Fair point fly- Argentina has its own type of country risk. However, the main risk would be the government increasing taxes or charges to milk the project for cash, so at least they have an interest in it getting going.
The PPA demand and co-investor interest for EHR from household names that are probably the equivalent of Boral (PPA) and Newcrest Mining (PPA and co-inv.), seems like a strong vote of confidence to me. Why would they waste their time in all the discussions and negotiation stages to get to LOI announcements if country risk was so great? EHR have Socius Capital on call for funding anytime at SP but aren't calling on it yet (the deal was struck at 7.8c about 6 months ago, now SP is 2.6c). They would have done their DD as well.
I was more excited by Pax's Indonesia projects a little while back, but ifandwhen pointed out some of the political risk and corruption related factors evident in Indonesia and I have factored that in. I still think PAX is making progress in Indonesia and PT Bakrie have that big chunk of dough allocated from a recent announcement so I see momentum. If you look at the recent, and future predicted growth of geothermal in Indonesia then obviously quite a few projects must be getting through the system and into production.
Not dissing PAX at all, just a lively debate about some very nice looking speccys
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