We should make a distinction between project IRR, which is often in the 6-8% range, and investor IRR, which doubles that.

I will shoot him an email to see if he's interested in hearing a bit more about this. I find it a bit problematic that the regulatory agency doesn't know how much money it allows investors to make. That, and the confusions between project and investor IRR is worrisome, while called project "financial engineering" is plain nonsense.

Also, I don't know if it's clear to them how exactly project finance changes returns: passing interest payment as costs to reduce taxes, leverage, shareholder loans, payments pushed to later in the project's life, etc.


Rien n'est gratuit en ce bas monde. Tout s'expie, le bien comme le mal, se paie tot ou tard. Le bien c'est beaucoup plus cher, forcement. Celine