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Report Title and Type (Thesis): Special Purpose Vehicle (SPV) for Infrastructure Projects Financing through Public-Private Partnerships (PPPs) Name of the Author: Abu Naser Chowdhury

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Name of Advisor and Committee Members: Dr. Chotchai Charoenngam (Chairperson) Dr. Pannapa Herabat Dr. B.H.W. Hadikusumo Field of Study : Construction, Engineering and Infrastructure Management School: School of Engineering and Technology Abstract:

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The development of special purpose vehicle (SPV) is essential for successful financial closeout of public-private partnership (PPP) projects. The financing of infrastructure projects depends on the anticipated financial performance of the SPV. Ambitious and improper setup of SPV causes suffering to project, forces restructuring debt mechanism and even bankruptcy to giant companies. Concerted efforts from the government and private sectors, as well as political, legal and financial issues need to deal with for smooth mechanism of SPV. These issues have been identified and evaluated from twelve worldwide infrastructure projects. It is found that different projects used different SPV structure. An Attempted has taken to identify the attributes governing the setup of SPV in those cases. Furthermore, six cases out of twelve in Asia and Mediterranean Middle East are screened out for in-depth analysis on financial strategies, legal framework, contract, securities for the SPV framework. The findings are based on a variety of diverse situations. Finally, a SPV structure for infrastructure projects in general has been developed, addressing key issues in five areas: (1) finance-ability; (2) sources of funds; (3) securities and agreements; (4) sovereign support; and (5) credit enhancement. The research findings should enable public as well as private sector clients to establish more efficient SPV with respect to financial framework for infrastructure projects.

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Keywords: Special Purpose Vehicle, Concession, Equity, Debt repayment, Host government, Export Credit Agencies, Multilateral Development Banks, Off-take, Sovereign Support, Guarantee References:

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