Ann: DEL Enters Landmark Collaboration Agreement with Brickworks, page-64

The completion of Project at Stanhope will provide cash flow that can be reinvested in the next plant. This process of cash reinvesting can go on as DEL can keep acquiring more new projects. Quicker the plant is built, more cash DEL will have. As the Gas\Electricity prices are only increasing, the IRR (Internal rate of return) for future projects become higher and good for future projects. Even if the interest rate rise to 5% with similar rise in electricity cost, can give approx IRR of 15% (in case stanhope VIC1 had to make FID now.) Presently DEL has $500 million worth of projects. It can have more projects in future. The opportunity for renewable becomes more attractive for Plant owner such as Yarra Valley, as the price of electricity and gas rise. However, all depends on how good DEL can manage it cash flows and whether they are collecting money at different stages of construction of the plants.