Chapter 16

Funding Competition, Debt Refinancing and Equity Sale

§16.1 Introduction

This chapter deals with some ‘trip-wires’ which can be inserted into the PPP process to address concerns about the high cost of funding PPPs or to limit financial windfalls for investors. These issues (which are peculiar to the PPP field, and generally not found elsewhere in the project-finance market) are as much about perception as reality, but a lot of politics is about perception, and a PPP programme depends on political support (cf. §2.13, §14.4). The topics covered are:

• Funding Competitions, under which the debt financing is placed separately in the financing market after the appointment of a Preferred Bidder (§16.2);

• equity competition, at the time of ...

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