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Abdel Aziz, A M (2008) Minimum performance bounds for evaluating contractors performance during construction of highway pavement projects. Construction Management and Economics, 26(05), 507-29.

Bee Hua, G (2008) The state of applications of quantitative analysis techniques to construction economics and management (1983 to 2006). Construction Management and Economics, 26(05), 485-97.

Campagnac, E (1998) National system of innovation in France: Plan Construction et Architecture. Building Research & Information, 26(05), 297–301.

de Valence, G (2019) Reframing construction within the built environment sector. Engineering, Construction and Architectural Management, 26(05), 740–5.

Fulford, R G (2019) The implications of the construction industry to national wealth. Engineering, Construction and Architectural Management, 26(05), 779–93.

Gann, D M, Wang, Y and Hawkins, R (1998) Do regulations encourage innovation? The case of energy efficiency in housing. Building Research & Information, 26(05), 280–96.

Gonzalez-Ruiz, J D, Arboleda, A, Botero, S and Rojo, J (2019) Investment valuation model for sustainable infrastructure systems. Engineering, Construction and Architectural Management, 26(05), 850–84.

  • Type: Journal Article
  • Keywords: Investment valuation model; Mezzanine; Financial captured value; Sustainable financing; Project finance; Infrastructure systems; Green bonds; Convertible bonds;
  • ISBN/ISSN: 0969-9988
  • URL: https://doi.org/10.1108/ECAM-03-2018-0095
  • Abstract:
    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.

Haji Karimian, S, Mbachu, J, Egbelakin, T and Shahzad, W (2019) Improving efficiency in roading projects: a New Zealand study. Engineering, Construction and Architectural Management, 26(05), 827–49.

Haugbølle, K, Larsen, J N and Nielsen, J (2019) Construction productivity revisited: towards measuring performance of construction output. Engineering, Construction and Architectural Management, 26(05), 794–813.

Ilhan, B and Yobas, B (2019) Measuring construction for social, economic and environmental assessment. Engineering, Construction and Architectural Management, 26(05), 746–65.

Lam, K-C, Lam, M C-K and Wang, D (2008) MBNQA_oriented self_assessment quality management system for contractors: fuzzy AHP approach. Construction Management and Economics, 26(05), 447-61.

Lopes, J P, Oliveira, R A and Abreu, M I (2019) Estimating the built environment stock in Cape Verde. Engineering, Construction and Architectural Management, 26(05), 814–26.

Mbachu, J (2008) Conceptual framework for the assessment of subcontractors' eligibility and performance in the construction industry. Construction Management and Economics, 26(05), 471-84.

Nyström, J (2008) A quasi_experimental evaluation of partnering. Construction Management and Economics, 26(05), 531-41.

Pantouvakis, J-P and Manoliadis, O G (2008) A compromise programming model for site selection of borrow pits. Construction Management and Economics, 26(05), 433-46.

Rameezdeen, R and Ramachandra, T (2008) Construction linkages in a developing economy: the case of Sri Lanka. Construction Management and Economics, 26(05), 499-506.

Ruddock, L and Ruddock, S (2019) Wealth measurement and the role of built asset investment: an empirical comparison. Engineering, Construction and Architectural Management, 26(05), 766–78.

Winch, G (1998) Zephyrs of creative destruction: understanding the management of innovation in construction. Building Research & Information, 26(05), 268–79.

Ye, K, Jiang, W and Shen, L (2008) Project competition intensity (PCI) in the construction market: a case study in China. Construction Management and Economics, 26(05), 463-70.