If public sector loans are made to part-finance the construction or operational phase of projects, what impact would this have on equity and debt investors' investment appraisal and pricing, assuming pari-passu ranking with senior debt?  What approach should be taken to lender voting rights and what other constraints or procedures would be relevant? 

Other respondents will be better placed to give a view on this point. 

As a generality, if the Government itself lends into "payment for availability" structures then the value of risk transfer is proportionately diminished, and if Government is the majority (or even sole) lender, then the value in the structure is largely lost. See Section 14 for an alternative proposal.