In greenfield toll-road projects, financial sustainability has been a major issue. Many toll roads cannot be operated. Although most of Indonesia's 24 toll road concessions have already been signed by the Toll Road Authority, most of them were caused by financing problems. Three problems have...

The financial sustainability has been a major issue in greenfield toll-road projects. Most of Indonesia's 24 toll road concessions already signed by Toll Road Authority, for instance, cannot be put in operation because of financing problems. Uncertainties of long-term project revenues,...

In a build, operate, and transfer (BOT) scheme, as Project Finance (PF), equity investors are concerned about the adequacy of their returns. On the other hand, the timeliness of the project debt service payments focuses to the lenders. Consequently, an important role is played by PF and risk...