Research Handbook on Secured Financing in Commercial Transactions
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Research Handbook on Secured Financing in Commercial Transactions

Edited by Frederique Dahan

This cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the breadth and depth of the subject matter across diverse sectors, and illustrate the choices and trade-offs that policy makers face via a number of illuminating case studies. The result is a unique and wide-ranging examination of transactions reform across the world.
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Chapter 9: Security in project finance and PPP and the implications for secured transactions law: “Security is a shield, not a sword”

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.

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