Let's take a look at the mechanics of project finance. The first thing that happens is a group of investors become shareholders in a new vehicle. The special purpose vehicle, which is sometimes shortened to an SPV, the shareholder could be anybody. It could be a government, it could be a corporation, or a combination of the two. The special purpose vehicle is set up to design and manage the project. It's usually an infrastructure project, though it doesn't have to be. It could be an oil and gas project, for example. Then the shareholders approach other people to help finance the project, primarily debt financing. Essentially, you can think of the overall structure other than the financing as a network of contracts. There are potentially 50 different parties that will want to be involved in those contracts. Now we're gonna try and keep this simple and split the types into two components. Financial contracts, which will be the debt, the equity, and any contracts surrounding that funding. The operational contracts, this could be the construction of the project. It could also be the operation of the project. If once it's constructed, the operation is passed on to another party.