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Equity Investors /

Sponsors
Construction Third Party
Contractor Risk Managers
Shareholder
Agreement
Guarantee
Agreemen
Suppliers

Loan
SPV Agreement Lenders

Operator

Concession
Agreement
Maintenance
Contractor
Project Authority /
Government
Owner-Manager Principal
Moral Hazard
Equity Investors / Principal
Sponsors
Construction Third Party
Contractor Risk Managers
Agent

Suppliers
Agent Agent Agent
Agent
Principal SPV Agent Lenders

Agent Principal
Operator

Agent
Equity-Debtholde

Maintenance
Contractor
Agent Project Authority

Principal
ponsRep DualSponsSubsRep ContractorRep SubsUnrelRep
onsors Sponsors Sponsors Sponsor Subsidiaries U
Sponsor Subsidiaries Sponsor Subsidiaries Unrelated Contractors
Unrelated Contractors

+ Sponsor Involvement as Contractor -


Contractor Contractor
SPV Counterparties
Suppliers Operator

Insurers, Guarantors,
Hedging Counterparties

Total Risks

Senior Lenders

Subordinated
Lenders SPV Financiers

Equity Investors /
Sponsors

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