Also not necessarily mathematically true. Depends on the return on capital of each project.
Solar installed actually increases the margin on that project. E.g it can add 10-20% on margin on the electricity sales etc.
Also the benefits of contracted embedded network shows up later with reduced sales costs, larger incumbents have 15-20% churn, whereas they have literally 0 churn on embedded and low churn on other customers.
It really is a very very good business, just needs the capital to survive another 12 months.
Ann: Quarterly Activities Report & Appendix 4C, page-24
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