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Abstract
Public–private partnerships (PPPs) have been extensively used in Spain for the procurement of light rail systems. This paper analyses five projects that have been in operation for more than five years. The authors examine the reasoning behind the selection of the PPP projects, risk-sharing mechanisms, competition among private providers, and overall cost-effectiveness. The paper demonstrates a need for more rigorous assessments of the merits of PPP projects before they are initiated.
Acknowledgements
The authors wish to express their gratitude to the officials of Madrid and Catalonia regional governments, and the managers of the light rail concessionaires, who were generous and patient enough to answer questions and supply data. In addition, the authors are indebted to Francis Cheung, Matti Siemiatycki and Karsten Vrangbæk for helpful comments and feedback on an earlier version of the manuscript. They also thank the two anonymous reviewers, who provided valuable comments on an earlier version of the manuscript.