Deptford Green school is the first to reach financial close since severe cuts on the school building programme

Deptford Green School has reached financial close today, the first PFI BSF school to do so since education secretary Michael Gove announced sweeping cuts to the school rebuilding programme in July.

The £28.6m school, to be built by Costain, is part of Lewisham council’s £400m BSF programme, which remains intact despite the government effectively pulling the plug on BSF.

Lewisham BSF involves the major refurbishment or renewal of 12 secondary schools including three special educational needs schools. 

Deptford Green will be a 1100 place mixed comprehensive school in Lewisham.  The development consists of temporary school facilities, a multi-use games area, a main school and decant from the temporary facilities and demolition of the existing schools and landscaping. 

The main school is planned to open 3 September 2012. 

Senior debt funding was provided by Aviva and Babcock Education & Skills will provide the facilities management and ICT services.

Andrew Wyllie, the chief executive of Costain, said: “We are delighted to be involved in this BSF contract and our continued involvement with Lewisham Council which, through our Local Education Partnership, aims to further improve education provision in the Lewisham area.”

Law firm Pinsent Masons advised the Local Education Partnership (LEP) and Costain while Norton Rose afor the London Borough of Lewisham.