenging
topography of the site close to
the sea.
The costs, revenues and impact of
the various options were considered,
including the impact on the local rail
network. Firm recommendations
were made, together with the likely
impact on the airport catchment
area and its anticipated growth. The
recommendations were accepted
and the new railhead station on
the re-opened freight line is now in
operation.
Case study
Airports and aviation
Altra Capital’s senior management
team has been involved in advising
on the financing of airports in many
countries, such as UK, Belgium,
India, Hungary and Jordan. We have
advised on other major aviation
projects in Bahrain, Abu Dhabi, China,
Macau and Bulgaria. In addition to
airport projects our clients include
airlines, civil aviation authorities and
governments.
Among the more specialist projects
in the civil aviation sector, our
people provided the leadership of
the privatisation of UK NATS, the
development of the national en-route
centre in Bulgaria, and setting up the
CAA of Swaziland including drafting
the new CAA law. Our managers
were involved with the development
of Beijing International Capital
Airport’s 43 million passengers
Terminal 3, the world’s biggest airport
terminal, and Heathrow’s 35 million
passengers Terminal 5, the world’s
most advanced airport terminal.
Our managing director is the
chairman of the Aviation Industry
Greener by Design aviation think tank
and lectures on aviation matters at
Brunel University.
Rail
Altra Capital’s senior management
has significant experience in the rail
sector including passenger, freight
and metro projects in China, North
Africa, Central Europe and the UK.
Our Managing Director, Geoff
Maynard, has extensive experience
of specifying and designing new
lines, having led the British Rail
team specifying Crossrail, the new
cross-London route, and the new
Thameslink services, both under
construction. He also led teams
examining operation and design
issues on the now completed
Channel Tunnel Rail Link, and the
proposed southern link to Terminal
5 at London Heathrow’s airport. He
also has extensive experience of
heavy freight transport in the United
Kingdom, having led the rail teams
moving coal in the North of England
and Scotland, and also the Iron and
Steel operations nationally.
Geoff is recognised as an expert in
the sale and acquisition of
infrastructure assets.
infrastructure owners and operators,
regulators, and others.
Our experience covers social
development and public services
programmes, airports, air traffic
control systems, roads, railways,
bridges, hydroelectric dams, power
plants, water projects, gas pipelines,
aluminium smelters, mobile phone
networks, hospitals, schools and
housing; identification of financially
viable projects in many regions of the
world, and structuring of these projects
as PPPs, concessions, etc.
Our team is accomplished at devising
and refining financing structures for
major projects and where appropriate
helping in the development of funding
sources. Our people understand
the modelling techniques and key
parameters used to assess viability,
create sustainability and measure
performance, particularly under
adverse market conditions. We have
developed financing structures to
source available funds that can be
applied to unusual and demanding
situations.

6. Public Private
Partnerships
(PPP)
Altra Capital’s team has been involved
in modern PPP since its introduction
over 20 years ago, and has been
proactive in the internationalisation
of the concept. PPP has seen many
changes and our team benefits from an
intimate involvement in that evolution.
Altra Capital is experienced at assisting
governments to build their PPP strategy
and in structuring projects to international
standards, thus ensuring optimum value
for money and high standards of service
delivery.
Our team has worked with over 75
countries around the world taking
forward their PPP agendas; writing
numerous papers on PPP; and
delivering high-quality training on
PPP in many countries. We have
extensive experience of devising and
implementing PPP and infrastructure
projects in Africa, Asia, the Americas
and the Middle East, as well as in
Europe. Projects our consultants have
organised range in size from $1million
to $5000 million, and include social
and services projects, airports, air
traffic control systems, roads, railways,
hydroelectric dams, power plants,
Liberating
innovation

7. water projects, waste and waste water
projects, gas pipelines, aluminium
smelters, mobile phone networks,
hospitals, schools and hotels. Altra
Capital is uniquely placed to offer this
advice in emerging economies, bringing
its global experience wherever it is
needed.
PPP can bring real and tangible benefits
to countries with infrastructure deficits.
One of the key principles behind PPP
is that they transform Government
departments from being owners and
operators of assets into regulators and
purchasers of services from the private
sector. This has important implications
and often requires work culture and
mind-set change; altered work ethics
and new corporate governance models.
The introduction of transparency and
competitiveness is essential.
A key part of a PPP project is
ascertaining the most appropriate
structure for a PPP project. Expert
advice is essential to get the best out
of this concept. Altra Capital, with its
wealth of international experience of
the investable options for PPP, has the
expertise to deliver expert advice.
“PPP can bring real
and tangible benefits to
countries with infrastructure
requirements”
Members of the Altra Capital team have
worked with the UK Treasury, Partnerships
UK, World Bank, EBRD, UNESCAP, UNDP,
UNECE, USAID, Asian Development Bank,
the PPS Unit in Mexico, South Africa,
Jordan, the Turkish Privatisation Unit, the
Malaysian Prime Minister’s Office, the
Department of Economic Affairs in India,
the Ministry of Labour in Saudi Arabia and
many others.
Altra Capital is proficient in the interfaces
between the public and the private sectors;
interfacing with private sector investors,
financiers and operator; and in managing
bidding teams.
Altra Capital is at the forefront of PPP
development and promotion of the
knowledge required by those involved in
them. Altra Capital’s PPP programmes
have formed a vital part in building capacity
within the many countries. They are based
on international best practice and draw on
our experience devising and implementing
PPP strategies internationally, providing
insight into reasoning behind the theory
and exploring ways that PPPs can be
adapted to new situations. With some of
the most competent in-house skills, Altra
Capital concentrates on PPP as end-to-end
processes.
Air Traffic PPP, UK
Public sector promoter:
UK Department of Transport
Private sector partner:
The Airline Group – consortium
of airlines: British Airways, British
Midland, Virgin, Britannia, Monarch,
EasyJet and Airtours
Financing:
Abbey National, Barclays, HBOS and
Bank of America
The UK government’s decision to
create a PPP for UK National Air
Traffic Services (NATS) was based
on an estimation that it required
£100 million of additional capital
investment every year for the next
decade to increase air traffic
control capacity to meet future
traffic growth. The government
also wanted to:
• Maintain and improve safety and
national security
• Secure access to private sector
capital
• Secure access to private sector
management expertise
• Provide incentives to improve
efficiency
• Ensure accountability to users
• Provide freedom to invest and
undertake business overseas
• Provide a return to the taxpayer
Altra Capital’s Geoff Maynard
originally established a performance
regime and advised the British Air
Transport Association on the impact
and progress of legislation through
Parliament, then made the formal
response on behalf of BATA, and
finally along with our chairman, John
Davie, managed and co-ordinate
the Airline Group’s successful bid
activities and compilation of the bid
documentation for the PPP of NATS.
The UK Government concluded the
PPP with the Airline Group, which was
given operational control while the
Government retaining a 49% interest in
the PPP Company.
NATS performance has improved
every year since the PPP. Since the
PPP came into operation underlying
operating costs have been reduced by
33% (in real terms).
Delays have reduced every year
significantly over the last decade, from
109.3 seconds in 2001/1) to 7.0 seconds.
It is forecast to reduce to 2.0 seconds.
In its first 10 years NATS has gone
from a making a loss of £106.3 million
to a making profit of £154.2 million.
Dividends are payable to the UK
taxpayer through the government’s
49% holding in the company. Gearing
(leverage) has reduced since 2001/2
from 112% to 58%.
Case study

8. International
and Islamic
finance
Altra Capital brings global experience
to wherever it is needed, especially
to emerging economies. Emerging
economies need the highest quality
of investment and financial advisory
services at affordable prices. Altra
Capital’s commitment to encourage
social improvement focuses on that
challenge.
Our suite of legal, financial and
advisory services is predominantly
associated with the private sector
financing of the provision of public
services and infrastructure. Our
investment and financial services
provide a comprehensive offering
to both the public and the private
sectors. This can be provided all-
inclusively or provided in discrete
elements.
In emerging economies it is normal
for equity sponsors and senior lenders
to infrastructure to demand higher
returns and tighter terms than the
government is willing to accept, and
the government to seek to transfers
more risks and uncertainties on to the
equity sponsors and senior lenders
Opening up opportunities
“Bankability is the degree
to which a project is
structured to represent
an overall risk acceptable
to the lenders”

9. Pre-Acquisition Appraisal
Jordan in association with
Arabtech Jardaneh
Intention
The current principals of Altra
Capital were approached by
Arabtech Jardaneh to assist AJ with
establishing the viability for one of
AJ’s clients, The Kuwaiti Jordanian
Holding Company (KJHC), of
acquiring an interest in Queen Alia
International Airport (QAIA) following
the Government of Jordan’s
indication that it intended to privatise
QAIA through a form of concession.
KJHC wanted to determine the
commercial viability of bidding
through a PPP concession for QAIA,
Amman, Jordan. The assessment
was to include feasibility studies,
financial analysis and the forecasting
the potential for air traffic growth,
other services and value-added
activity within the airport’s
operational land.
Précis
Our team, led by our chairman,
provided a pre-acquisition
assessment providing:
• feasibility studies
• financial analysis and forecasting
the potential for air traffic
growth
• other sources of income and
value-added activity within the
airport’s operational land.
Working with the KJHC and various
ministry personnel, we were
able to oversee and co-ordinate
a comprehensive appraisal of the
airport, its existing operation and
the potential for future economic
growth. A feature of this project
was to help AJ to develop in-house
experience and knowledge.
In forecasting the staffing
requirement and hence staff costs
a methodology was employed to
estimate efficiency by calculating
the existing number of passengers
per employee and evaluating this
against international good practice.
Based on experience, and on a
discretionary basis we could bring
the ratio back in line with what we
would expect to see at this type of
airport.
The team reviewed the operations,
forecast the potential future growth
and prepared the brief for a master
plan: a new terminal concept
design and phasing proposals.
Our specialists then produced a
comprehensive financial model for
the concession.
Our extensive international airport
project experience added to AJ’s
extensive experience, offered a
one-stop shop to KJHC. The team’s
skills were made directly available to
the client’s team, allowing a cost-
effective answer to its need for
detailed information.
Case study
than they are willing to accept. Such
issues can be overcome through
innovation, expertise and partnerships.
Our ethical standpoint encourages
market mechanisms to bring
about sustainability and social
improvements, and private equity and
venture capital to add value when
appropriate. We are experienced in
Islamic Finance structures, which
carry ethical, social, political and
religious dimensions that inform
their structure; we have developed
risk sharing strategies supported
by limited government backing
to stimulate SME development
programmes; created mezzanine
funding solutions to advance
market confidence in infrastructure
investment; and are working on
Shariah compliant PPP structures.
Altra Capital undertakes financial
appraisals and cash flow projections to
support negotiations to secure equity,
mezzanine and debt investment.
Bankability is the core to the private
sector financing of public services and
infrastructure.
Bankability is the degree to which
a project is structured to represent
an overall risk acceptable to the
lenders. Optimizing risk allocation is
fundamental to bankability and thereby
more closely aligning the interests
of stakeholders. At Altra Capital we
work on developing comprehensive
risk-weighted business plans and
financial models.
Altra Capital offers assistance to the
public sector for specific projects
as Transaction Advisers; including
advising on legal and regulatory
amendments as well as drafting
and negotiating procurement and
contractual documentation. Altra
Capital also specialises in the interface
with the private sector; advising
private sector investors, financiers and
operator; managing bidding teams.
Altra Capital combines strategy,
structuring and financing. Our
services provide project bankability
assessments; business planning;
project appraisal; due diligence;
financial modelling; risk analysis
and mitigation; transaction advisory
services; refinancing options appraisal;
and PPP advisory services
Our investment and financial
services team brings over 25 years’
experience in capital markets and
corporate finance, private sector
debt restructuring, mergers and
acquisitions, derivatives, asset trading
in emerging markets debt and asset-
backed securities.

10. Strategy
The aim of Altra Capital’s strategy
consultancy is to help clients
appreciate the risks and opportunities
facing businesses, governments and
other groups. Altra capital provides
clients with an improved understanding
of the political and economic climate in
which they operate.
There will probably never be a single
unified theory of strategy. Academics
and some consultants slice up realty
to fit their theories. At Altra Capital
we realise that managers cannot allow
themselves such luxuries; they have to
get results from the strategies we put
forward.
In developed economies this primarily
concerns internal organization and
performance. In developing and
transition economies this can involve a
more wide-ranging set of challenges.
Strategy is considered to be the
high-point of managerial activity,
and managers use the word both
freely and fondly. Strategy formation
is judgmental designing, intuitive
visioning, and emergent learning; it
is about transformation as well as
perpetuation; it has to include analysing
before, and programming after, as well
as negotiating during its formation.
The Altra Capital strategy consultancy
draws on the team’s expertise
from assignments in more than 75
countries: expertise built on observing
differences in business cultures
in mature economies and among
developing nations. This diversity of
experience enables our professionals
to successfully collaborate with
different cultures, ideologies and
procedures.
Altra Capital’s strategy consultancy
provides advice to customers which
influence their economic ecosystems,
and which may shape the expectations
of a customer’s whole enterprise.
Charting the way forward
“Strategy formation is
judgmental designing,
intuitive visioning, and
emergent learning.
Altra Capital’s strategy
consultancy develops
strategies for our customers
that produce sustainable
social benefits”

11. At its heart Altra Capital’s strategy
consultancy are three competencies:
(i) analysis skills to create good ideas
– an ability to know where to go and
how to get there; (ii) relationship-
building skills that people go along
with – an ability to take people along
with you; and (iii) project management
skills that can be put into practice – an
ability to make it happen.
As with all it does Altra Capital
aspires to provide world-class advice
at affordable prices. Altra Capital’s
strategy consultancy compliments our
investment advisory work, our legal
services and our project management
consultancy. Our strategy consultancy
contributes strategy, structuring
and financing for our projects: all
fundamental to the sustainability of a
customer’s activities.
At Altra Capital our ethical approach
to business produces strategies
for our customers that engender
sustainable business activities that
have a beneficial or favourable impact
on people or places. Altra Capital
promotes imaginative combinations of
management, financial and planning
techniques. Altra Capital’s strategy
consultancy focuses on creating as
better future.
Strategies exist at several levels
in any organisation - ranging from
the overall business (or group of
businesses) through to individuals
working in it. Strategic positions
can be based on customers’ needs,
customers’ accessibility, or the variety
of a company’s products or services.
Altra provides: stakeholder analysis;
vision; mission; corporate finance
and business models; organisational
structure; governance arrangements,
including that of subsidiaries;
business development and incubation;
operating and governance models;
corporate communications; and
knowledge transfer.
Altra Capital’s approach to
stakeholders is to bring people
together to share ideas, tackle
challenges and make advances.
The impetus is to design positive
relationships among stakeholders,
both in the external and the internal
environments, through the appropriate
management of their expectations and
objectives.
Examples of our team’s
strategy commissions
include:
China: Strategy and
operations planning for
China Air Express
Czech Republic:
Strategic advice to
Czech Government
on development
opportunities for
Ostrava-Mošnov Airport
Europe: Strategy
consultancy to JP
Morgan exploring
potential intermediary
functions to optimise
property portfolios
Russia: Advice to
Deutsche Bank
regarding merger of
Yukos and Sibneft
Swaziland: Business
development strategy
for the National Ministry
of Economic Planning
and Development,
Government of
Swaziland; including
assessing the market
opportunity and
producing a clear
marketing strategy
highlighting the potential
to develop tourism to
determine the economic
benefit to the country
UK: Advice to Deutsche
Bank on British Energy
restructuring
UK: Strategy advisor to
major global Investment
Bank, working in close
harmony with the bank’s
New York and London
management teams
UK: Financial planning
strategy - Portsmouth
Continental Ferry
Port, UK providing
financial planning and
investment analysis
to model options for
full privatisation, JV,
concessioning and PPP
UK: Development of
cost efficient strategy
for procurement of ATC
at London Luton Airport
UK: Co-ordination of
the IT strategy for
the Heathrow Airport
Terminal 5 Project –
British Airways
USA: Advice to
Deutsche Bank on
restructuring of UES
Surface Access Strategic
Planning Study
AENA-Barcelona International Airport
required a surface access strategy that
would accommodate the forecasted
growth in the airport, deliver passengers
to the right terminal, provide inter
terminal transport and improve access
from the catchment area.
Geoff Maynard led the Strategic Rail
Planning team that provided a full
analysis of the transport implications for
each of the airport’s strategic planning
and master planning options.
For each planning option, demand
and capacity data for forecasted
OD and transfer traffic, together
with modal splits, were analysed and
tested against surface access options.
Considerable effort was expended
identifying possible improvements to
the public transport options. These
included a new station on the high
speed line under construction, a loop
on the high speed line to enable some
trains to call at the airport, extension
of existing suburban rail services,
an extension to two existing metro
services to the airport, new bus services
and a new light rail (tram) line into the
surrounding areas. Each improvement
was designed to meet specific needs
– travel from the city centre for tourists
and businessmen, and travel from
the suburbs for Barcelona residents
flying from the airport or working at the
airport.
Inter Terminal connectivity options
included people movers, for airside
and landside passenger movements,
and the possible use of heavy rail for
landside movements.
Each surface access proposal was
thoroughly investigated, including
establishing service frequencies,
journey times, hours of operation, and
operating and capital costs. The services
were then tested against each demand
scenario to establish their financial
viability, ability to meet forecasted
demands, and for their simplicity of
operation. Recommendations were
made for each of the demand scenarios,
and a proposed staging plan for the
improvements was drawn up.
Projects
Case Study

12. Project
management
Altra Capital’s is accustomed to
viewing life through the client’s eyes.
Our focus is on client needs and value
creation, time and cost efficiency,
transparency and accountability, ethics
and customer service.
Our project management services
cover the entire spectrum offering
a complete cycle of broad-based
services. We aim to provide first-rate
advice at affordable prices. We bring
flexible, innovative and robust solutions
based on many years of world-class
delivery, whether business change or
physical developments. Altra Capital’s
experience and professionalism
achieves excellent value for money to
customers around the globe, bringing
global experience wherever it is
needed.
Project management is the application
of structured techniques for the
planning, monitoring and control of
projects with the intent of achieving
a successful outcome. Project
management is principally about
planning and managing processes,
identifying and mitigating risks and
controlling costs.
Our objective is to maximise the
value created at each stage of each
real estate project and infrastructure
development.
At Altra Capital the project manager
will have a good grasp of the roles
of the technical, financial, legal, and
operational requirement of a project,
and is able to take a lead in identifying
and agreeing the scope of work. The
briefing process is the most important
and often the least understood feature
Delivering
success

13. Our team has acted as Project
Manager on many major projects.
Some examples include:
China: Project Management
of Beijing International Capital
Airport’s 43 million passengers
Terminal 3, the world’s biggest
airport terminal
UK: Heathrow’s 35 million
passenger Terminal 5, the world’s
most advanced airport terminal
UK: John Davie, our chairman,
with his experience of earlier
post-merger bank integration
projects and was appointed as
the Bank’s Project Manager,
working closely with the
bank’s New York and London
management teams. The
services involved Strategy
Workshops, Project Management,
Planning and Cost Management.
“Our objective is to
maximise the value
created at each stage of
each real estate project
and infrastructure
development”
of successful infrastructure and
commercial development. Where
long-term investment and operational
commitments are to be entered into,
this is critical. The project manager
will understand the totality of a client’s
objectives and will encapsulate these
such that the optimum outcome can
be reached. Altra Capital advises
governments, financiers and investors,
private sector clients, operations and
management companies and owner
occupiers of facilities.
Our Project Management services
include: development management;
project management; commercial
management; financial modelling
and structuring; risk management;
operational support; lender's
supervision; due diligence; and
strategies for developing and transition
economies.
Projects
Beijing Capital International
Airport, China
The importance of adequate and
comprehensive briefing is a core
element of the Project Management
Process. Members of our team acted
as Project Manager to a multi-national
design team on one of the world’s
largest projects is fundamental.
One basic tenet is that it can prove
very costly to decide on a particular
solution before a full assessment
of the clients' and users' needs and
problems has been made.
The briefing advice our people
provided to the Chinese CAA brought
clarity to the project. The brief was
consistent within itself, and with
other related documents. At each
stage it was complete as far as the
project team's understanding and
expectations had developed. The
final brief was realistic in its aims,
resources, context and quality to be
achieved.
The brief that our people developed,
whilst comprehensive, contained only
information and decisions that were
relevant to the project. It smoothed
the progress and stimulation of
communication and discussion
within the team of over 1000
professional staff by facilitating the
setting of priorities, analysis, problem
identification and information flow.
It provided a collective 'thinking
through' of the project.
Jinan Airport, China
Following a successful series
lectures to the Civil Aviation
Administration of China (CAAC) on
the commercialisation of airports,
Altra’s John Davie was invited to
lead the British Consortium that
secured, in competition, the design
commission for the development
of Jinan Airport.
In addition to leading the multi-
disciplinary design team, the role
included analytical studies to verify
forecasted demand and capacity,
option studies and operational
models, project management and
cost management of the master
plan and the new terminal
scheme design.
We also explored the potential to
commercialise the airport in the
future.
Case Study
Case Study
Project management is a core
expertise at Altra Capital.
Altra Capital’s senior team has
been involved in many aspects
of international infrastructure and
commercial real estate developments
for several decades. We are
experienced in the area of syndicated
property exposure, identification of
joint venture partners, maximisation
of taxation strategy and developing
master plans. We have extensive
experience in acting internationally as
development managers in every sense
of the word.
Altra Capital is a customer-centric
organisation which undertakes a broad
range of management consultancy
services providing solutions that
meet today’s business objectives. Its
consultants bring relevant technical
and industry sector experience, utilize
robust and tested techniques and
operate in an inclusive manner.

14. Altra Capital’s legal department supports
its clients with advisory services to enable
the provision of public services and
infrastructure to emerging economies. It
is committed to giving exceptional value
for money. Altra Capital’s legal services
complement our strategy consultancy,
our investment advisory work, our project
management activities and specifically
our expertise in Pubic Private Partnerships
(PPP). Our legal services add strategy,
structuring and financing: all contributing to
the bankability of projects.
Altra Capital’s legal services concentrate on
infrastructure, pubic services, construction,
real estate and partnership approaches
(such as PPP). Altra Capital specialises in
devising and implementing procurement
strategies for emerging economies. Those
who wish to succeed must understand
the drivers from the perspective of all
the parties involved in a programme.
Appointing professional advisers requires
competent scoping and skilful drafting;
Altra Capital brings a ‘client perspective’
to framing assignments with consultants;
providing procurement advice for, and
management of consultants, and assessing
output of work performed; advising on a
“The single most important
thing that government must
do is commission very high
quality project development
work, using high quality
experienced advisers like
Altra Capital”
Legal
services
A client’s perspective
fair payment mechanism that incentivises
the private sector to deliver the specified
services throughout a long-term service
contract.
Our legal team is actively involved
in technical assistance to various
governments in developing the necessary
regulations and laws to achieve optimal
private sector participation in infrastructure
and public service delivery. Its experience
in developed jurisdictions has been a
valuable asset in assisting those emerging
economies seeking to develop their
infrastructure provision in accordance with
international standards.
Among the services Altra Capital
undertakes are: Legal and regulatory
reviews; legal structures; drafting of laws
and regulations, probity reviews; drafting
model contracts and master concession
agreements (which it has done for a

15. The team consists of only senior
lawyers who have together decades
of experience in practical delivery
of PPP Projects. The Team leader,
Anthony Smith, was for some years
Head of the United Nations PPP
Readiness Task Force, dedicated to
assisting governments around the
world in setting up and delivering
their PPP programmes and remains
a Lead Specialist in the U.N.E.C.E
PPP Team of Specialists. The
majority of Anthony’s time is now
spent assisting Government in
drafting Laws, Regulations, and
project contracts as well as advising
them on procurement strategies and
capacity building within Ministries
of Finance, PPP Units and Procuring
Authorities. He is a well known
speaker on the international PPP
Circuit and brings over 20 years’
experience of practical PPP delivery
in all sectors.
Our depth of experience in legal
aspects of PPP delivery in unequalled
outside of the major international law
firms (where all the members of our
team originally came from), but our
fee structures deliver significantly
better value for money.
We pride ourselves in the experience
and worldwide expertise of our
team and its ability to deliver that
experience and expertise to each
project which Altra Capital undertakes.
Unlike most law firms, we do not field
junior lawyers on project (in fact, we
don’t employ any), only those with
an in depth experience that in suited
to the project currently being dealt
with. We feel that this gives a much
better service to our clients as they
always have to hand someone whose
advice and experience will be of very
valuable benefit to the delivery of a
project.
Our legal team
Many experts have only worked in
mature markets. Altra Capital also has
developing economy exposure, offering
far greater insight into modifying PPPs
to almost any situation. We adapt this
unique experience and successfully use
the knowledge in developed markets.
There are many examples worldwide,
even in successful economies, where
projects have been stalled during the
procurement process when legal
impediments to successful PPP
implementation have been discovered
and this can have serious effects on
the ability of the Country to attract both
investors and funders for future projects.
Bidding for major infrastructure projects is
expensive for the private sector and any
doubt as to the readiness of the Country
to deliver the project seriously reduces
the private sectors appetite to bid.
In 2013, Asian Development Bank were
providing technical assistance to the
Government of the Kyrgyz Republic to
assist them in developing a satisfactory
PPP Environment and to work with them
in procuring and delivering PPP projects in
the Country.
Accordingly, members of the Altra Capital
legal team were contracted by Asian
Development Bank to conduct a Legal
framework assessment of the legal
system in the Republic, in order to ensure
that there were no legal impediments to
PPP implementation in the Country.
We visited Bishkek in October of 2013 in
order to review the system of laws in the
Country with particular reference to those
laws that would be likely to impact on
PPP Implementation, and to amend the
existing PPP Law in order to bring the law
up to international standards. Concerns
were highlighted in areas likely to impact
successful implementation of projects
already in the process of preparation.
Some areas of concern identified were
as follows:
1. The budget law, as then drafted,
was likely to impede the ability of a
procuring authority to enter into contracts
which committed them to expenditure
for a time greater than 3 years from
the execution of the contract - clearly,
this was something that needed to
be addressed prior to any project
procurement process being undertaken
as PPPs involving any payments from the
public sector are for considerably longer
periods
2. The Law on Concessions and
Concession Enterprises needed to be
amended to restrict the requirement
that all improvements to land under a
concession would be the property of the
state to mineral resources projects
3. The question of whether the PPP Law
should work within the parameters of the
Procurement Law or be excluded had to
be settled
The PPP Law was extensively reviewed
and amended in discussions with the
Ministry of Finance and to ensure that
it complied with the recommendations
contained in the UNCITRAL Legislative
Guide to Privately Financed Infrastructure
Projects and also to be line with EBRD
recommendations.
The amended PPP Law is shortly to be
put before the Kyrgyz Parliament, paving
the way for the commencement of
procurement of the Kyrgyz Republic’s
first PPP Projects.
Case study
number of countries); advising on and
negotiating contracts; governance models;
PPP policy, readiness assessments and
implementation action plans; forming
special purpose vehicles (SPVs) service
level agreements (SLAs), output
specification and payment mechanisms;
knowledge exchange, training and capacity
building both for government and the
private sector; and framing assignments
with consultants, procurement advice for,
and management of consultants.
From a legal perspective, contractual
structures for large infrastructure
project can be complex and the
identification, quantification, mitigation
and apportionment of the numerous risk
factors within a project can be daunting,
particularly when seeking to contractualise
the risk apportionment. Altra Capital’s
Legal Team is well versed in assisting
clients to manage this important part of a
project, as well as ensuring that the ‘flow
down’ of risk from the Provider to the sub-
contractors, insurers and other parties is
achieved with optimal value for money for
the Authority.

16. Appendix
Our team’s activities include capacity
building for infrastructure development
within Government, social infrastructure
development and public services
programmes, airports, air traffic control
systems, roads, railways, hydroelectric
dams, power plants, water projects, gas
pipelines, aluminium smelters, mobile
phone networks, hospitals, schools,
sports, defence projects, energy from
waste, canals and hotels.
Globally: Altra Capital has produced
various studies into developing a sharia
compatible for of PPP for providing
essential public services and infrastructure
by extending the far reaching concepts of
the United Kingdom PFI model
Afghanistan: Developing the Master
Concession Agreement, Requests for
Qualifications, Requests for Proposals,
output specifications and payment
mechanism for Health PPP Projects,
advising on Procurement and PPP Policy
formulation, for the Ministry of Public
Health in Afghanistan for 3 hospital PPPs
as part of the USAID Global Health Project
Bahrain: Economic feasibility study for an
island development to establish drivers in
demand, increase natural growth in the
GCC region, develop a revenue model
Bahrain: Business plan, marketing
strategy and operational plan resulting
in Bexair (Bahrain Executive Air Services
WLL) being launched at the Dubai Air
Show 2001. Altra has recently managed
the team that is valuing the airline and
is handling negotiations for a private
placement of equity in the airline.
Bulgaria: Refurbishments and lender’s
supervision for DSK Bank
Canada: supporting the Mayor of Calgary
in establishing his PPP programme
China: CAAC (General Administration
of Civil Aviation of China). The provision
of a resource to assist the Chinese
Aviation Ministry to develop a culture
embracing commercialisation of its
aviation sector. Training and advice to the
Civil Aviation Authority of China for Airport
management
China: Advisor to the Chinese
authorities in the rail access strategy for
the new lines from Beijing to the giant
new Terminal 3 to provide a world-class
rail service in time for the 2008 Summer
Olympic Games
Cyprus: Larnaca and Paphos Airports,
Cyprus. To review the input data upon
which the Cypriot government's traffic
forecasts - annual passenger, aircraft
movement and cargo forecasts for both
Larnaca and Paphos Airports for a 20 year
period.
Estonia: financial adviser to the
State Enterprise Port of Tallinn, the
Government of Estonia, for Muuga Port,
a major port of the eastern Baltic coast.
Provided the State Enterprise with a
feasibility study generating options
for the financing of the US$500m port
expansion
France/UK: Demand study for domestic
services on the Channel Tunnel Rail Link
France: Advising on the Seine-Nord
Canal PPP Project in France (106Km new
build and upgrade)
Ghana: acting for Gadco in the
development of large scale sustainable
irrigation and agricultural projects in
Ghana
Greece: financial adviser to a consortium
of Greek companies bidding to design,
build, finance and operate the Athens
Ring Road.
Hong Kong: financial adviser to a
consortium of companies headed by
Cheung Kong bidding to build the Route
3 toll road in Hong Kong.
India: delivering PPP workshops and
PPP Action-Learning programme for the
Minister of Road Transport and Highways
India: acting for an Antilles based Energy
Company procuring a 960MW run of river
hydroelectric plant in Northern India
Indonesia: financial adviser to the Export
Credit Guarantees Department (ECGD,
the UK export credit agency) on the
Cikampek-Padalarang toll road project in
Indonesia
Italy: Aeroporti di Roma. Member
of technical advisory team set up by
Mediobanca to advise the Gemina
Consortium of Italian Industrialists in its
bid in response to the public placing
Jordan: Preparation of a pre-acquisition
airport business plan for a single action
tender for the acquisition of Queen Alia
International Airport, Amman, Jordan.
This included revenue and cost model
analysis and financing for US$ 600m
investment.
Latvia: PPP Motorway Project: advice
and guidance to the Min. of Transport/
Motorway Agency on the payment
mechanism for a DBFO motorway
project
Libya: Evaluation of the supply and
demand factors affecting the market
for private healthcare in Libya for the
purpose of projecting the likely future
demand for an additional private
hospital
Libya: Tripoli Urban Express Railway
System (Metro). Legal and regulatory
advisory services, financial structuring
concepts, project management advisory
services, technical and operational
advisory services, economic and
financial models, contract review and
legal advisory services
Malaysia: Review of Air Asia for the
Islamic Development Bank in respect
of investing in equity stake in Air Asia.
Strategic study of the low cost airline
sector, assessment of suitability of
model in far east strategic and review of
investors capital model
Mexico: advice to President’s office on
PPP policy and communications issues
Mongolia: worked with the World Bank
and Asia Development Bank on the
MP3IC PPP programme and USAID and
UNDP in development of the PPP Unit
Capacity Building
Portugal: Financial adviser to a
consortium of companies including
Siemens and GEC Alstom (now Alstom)
in respect of their bid to build, own and
operate the North-South Rail Link in
Lisbon

17. Romania: Reviewing the Romanian Law
on Public Procurement on behalf of the
European Investment Bank
Saudi Arabia: Advising the Saudi
Ministry of Labor on a Private Equity
Strategy and Public Private Partnership
implementation
South Africa: Feasibility study, economic
assessment, development strategy and
financing options for Wilson’s Wharf
Marina and Shopping Centre, Durban
Spain: Initial Public Offering of Ferrovial.
Our Head of Investment Banking acted
as Transaction Adviser undertaking
financial and legal due diligence, including
review of all infrastructure concessions
and assets; valuation of company;
governance; demand assessment,
marketing and placement of IPO
Spain: Strategic Rail Planning for
the interface between the AGV and
Barcelona Airport providing a full analysis
of the transport implications demand and
capacity data for forecasted OD and
transfer traffic
Sri Lanka: financial adviser to a
consortium of companies appointed sole
bidder to the Government of Sri Lanka
to build, own and operate Galle Port in
Southern Sri Lanka
Swaziland: Drafting support to the
Attorney General’s office with the
preparation of the new CAA Act and
supporting regulations to promote an
efficient and economical civil aviation
system and liaison with the Department
of Civil Aviation, ICAO and EU
Trinidad and Tobago: Conducting a PPP
in Social Infrastructure Training programme
(including Policy formulation, procurement
and legal frameworks) for Government
officials from Trinidad and Tobago
Turkey: working with the State
Privatisation authority to found the
Turkish PPP Association
Ukraine: Advising and producing a report
on worldwide procurement best practice
to Ukravtodor in connection with their
proposed procurement of the Kiev Ring
Road
UAE: Advising the Abu Dhabi Education
Council in connection with a 34 school
education PPP
UK: Strategic adviser for the London
Cross Rail project, London’s largest
planned expansion of the railways
system in almost 100 years; leading
study into demand and cost/benefits and
giving evidence to the Parliamentary Bill
Committee
UK: Conducting major operational,
business and process reviews for
Thameslink 2000 project including
directing a successful campaign to
secure Government approval and
funding
UK: Adviser on the Kings Cross master
plan in London
UK: Advised in pre qualifications
negotiations for the Tubelines track
replacement contract for the Jubilee,
Piccadilly, Northern and Metropolitan
Lines (London Underground)
UK: Drafted standard construction
documentation for Siemens Plc for rail
infrastructure projects
UK: Leadership, management and co-
ordination of the successful PPP bid to
acquire a controlling interest in National
Air Traffic Services (NATS) including
formulation of the a performance regime
for the UK government
UK: Project management of the British
Airways main data centre at Heathrow
Airport
UK: Procurement strategy for the PPP
to provide the Radiocommunications
Agency with its new HQ
UK: Feasibility into direct rail access
to London City Airport and potential
impacts on the airport’s terminal building
and land use, resulting in the preferred
rail access solution being identified
and subsequently incorporated into the
Docklands Light Railway’s plans
UK: Advising on numerous landfill and
waste disposal contracts including
waste-to-energy plants for a major
waste operators and public authorities
UK: financial planning strategy for
Portsmouth Continental Ferry Port
providing the financial planning and
investment analysis of model options
for full privatisation, joint venture,
operations, concessioning and PPP
UK: Advised Roadways Container
Logistics Ltd in connection with
the connection and operation of the
Birmingham International Freight
Terminal
UK: Detailed financial appraisal and
cash flow to support negotiations to
secure incoming equity investors for
London Bridge Quarter, one of the most
prestigious developments in the world,
which features 310 metre high ‘The
Shard’ and London Bridge Place
USA: Contribution to the production of a
P3 Guidebook on Financial Appraisal for
the US Department of Transport Federal
Highways Authority.

18. Altra Capital Limited
Token House
11-12 Tokenhouse Yard,
London EC2R 7AS
United Kingdon
T: +44 (0) 207 073 2864
E: info@altracapital.com