Although much of the focus on potential sources of funding is on commercial debt and institutional equity, there remains an important role for corporate equity. Corporate equity is typically provided by companies that will have a deliverer role in the project. Deliverer roles include, among others, those of developer, construction contractor, and facilities operator. Corporate equity has funded numerous projects and enterprises in a market's early stage of development, particularly when the sector is in its new and innovative phase.
For some companies, this investment is very much an ancillary activity and a means to an end-it is a way of securing the "prize" of a significant contract for the company's core activity. In such a case, the company needs to consider its interest in the transaction should that role come to an end (say, when construction has been completed). The company also needs to consider how the contractual structure deals with any potential conflicts between its roles as an investor and as a contractor.
For other companies, corporate equity has come to form a main part of their core business. The development of Ferrovial over the last half century illustrates this relation between the investment activity and the core business of a company (Table 1).