Hi AXP,

I was thinking through your comment.  Help me understand why you wouldn't think the DOE loan would be dependent on the outcome of the appeal (you are not the first to mention that, so I wanted to see if I could understand the rationale to see if I could either address the issue or correct my thinking)? 

The size of the project in question is $500MM+ (probably larger due to supply chain issues, inflation, and scope creep).  We know the DOE, for purposes of the loan application, would be funding a substantial majority of the loan (implying far more than 51%). This would indicate a loan in excess of at least $250MM (and frankly likely to be in excess of $400MM from reading the tea leaves.

If we view the loan as a "construction/development loan", wouldn't the lender (i.e., the DOE/Government want certainty on the rights to construct before extending a loan or credit facility of this size)?  In other words, if the RoD were not affirmed, there would not be a TP to develop.

This is an honest question (not meant to be argumentative at all - as I said, there have been a couple of others who have expressed that viewpoint, and it would help me to know the rationale).

Thanks in advance for any insights,

IRR