This chapter presents a comprehensive framework for valuing infrastructure and project finance assets from contractual, financial, and political perspectives. It explains how value derives from the precision of risk allocation within special-purpose vehicles, rather than from managerial discretion. By integrating SPV architecture, covenant analysis, and country risk assessment, the chapter transforms legal documentation into quantitative valuation. It highlights how leverage, regulation, and inflation indexation interact to produce predictable cash flows, demonstrating that disciplined modeling and transparent governance convert contractual rigidity into long-term financial stability.