Public-private partnerships, also known as Alternative Financing and Procurement (AFP) projects, are achieving widespread acceptance as a method to deliver large capital construction projects.
This innovative project delivery method transfers risk to those parties that best understand and manage risk: financiers, developers, construction contractors, consultants, operators, suppliers, service providers, and concessionaires. The resulting consortium acts as cohesive team to achieve the client’s goals and objectives for the project.
P3 projects are implemented through various contract arrangements, including
- Build-Finance (BF)
- Design-Build-Finance (DBF)
- Design-Build-Finance-Maintain (DBFM)
- Design-Build-Finance-Maintain-Operate (DBFMO)
BENEFITS TO YOU
One of the main benefits of a P3 is the transfer of risk (e.g., operating, maintenance, design, construction and rehabilitation costs, financing rates, and timing) from taxpayers to the private sector. By doing so, projects can be brought on line with a high level of certainty for cost, schedule, quality, availability, and service. PCL is a construction company with the ability to successfully manage P3 projects.