The shares are worth $650M but remember the $2.7B of debt plus...

The shares are worth $650M but remember the $2.7B of debt plus the additional 300+M to complete plant under construction and a further $300M+ required in the coming months for maintenace/upgrades of existing plants.

Thats about $4Billion for a portfolio of assetts of some 5000MW. Since some of the assetts have a new build construction cost of well less then $1000/MW the sums at first glance are not inspiring.
They do however have other intrinsic value being power sales contracts in place, plants which are fully permitted and operational and they are operating in markets ie Australia which is relatively low risk.
My view is they will pull through this no problem but sale of existnig plant is required to raise enough cash for the near future.
Management should never have got into this position but the chariman and a few others I know are highly professional and they will be ruthless in keeping the company a going concern.
At these prices I hold and hope the dividend remains strong.