Project financing is a long-term, limited or zero recourse financing solution for a borrower based on the rights, assets, and interests related to a specific project. It involves capital intensive financing, risk allocation among multiple participants, and loan repayment from project cash flow. Project financing goes through several stages including feasibility analysis, arranging financing through loans or equity, documentation and verification, and repayment over the life of the successful project. Project sponsors are typically existing companies, developers or government agencies that originate the business idea and provide relevant expertise to implement and operate the project.