There was a major transition between commercial close and financial close. With nine equity investors and a syndicate of banks who needed to come to an agreement, the process was overly complicated and took over two years to complete. The Procuring Authority then delayed works for an additional two years, and with many changes of senior management taking place in the public sector during this time, limited progress was made. No construction works began until 2006 despite the PPP contract signing taking place in 2002, and while this may otherwise entitle the Project Company to make a claim, this was understood to be covered by the renegotiations in 2013.