It was a venture capitalist’s nightmare. The business plan for plantupgrade and efficiency improvement at a Hungarian power company required a certaininvestment. Without it, the plant was likely to close. But a solution came – andit was from a rather more innovative source than the usual investor roadshows,hawking for bonds or pleading with banks to raise the funds required. The bulkof the project securitisation will come from selling an asset the plant willno longer require – an asset European