..........and allow Fluence to immediately recognize...

..........and allow Fluence to immediately recognize approximately US$20 million of revenue
for work that has largely already been completed and was expected to be recognized in the 2019 financial year.

For me, financial close is a formality. What was important for me was this phrase in bold. For FLC to have finished 11% of the contract size and billed US$20m, the project teams in Israel must have been formed and fabrication of M&E works would have proceeded. Site prep must also be underway. FLC would not have expended time and effort unless they were confident that the legal teams have completed their work.

Perhaps someone with project management expertise can add their views here.