Turnkey project financial definition of turnkey project
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A new company with a business model that has already been set. Most franchises
operate in this way. For example, if one wishes to open a McDonald's franchise, everything from the products to the uniforms has already been determined. One merely needs to put up the appropriate capital
and start the business.
turnkey project a one-off major construction project such as the building of a dam, power station etc. in another country where usually a contracted foreign firm (operating either alone or as the leader of a consortium of firms) is responsible for the design and construction of the facility. See BUILD, OPERATE, TRANSFER PROJECT.
Construction and furnishing of an improvement to the customized requirements and specifications of a buyer to the degree that the new owner need only turn the key in the lock and start business.The concept may include hiring and training all necessary staff positions,letting contracts for routine maintenance needs, and/or leasing a property up to stabilized occupancy. Contrast with built to suit.
References in periodicals archive
Mubasher also noted that the turnkey projects
were the main catalyst for Elsewedy in 2016, especially as it will implement three power plants in Angola for EGP 484.
The official added that Elsewedy has completed some phases of Ataqa and Mahmoudya power plants, which led to a decline in turnkey projects
in Q2 of 2016, registering EGP 20.
Turnkey production facilities are referred to as project business or turnkey projects
in the extrusion industry.
The company is said to have vast experience in turnkey projects
throughout the established European countries and the expanding markets of the far eastern producers, as well as the newly developing regions of China and the Pacific rim, according to the literature.