The business entity with which an owner enters into an agreement for the delivery of services for a specific project using a public-private partnership (P3). The project company has full responsibility for design, construction, and, typically, operations and maintenance. P3s are unique: they often include some form of short- or long-term financing - a combination of equity invested by the project company or its sponsors and debt sourced from third parties. The project company is sometimes referred to as the special-purpose entity or special-purpose vehicle.