PFI experts said the length of the deal could set a precedent. One PFI consultant said: "Other NHS trusts are looking at longer deals – now that one has been done, it could open the floodgates. If the contract period is longer, it makes it more affordable."
The scheme, designed by Capita, is made up of a £333m scheme to design and build a hospital on the site of Derby City General Hospital. The cost covers M&E installation and IT infrastructure.
The balance is made up by a 35-year facilities management contract worth £3.6m a year, which will start after the five-year construction period.
Skanska UK chief executive David Fison said: "We are delighted to have reached financial closure in the record time of just over 12 months from final bidder stage."