Right, but this is essentially a commodities business on steroids since any player can arbitrage the price differential. I'm just not convinced IFN has a competitive advantage over the other dozen wind developers.
Like, take a look at a wind turbine manufacturer like Vestas for comparison. They are pumping out an enormous amount of free cash flow, have no net debt and have developed a somewhat sticky customer base.
I think I'd rather be the guy selling the shovel than the guy doing the digging. Unless I'm missing something?
Why IFN?, page-5
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