The EU General Court explains that a public authority can act as a private investor in paying to bring forward future revenue (Netherlands, Gemeente Leidschendam-Voorburg, Bouwfonds Ontwikkeling and Schouten & De Jong Projectontwikkeling)

The Market Economy Investor Principle Applies also to Avoidance of Losses* A public authority can act as a private investor in paying to avoid costly contractual clauses. A public authority can act as a private investor in paying to bring forward future revenue. Introduction When a market operator invests to make profit, its underlying logic is the same as when it pays to avoid losses. In both cases it is motivated by the desire to maximise the value of its assets. In the first case it avoids loss of potential profit while in the second case it avoids loss of actual profit. This is the reason why the hypothetical private investor who underpins the legal concept of the market economy investor always takes into account all options. Also options which lie far into the future are not