Ann: Fluence June 2019 Quarterly Report Business Update, page-60

@Dungiven

875.35 million Mexican pesos = approximately $45.89 million USD.
75.94% is funded by the North American Development Bank (NADB).
24.06% is funded by Fluence (51%), Libra (36.75%), RJ Ingenieria (12.25%).




Approximately $11.04 million USD in equity was to be provided by Fluence and its partners.
Fluence - $5.63 million (51%).
Libra - $4.057 million (36.75%).
RJ Ingenieria - $1.353 (12.25%).
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According to the announcement today, Fluence will be moving to 94% equity ownership, as Libra and RJI cannot meet their full equity obligations.
Generate Capital will therefore provide a loan of about $2.87 million USD for the 43% extra equity stake for Fluence. It is likely that Fluence may have Generate Capital provide some of their $5.63 million equity requirement as well, to free up cash for operations.

The above is just based on some older info and based on today's exchange rates. The actual ASX announcement today seems to imply that 94% of the project requires $8.5 million USD equity, with a high likelihood that Fluence are getting the additional 43% equity at a discount due to the partners not meeting contractual terms, while Fluence will have costs associated with arranging financing with Generate Capital and have to pay interest on the loan amount.

The capital risk is actually if we did not get Generate Capital on board. If not, the project does not progress, and project finance disbursements from the NADB do not eventuate. I don't think there is upside in terms of the WPA payments towards Fluence, although there may be upside in the O&M amounts and Fluence will have almost full control of the plant and which contractors are used once complete. Fluence indicates below that O&M could be 8-10% of project cost per year, which implies that Fluence will have a 94% share of $4-4.5 million USD in yearly O&M.