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A Build Operate Transfer (BOT) Project is typically used to develop a discrete asset rather than a whole network and is generally entirely new or greenfield in nature (although refurbishment may be involved).
In a Design-Build-Operate (DBO) Project the public sector owns and finances the construction of new assets.
This section does not address the complex array of finance documents typically found in a Concession or BOT Project.
A concession gives a private concessionaire responsibility not only for operation and maintenance of the assets but also for financing and managing all required investment. A concession may be granted in relation to existing assets, an existing utility, or for extensive rehabilitation and extension of an existing asset (although often new build projects are called concessions). Asset ownership typically rests with the awarding authority and all rights in respect to those assets revert to the awarding authority at the end of the concession. Often the concessionaire will be operating the existing assets from the outset of the concession - and so there will be immediate cashflow available to pay concessionaire, set aside for investment, service debt, etc.
In many countries there are sectors where the total collection of tariffs does not cover the cost of operation of the assets let alone further investment. Within the context of common law systems, the closest comparable legal structure is the BOT, which is typically for the purpose of constructing a facility or system.
Operator finances, owns and constructs the facility or system and operates it commercially for the project period, after which the facility is transferred to the authority.


Project company obtains financing for the project, and procures the design and construction of the works and operates the facility during the concession period. Project company will co?ordinate the construction and operation of the project in accordance with the requirements of the concession agreement. The project company (and the lenders) in a power project will be anxious to ensure it has a secure affordable source of fuel. The revenues generated from the operation phase are intended to cover operating costs, maintenance, repayment of debt principal (which represents a significant portion of development and construction costs), financing costs (including interest and fees), and a return for the shareholders of the special purpose company. Lenders provide non?recourse or limited recourse financing and will, therefore, bear any residual risk along with the project company and its shareholders. The chart below shows the contractual structure of a typical BOT Project or Concession, including the lending agreements, the shareholder's agreement between the Project company shareholders and the subcontracts of the operating contract and the construction contract, which will typically be between the Project company and a member of the project company consortium. This page also includes links to checklists, toolkits, and sector-specific PPP information. Asset ownership remains with the authority and the authority is typically responsible for replacement of larger assets.
In these cases, a clear basis of alternative cost recovery will need be set out in the concession, whether from general subsidies, from taxation or from loans from government or other sources. As with affermages, the framework for the concession is set out in the law and the contract contains provisions specific to the project.
In return, the concessionaire is protected against new concessions which would adversely affect the rights of the concessionaire.
It is also essential to include shareholders with experience in the management of the appropriate type of projects, such as working with diverse and multicultural partners, given the particular risks specific to these aspects of a BOT project.


The off-taker will want to know the identity of the construction sub-contractor and the operator.
It will often enter into a bulk supply agreement for fuel, and the supplier may be the same entity as the power purchaser under the Power Purchase Agreement, namely the state power company. The payment stream may be in part or completely through tariffs from the general public, rather than from an offtake purchaser. Assets revert to the authority at the end of the concession period, including assets purchased by the concessionaire. In common law countries a number of projects are called concessions, such as toll road projects, which are new build and have a number of similarities to BOTs . The documentation for a DBO is typically simpler than a BOT or Concession as there are no financing documents and will typically consist of a turnkey construction contract plus an operating contract, or a section added to the turnkey contract covering operations. It is therefore important when considering concessions in civil law systems to understand what rights are already embodied in the law.
Lenders are therefore anxious to ensure that project assets are ring-fenced within the operating project company and that all risks associated with the project are assumed and passed on to the appropriate actor. In a concession the concessionaire typically obtains most of its revenues directly from the consumer and so it has a direct relationship with the consumer. Power is also the main operating cost for a water or wastewater treatment plant and so operators will need certainty as to cost and source of power.



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