How we create value

Risk

High

Medium

Low

Tender

award

Financial

close

Commercial

operation date

Development
Commercial production
Funding
Construction

-2 years

0

1 year

3 years

20+ years

Development stage

  • Private equity/angel investors
  • High risk (project development binary risks)

Development stage

  • Private equity with bank debt during┬áconstruction
  • Medium risk (risk of project delays during┬áconstruction)

Operational stage

  • Mix of institutional investors with debt from bank and institutions
  • Strong contracts normally mitigate operational risk