The current state of Italian project finance is the result of a trend initiated more than 20 years ago, when public resources started to become scarce and the construction or infrastructure needed private funds to be carried out.
First came the realisation of energy plants – especially the renewables sector with the CIP6 regulation, which started in 1992 – where project finance started to be used in Italy on the basis of the UK experience. Such project finance schemes were initially purely private and fostered by public subsidies in the sale of green energy to the state. In the light of the success of such structures, the Italian state in the late 1990s passed a specific regulation to use project finance schemes to finance, build and operate public infrastructures in the context of European framework legislation on public works. The procedure, in brief, provided that private sponsors could submit autonomously to the authorities’ projects to finance, build and operate public infrastructure.
Originally published in The Projects and Construction Review, 3rd edition - July 2013.
Please see full Article below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: Arbitration, Bonds, Cross-Border, EU, Foreign Investment, Infrastructure, Licensing Rules, Mortgages, Permits, Public Procurement Policies, Renewable Energy, Required Documentation, Risk Management
Published In: Alternative Dispute Resolution (ADR) Updates, Construction Updates, Energy & Utilities Updates, Finance & Banking Updates, Government Contracting Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© K&L Gates LLP | Attorney Advertising