Approximately 15% of projects in this study had a refinancing of debt which required approval from the Procuring Authority. These figures were clearly dominated by Europe, where three quarters of these refinancings occurred, as would be expected given that it is a large and developed market. Almost all refinancings took place in the transport sector, however it is difficult to know whether this was a result of characteristics of that particular type of project or whether it is reflective of the data collection process undertaken. It may also be an indication that Procuring Authorities are more heavily involved in transport projects, with the energy sector encompassing arrangements such as Power Purchase Agreements where the Authority does not authorise refinancings.