Ann: 50MW Kidston Solar Project Reaches Practical Completion, page-15

stage 1 has to be worth $150m considering that its completely risk free from construction and installation AND it has guaranteed revenue for 20years and then 10 more years of free carry

take the $100m debt away

then, what value does one attribute to the work done to date on stage 2, damn asset, wind farm potential, NSW solar farm, ...

I think 25c is fair, but probably undervalues the potential upside of stage 2 going ahead with concessional loan