Like Portugal, the Spanish government attempts to appropriately assign project risks when it conducts a thorough risk analysis during the informative study. If the expected rate of return for a PPP project is too high, the government will investigate means to reduce this rate, such as increasing the project's scope of work to include feeder or connector roadway segments. If the expected rate is too low, the government will consider measures to increase the rate, such as including public subsidies. Once the project begins, the Spanish government will consider rebalancing the contract if the expected economic-financial equilibrium is not maintained. In other words, if risk distribution proves detrimental to either party, a restructuring may occur.
However, Spanish law requires that two conditions be met before rebalancing is triggered. First, the change in conditions must produce a substantial material effect on the party impacted. Second, this effect must be sustained over a reasonable time period. The rationale for this rebalancing concept is twofold: (1) the public and private sectors enter into the PPP agreement for the general public good using the best information available at the time of the agreement, and (2) this practice supports win-win outcomes and promotes stability in the market.