This case study examines a disastrous series of private infrastructure equity and debt investments: ten Spanish toll roads procured between 1998 and 2004. Despite these projects being procured with the discipline of non-recourse project financing and the presence of a blanket government guarantee, within a few years of their becoming operational, nine out of ten roads were bankrupt, their equity investors wiped out and their lenders booking losses of 90 cents on the dollar.