Refinancing may not occur in next six months, and it may not be...

Refinancing may not occur in next six months, and it may not be in our interests if IFN is required to hedge their merchant power with forward prices in the reverse. It could be tricky with the LGCs.
However, I still expect Infigen to proceed with their projects as they've previously articulated, which is to sanction two projects within roughly 12 months (one by EOY 2018 - this may slip to after Govt outcomes). Cherry Tree and Forsayth could proceed with project finance with State Govt backed purchase agreements (like the ACT scheme - fixed price + CfD). Perhaps Cherry Tree snags the Monash Uni PPA, or corporate/industrial customers.

3-6 months - Holding pattern / little action

However, in 12 months time, I expect:
FID on Cherry Tree and Forsayth, funded via debt (60%) and cash-on-hand ($70M).
No refinance of the global debt facility, though rapid deleveraging ($100M pa).
Bodangora online
Greater clarity of the business strategy, including the possibility of dividends from significant cash generation for 2019 not subject to the global facility sweep (bodangora + woodlawn).


2019. Cash generation from Bodangora + Woodlawn will be est. $30M pa after costs and interest repayments. Dividends could be considered here.
2020. Cash generation should double to $60M - Bodangora, Woodlawn, Forsayth, Cherry tree, after costs and interest repayments.