Insanely cheap, page-4

I cannot work out their reporting. They project revenue, but not any profit. Operationally, it looks like their plants 'break even'. That is just weird. Why would you borrow 100s of millions to buy mega solar assets, that just 'break even'. And how can anything change. PPAs are long term. Debt is long term.

I can see one can make money by selling plants at 50% above the value the share price says they are worth. But who will buy a solar plant that has no upside.

I love the concept of the solar REIT. But fair dinkum, it is not a not-for-profit. Well, maybe it is.