They are NOT using CNE as guarantor of the JV finance loan - CNE does not have enough assets to guarantee a multi-billion dollar loan.
WPL is the ONLY one in the JV who has the muscle to carry the JV finance. In fact, as at 30 June 2020, they have $7B of cash to use. That is more than enough to cover the whole SNE project if that was their intention.
So who should the market believe?
1. a small party like CNE, or
2. the Operator of the JV (WPL) with over $20B market value and $7B in cash equivalents?
Ann: Response to ASX Query Letter, page-173
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