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Jan-Hendrik Röver

The role of security in project finance and public private partnership (PPP) financing has often been characterized in terms that are at least surprising for a secured transactions lawyer – it is often said that security in project finance is “a shield, not a sword”. After defining project finance and PPP financing and the key feature of the security package attached to them, the chapter explores whether the qualification of “shield” still holds true, or whether it requires qualification in certain respects, and then if this has wider implications for the understanding of secured transactions at large. The chapter also touches upon how project finance and PPP structures have adapted after the 2008 financial crisis.