Jurisdiction(s):
United Kingdom

Key definition

Project company definition

What does Project company mean? In PPP/PFI procurement, a project company is the special purpose vehicle (SPV) incorporated by the winning bidder to enter into the project agreement (for example, a PFI Project Agreement, PPP agreement or concession agreement) with the public authority and deliver the project. It ring-fences project risks and cashflows, is usually a company limited by shares owned by the sponsors, and raises limited‑recourse project finance. The project company receives the unitary charge or user revenues, lets the key sub‑contracts (construction/DB and O&M/FM), grants security over its assets and shares, and enters into direct agreements with lenders and the authority to provide...

Government concession contracts in project finance: structure, common concessions, party rights, and key lender issues on concession period, termination, step-in, payments, security and change of control

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Practice notes

A standard project rests on an intricate web of contractual ties among the participants, for example the project company, equity investors, contractors, sub-contractors, off-takers and suppliers (see Practice Note: Project finance—key project parties). The instruments that govern these arrangements are usually called the ‘project documents’. For further detail on project documents generally, see: Project documents: issues for lenders—overview. In many transactions, a concession contract forms one of the key project documents. That concession contract sets the terms of the relationship between the host government (or governmental authority) and the project company...

What are 'concessions' in the context of project finance transactions?

Numerous projects feature some level of collaboration between the private sector and the public sector. According to the project structure, private parties may assume responsibility for scoping, design, financing, construction and/or operation of the project. Often, however, the government in the country where the project is undertaken (the ‘host government’) will also need to, or wish to, take part in the project to some degree...

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Web page updated on 21/05/2026

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