Project Finance*** Likewise, they are projects characterized by including widely mature technologies.

The increase in large investments in infrastructure and the tendency of governments to reduce their budget deficit levels has been a fundamental fact in the development of the financial project. This figure allows both the public Administration and private companies to undertake projects whose capital investment is high.

The financial project is a technique widely used in the implementation of the telecommunications sector (mobile telephony, cable television, etc.). However, currently, it has gained a lot of strength in sectors such as electricity or transportation, allowing these large investments, historically linked to the public sector, to move towards the private sector. More specifically, large photovoltaic and wind farms are financed through this modality, since the very nature of this type of project is fully adapted to the philosophy of Project Finance, and current legislation allows us to ensure predictable and sufficient flow generation to sustain the payment of credit installments.

Finally, note the common use of a coverage ratio, which clearly indicates the 'health' of the project, showing the capacity of the flows generated to repay the debt.

The main characteristics of this figure are the following:

When defining the time and place in which Project Finance appeared, most authors do not agree, however, we can frame the birth of this approach in the last decade of the century, and assume that its application has followed a growing trend on a global scale. This initiative has had greater application in the United States and England, where the first regulatory attempts also appear, such as the so-called PURPA (Public Utility Regulatory Power Act, 1987) in the United States and the

British Private Finance Initiative (PFI, 1992).

C.R.E.A.M. Europe PPP Alliance: http://www.cream-europe.eu.

The International Project Finance Association: http://www.ipfa.org.

Project Finance Magazine: http://www.projectfinancemagazine.com.

Project Finance Portal (Harvard Business School):

http://www.people.hbs.edu/besty/projfinportal/index.htm.

GMEF-Multicriteria Analysis Group Applied to Engineering and Finance (Polytechnic University of Valencia): https://web.archive.org/web/20150512201346/http://www.gmef.upv.es/.

Project Finance group on Linkedin.com:

http://www.linkedin.com/groups?gid=58004.

Project Finance Excel Model.