Identify 2-3 specific financial risks from the case study project Propose possible procurement/financial risk mitigation actions for the case study project, and explain these relate to better practice guidelines Brabo 1 Light Rail is the first PPP project for public transport in Flanders, Belgium. The project was procured by two Procuring Authorities under two separate contracts: 1) a contract for the extension of the existing light rail network and a substantial tram maintenance depot; and 2) a contract for the comprehensive renewal of associated road infrastructure. The Project Company, Project Brabo 1 NV, is responsible for the design, construction, financing and maintenance of the project, which is based on availability and performance-based payments. The project was delivered without delay and, during its five years of operation, the most significant events were the refinancing in March 2016, revocation of the Project Company's construction permit in 2011 and challenges related to the interface of the project with a separate newly constructed part of the light rail network. In general, the project is perceived as a success by both Procuring Authorities. The project has a bespoke financing structure associated with the earliest Belgium PPPs, where the Procuring Authorities have a shareholding in the Project Company. One of the two Procuring Authorities, De Lijn, invested in 24% of the Project Company's shares at financial close in 2009 through its investment com