Project Company Ownership

When financial close was reached, the Project Company contained nine equity investors, who were a mix of construction and operations contractors. One of these equity investors sold its shares to the remaining eight, with the largest three holding approximately 85% of the shares. This change of Project Company ownership did not cause any delays to the project and no approval was required by the Procuring Authority. The Project Company perceived it beneficial to have fewer equity investors to manage. The Project Company is also of the opinion that the equity interests of the construction companies and operating companies are well balanced, which helps to reduce the risk that one element of the project (i.e. either construction or operation) is prioritised over the other.