If I’m understanding this correctly they have just offloaded...

If I’m understanding this correctly they have just offloaded 33.67% of their 50% share for $2,508,975.
Debt financing for construction was 7.5 million for CCE 50% share

So my fag packet calculations say they just sold a touch over 5 million of debt financing for construction fees for half price.

So the 11.33% retained of 50% is enough probably to cover the ACP finance repayments to cover the 7.5m it cost to construct

So don’t expect any revenue from Northam folks!!!!

FFS someone tell me I’ve got this wrong!!!!

References
https://s3-ap-southeast-2.amazonaws...18/01/18080627/180117_Northam-update-v3.0.pdf

IBA and PNF have signed a binding term‐sheet with Carnegie for a collective 50% ownership of the Northam Solar Project alongside Carnegie’s 50% ownership.

The Design and Construct Contract with the Energy Made Clean/Lendlease Joint Venture has also now been executed. The Northam Solar project has a capital cost of approximately $17million, which includes Carnegie’s development fee.

Carnegie Clean Energy Limited (ASX: CCE) is pleased to advise that progress continues on WA’s first merchant utility solar project, the 10 MW Northam Solar Farm, with the completion and execution of the detailed transaction documentation for the $7.5 million construction debt finance with the Perth based private investment group Asymmetric Credit Partners Pty Ltd. The first draw down will now be completed and subsequent funds will be transferred to the project mid-February.

https://s3-ap-southeast-2.amazonaws.../12082811/18-02-07-Northam-Debt-Financing.pdf