mlpowell you are mistaken about Yab There is an important reason why the project is worth very little until Financial Close (and that is one of the same reasons why pure development companies, with no projects through Financial Close, are worth so little).
Financial Close can only happen when everything else is in place. All permits, an approved design, a PPA, etc. Just like when you buy a house and the bank wants to see an appraisal, a certification of clear title, a water test, etc. before they disburse funds, the same thing is true of the Project Lender.
When the Lender delivers the money, the project is almost as good as a functioning generation project. It is a certification that there are no loose ends and provides a kind of guarantee and expert opinion that nothing has been overlooked and the Project is completely ready to construct. That is why bidders will pay much more for Yab after it closes.
And a Yab through Financial Close may be worth as much as 35 to 40% of the whole company.