Keep in mind though, that replacement value estimate may not include the very real risks associated with setting up a new project (grid connection delays, cost & time overruns, MLF risk, curtailment risk, community pushback).
The fact of the matter is, an existing wind farm with proven generation characteristics and well-understood and known risks, is worth far more in my eyes than a potential new project because of those risks.
These risks translate to a premium for existing projects, which I think we should be receiving as shareholders.
Ann: Variation of Takeover Bid, page-32
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