The 10% equity contributed by the sponsors, which was based on the final actual construction costs, was originally contributed at financial close by way of $120 million bridge loan to DEC backstopped by letters of credit from the sponsors. Proceeds of the letters of credit were used to repay the bridge loan essentially at construction completion.
As a result of various reserve requirements and a 10-year block on dividends, equity returns on the project were back ended. In addition, the sponsors were required to backstop certain performance securities for DEC under the Concession Agreement.