Ann: December 2022 Interim Financial Report, page-59

In all seriousness, you raise a very good point - on the topic of people/deliverability/contracts.

The deals (VIC 1 and SA 1) with Palisade obviously require the full negotiation and execution of 2* EPC agreements and 2* O&M Agreements, all of which are required at arms length - i.e. this is no longer an internal agreement between DEL divisions and DEL are part EPC/Party Equity (50% of SPV) - so it is complicated. How would conflicts of interest be managed? DEL acting with an ''equity'' hat on or an ''EPC/O&M'' hat on?

I can only imagine the difficulty that the parties are facing on these contracts, partially in light of DEL's very poor bankability, poor performance on historical projects (even if some of it was out of their control) poor balance sheet and risk exposures on other projects (namely YVW - $45m contract value).

Palisade will be extremely concerned about delays, risk allocation in these contacts, and DEL solvency.

There are insurance products in the market that can product equity (Palisade) from these risks, but they are expensive.

No doubt DEL is absolutely burning through the cash, particularly on legal costs to negotiate these contracts.