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On the other hand, if you issue debt you need at least €75k/yr just to repay the €1.5M principal, and that adds to your fixed costs, so if you're not able to produce more than about €100k on any given year (say, the if the wholesale price drops below €35/KWh, or even below €50 with bad wind year) you have a serious risk of default.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Sat Jan 19th, 2008 at 07:50:41 AM EST
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