This report analyzes the Non-Profit Distributing (NPD) model in Wales. The model is simply an alternative funding structure for public-private partnership (PPP) projects that would previously have been carried out under the Private Finance Initiative (PFI).The Welsh Government has committed to three infrastructure projects using the NPD Model - the redevelopment of the Velindre Cancer Centre; "dualling" of sections 5 and 6 of the A465; and the 21st Century Schools Project. Together, these aim to raise £1.9 billion of infrastructure investment.