An ongoing concern throughout the process was ensuring that the project would be classified as off-(government) balance sheet. Due to the risks and rewards being insufficiently transferred to the patner, Eurostat concluded that the infrastructure was in fact on-(government) balance sheet and the project was subsequently aborted.
Back on track
In response to the public transportation system approaching saturation, the OTW Board of Directors decided to relaunch the procedure in March 2016. Based on new official PPP guidelines, we helped draft a new PPP contract that was ultimately deemed off-(government) balance sheet by Eurostat.
The light rail transit project has been back on track ever since and is poised to be the first PPP to see the light in Wallonia since 2015.