Financing ChallengesManagement plans to sell Recurrent assets instead of holding projects on balance sheet, highlighting financing challenges.
Market ExpectationsThe stock has surged 81% in the last month and 108% in the last three months, outperforming peers, likely on investor expectations for battery storage demand to meet load growth and solar multiples bottoming out. This seems overdone.
Regulatory ComplianceU.S. expansion remains on track, but FEOC compliance still pending, creating binary risk related to ownership transfer, debt transfer, and IP transfer.