P3's can be a successful tool in achieving these goals; however, certain key structures should be in place before embarking on this direction. The below key success factors are based on research from the experiences of other jurisdictions:
■ Regulatory environment - there is certainty around the policy and legislative framework that guides the overall P3 development process, as well as in the sector-specific regulation for a proposed project;
■ Performance-based approach - the project is focused on the performance needs rather than exact specifications of what is to be built in order to allow the maximum amount of technical innovation on the part of the private partner;
■ Transparent process - there is clear process in place, the availability of accurate information, and strong public involvement , including a clear rationale as to why the project is being considered under non-traditional procurement;
■ Risk capital financing - the ability of the private partner to secure non-government sources of financing once all the risks are understood and allocated will demonstrate the strength and marketability of the project business case; and,
■ Lifecycle perspective - understanding of the impact of the project on existing infrastructure systems, the regulatory environment, costs to operate and maintain over time and other potential peripheral costs and benefits;