Ann: Half Year Report and Accounts - 31 December 2020, page-128

Anyone who want to enjoy the dividends in the form of massive share price appreciation in KPO has to be prepared to wait a few years.
The fundaments are in place and it is just a question of time for proof of concept.
We know the technology works as long as the plants are engineered and built correctly and the lesson KPO management would have taken away from the China experience is that they must control the procurement process.
In China t a bunch of corrupt Communists selected a turbine supplied by a vendor that had never built the specified turbine before. You can only speculate on what the Communists might have received in return.As I understand it .KPO had no control over the procurement process despite it being a requirement of the license.The Chinese simply ignored it.
So selecting a credible vendor is the next major hurdle.
This needs to be followed by a contract for the supply of gas.This could be very complicated depending on the level of risk management is prepared to take.I expect minimal risk on the first two plants which means they will look to a tolling arrangement rather than a contract to purchase the gas and then take the risk on the electricity price.We are talking about 20 year contracts with utilities and gas producers and these take time. This is why we
have been waiting.
It also means that until these are signed there can be no certainty over the returns.
Anything management says in this regard has the potential to undermine the negotiations. I would expect FNTP to be conditional on both these milestones .This in turn will provide the basis for analysts to start producing numbers.
When these milestones are passed expect massive action in the SP.
I also expect that will be the time when KPO management will look to a North American listing as they will effectively be a North American utility listed on the ASX.
.For all of us long suffering believers it will also be the biggest threat to the potential windfall returns that will be in the offing.
With locked in financed projects ,and many more in the offing, unless the SP rises significantly, KPO will be vulnerable and at risk of being stolen by a smart operator like Ormat.
I have not been in this stock for years to see it back at just 10 cents.I want $$$.