Curtailment And Grid ConstraintsMaterial curtailments reduce producible energy and durable revenue capacity until storage or grid upgrades are deployed. Budgeting elevated curtailment (~10,000 MWh) implies recurring generation and margin risk in key markets, weakening long-term cash flow predictability absent structural grid solutions.
Inconsistent Bottom-line EarningsVolatile net income—shifting from positive to negative margins—shows sensitivity to non-operating items, taxes, or one-offs. Even with strong EBIT, bottom-line inconsistency undermines long-term earnings reliability and complicates planning for dividends, debt servicing, and reinvestment.
Meaningful Leverage And Balance-sheet ConstraintsAlthough leverage has improved, a debt-to-equity near 0.9 leaves limited financial flexibility for large capex or rapid pipeline scaling without additional financing. Continued indebtedness increases refinancing and interest-rate exposure, constraining strategic optionality during multi-year project buildouts.