Ann: Presentation - Actioning the Build Own Operate Strategy, page-4

"How does that work when they own them?"

Excellent question and the answer is in the funding structure. The giveaway is in the words "Share of project returns" which suggests that the funding will include equity in the project, ie. MPR will not be the sole owner.

Such a strategy reduces MPR's capital requirements, lowers their risk and importantly will allow them to build out a portfolio quicker. MPR will stand to benefit from a margin on the EPC contract and on an ongoing basis, O&M revenue and a share of the generation income.

Perhaps in future when cash flow allows MPR will move towards sole owned projects. In the meantime, not a bad strategy especially in light of capital availability.

All IMO and GLTAH.