Yes we saw these same types of projects for the US facilities they built. I would ask them to compare what they projected to the actuals after they built the facilities. If they had met their projects the PPS would be strong, and the pipeline would be funded. Guess what they over promised and severely under performed. Results, PPS dropped like a stone and pipeline funding has dried up.
What is the CEO going to say? "We learned from our many mistakes and have a new plan to make the sites in the pipeline profitable"? The problem is that the CAPEX is a fixed number. And it is big, big enough that it is hard to service just the debt let alone the OPEX.
This is not a hard problem, it is math. The current energy off takes are not sufficient to cover the CAPEX and OPEX for these facilities. Change the PPAs and the rest will take care of itself. Problem is that no one wants to pay for the increased PPAs. At least not today!
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