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...

Project finance accounts: structure, security, cash flow waterfall, accounts agreement, reserve and distribution mechanics, account bank obligations, cash traps and credit support alternatives

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Practice notes

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In standard project finance deals, lenders principally look to the project’s income streams to service the debt owed. Consequently, they place tight, legally enforced controls on how the project company handles its cash. This Practice Note sets out the common ways in which lenders typically apply these controls in project finance transactions.

The purpose of project accounts

Project finance lenders commonly require the project company to open a series of bank accounts (the ‘project accounts’) and strictly forbid the project company from opening or maintaining any other bank accounts. For further details on undertakings in a project finance transaction, see Practice Note: Project finance—undertakings (covenants). Each project account is assigned a specific, predefined role connected to the project...

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Web page updated on 22/05/2026

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