Exactly. It is a tough financing environment. I have several clients who received financing commitments in the past year but ultimately did not receive the money, either because a problem turned up in the due diligence process or someone simply reneged. An LOI is not binding.
The sovereign guarantee simply means that Pakistan will stand behind its state and pay for the power generated by the plant, IF it is ever built and IF it generates power to sell to the state. If Bergamo does not get the financing, there will be no plant construction.
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