The case is set in Asia. It focuses on the valuation of a company which builds, operates, and then transfers power plants. The valuation problem is to value the projects in place and the estimate how much of the current stock price reflects projects in place and how much is attributable to anticipated future growth. Ideally, the case can be used as a transition between valuation of free cash flows with WACC and valuation equity cash flows. The case also provides an overview of the relationship between infrastructure needs and economic growth.