I don't think Palisade are walking away, they have injected $5m...

I don't think Palisade are walking away, they have injected $5m already through the con note issuance.

DEL are telling us that total capex for VIC1 and SA1 is c.$50m - who knows if that number is right. Take it at face value and assume its right for now (dangerous assumption perhaps). Palisade Impact Fund raised a first tranche of $400m. $50m capex spread across VIC 1 and SA 1 = 12.5% allocation of the fund across 2 projects. I wouldn't call this an overly aggressive bet from Palisade Impact. This of course excludes devex repayment to DEL (due at FC) and also the notes capital. Palisade Impact will have ensured they have the ability to effect a CIC (Change in Control) within the project documentation which is market standard. I don't think it makes any sense for Palisade to be contemplating brining in another 3rd party into the projects until they are de-risked. I.e. operational.

As per my previous post, I am more concerned about DEL's ability to deliver on the late stage development pathway to FC.

1. Are all secondary consents required?
2. Are all secondary consents as it relates to the council(s) on both projects resolved?
3. Are all landholder aspects resolved and final? I know DEL had issues with VIC 1 landholder (now resolved). I've spoken to the VIC 1 landholder.
4. Is the design of all plants finalised?
5. Is capex final and binding?
6. Is the 25 year O&M agreement final and binding?
7. Does ARENA funding play a part in any of this? Is ARENA a CP to FID? Government departments.....

I could go on and on and on about the requirements FIRST required before FID can be taken.

There is just so much development work to be done and this hold up to FID says to me they have not resolved all development asks in order for FID to be taken. I'm sorry but DEL are learning on the job.