What are the similarities between renewable energy projects and other sorts of project finance? Well, firstly, in common with normal project finance, investment happens upfront before any revenues available. So we need to raise equity from shareholders. We need to raise debt from lenders, and we use that money to develop our renewable energy equipment and facility. Those facilities then earn revenue and that revenue gets used to repay the debt and give some money back to the shareholders.

The structure is very similar to other sorts of project finance, a standalone special purpose vehicle, set up purely and solely for the use of this one renewable energy project.

And the SPV has to stand on its own. It's usually no cross-guarantees or indemnities. It needs to be able to pay its own way.

The timeframe is long term. Long term firstly, to get the whole project organized and reach the point where all the relevant parties are in agreement. That's called financial close. And secondly, the project itself is long term in nature, building the facilities will take time and then we will operate them for a substantial period of time, maybe 20 years or even longer. During that period we've got a number of points in the life cycle. We've got a construction phase during which the assets are being built, an operating phase in which they are generating power and returning money to shareholders and repaying debt. And then some sort of decommissioning period where the asset is reduced to scrap or removed entirely.