The M-45 Expressway near Madrid, Spain is being financed by a shadow-toll system, which is the first time such a financing system has been used in Spain. Under the shadow toll financing scheme, the owner of the infrastructure pays the concessionaire the tolls that would have been paid by users had the road been privately financed. The primary advantage of the shadow-toll system is that new infrastructure can be built while payment is deferred, throughout the concession period, to a private consortium, which carries the full load of the debt in its company accounts. This allows for the development of infrastructure that the administration would not otherwise be able to develop due to a lack of funds. Investment repayment can be staggered over successive budgets. Details of the shadow-toll system and practical suggestions for others considering such a system are given.