A Project Financing intends to rely solely on the project’s cashflows after Completion, with little or no further recourse to equity. Therefore, the equity contribution is mainly oriented at Completion although project financiers will also want a strong equity commitment if there is a strong nexus between Operating Risk and the equity company. A very common debt:equity ratio is 75:25 although some Export Credit Agencies ("ECAs") desire 60:40.

Industries with sound long-term Market Risk structures, such as pipelines or power stations, can readily attract 80-90% debt. It is unusual, but not unknown, to see zero equity. This might occur after Completion as in a refinancing/acquisition of a proven operation. In a sense, Project Financing is the tool to try to minimize equity.

If there is doubt about the Sponsor, a cash escrow or committed bank lines may be required to backstop the equity contribution. Where post-Completion support is still required, then a cash deficiency guarantee or escrow may be set in place for an agreed period.

During the pre-Completion stage, when Sponsor financial support is required, then financial covenants are commonly imposed on it (the Sponsor/Sponsor group), along with a default trigger to catch a situation where a change in control of a Sponsor may affect its equity commitment or capacity to fulfil its financial commitments to the project.