The bidding process also requires a long lead time. On
average, it takes seven years from the time that the initial
bid is made until ground is broken on a project, according
to Campbell. Given this reality, companies need a font
of development capital to sustain them during this fallow
period. Once a municipality has made the financial decision
to go with an incineration plant-typically, a 25-year
investment requiring hundreds of millions of dollars in
capital financing, usually through bond issuance-they
are often reluctant to switch midstream to a different technique.
They are already locked in.