McGuireWoods partner Gregory Riegle and McGuireWoods Consulting senior vice president Christopher Lloyd were quoted in the October edition of Institutional Investing in Infrastructure on the many considerations when forming a public-private partnership (P3) for an infrastructure project in the United States.
Riegle and Lloyd, McGuireWoods Consulting’s director for infrastructure and economic development, are leaders of a multidisciplinary team of McGuireWoods lawyers and policy professionals dedicated to assisting clients with the expected influx of real estate, construction and infrastructure projects that may arise from legislation related to the American Jobs Plan.
In the article ̶ titled “Fine tuning: P3 projects have a lot of moving parts and the details matter” ̶ Lloyd emphasized the role of experienced advisers to public entities as one of the key considerations in P3 projects. Now considered obligatory, public entities should work with specialized, well-connected advisers that provide insight on regulatory hurdles and have credibility to support the procurement process. Lloyd said an effective advisory team should have a 360-degree view of the market to address the various facets of the deal. Riegle added, “Stakeholders need an experienced team to act as Sherpas throughout the process.”
Riegle focused on another core issue: the politics of the project. He said for most projects, the issues can be predicted and addressed, but there must be a foundation of support for the initiative. “The facts of the deal obviously matter and are an important variable,” Riegle noted. “But there must be basic political navigation, a strong ground game, to secure a base of support, whether it is corporate, political or the involved community. This creates a better environment for working through the various issues to move a project forward.”