3.9 As the number of PFI contracts has increased there has been a trend towards equity investors and debt providers building a portfolio of interests in PFI projects. The SMFs are an example of this trend. Where an equity investor or debt provider is involved with a portfolio of projects there may be opportunities for further benefits from:
■ greater operating efficiencies arising from economies of scale and common working practices across the portfolio; and
■ making changes to the financing arrangements of the whole portfolio rather than refinancing individual projects.