J-POWER sign MOU on GNX's K2 150MW Wind Farm for 50% equity, page-14

They very much might be. Although, it is my understanding that J-POWER was not the preferred JV candidate. J-POWER have always been a potential get-out-of-jail-free card on the JV should it fall through due to external circumstances - for example, FIRB rejection, bankruptcy, sale, etc.

Do I think J-POWER will gauge Genex's success and continue to co-build assets? Absolutely. Potential takeover one day? Possible. Very likely it will be harder for foreign ownership of our energy assets in the years to come, though. Getting in now makes sense.

The JV is a global utility, that much is certain. EA were given a year to complete due diligence during normal times. As we tendered in April/May I do feel like expectations have been a bit high in terms of completing DD during COVID, within a narrow timeframe. It definitely is easier now we have the ESSA, though.

Regards,
Jeremy