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Cheung, E, Chan, A P C and Kajewski, S (2009) Enhancing value for money in public private partnership projects: Findings from a survey conducted in Hong Kong and Australia compared to findings from previous research in the UK. Journal of Financial Management of Property and Construction, 14(01), 7–20.

Lahdenperä, P and Koppinen, T (2009) Financial analysis of road project delivery systems. Journal of Financial Management of Property and Construction, 14(01), 61–78.

Matipa, W M, Kelliher, D and Keane, M (2009) A strategic view of ICT supported cost management for green buildings in the quantity surveying practice. Journal of Financial Management of Property and Construction, 14(01), 79–89.

Owusu, M D and Badu, E (2009) Determinants of contractors' capital investment finance strategy in Ghana. Journal of Financial Management of Property and Construction, 14(01), 21–33.

Singh, L B and Kalidindi, S N (2009) Criteria influencing debt financing of Indian PPP road projects: a case study. Journal of Financial Management of Property and Construction, 14(01), 34–60.

  • Type: Journal Article
  • Keywords: Debt financing; India; Partnership; Project finance; Risk management
  • ISBN/ISSN: 1366-4387
  • URL: https://doi.org/10.1108/13664380910942635
  • Abstract:
    Purpose – Public private partnerships (PPP) projects are characterised by highly leveraged capital structure. Lenders who provide the major portion of financing in the form of debt are more concerned with the downside risks and the measures to mitigate the risks. Lenders, thus, look into the risk factors and mitigating measures that could influence the projects debt servicing capability while making the credit decisions. The purpose of this paper is to identify the various aspects of PPP road projects that lenders look into while making the decisions to extend project finance loans to PPP road projects. Design/methodology/approach – Case study research with four Indian lending institutions provides primary evidences from the interviews on the aspects considered during credit decision making. The primary evidences are collaborated with secondary evidences such as loan proposal and information memoranda of the PPP road projects undertaken by the case study organisations. Findings – The study identifies the various aspects of PPP road projects, categorised into six major dimensions. The aspects and dimensions provide a theoretical framework to measure the risk profile of PPP road projects from debt-financing perspective. Research limitations/implications – Additional cases can be undertaken to validate the findings and increase the usefulness of the framework to practitioners and enhance their general application. Practical implications – The framework can be useful while making debt financing decisions in assessing how desirable the project is from a debt-financing perspective. Originality/value – The work is novel providing insights into debt financing of PPP road projects in India and will be of interest to sponsors while structuring the financial package.