Ann: NAIF Approves Indicative Term Sheet for up to $516m funding, page-10

Still very dependent on proving the cost benefit. NAIF are basically saying 'we want to fund this but prove to us it wont loose money'.
Given the project is so custom, with few references to develop real costing from the numbers are going to be easily fudgeable & the business case will conveniently meet its hurdle. Call me a cynic but that's the bulk of consultants work - just look at Arup's work on the airport link.

I'm still cautious of the pumped hydro stage. Complex geotechnicals, difficult construction & it has to be done right. The engineer in me is sweating at the technical side of the project and i'm a little dubious of management's understanding of just how hard this actually is to build. Management have little civil, geotechnical or power background. Their strength is the finance, funding, organisational skills, power offtakes, ability to secure equity partners & political support.

Wind & solar have proven methodologies, modelling and products are 'off the shelf'. Low risk in my eyes.