‘We have $1,000 million worth of investments. Against this we would be able to borrow up to 25 per cent, so $250 million on a one-off basis. Our biggest spend in a single year so far is $180 million, so, in addition to our annual income for investments, we would be able to spread this amount over a number of years. Our goal is to achieve organic growth of 15 per cent.

‘Our projects are based on a 20-year cash flow forecast, with an internal rate of return (IRR) of 15-16 per cent, and 12 per cent pretty much from the word go.

‘Our main prerequisites for taking on a project or investment are: that it is in a safe country with as sound an economy as possible for a developing state; and there is a sensible regulatory regime that supports the idea of private power.

‘Our ideal situation would be a greenfield site, but we believe strongly that the smartest plants will be developed by someone who is already active in the market, as we are for example in Bangladesh – where we supply almost 70 per cent of night power and a third of that in the day – or Egypt. In China, on the other hand, we would have no competitive advantage. So we would look first at greenfield sites, and ideally only greenfield sites, but in countries where we already have a presence.’