Where PPP involves the project company taking over an existing business ("Existing"), a number of additional risks arise (e.g. existing liabilities) as well as a number of benefits (e.g. existing revenue stream). Existing business means employees, contracts, undertakings, commitments and other issues requiring due diligence by prospective investors, and more complexity in the preparations required from the Government. A new business ("New") will be easier for project finance lenders to ring-fence with security rights and other control mechanisms. But an existing business, while hard to ring fence, offers an existing revenue stream, tested cost data, historical demand data and other useful evidence of viability and sustainability, which might allow lenders to treat the project as a hybrid acquisition financing and project financing.