Five stages, one accountable chain.

Financing, EPC execution, and governance are locked in parallel so the structure remains bankable throughout delivery.

Ring-fenced revenue
Limited-recourse
Covenant-controlled
Model flow diagram

Step 1 — Revenue Identification

Identification of stable, enforceable revenue streams with assigned-at-source controls.

Step 2 — Ring-Fencing at Source

Legal segregation via gazette instruments or equivalent, with irrevocable assignment to controlled accounts.

Step 3 — Financing & EPC Lock

Financing is structured in parallel with design, while EPC scope and pricing are de-risked before financial close.

Step 4 — SPV Delivery

A single DBFOT entity executes delivery under clear RACI across government, SPV, and operators.

Step 5 — Reinvestment & Expansion

Surplus cash is captured in a reinvestment reserve with trigger-based future phases, without new budget requests.