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Investment valuation model for sustainable infrastructure systems: Mezzanine debt for water projects

机译：可持续基础设施系统的投资评估模型：水利项目的夹层债务

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Purpose The purpose of this paper is to develop an investment valuation model using the mezzanine debt mechanism based on blue bonds that explicitly allude to public-private partnerships (P3s) and project finance (PF). Additionally, this study proposes the financial captured value (FCV) theory for measuring how much financial value lenders may capture by becoming sponsors through financing of sustainable infrastructure systems (SIS).Design/methodology/approach The investment valuation model was validated through the Aguas Claras wastewater treatment plant as a case study.Findings The empirical results show that lenders may capture financial value by converting outstanding debt into equity shares throughout the operation and maintenance stage. Furthermore, case study results provide new insights into the implications of the debt-equity conversion ratio on the relationship between the sponsors' internal rate of return and the FCV.Research limitations/implications The most significant limitation is the lack of primary and secondary information on blue bonds. Thus, robust statistical analyses to contrast results were not possible.Practical implications Researchers and practising professionals can improve their understanding of how mezzanine debt, P3s and PF into an investment valuation model allows financing SIS using a non-conventional financial mechanism. The recommendations will benefit both the academia as well infrastructure industry in bridging the gap between design theory and practice.Originality/value Sustainability components have not been addressed explicitly or combined in the financing's structuring. Therefore, the investment valuation model could be considered a novel methodology for decision making related to financing and investment of SIS.
机译：目的本文的目的是使用基于蓝色债券的夹层债务机制来开发投资评估模型，该债券明确暗示了公私伙伴关系（P3）和项目融资（PF）。此外，本研究提出了金融捕获价值（FCV）理论，用于衡量通过可持续基础设施系统（SIS）的融资成为贷款发起人的贷款人可以捕获多少金融价值。设计/方法/方法投资估值模型通过Aguas Claras进行了验证实证研究结果表明，贷方可以通过在运营和维护阶段将未偿还的债务转换为股权来获取财务价值。此外，案例研究结果为债务权益转换率对发起人内部收益率与FCV之间关系的影响提供了新的见解。研究局限/含义最主要的局限性是缺乏关于以下方面的主要和次要信息蓝色债券。因此，不可能进行有效的统计分析以对比结果。实际意义研究人员和专业从业人员可以加深他们对夹层债务，P3和PF成为投资评估模型如何使用非常规财务机制为SIS进行融资的理解。这些建议将使学术界和基础设施行业都受益，以弥合设计理论与实践之间的鸿沟。原始性/价值可持续性要素并未得到明确解决，也未在融资结构中加以结合。因此，投资估值模型可以被认为是与SIS的融资和投资有关的决策的一种新颖方法。

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