The Tube Lines PPP deal was also awarded runner up in the Best Partnership section of the magazine’s awards presented at London’s Royal Lancaster hotel.

LU Managing Director Paul Godier said: “This award recognises the enormous effort that has gone in on both sides to make the partnership come to life, and the transformation that the PPP can now make to the Tube as a vital service to London”.

Tube Lines boss, Terry Morgan said:” It’s the first of many awards we intend to win on behalf of the people who use the Tube.”

Of the Best Transport Project category, the judges said: “The project has been successfully signed, despite a very difficult operational environment and long-running political opposition. As such, the scheme is an example of the PPP approach’s ability to absorb high risk.”

“The private sector partner was able to persuade government that the project was viable, which was enough to enable the latter to underwrite remaining political risks and allow closing to take place.”

In the Best Partnership category, they described the deal as a “novel model with unique risk transfer and complex but persuasive incentives”.

The awards were presented at the end of a two-day conference, which was addressed by leading PPP professionals including Rt. Hon Paul Boateng MP, Chief Secretary, HM Treasury.