Investor Presentaiton
FINANCING PPP-PROJECTS
TYPICAL FINANCING
The SPV1 is financed with equity (10%-30%) and bank
debt (70%-90%)
• STRABAG - as a shareholder in the SPV -
puts in equity
Other SPV shareholders are e.g. governments,
infrastructure funds and developers or other construction
companies.
• The grantor pays a fee to the SPV which is used for
construction, maintenance, repaying debt and paying
dividends to equity partners.
• Availability and hard toll projects, forfeiting models
• Maintenance part of availability fee linked to inflation
• WACCs differ according to risk: 6%-13%
• ROE targets: minimum 12%
• Share of equity currently invested and committed: € 549
million (as at end of 2021)
1 Special Purpose Vehicle
75 Investor Presentation January 2023
EQUITY INVESTED IN PPP (€M)
700
515
556
427
554
400
2017
2018
2019
2020
2021
STRABAG
SOCIETAS EUROPAEAView entire presentation