Have a quick look at the video. Visually his energy increases...

Have a quick look at the video.

Visually his energy increases momentarily with some hand movements and a little head bobble. Like there is something very exciting sitting in the mezz space for TNG in a potential funding package.

Mezz finance is equity dressed up as debt. In my view they are the sharpest investors in the room. They take a high risk position on the debt side through an instrument like a warrant or note with attaching rights to convert to equity in the event of default or in a growth case, some point in time at a certain price. Typically they'll receive higher interest rates than senior debt, paid through monthly or quarterly coupons. You find some might even have built in conversion to equity of the interest of coupon.

For a project the size of this, they might provide the gap between senior financing plus the add on like NAIF and the total requirement, essentially limiting the amount of equity needed to be raised and portion of project that may need to be sold (at project level). Raising debt now but converting to equity at a later point in time when the project is de-risked, say in full production but as benefit for existing shareholders, at a much higher price.