this is a really good presentation; but I have a couple of...

this is a really good presentation; but I have a couple of queries

1) I would love to see a cash flow; I am not sure how they get an IRR of 8-10% (payback in 12 years); does this mean they own 100% the build at 12 years with no more outstanding debt; with a 30 year project life, does this simply mean they lose heaps in years 1-12, but then make a motza in years 13-30... I am talking cash flow

2) the franking is interesting; with the project structure there will be a lot of depreciation up front, so in fact there will be no taxable earnings to pay tax and release franking

In any case, the theory of what they are doing is precisely what I was looking for as an investor; I think the only issue is (like another project I like GNX) the profit is way, way, way out into the future; that is OK by me, as long as there is positive cash flow early on