HiThe original contract was won back in July 2018, with...

Hi

The original contract was won back in July 2018, with construction starting in October 2018 and expected to finish in April 2019.

Fluence will be paid approx US$1.7m each year for 15 years for this BOOT contract, however there is a user buyout option.

However to answer your question, on page 84 of their annual report Note 10 concession assets has details on the contract and it states that Fluence have already recognised US$2.9m in revenue for the contract. So it forms part of the US$22m achieved in FY18, and will not form part of the US$44m target for FY19.

This announcement is important to me as it demonstrates a lever that management have at their disposal to manage their capital going forward. It will help significantly as any future BOOT projects will be funded through this facility, on top of the existing Peru BOOT project, which is not due to be completed in November 2019 and also San Quintin which will complete in September 2020.

It is also nice to see they flagged some opportunities in the pipeline.