The project or transaction has been identified as needed or likely to occur by a major government or private sector proponent, but has not formally been progressed through planning approval or significant funding.
The project or transaction is being investigated by a government or private sector proponent and is subject to formal studies, planning approvals or other processes, such as pre-feasibility assessments, scoping studies or business case development.
The project or transaction has a firm funding commitment for the full estimated cost or value, and a timeline for delivery from a government or a private sector proponent, but has not yet entered procurement.
The project or transaction has entered procurement, and the project proponent has sought responses from the market through an Expression of Interest, a Request for Tender or another form of formal request for bids.
Procurement has been completed, with the project proponent having selected a preferred bidder, or reached financial or contractual close for the project or transaction.
Construction is underway for projects, or services have commenced through an operations contract. For divestments transactions, the assets are in a period of transition to new owners.
Construction has been completed for projects, service contracts have been completed, or divestments have be completed with assets transferred to new owners.