the more complex contracts are those between the project company and the industrial contractors. The financial contracts are much simpler.

The complexity is not created by the financiers. And they don't cost much either.

Very good point, and the disastrous state of the Edinburgh Tram project could be an object lesson.

Trams scheme `took wrong route' - Herald Scotland | Business | Corporate & SME

A project originally expected to cost £250m is now expected to come in at £650m. The massive disruption that the work has entailed for businesses and consumers may continue until 2014.

But my fundamental point remains.

Partnership-based agreements are not by any stretch of the imagination 'utopian' but an increasingly important tool in the development toolbox, particularly now that conventional financing is increasingly difficult.

"The future is already here -- it's just not very evenly distributed" William Gibson