Senior Counsel Sergio Polizzotti, through Allied Partner Firm SPT Roma srl, advised the National Company of Motorways and National Roads of Romania on the financial analysis and PPP structuring for the Bucharest Ring Road project, specifically the northern ring road of Bucharest, under a mandate that commenced in February 2004 and was subsequently suspended. The assignment supported the public authority in evaluating and negotiating investor proposals for the PPP contract, with a particular focus on commercial and financial plan review, bankability assessment, and government financial support structuring. The scope of services encompassed analysis and review of investor proposals for PPP contracts, assessment of the acceptability and bankability of commercial and financial proposals, assistance in meetings and discussions with the investor, support in establishing the negotiation strategy and work plan, assistance in defining the structure and quantum of government financial support, identification of the main contractual obligations, assistance in negotiating and quantifying risk allocation, development of a risk allocation framework and assessment of its financial implications, advice on risk distribution, identification of the required legal adviser and preparation of the relevant terms of reference, and analysis of the financial model structure and sensitivity analysis under three scenarios.