Ann: In Principle Finance Support from Australian ECA, page-48

"What rnu has shown is that it has a tier 1 project and has 2 letters of support from the Australian and Netherlands Credit Agencies to finance the project approx 108 million. (60 percent by the Dutch ECA). Ultimately RNzu requires binding off-takes to satisfy these agencies.

I nderstand what ECAs do, but based on the above excerpt from your post it sounds like you don't (or you just did a quick google search of what they are). RNU doesn't need the offtakes to satisfy the ECA's. The offtake is needed to try and entice actual financiers... The ECAs are not financing this project, but are merely providing insurance for it.

ECA backed projects don't automatically get financing, financiers still have to be comfortable that the project will be able to provide returns to them as opposed to just defaulting on the loans/notes and then having the capital component paid out from insurance.

Also you are trying to argue points that are not being contended to give more weight to your argumeny. I never said nor do I rhink RNU will be able to get financing wihout revenue (or binding agreements that will provide revenue). The point of contention was solely relating to the fact that Atradius and the Aus ECA are not providing finance.

Just one final point you say that once ECA support is finalised RNU will get financing, but thats not true. The ECA support will be finalised once RNU has financing (as it cannot be finalised to cover non-existant financing) not the otherway around.