"If the Berlin PPA is rejected, there will be a sell off regardless if it has no effect on the company’s equity agreement. The same holds true if it is accepted. That is just reality".
Your absolutely 100% spot on with that comment. It doesn't matter that LLEG sold their interest in the project, they developed it. Investors will naturally attach any decision regarding the PPA to Laidlaw, whether it be good or bad. "The final outcome" of the project is what matters, even though it may have no bearing on the direction the company takes in future endeavors. Whatever decision the PUC makes will be looked upon by investors as a reflection of Laidlaws ability to bring projects to a "successful" conclusion!
Laidlaws objective is to "develop" projects, and then move on. But what happens if those projects are unable to come online, what does that say about Laidlaw? I believe the PPA will be approved, and I believe there will many modifications made to it, but to disregard the impact that the PUC decision will have IMO is a mistake.