Introduction
Since the late 1980s, governments have privatized many state-owned infrastructure enterprises, including airports, electric utilities, gas utilities, pipelines, railroads, seaports, telecommunication providers, and toll roads. Some of these facilities were sold to investors, in whole or in part (e.g., many European airports). In most other countries, public infrastructure facilities were leased to investors under long-term public-private partnerships.
A growing number of governments are also using such public-private partnerships (P3s) to finance, build, and operate new airports or airport terminals, electricity facilities, seaports, and toll roads. The sale or lease of an existing facility is called a “brownfield” transaction (in part
