Figure 10.
The image presents a simplified organisational and contractual diagram centred on a special purpose vehicle shown in a dark box. Above it, H S 2 Ltd is connected by two vertical links labelled equity and off-take contract. To the left, lenders are connected to the special purpose vehicle through a horizontal link labelled loan agreement. Below, the special-purpose vehicle connects downward to two separate boxes. One box represents a construction contract, indicating responsibility for building activities. The other box represents an operation and maintenance contract, indicating responsibility for ongoing operation and maintenance services. The image illustrates how financing, ownership, construction, and operational roles are structured around the special purpose vehicle.Model 2: scenario A and project financing