Equity Funding and Strategic Update
Key Highlights of Recent Actions to Increase Shareholder Value
Highlights
Won 4 GW(¹) project with an opportunity to earn equity
returns over 20%
We will not issue shares unless it is the lowest cost source
of equity for our projects; Focused on pursuing lowest
cost of capital.
Hired advisor to sell assets; initial good interest; closing
expected before new equity is needed
Shed incremental 150 MWs of contracts (total of 600
MWs) that did not meet threshold returns
Recent cost cutting initiatives to drive lower capex as well
as a decline of over 10% in G&A in FY'21 (2)
Present Value of Equity
(No value added for future growth, cost reductions or platform)
PV of Equity Value (USD Mn)
$2,500
$2,000
$1,500
$1,000
$500
10.0%
12.5%
Cost of Equity
15.0%
9% Interest Rate
10% Interest Rate
11% Interest Rate
Expect to
achieve 9.2 -
10.25%
lending cost
Current
market cap
is ~$600 mn
(1) Includes 2 GWs that LOA has yet to be received. (2) FY'20 G&A is expected to be $32 million
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