Nuove prospettive del project financing dopo il «decreto del fare» del 2013

The latest difficulties in the placement of Italian sovereign debt lead the Government to show interest in the project financing capacity to raise money to sustain public policies, by issuing financial instruments referred to a single operation. Therefore, this paper analyzes the new legal framework adopted by decree no. 69/2013 in order to emphasize the higher level of banks’ involvement and the role of the Special purpose vehicle in this type of operations. Hence, the analysis of the new rules on the planning stage and the preliminary step shows a try to set current problems in financing the project by accessing to capital markets. In this context, project bonds offer new possibilities in the first stage of the operations and in the involvement of foreign investors. Also the SPV is an useful tool, but its regulation does not yet set high standards of corporate governance bused on business units aimed to develop internal control, risk management and compliance activities.