That's a great question.
The contracts have been structured to account for different scenarios that could happen in a failure situation, as you pointed out, and it would be remiss of people putting a contract in place not to have analyzed those.
In a case in which the private partner is not performing, there are different provisions, as Marcus pointed out. There are warnings. There are penalties. If the penalties are applied and the partner is not fixing the faults, they add up very quickly, to the point that a partner could have financial difficulties and even default.
In the case of default, there are different scenarios that can happen, such as that the lenders can step in. If the lenders cannot find someone to replace the partner, then the province can step in. But the province is not on the hook for 100% of the cost of the facility at that point. They are able to run a competition to replace the private partner, and what the market will bear will be the cost. It could be down to zero.
The point is that the people who have financing on the line, whether it be the equity providers or the senior debt providers, are always at risk of losing a large portion or all of their investment.