No need to be precious. I've invested in CCE for nearly 10 years and two changes of company name and I want then to be successful. I'm also very familiar with the company's ability to deliver late on promises (CETO 6 anyone?).
Don't get me wrong, I'm not suggesting any wrongdoing - a wise person once said "Don't attribute malice when incompetence will do". I would say it's unlikely that LLC were involved in vetting the timelines published in any of the Northam announcements.
March 2017 - announced Northam Solar project, construction start mid 2017 to be completed by end of 2017
June 2017 - Joint Development Assessment Panel (JDAP) has approved the DA. The JDAP is one of a number of final approvals required for the project. Carnegie is working with various stakeholders to secure final approvals over the next month or so to enable the Financial Investment Decision to be made. This in turn would trigger the start of construction by the EMC/Lendlease Joint Venture with construction estimated to take 6 months.
So they haven't even made a Financial Investment Decision - no mention in the March announcement that the project was dependent on this, or the DA, or any of the other approvals required. Start date now "month or so" away - i.e. July-ish
October 2017 - Debt finance secured.
3 months (or so) after the previously published start date of "July-ish". No mention in any of the previous announcements that the project was dependent on securing debt financing. First drawdown on the debt to take place in November, presumably signalling the start of the actual build??
November 2017 - Project Update. Selection of co equity investors Indigenous Business Australia (IBA) and Perth Noongar Foundation (PNF) from a competitive investment process run by Carnegie.
(This is great news, but when did the company disclose that it needed co-investors to build the project?).
Finalisation and approval of the Development Application by the MidWest / Wheatbelt Joint Development Assessment Panel (JDAP).
(Wait a minute, wasn't this approval announced in June? - no mention it would take a further 5 months!).
Construction will begin "in coming weeks". It is expected to be complete in the 2nd half of 2018 and when it will begin selling power into the Western Australian grid.
January 2018 - The Design and Construct Contract with the Energy Made Clean/Lendlease Joint Venture has also now been executed. Significant progress has already been made with initial engineering works and long lead items ordered. The project is on track to complete in the second half of 2018.
Second half of 2018 - up to 11 months, so at least there's plenty of contingency built into the original 6-month construction timetable),
CCE Price at posting:
4.2¢ Sentiment: Hold Disclosure: Held
