Risk Allocation in Toll Highway Concessions in Spain
The objective of this study is threefold. First, the consequences of the economic recession that struck Spain beginning in 2008 on the outcome of the concession contracts are assessed. Second, the weaknesses of the Spanish toll highway concession approach are analyzed, and thirdly, the current trends in both Spain and Europe toward a greater role for the public sector in mitigating risk in PPP contracts and supporting big PPP deals through guarantees and subordinated debt are described.
Vassallo, José Manuel, Alejandro Ortega, and María de los Ángeles Baeza. 2012. “Risk Allocation in Toll Highway Concessions in Spain: Lessons from Economic Recession.” Transportation Research Record 2297 80-87. Washington, DC: The National Academies of Sciences, Engineering, and Medicine. [#4344]
