I still think you are mistaken on the ownership of DEQO. After all they only name project they have self ownership in Delorean Energy *STATE *NUMBER. Also the slide from the NWR presentation states DEQO is 100% self owned.
Also this slide shows the debt from Blue Lake being recycled to be used with DEVO. The debt recycling from DEVO being used to build DEQO, and the debt from DEQO and Pioneer Energy being recycled to be used with DEVT. This also gives us a hint at the project timelines.
I'm also confused about your comments on CleanTech I understand fully how they source their energy but saying their margins will drop makes no sense to me. For starters the have you have stated "So the bulk of their EBITDA margins are coming from their own energy. " This is not true they have no energy producing assets. They built the WA plant but it is fully owned by RichGro, they simply offtake the energy like the do for solar and wind farms, and as you say source power on the market to make up any shortfall. Margins may be different on the NEM but they have grown a retail business in around 5 years that generates the equivalent EBITDA as DEVO with do purely from offtake agreements.
As for timeframes I fully understand that they need to finish building in order to recycle debt for the next project but project build out is scheduled for 12 months. With 3 months required for commissioning. So assuming CBA lets them access more funds after the project is built out there is no reason that once Pioneer Energy, DESAO and DEVO are completed in 2022 that DEVT and DEVQO cant be completed some time in 2023. In reality there are likely to be construction and possibly finance delays but I see no issue with setting and aggressive technically possible timelines and adjusting it as project progress. Your 2024FY finish feels to long for me, they will likely finish somewhere between our timelines.
DEL Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
