This paper traces the evolution and complexity of hydropower financing from the early 1970s to the present day, showing how the types and roles of various actors have changed over time and how new types of financing packages have surfaced to meet the growing need for large energy infrastructure projects in low and lower-middle income countries (LICs and L-MICs).

Examples from LICs and L-MICs are used to illustrate the ‘typical’ features of each financing models, as well as their strengths and limitations.