Sorry, I thought your point was that "IRR is, and always will be, a good indicator for earnings and cash-flow certainty", and also that "A higher IRR is critical to attractiveness of financing these projects."
I'm telling you, on both counts, you're wrong. No IMO disclaimer required.
The vagaries, as you note, will be whether AUZ can convince SKI to provide the certainty at a level sufficient to attract finance.
AUZ Chart, page-4201
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