baldy, the AEMO's separately monitoring a wind farm and its battery is less of a problem than you think. The AEMO does not control the movement of energy between them nor prevent one fulfilling the market bids of the other. All transparent where there is only one battery. An entity with two or more batteries has options on where to store unsold volts. It can play geographic arbitrage by selective bidding - without even using the grid.
On capital constraints, my point is IFN creates abundant free cash flow, has borrowing capacity and access to fresh capital on-market if desired.
Imagine it wanted $300m of John Laing assets, funded 1/3 cash, 1/3 debt from existing facilities, 1/3 share issue/placement. The market wouldn't even blink.
Instead, we are paralysed by a takeover.
Damn.
Ash
John Laing to sell Oz wind assets, page-38
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