Hi @bridogI'll break it down piece by piece as I understand...

Hi @bridog

I'll break it down piece by piece as I understand it:

SPV --> As mentioned above by this special purpose vehicle is a real entity, set up to ring-fence the assets/liabilities from the rest of Fluence. All the loan drawdowns and payments will go through this entity.

Lender --> This is the off-balance sheet, non-recourse project funding arranged by Fluence. The counterparty is the NADB, which has agreed to provide finance to the SPV (US$36m 75% of the project cost).

EPC --> This is a service provided by Fluence and contractors, this is not an entity.

Operation and Maintenance --> This is a service provided by Fluence, this is not an entity. This will continue for 30 years, and generate approx. US$10m in annual revenues for 30 years.

Equity Partner --> This is Fluence corporation injecting capital (approx 25% into the SPV). These cash flows will appear as investment outflows, Fluence will receive periodic dividends if there is excess capital in the SPV (not guaranteed), and when the SPV winds up (after 30 years) a final return capital will be paid to Fluence (valued at the remaining net assets of the SPV).

Client --> This is the Baja California local government.