Sometimes known as non-recourse finance, project finance emerged as a popular technique in the 1980s primarily as a means of supporting new energy projects. The concept consists of financing specific projects with recourse only to a ring-fenced project company (for example, a public utility that financially separates itself from a parent company that engages in non-regulatory business to protect consumers from losses), supported by a strong contractual framework including a fixed-price power-purchase agreement (PPA).