Hi @favre, you raise a good point. I am not saying it must be...

Hi @favre, you raise a good point. I am not saying it must be repaid over 5 but it would certainly be preferrable. A 20-30% balloon is not out of the picture and is easily covered by the remaining reserve life after 5 years. What I am saying is that the alternative to this back ended bullet repayment is to supplement the debt piece with equity upfront, making the structure more appealing to senior creditors as well as giving some headroom for delayed shipments, one off unexpected costs, liquidity drags etc etc.
Again, there is multiple ways of structuring this and this is why azure is involved. They have done some pretty impressive stuff.
10-12 years is investment grade infrastructure type tenor and not really applicable here.