Sponsors of the project, banks, pools of banks, international financial institutions, any counterparty of the project company, and the budgets of different levels can be sources of funds. They can provide for the project capital from different categories and use one or several financial instruments. For example, sponsors provide capital and subordinated loan for the project. A number of authors have noted this possibility, describing the advantages and disadvantages of financial instruments. However, they did not recommend any financial strategy for the project company to raise capital, only giving limited recommendations for the selection of a particular tool.