Montalva UpdateJust reviewing the amended updates.
Big note related to the Montalva Project.
As mentioned they are still waiting for PREPA to approve a PPOA for the 80MW PV/BESS project.
As part of the settlement agreement there is the option for an additional tripling of the project size for an additional 160MW.
Unfortunately part of the PREB's project approval mandate is that the company receiving a PPOA "must have Confirmed Site Control". As per the MD&A the company has the following -
"The Company currently has four separate land lease option agreements covering six parcels for the construction of Montalva Project. Two parcels are located in the Municipality of Guanica and other four in the Municipality of Lajas. The parcels are contiguous to each other."
Reviewing the company website they are currently stating the "Total property size is 1,747 acres".
As seen above (in italics) the reality is they only have an option (or control) on six parcels. The 1,747 acres are over (12) parcels. By taking the last two lines (in italics) the actual amount of property under option is 380 acres.
That is actually only 21% of what they are showing and presenting to investors as the Montalva Project.
And the 240MW "total option" is not even available, under current conditions, especially considering they no longer even have an option on 1,366 acres.
Are you going to update that Sven?