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Build-operate-transfer

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Build-own-operate-transfer (BOOT) or build-operate-transfer (BOT) is a

form of project financing, wherein a private entity receives a concession from

the private or public sector to finance, design, construct, and operate a facility

stated in the concession contract. This enables the project proponent to recover

its investment, operating and maintenance expenses in the project.

Due to the long-term nature of the arrangement, the fees are usually raised

during the concession period. The rate of increase is often tied to a combination

of internal and external variables, allowing the proponent to reach a satisfactory

internal rate of return for its investment.

Examples of countries using BOT are Thailand, Turkey, Taiwan, Saudi

Arabia[1]

, Israel, India, Iran, Croatia, Japan, China, Vietnam, Malaysia,

Philippines, Egypt, and a few U.S. states (California, Florida, Indiana, Texas,

and Virginia). However, in some countries, such as Canada, Australia and New

Zealand, the term used is build-own-operate-transfer (BOOT).

Traditionally, such projects provide for the infrastructure to be transferred to the

government at the end of the concession period. In Australia, primarily for

reasons related to the borrowing powers of states, the transfer obligation may be

omitted. For the Alice Springs - Darwin section of the Adelaide-Darwin

Railway the lease period is 50 years, see AustralAsia Rail Corporation.

Forms ofproject finance are:
http://en.wikipedia.org/wiki/Build-operate-transfer#mw-headhttp://en.wikipedia.org/wiki/Build-operate-transfer#p-searchhttp://en.wikipedia.org/wiki/Concession_(contract)http://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Taiwanhttp://en.wikipedia.org/wiki/Saudi_Arabiahttp://en.wikipedia.org/wiki/Saudi_Arabiahttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-0http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-0http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-0http://en.wikipedia.org/wiki/Israelhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Iranhttp://en.wikipedia.org/wiki/Croatiahttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Egypthttp://en.wikipedia.org/wiki/U.S._stateshttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/Floridahttp://en.wikipedia.org/wiki/Indianahttp://en.wikipedia.org/wiki/Texashttp://en.wikipedia.org/wiki/Virginiahttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/New_Zealandhttp://en.wikipedia.org/wiki/New_Zealandhttp://en.wikipedia.org/wiki/Adelaide-Darwin_Railwayhttp://en.wikipedia.org/wiki/Adelaide-Darwin_Railwayhttp://en.wikipedia.org/wiki/AustralAsia_Rail_Corporationhttp://en.wikipedia.org/wiki/Project_financehttp://en.wikipedia.org/wiki/Project_financehttp://en.wikipedia.org/wiki/AustralAsia_Rail_Corporationhttp://en.wikipedia.org/wiki/Adelaide-Darwin_Railwayhttp://en.wikipedia.org/wiki/Adelaide-Darwin_Railwayhttp://en.wikipedia.org/wiki/New_Zealandhttp://en.wikipedia.org/wiki/New_Zealandhttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Virginiahttp://en.wikipedia.org/wiki/Texashttp://en.wikipedia.org/wiki/Indianahttp://en.wikipedia.org/wiki/Floridahttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/U.S._stateshttp://en.wikipedia.org/wiki/Egypthttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Malaysiahttp://en.wikipedia.org/wiki/Vietnamhttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Croatiahttp://en.wikipedia.org/wiki/Iranhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Israelhttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-0http://en.wikipedia.org/wiki/Saudi_Arabiahttp://en.wikipedia.org/wiki/Saudi_Arabiahttp://en.wikipedia.org/wiki/Taiwanhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Internal_rate_of_returnhttp://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Concession_(contract)http://en.wikipedia.org/wiki/Build-operate-transfer#p-searchhttp://en.wikipedia.org/wiki/Build-operate-transfer#mw-head


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Contents

[hide]

1 BOT (Build Operate Transfer)

2 BOOT (Build Own Operate Transfer) 3 BOO (Build Own Operate) 4 BLT (Build Lease Transfer) 5 DBFO (Design Build Finance Operate) 6 DCMF (Design Construct Manage Finance) 7 References 8 See also

[edit] BOT (Build Operate Transfer)

BOT finds extensively application in the infrastructure projects and in public

private partnership. In the BOT framework a third party, for example the public

administration, delegates to a private sector entity to design and build

infrastructure and to operate and maintain these facilities for a certain period.

During this period the private party has the responsibly to raise the finance for

the project and is entitled to retain all revenues generated by the project but is

not the owner of the regarded facility. The facility will be then transferred to the

public administration at the end of the concession agreement, without any

remuneration of the private entity involved. Some or even all of the following

different parties could be involved in any BOT project:

The host government: Normally, the government is the initiator of theinfrastructure project and decides if the BOT model is appropriate to meet itsneeds. In addition, the political and economic circumstances are main factors

for this decision. The government provides normally support for the projectin some form. (provision of the land/ changed laws)

The concessionaire: The project sponsors who act as concessionaire create aspecial purpose entity which is capitalised through their financial

contributions. Lending banks: Most BOT project are funded to a big extent by commercial

debt. The bank will be expected to finance the project on non-recourse

basis meaning that it has recourse to the special purpose entity and all its

assets for the repayment of the debt.

Other lenders: The special purpose entity might have other lenders such asnational or regional development banks
http://en.wikipedia.org/wiki/Build-operate-transferhttp://en.wikipedia.org/wiki/Build-operate-transfer#BOT_.28Build_Operate_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer#BOOT_.28Build_Own_Operate_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer#BOO_.28Build_Own_Operate.29http://en.wikipedia.org/wiki/Build-operate-transfer#BLT_.28Build_Lease_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer#DBFO_.28Design_Build_Finance_Operate.29http://en.wikipedia.org/wiki/Build-operate-transfer#DCMF_.28Design_Construct_Manage_Finance.29http://en.wikipedia.org/wiki/Build-operate-transfer#Referenceshttp://en.wikipedia.org/wiki/Build-operate-transfer#See_alsohttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=1http://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Public_private_partnershiphttp://en.wikipedia.org/wiki/Public_private_partnershiphttp://en.wikipedia.org/wiki/Public_administrationhttp://en.wikipedia.org/wiki/Public_administrationhttp://en.wikipedia.org/wiki/Private_sectorhttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Projecthttp://en.wikipedia.org/wiki/Revenueshttp://en.wikipedia.org/wiki/Concessionhttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Lawshttp://en.wikipedia.org/wiki/Sponsorshttp://en.wikipedia.org/wiki/Sponsorshttp://en.wikipedia.org/wiki/Lawshttp://en.wikipedia.org/wiki/Governmenthttp://en.wikipedia.org/wiki/Concessionhttp://en.wikipedia.org/wiki/Revenueshttp://en.wikipedia.org/wiki/Projecthttp://en.wikipedia.org/wiki/Financehttp://en.wikipedia.org/wiki/Private_sectorhttp://en.wikipedia.org/wiki/Public_administrationhttp://en.wikipedia.org/wiki/Public_administrationhttp://en.wikipedia.org/wiki/Public_private_partnershiphttp://en.wikipedia.org/wiki/Public_private_partnershiphttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=1http://en.wikipedia.org/wiki/Build-operate-transfer#See_alsohttp://en.wikipedia.org/wiki/Build-operate-transfer#Referenceshttp://en.wikipedia.org/wiki/Build-operate-transfer#DCMF_.28Design_Construct_Manage_Finance.29http://en.wikipedia.org/wiki/Build-operate-transfer#DBFO_.28Design_Build_Finance_Operate.29http://en.wikipedia.org/wiki/Build-operate-transfer#BLT_.28Build_Lease_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer#BOO_.28Build_Own_Operate.29http://en.wikipedia.org/wiki/Build-operate-transfer#BOOT_.28Build_Own_Operate_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer#BOT_.28Build_Operate_Transfer.29http://en.wikipedia.org/wiki/Build-operate-transfer


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Parties to the project contracts: Because the special purpose entity has onlylimited workforce, it will subcontract a third party to perform its obligations

under the concession agreement. Additionally, it has to assure that it has

adequate supply contracts in place for the supply ofraw materials and other

resources necessary for the project

BOT Model

In general, a project is financially viable for the private entity if the revenues

generated by the project cover its cost and provide sufficient return on

investment. On the other hand, the viability of the project for the host

government depends on its efficiency in comparison with the economics of

financing the project with public funds. .Even the host government could

borrow money on better conditions compared to that of the public sector other

factors could offset this particular advantage. For example, the expertise and

efficiency that that the private entity is expected to bring as well as the risk

transfer.Therefore the private entity bears a substantial part of the risk. These

are some types of the most common risks involved:

Political risk: especially in the developing countries because of thepossibility of dramatic overnight political change.

Technical risk: construction difficulties, for example unforeseen soilconditions, breakdown of equipment

Financing risk: foreign exchange rate risk and interest rate fluctuation,market risk(change in the price of raw materials) , income risk (Cash flow

forecasts are overoptimistically) , cost overrun risk[2]

[3]

[4]

[edit] BOOT (Build Own Operate Transfer)

A BOOT structure differs from BOT in that the private entity owns the works.

During the concession period the private company owns and operates the

facility with the prime goal to recover the costs of investment and maintenance
http://en.wikipedia.org/wiki/Special_purpose_entityhttp://en.wikipedia.org/wiki/Subcontracthttp://en.wikipedia.org/wiki/Raw_materialshttp://en.wikipedia.org/wiki/Costhttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Public_fundshttp://en.wikipedia.org/wiki/Efficiencyhttp://en.wikipedia.org/wiki/Risk_transferhttp://en.wikipedia.org/wiki/Risk_transferhttp://en.wikipedia.org/wiki/Political_riskhttp://en.wikipedia.org/wiki/Foreign_exchange_ratehttp://en.wikipedia.org/wiki/Interest_ratehttp://en.wikipedia.org/wiki/Market_riskhttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-1http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-1http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-2http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-2http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-3http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-3http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-3http://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=2http://en.wikipedia.org/wiki/File:BOT_photo.jpghttp://en.wikipedia.org/wiki/File:BOT_photo.jpghttp://en.wikipedia.org/wiki/File:BOT_photo.jpghttp://en.wikipedia.org/wiki/File:BOT_photo.jpghttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=2http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-3http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-2http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-1http://en.wikipedia.org/wiki/Market_riskhttp://en.wikipedia.org/wiki/Interest_ratehttp://en.wikipedia.org/wiki/Foreign_exchange_ratehttp://en.wikipedia.org/wiki/Political_riskhttp://en.wikipedia.org/wiki/Risk_transferhttp://en.wikipedia.org/wiki/Risk_transferhttp://en.wikipedia.org/wiki/Efficiencyhttp://en.wikipedia.org/wiki/Public_fundshttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Return_on_investmenthttp://en.wikipedia.org/wiki/Costhttp://en.wikipedia.org/wiki/Raw_materialshttp://en.wikipedia.org/wiki/Subcontracthttp://en.wikipedia.org/wiki/Special_purpose_entity


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while trying to achieve higher margin on project. The specific characteristics of

BOOT make it suitable for infrastructure projects like highways, roads mass

transit, railway transport and power generation and as such they have political

importance for the social welfare but are not attractive for other types of privateinvestments. BOOT & BOT are methods which find very extensive application

in countries which desire ownership transfer and operations including. Some

advantages of BOOT projects are:

Encourage private investment Inject new foreign capital to the country Transfer oftechnology and know how Completing project within time frame and budget planned Providing additional financial source for other priority projects Releasing the burden on public budget for infrastructure development[5][edit] BOO (Build Own Operate)

In a BOO project ownership of the project remains usually with the Project

Company for example a mobile phone network. Therefore the private company

gets the benefits of any residual value of the project. This framework is used

when the physical life of the project coincides with the concession period. ABOO scheme involves large amounts of finance and long paybackperiod. Some

examples of BOO projects come from the water treatment plants. This facilities

run by private companies process raw water, provided by the public sector

entity, into filtered water, which is after returned to the public sector utility to

deliver to the customers.[6]

[edit] BLT (Build Lease Transfer)

Under BLT a private entity builds a complete project and leases it to the

government. On this way the control over the project is transferred from the

project owner to a lessee. In other words the ownership remains by the

shareholders but operation purposes are leased. After the expiry of the leasing

the ownership of the asset and the operational responsibility are transferred to

the government at a previously agreed price. For foreign investors taking into

account the country riskBLT provides good conditions because the project

company maintains the property rights while avoiding operational risk.
http://en.wikipedia.org/wiki/Highwayshttp://en.wikipedia.org/wiki/Railway_transporthttp://en.wikipedia.org/wiki/Power_generationhttp://en.wikipedia.org/wiki/Social_welfarehttp://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Technologyhttp://en.wikipedia.org/wiki/Know_howhttp://en.wikipedia.org/wiki/Budgethttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-4http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-4http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-4http://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=3http://en.wikipedia.org/wiki/Mobile_phone_networkhttp://en.wikipedia.org/wiki/Benefitshttp://en.wikipedia.org/wiki/Residual_valuehttp://en.wikipedia.org/wiki/Paybackhttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-5http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-5http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-5http://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=4http://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/wiki/Leasinghttp://en.wikipedia.org/wiki/Country_riskhttp://en.wikipedia.org/wiki/Property_rightshttp://en.wikipedia.org/wiki/Operational_riskhttp://en.wikipedia.org/wiki/Operational_riskhttp://en.wikipedia.org/wiki/Property_rightshttp://en.wikipedia.org/wiki/Country_riskhttp://en.wikipedia.org/wiki/Leasinghttp://en.wikipedia.org/wiki/Shareholdershttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=4http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-5http://en.wikipedia.org/wiki/Paybackhttp://en.wikipedia.org/wiki/Residual_valuehttp://en.wikipedia.org/wiki/Benefitshttp://en.wikipedia.org/wiki/Mobile_phone_networkhttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=3http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-4http://en.wikipedia.org/wiki/Budgethttp://en.wikipedia.org/wiki/Know_howhttp://en.wikipedia.org/wiki/Technologyhttp://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Social_welfarehttp://en.wikipedia.org/wiki/Power_generationhttp://en.wikipedia.org/wiki/Railway_transporthttp://en.wikipedia.org/wiki/Highways


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[edit] DBFO (Design Build Finance Operate)

Design- Build- Finance- Operate is a project delivery method very similar to

BOOT except that there is no actual ownership transfer. Moreover, the

contractor assumes the risk of financing till the end of the contract period. The

owner then assumes the responsibility for maintenance and operation. Some

disadvantages of DCMF are the difficulty with long term relationships and the

threat of possible future political changes which may not agree with prior

commitments.This model is extensively used in specific infrastructure projects

such as toll roads. The construction company build a private entity which is in

charge to design and construct an infrastructure for the government which is the

true owner. Moreover the private entity has the responsibility to raise financeduring the construction and the exploitation period. The cash flows serve to

repay the investment and reward its shareholders. They end up in form of

periodical payment to the government for the use of the infrastructure. The

government has the advantage that it remains the owner of the facility and at the

same time avoids direct payment from the users. Additionally, the government

succeeds to avoid getting into debt and to spread out the cost for the road over

the years of exploitation.[7]

[edit] DCMF (Design Construct Manage Finance)

Some examples for the DCMF model are the prisons or the public hospitals. A

private entity is build to design, construct, manage, and finance a facility, based

on the specifications of the government. Project cash flows result from the

governments payment for therent of the facility. In the case of the hospitals,

the government has the ownership over the facility and has the price and quality

control. The same financial model could be applied on other projects such as

prisons. Therefore this model could be interpreted as a mean to avoid new

indebtedness ofpublic finance.
http://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=5http://en.wikipedia.org/wiki/Toll_roadshttp://en.wikipedia.org/wiki/Cash_flowshttp://en.wikipedia.org/wiki/Debthttp://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-http:.2F.2Fwww-esd.worldbank.org.2Fpbc_resource_guide.2FDocs-latest.2520edition.2Fcases-and-pdfs.2Fpakkalae5.pdf-6http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-http:.2F.2Fwww-esd.worldbank.org.2Fpbc_resource_guide.2FDocs-latest.2520edition.2Fcases-and-pdfs.2Fpakkalae5.pdf-6http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-http:.2F.2Fwww-esd.worldbank.org.2Fpbc_resource_guide.2FDocs-latest.2520edition.2Fcases-and-pdfs.2Fpakkalae5.pdf-6http://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=6http://en.wikipedia.org/wiki/Prisonshttp://en.wikipedia.org/wiki/Hospitalshttp://en.wikipedia.org/wiki/Designhttp://en.wikipedia.org/wiki/Managehttp://en.wikipedia.org/wiki/Renthttp://en.wikipedia.org/wiki/Renthttp://en.wikipedia.org/wiki/Quality_controlhttp://en.wikipedia.org/wiki/Quality_controlhttp://en.wikipedia.org/wiki/Financial_modelhttp://en.wikipedia.org/wiki/Public_financehttp://en.wikipedia.org/wiki/Public_financehttp://en.wikipedia.org/wiki/Financial_modelhttp://en.wikipedia.org/wiki/Quality_controlhttp://en.wikipedia.org/wiki/Quality_controlhttp://en.wikipedia.org/wiki/Renthttp://en.wikipedia.org/wiki/Managehttp://en.wikipedia.org/wiki/Designhttp://en.wikipedia.org/wiki/Hospitalshttp://en.wikipedia.org/wiki/Prisonshttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=6http://en.wikipedia.org/wiki/Build-operate-transfer#cite_note-http:.2F.2Fwww-esd.worldbank.org.2Fpbc_resource_guide.2FDocs-latest.2520edition.2Fcases-and-pdfs.2Fpakkalae5.pdf-6http://en.wikipedia.org/wiki/Debthttp://en.wikipedia.org/wiki/Cash_flowshttp://en.wikipedia.org/wiki/Toll_roadshttp://en.wikipedia.org/w/index.php?title=Build-operate-transfer&action=edit&section=5


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Build Operate Transfer Model

With Binarys BOT Model, you get the benefit of a trusted local partner to

setup your subsidiary efficiently for a time period. After the completion of the

decided span, we transfer the assets and handover the operations along with

manpower to you. In other words, we create a dedicated offshore development

center for your growing business requirements. Added to this, you also get

support of innovative and cost-effective solutions for your expansion plans.

Binary with its unparalleled flexibility and scalability has supported its various

clients with the BOT model, providing them with a quality package of people,

process and technology. We ensure a swift start up of your operations in the

most cost-effective and proficient method. Your subsidiary has access to

amenities and resources that reduces your attrition and increases your

security.

Our center will become an extension of your business operations wherein you

get all the benefits of outsourcing with the option of retaining total control. Wewill execute your operations using the best technology available and when you

are ready, we gradually transfer the ownership of the complete operations to

you. You control the projects and the allocation of skillsour skilled and

competent technologists become your employees, a permanent extension of

your staff, fully integrated into your corporate culture.

We maintain a transparency, efficiency and quality with a smooth flow of work.

We help you achieve your business objectives under your directions. During the
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transfer stage, you have the option to retain the same individuals together with

the complete processes that brought positive results.

Phase I - Build

Appropriate infrastructure, facilities and team form the foundation of any

project. We set up your offshore development center according to your

requirements and specifications in a phased and carefully managed process. All

the details like the infrastructure, space to be allocated, hardware and software

needs together with a team with the required set of skills are extensively worked

on.

Phase II - Operate

We take care of all your operations for a decided time period. We run you

operations with complete responsibility as per the decided objectives to ensure

effective results. However, the financial and the operational ownership of the

project stays entirely with the client. We ensure a smooth flow of the various

processes.
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