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Project Co meaning

What does Project Co mean?
In PPP/PFI and project finance practice, Project Co is the private‑sector project company—usually a ring‑fenced special purpose vehicle (SPV)—that contracts with the public‑sector client (the Authority/Contracting Authority) under the Project Agreement (also called a PPP, concession or DBFM/DBFO agreement). This is a descriptive market term, not defined by statute or case law, and its usage is broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland. Project Co is the single counterparty responsible for delivering the project and meeting performance and payment obligations. It typically raises equity and senior debt, receives the unitary charge or availability/usage revenues, and passes down construction and operational risks through back‑to‑back subcontracts (for example, design and build/EPC and operations and maintenance). It is commonly the borrower under the finance documents and grants comprehensive security to lenders, who take direct agreements and step‑in rights. While most structures use an SPV owned by sponsors, an existing group company or other private‑sector participant may act as Project Co in some cases. Equivalent labels include Project Company and, in concession models, Concessionaire.
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CHECKLISTS
Principal designer under the CDM Regulations 2015 (Great Britain): appointment, competence, pre‑construction co‑ordination and the health and safety file—lawyers’ checklist

For further information on the principal designer’s responsibilities and remit, consult the following: Construction (Design and Management) Regulations 2015, SI 2015/51 (CDM Regs 2015) HSE Guidance on the Construction (Design and Management) Regulations 2015 CONIAC Industry guidance for Principal Designers Practice Note: CDM Regulations 2015—the role of the principal designer Appointment of the principal designer On any project involving more than one contractor, the client is required to appoint the principal designer formally and in writing. This appointment should be made as soon as practicable and, in any case, before the construction phase begins, without delay...

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CHECKLISTS
CDM 2015 vs 2007: Key changes—client-centred duties, principal designer replaces CDM co-ordinator, domestic clients included, notification and construction phase plan responsibilities (Great Britain)

ARCHIVED: This checklist has been archived and is not being maintained. Theme Key changes Client duties CDM 2015 is client-focussed: the client holds ultimate responsibility for controlling health and safety on the construction site (SI 2015/51, reg 4), including making sure the principal designer produces the health and safety file. They must also see that this requirement is kept under review and maintained for the duration of the project. Duties for clients under CDM 2015 when managing projects mirror the 2007 obligations (SI 2007/320, regs 9–10), with extra requirements that the client takes reasonable steps to verify the principal designer and the contractor comply with their duties (SI 2015/51, reg 4(6)). Election by clients is likewise captured within client duties under regulation 4 of the 2015 Regulations. NEW 2015 — CDM now extends to domestic clients — this is a new provision under SI 2015/51, reg 7...

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CHECKLISTS
Arbitration pre-commencement strategy and project management checklist: case analysis, evidence, communications, technology and third-party funding

Checklist Case review: facts, both sides’ legal positions, award enforceability, commercial drivers, and desired outcome. One-page argument summary (diagrams if helpful); if it resists distillation, investigate further. Project plan: routes to objectives, issues, stakeholders, evidence and data handling, initial timetable for claim/defence and later steps, indicative timings, responsibilities, and timing risks. Update the summary and plan throughout. Use them to stay on track, build a staged budget and funding needs, and maintain a document/correspondence tracker. Communications plan: group email or shared repository, cybersecurity/data protection, privilege with the client (esp multiple clients), protocols with tribunal/opponent (incl co-counsel), external notices (eg market), and a retrievable filing system. Evidence plan: locate documents/witnesses, pause destruction policies, collect and code material in a searchable, access-controlled database, schedule witness interviews, and address cybersecurity/data protection. Cost-efficient third-party support: low-cost centres, document tools/review tech, translation and certification. Third-party funding: weigh cost versus benefit, suitability, settlement impact, and the funder’s share. ...

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NEWS
Security for costs on appeal: evidence, enforcement risk and proportionality under CPR 25.27/25.29—Court of Appeal guidance in Qatar Investment v Phoenix (England and Wales)

Qatar Investment and Project Developments Holding Co v Phoenix Ancient Art SA [2025] EWCA Civ 1300 What was the background? In this Court of Appeal matter, the respondents to the appeal (the claimants) applied, by way of an application, for security to cover their appeal costs. The appellants/defendants were Phoenix Ancient Art S.A., a Swiss company, together with Ali Aboutaam, a Swiss resident, and Hicham Aboutaam, resident in New York. The claimants had issued two separate claims against five defendants in total, of whom the first three were the present appellants: one action commenced in 2020 and a second in 2023 respectively. Each claim concerned the artefacts in issue, acquired and purchased from Phoenix, which the claimants alleged were counterfeit and inauthentic. The 2020 proceedings focused on a small chalcedony statuette depicting the goddess Nike. The 2023 proceedings concerned two further pieces, namely: a marble work titled the Head of Alexander the Great as Herakles, and a small chalcedony cameo described as the Phalera with an Imperial Eagle....

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NEWS
UK Public Law update: Brexit/Windsor Framework implementation, new SIs, constitutional scrutiny, subsidy control/State aid, and recent judicial review and equality decisions—week ending 24 October 2024

In this issue: Brexit highlights Post-Brexit transition guidelines Brexit SIs Constitutional and administrative law Subsidy control and State Aid Judicial review Equality and human rights Other Public law news Daily and weekly news alerts Dates for your diary Trackers New and updated content Useful information Brexit highlights EAC sets out recommendations on future of UK-EU data adequacy The House of Lords European Affairs Committee (EAC) has issued a letter to the Secretary of State for Science, Innovation and Technology, Peter Kyle, summarising the principal conclusions and recommendations from its inquiry into UK‑EU data adequacy. It found that the loss of EU data adequacy in June 2025 would bring substantial costs and added administrative burdens for businesses and organisations, create obstacles to international trade and economic co‑operation, and detrimentally affect Northern Ireland under the Belfast/Good Friday Agreement and the Windsor Framework Agreement. The EAC therefore advises that the government engage with...

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NEWS
UK Upper Tribunal on FCA enforcement mitigation: credit for proactive self‑reporting, independent investigations and remedial action; rejects narrow ‘exceptional co‑operation’ test in Rangecourt SA v FCA

Rangecourt SA (formerly Banque Havilland SA) & others v The Financial Conduct Authority Rangecourt SA (formerly Banque Havilland SA) and others v The Financial Conduct Authority and another [2026] UKUT 47 (TCC) What are the practical implications of this case? The judgment delivers notable regulatory guidance on when co-operation will be treated as a mitigating factor in enforcement, and resists the FCA’s increasingly tight interpretation of what is ‘exceptional’. The Tribunal placed marked emphasis on post-breach conduct, particularly where a firm proactively uncovers, scrutinises and reports misconduct. It confirms that firms which promptly self-report, investigate effectively, engage external advisers and put remedial measures in place (including staffing changes) can anticipate substantive mitigation—promoting earlier internal inquiries, greater candour and swifter regulatory dialogue. The Tribunal also sets out a more precise test for co-operation: the decisive question is whether the firm’s actions substantially assisted the regulator, rather than satisfying an elevated, exceptional threshold. The FCA’s Decision Note advanced a narrow view, asserting that the Bank’s provision of the Project Gulf report...

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PRACTICE NOTES
2022 appeal round-up and tracker: key civil litigation decisions and forthcoming Supreme Court cases (England and Wales)

Practice Note This Practice Note consists of two strands created to help dispute resolution practitioners remain up to date with developments in case law that affect their field, or which influence civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are highlighted below; see Key forthcoming appeals to the Supreme Court—2022 summaries of significant appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, certain judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council, Court of Justice of the European Union), and ECtHR, which we have covered; see: Key forthcoming appeal cases—2022 You can navigate this content using the table of contents in the left-hand margin. Alternatively, search this tracker using [CTRL]+[F]. This material is not intended to be a comprehensive register of every appeal or major decision relevant to dispute resolution practitioners. Key forthcoming appeals to the Supreme Court—2022 Tort and negligence ...

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PRACTICE NOTES
Drafting and enforcing equivalent project relief in PFI/PF2: HGCRA 1996 constraints on pay when paid and key case law

This Practice Note explores equivalent project relief (EPR) in PFI and PF2 schemes, outlining the purpose of these provisions, the composition of an EPR clause and key cases. EPR clauses usually provide that a sub-contractor may claim compensation, an extension of time (EOT) or relief from termination under the sub-contract only to the extent that Project Co has secured the equivalent remedy under the Project Agreement; in short, Project Co bears no greater liability to the sub-contractor than the Authority bears to Project Co. Note that in the 2018 Budget (delivered on 29 October 2018), the government announced it would stop using PFI or PF2 for new projects (see News Analysis: Budget 2018—what does it mean for infrastructure and housebuilding?). However, existing PFI and PF2 projects continue to run. What is equivalent project relief? To understand what equivalent project relief means, it is necessary to consider the background that prompted these clauses. As explained in Practice Note: Introduction to PFI and PF2, the structure of a...

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PRACTICE NOTES
UK PFI/PF2 Projects: Key Project, Construction, FM and ICT Contracts; Equity, Debt and Bond Financing; Security, Warranties and Step-in Rights

Project documents This Practice Note offers an overview of several widely used agreements and papers in a PFI/PF2 scheme, though the precise suite adopted will turn on the particular project. In the 2018 Budget (delivered on 29 October 2018), the government stated that PF2 will not be used for new schemes (see News Analysis: Budget 2018—what does it mean for infrastructure and housebuilding?). That said, existing PFI and PF2 arrangements will remain in operation and, given the usual term of such projects, are expected to continue for many years... Project Agreement This is the core contract in any PFI arrangement. It records the full set of terms and conditions governing the relationship between the Authority and Project Co/SPV for the life of the project. Where Project Co/SPV is granted a concession (ie the exclusive right to supply/operate/exploit something to create third party revenue), the Project Agreement may be described as a concession agreement. Typically a substantial document, it is often divided into multiple sections for manageability. Under...

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PRECEDENTS
Joint R&D Collaboration Agreement: 50:50 Foreground IP, Background IP cross-licensing, committee governance, exclusivity and separate marketing, governed by the laws of England and Wales, tiered dispute resolution

This Agreement is entered into on [ date ], between the following: Parties [ insert name ], being of [ insert address ] OR a company incorporated in [ England and Wales ] under number [ insert registered number ], whose registered office is at [ insert address ] ([ Party A ]); [ insert name ], being of [ insert address ] OR a company incorporated in [ England and Wales ] under number [ insert registered number ], whose registered office is at [ insert address ] ([ Party B ]); (together, the Parties, and each, individually, a Party). Background [ Party A ] is engaged in the business of [ insert description of Party A’s business ]. [ Party B ] operates in the business of [ insert description of Party A’s business ]. The Parties have agreed to collaborate in a programme of research and development work in relation to [ insert...

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PRECEDENTS
Architect’s Services Schedule for Design and Build Procurement: RIBA Stages 0–7, Lead Consultant role, CDM 2015/Building Regulations duties, and pre- and post-novation obligations

The Architect shall: General responsibilities (Stages 0–7) Lead Consultant: advise on scopes, guide specialists, integrate and co‑ordinate design, chair design meetings with minutes, manage Client–Design Team communication, collate stage reports. Act as or liaise with the Principal Designer under CDM 2015 and Building Regulations 2010; manage Client instructions; agree deliverables; design to budget; brief on duties; liaise with the BIM Manager. Stage 0: advise on risks, finance and feedback; visit site; assist with Design Team appointments; Stage 0 report. Stage 1: feasibility; arrange/collate surveys; develop the strategic brief into the Project Brief (sustainability, quality, spatial needs); set procurement, programme and PEP; align budget; Stage 1 report. Stage 2: concept and outline proposals aligned to cost plan and strategies; cost advice; compliance route and pre‑application planning; Stage 2 report. Stage 3: spatial co‑ordination; planning applications/consents, revisions and conditions; select materials/methods; value engineering; tender support; Stage 3 report. Stage 4: technical design, specifications and packages; building regulations submissions; ERs, Construction Phase Plan; Stage...

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PRECEDENTS
Overview of model green lease clauses and sustainability schedules: BBP, Chancery Lane Project, Model Commercial Leases and NHS frameworks

Lease provisions and clauses Better Buildings Partnership The Better Buildings Partnership (BBP) has produced template green lease clauses that span a wide range of topics, including: Definitions Co-operation obligations Building management groups Social impact Sustainable use Data sharing and metering Smart buildings Extending the landlord’s rights to carry out works Restricting the landlord’s right to undertake works that could diminish environmental performance Changes to the tenant’s ability to make alterations Energy Performance Certificates (EPCs) Reinstatement of tenant’s alterations Rent review Circular economy principles for landlord and tenant works Standards Renewable energy Dispute resolution For more, see BBP: Better Buildings Partnership—Green lease toolkit and Practice Note: Green leases—BPP toolkit—the model green lease clauses...

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