A residual value guaranty assumes somebody will pay a set amount for the asset if the tenant walks. For a campus built to one tenant's spec at 4.25GW, who is that buyer in 2035, and does the guaranteed minimum cover the shell alone or the shell together with the power contracts behind it? The readers here know the resale market for large purpose built sites better than anyone, and that market is what decides whether $105bn is a real exposure or a formality.
A residual value guaranty assumes somebody will pay a set amount for the asset if the tenant walks. For a campus built to one tenant's spec at 4.25GW, who is that buyer in 2035, and does the guaranteed minimum cover the shell alone or the shell together with the power contracts behind it? The readers here know the resale market for large purpose built sites better than anyone, and that market is what decides whether $105bn is a real exposure or a formality.