RE: CorrectionBut why do you assume Ram will be working on future projects in the next 2 years? They've stopped work at Orita, are looking to sell or joint venture Geysers, and everything else is far down the line. The next 2 years are dedicated to getting SJT 1 and 2 going, and to get the company's financial health in order. No expensive drilling anywhere, no significant work on future projects, no financing.
*
If according to your calculations they have $6MM per year in FCF (after paying P/I of project loans and interest of credit facility), then that will go towards paying down the principal of the credit facility. If SJT 1 and 2 work as power plants, and if the company is frugal, the cash flows will be able to pay down all the debt.