I think those taking the biggest risk should also reap the biggest award. Using the three phases, one could argue the project developers should get the biggest return (as they are currently getting as a percentage of invested capital), then those taking the risk during construction phase and then the operational phase. However, it should be noted that in both the construction and operation phases it needs to be looked at who is actually taking the risks! In the construction phase that might not be the investor but in fact the differenct contractors or maybe the single one EPC contractor - though I cannot imagine a project where a big industrial company acting as turnkey EPC contractor acutally gets a 25% (or similar) premium for offering that EPC contract. From what I see no investors are willing to pay that much premium for an EPC to take all the risk, even if that is perhaps the premium they could get if they sold the finished project to a life insurance company after construction...