Financial markets are subject to constant change and project finance, as a product within these markets, adapts and will continue to adapt with those changes. A meaningful discussion of these adaptations requires an understanding of differences between non-, limited and full recourse project finance. The reasons sponsors seek and lenders provide project finance are also pertinent in this context. Arranging a project, financing package can be a canplex and time consuming task. An important first step is choosing the right advisor for the assignment and then structuring and tailoring the financing before approaching prospective lenders. The last thirty years has seen changes in the needs of sponsors and the ability of lenders to meet them. These shifts in preference may well be a guide to the future. Several major project financings successfully canpleted in Australia in the last few years and more recent examples are broadly discussed. Project finance will be keenly sought in the future and the form and nature it takes will continue to vary.