Agree on all accounts, The liberal govt is so closely aligned with US policies a change in the MRET is extremely unlikely. (George W would prefer to strip mine national parks for cheap coal than impinge a renewable energy tax on business:-)
An up-side I see is a change in investment sentiment to renewable energy as oil and energy costs continue to rise in the next few years. PHY has a good record with safe and steady cash-flow. They have the experience and capability to grow.
Downsides are the USD swings. Also the over-exposure to single projects (Philippines and now Chile) A problem at a single dam could really hurt them.
