Модель финансирования инфраструктурных проектов: BOT и BOOT

Form of project financing
Build–operate–transfer (BOT) or build–own–operate–transfer (BOOT) is a form of project delivery method, usually for large scale infrastructure projects, wherein a private entity receives a concession from the public sector (or the private sector on rare occasions) to finance, design, construct, own, and operate a facility stated in the concession contract. The private entity will have the right to operate it for a set period of time. This enables the project proponent to recover its investment and operating and maintenance expenses in the project. BOT is usually a model used in public–private partnerships. 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. Countries where BOT is prevalent are Thailand, Turkey, Taiwan, Bahrain, Pakistan, Saudi Arabia, Israel, India, Iran, Croatia, Japan, China, Vietnam, Malaysia, Philippines, Egypt, Myanmar and a few US states (California, Florida, Indiana, Texas, and Virginia). However, in some countries, such as Canada, Australia, New Zealand and Nepal, the term used is build–own–operate–transfer (BOOT). The first BOT was for the China Hotel, built in 1979 by the Hong Kong listed conglomerate Hopewell Holdings Ltd (controlled by Sir Gordon Wu).

The BOOT procurement strategy utilizes project finance to fund large scale greenfield infrastructure projects such as local power stations, water treatment facilities and sewage facilities, or transit infrastructure, etc. The BOOT delivery model is different from the BOT (build operate transfer) delivery model, in which the private party does not own the project as an asset; they only receive a concession to operate it for a period of time. The BOOT delivery model is different from PPP (public private partnerships), which refer to project agreements where a private entity takes over the building and operation of government owned infrastructure. Build own operate transfer is often the best kind of delivery model, in which a private sector party, or consortium, receives a mandate from a private or public sector client to finance, design, construct, own, and operate a long term project. If you have been awarded a BOOT contract, this means that during that time period, you, the private party or your consortium, own and operate the facility. Your goal is to recover the costs of your investment, operations, and maintenance, and also make a profit from your project. While you manage your contract, you generate profit by charging fees from the users of your project, and you have the project as an asset. While the risk is yours, this risk is offset by various government incentives, funding, tax breaks, money to hire select people (such as unemployment job initiatives), and any other benefits that the regulatory body sees fit to grant you. At the end of the contractual period (typically in the order of decades), ownership of the construction is given back to the state (or federal actor). You may receive a fee for this transfer.

The scale of investment by the private sector and type of arrangement means there is typically no strong incentive for early completion of a project or to deliver a product at a reasonable price. This type of private sector participation is also known as design build. Contrasted below, are reasons why the BOT model and it’s variants may work for you the end user, or government body. Modified versions of the "turnkey" procurement and BOT "build operate transfer" models exist for different types of public private partnership (PPP) projects, in which the main contractor is appointed to design and construct the works. This contrasts with the traditional procurement route (the build design model), where the client first appoints consultants to design the development and then a contractor to construct the work. The private contractor designs and builds a facility for a fixed fee, rate, or total cost, which is one of the key criteria in selecting the winning bid. The contractor assumes the risks involved in the design and construction phases. Turnkey procurement under a design build contract means that the design build team would serve as the owner’s representative to determine the specific needs of the user groups; meet with the vendors to select the best options and pricing; advise the owner on the most logical options; plan and build the spaces to accommodate the function of the project; coordinate purchases and timelines; install the infrastructure; facilitate training of staff to use the equipment; and outline care and maintenance. In addition to being responsible for the design and construction of the work to the employer’s requirements, the contractor is also responsible for operating and maintaining the completed facility. The operation and maintenance period will span decades, during which time the contractor is said to have the "concession," is responsible for the operation of the facility, and benefits from operational income. The facility itself, however, remains the property of the employer. A DBO(design build operate) contract is a project delivery model in which a single contractor is appointed to design and build a project and then to operate it for a period of time. The common form of such a contract is a PPP (public private partnership), in which a public client (e. g., a government or public agency) enters into a contract with a private contractor to design, build, and then operate the project, while the client finances the project and retains ownership. DBFO stands for design build finance operate, which also assigns the responsibility to the private organization to design, build, finance, and operate. Financing your competitive project may be easy when there is a high demand for a service right now, and investors will throw money at any project that claims the spoils, such as opening a new airport in a busy metropolis. BLT stands for build lease transfer, in which the public sector partner leases the project from the contractor and also takes responsibility for its operation. ROT (renovate operate transfer) is a procurement method for infrastructure that already exists but is performing substandardly. As you know, when essential services are no longer operating efficiently or effectively, repairs can be costly. When an obsolete facility or amenity (any public service such as telephone lines, etc.) becomes outdated and requires expensive repairs, it can be financed through public private partnerships between public entities and private contractors that are able to provide renovation services and operate the project management after the repairs have been completed.

In contract theory, several authors have studied the pros and cons of bundling the building and operating stages of infrastructure projects. In particular, Oliver Hart (2003) has used the incomplete contracting approach in order to investigate whether incentives to make non contractible investments are smaller or larger when the different stages of the project are combined under one private contractor. Hart (2003) argues that under bundling incentives to make cost reducing investments are larger than under unbundling. However, sometimes the incentives to make cost reducing investments may be excessive because they lead to overly large reductions of quality, so it depends on the details of the project whether bundling or unbundling is optimal. Hart's (2003) work has been extended in many directions. For example, Bennett and Iossa (2006) and Martimort and Pouyet (2008) investigate the interaction of bundling and ownership rights, while Hoppe and Schmitz (2013, 2021) explore the implications of bundling for making innovations.