부산대학교 도서관

The chapter discusses some of the new initiatives for augmenting infrastructure financing. One of them is brownfield asset monetization to enable funding more greenfield infrastructure. Some of the vehicles used for brownfield asset monetization are the Toll-Operate-Transfer (TOT) model and Infrastructure Investment Trusts (InvITs). The risks faced by infrastructure projects are considerably reduced over the project lifecycle from construction to operation stage, as issues related to land acquisition and environment and forest clearances are addressed at the construction stage. Therefore, operational projects (brownfield infrastructure) may be able to attract finance from institutional investors consisting of pension, insurance, and sovereign wealth funds. The chapter also includes a case study of IndiGrid, which is India’s first power transmission InvIT. The chapter discusses another infrastructure financing vehicle, Value Capture Finance. This is associated with internalizing the externalities generated by large public investments like in metro rail to improve the financial viability of these projects. Metro-rail financing in India and lessons that can be learnt from Hong Kong metro for sustainable financing of metro-rail projects are also discussed.