PPP projects in transport: evidence from light rail projects in Spain

<italic>Public--private partnerships (PPPs) have been extensively used in Spain for the procurement of light rail systems. This paper analyses five projects that have been in operation for more than five years. The authors examine the reasoning behind the selection of the PPP projects, risk-sharing mechanisms, competition among private providers, and overall cost-effectiveness. The paper demonstrates a need for more rigorous assessments of the merits of PPP projects before they are initiated.</italic>