Ann: Purchase of Redbank Project Assets, page-7

my understanding is that the PPA(and "H") was secured againist the debt syndicate (ie back to back) ....

"The dispute between the parties was one of contractual interpretation: namely the interpretation of the Power Purchase and Hedge Agreement - being the long term contract between Redbank Project and Ausgrid which underwrites the revenue stream of the Power Station – to determine whether or not Redbank Project could pass on the carbon tax to Ausgrid. By reason of agreements between Ausgrid and EnergyAustralia, EnergyAustralia had an indirect financial interest in the PPHA and consequently the dispute.
Our victory in the arbitration resulted in the value of the PPHA being increased in the 30 June accounts – you will see at p.18 of the annual report under non-current assets, that “Derivative, financial instruments is the largest asset category – and note 6 at page 40 of the Annual Report, the PPHA (electricity derivative) increased by $31 M – a major reason for this increase – was the removal of the uncertainty around the carbon tax. "


will be interesting to see whom is in the SPV ......

rgds
V_H