After completion of construction, once construction risk in the project has been significantly reduced, the project company will generally look to refinance project debt at a lower cost and on better terms, given the lower risk premium. This refinancing process can significantly increase equity return, with the excess debt margin released and the resultant leverage effect. While wanting to incentivize the project company to pursue improved financial engineering, in particular through refinancing, the contracting agency will want to share in the project company's refinancing gains (for example in the form of a 50-50 split), and may or may not want the right to insist on refinancing when desirable.