La Finanza di progetto: Artt. 193, 194, 195

This contribution offers a systematic analysis of Title IV of the new Italian Public Contracts Code, devoted to project finance and public-private partnership (PPP) schemes. After examining the procedure for awarding concessions through project finance — including the role of the promoter, the right of pre-emption, and unsolicited proposals — the work focuses on the project company (società di scopo) as a special-purpose vehicle ensuring asset segregation, ring-fencing of cash flows and bankability of the operation. The study then addresses real-estate financial leasing of public works and the availability contract (contratto di disponibilità), highlighting how the correct allocation of construction, availability and demand risks between the public authority and the private operator is the decisive criterion both for the legal qualification of the contract as a genuine PPP and for its off-balance-sheet accounting treatment under Eurostat/SEC 2010 rules. Particular attention is paid to ANAC guidelines, the "risk matrix" as an essential element of the contract, and the most recent case law of the Consiglio di Stato and Corte dei conti.