Contractual PPPs for Transport Infrastructure in Spain: Lessons from the Economic Recession.

In this paper, we analyse the successes and failures of contractual public-private partnerships (PPPs) for delivering and operating transport infrastructure in Spain from the award of the first toll highway concession programme to the present. To that end, we show the risk allocation principles used in Spain and explore the evolution of the contracting approaches over the years. We found that the performance was reasonably good until the arrival of the economic crisis in 2008. Taking advantage of that, we make a review of contractual PPPs for different transport modes and assess the impact that the economic crisis has had on their business performance and the capacity of the central and regional governments to fulfil their commitments with the private sector. This analysis enabled us to identify measures that, if had been applied, would have improved the resilience of these contract during the economic crisis. [ABSTRACT FROM PUBLISHER]