Chart, page-6628

Financial close of the Ivory Coast contract will drive the charts in the short term... no doubt about that.

But what is "Financial close"?

In short this is when all project contracts and financing documentation have been signed, and the lender's conditions precedent have been satisfied by the borrower.

The best comparison is when you go for a home loan and they send you a check list of all the documentation they require before they will advance the funds to you so you can purchase the house.

Obviously a project finance financial close will be significantly more detailed and will need everything from board resolutions, guarantee documentation, security documentation, project site documentation (title) and project contracts are all in place. This can mean hundreds of pieces of documentation are submitted and will need to be reviewed and approved, before financial close is achieved.

San Quintin financial close was actually a lot more complicated, because there were several parties involved and Fluence would have had to rely on the competency of its partners.

Ivory Coast, it will mostly be up to Fluence to submit all the documentation. And when asked earlier in the year how this financial close compared to SQ's, Henry said this will be much simpler.