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Abstract: Public-private partnerships (PPPs) have been extensively used in Spain for the procurement of light rail systems. This article analyses the five projects that have been in operation for more than five years. It examines the public sector’s rationale behind the selection of these PPP projects, risk sharing mechanisms, competition among private providers, and overall cost effectiveness of the investments. The research illustrates the need for more rigorous ex-ante assessments of the merits of PPP projects before they are initiated.