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Project Finance
The Methodology most used to finance capital-intensive projects was called project financing, and the field was called project finance.

Characteristics
There were many definitions of project fiance, but almost all of them had the following key characteristics.
The main feature is the creation of a Special Purpose Vehicle (SPV), a bankruptcy-remote entity that remained secure if the parent company went under.
The SPV has a limited life (usually the duration of the project, i.e. 20 to 30 years), and it is usually highly leveraged(with debt at 80% ot 90% of total capital).
The cash flows generated through the project are used to cover the operational costs, repay debt and provide dividends to the shareholders.
Furthermore, project financing included extensive and complex contractual agreements adimed at effectively managing risks. Each risk was allocated to the entity (public or private) most capable of managing it.

Public Private Partnerships
A Public Private Partnership (PPP) is formed when public and private entities (one or more private entities) decide to collaborate in order to answer to public needs in the most effective possible way, by sharing resources, risks and benefits.

Characteristics
In a PPP project, the private sector entity builds, extends or renovates a facility while the public sector entity specifies the operating services of the facility.
The government is able to transfer substantial financial, technical and operational risk to the private sector.
The predefined operational period is determined primarily by the length of time needed for the facility’s revenue stream to pay off the company’s debt and provide a reasonable rate of return for its effort and risk.
At the end of this period the private company returns ownership of the project to the government.

Characteristics of Infrastructure as an Asset

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