Strategie di project financing nel Partenariato Pubblico Privato: il caso studio della SPV

This thesis explores the strategies of project financing in Public-Private Partnerships (PPPs), with a specific focus on a case study involving the Superstrada Pedemontana Veneta (SPV), a road infrastructure that crosses the Veneto region. The motivation behind choosing this topic stems from my internship experience, where I actively engaged in the financial structuring of a PPP initiative. The project started from the thought that nowadays project financing is crucial in the economic landscape for several key reasons: the development of large-scale infrastructure projects essential for economic growth and public service improvement, the distribution of risks among multiple parties (project financing makes it feasible to undertake projects that might be too risky for a single entity) the provision of the access to substantial capital without heavily impacting balance sheets, stimulating economic activity through job creation and local economic boosts. Additionally, it promotes public-private partnerships, combining private sector efficiency with public sector goals for more innovative and cost-effective project completion. Therefore, the research begins by a broader determination, examining the PPP sector, defining PPPs, tracing their history, and exploring their various structures and contract types. It also looks at the role of PPPs in delivering infrastructure projects, with a particular emphasis on the Italian market and the main competitors. The core section of the thesis focuses on the functioning of the project financing, especially when linked to PPPs. This comprehensive analysis includes the risk assessment, the creation of a detailed project financing plan, scenario analysis to evaluate potential future conditions, and the profitability analysis. Each of these components is vital for assessing the financial viability and long-term sustainability of PPP projects, ensuring that they are economically sound and capable of delivering the intended benefits. Then the case study of the SPV project offers practical insights and real-world applications of the theoretical concepts discussed. It illustrates the complexities and challenges associated with structuring and financing a PPP project. In particular it will be showed how the balance sheet works in their accounting system. In conclusion, this thesis combines the findings from the case study and theoretical exploration to present a comprehensive understanding of an effective project financing.