Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Sanjay Shrestha - Lazard Capital Markets.
Sanjay Shrestha - Lazard Capital Markets
A couple of quick questions since it's probably on everyone's mind about the DOE loan guarantee, which is obviously a big positive and you guys certainly have gone through a lot of due diligence. So what is the next step or the milestones, if you would, or what are the next things we ought to be looking for before it really turns from actually the due diligence to the actual award?
Carlos A. Riva
Let me just start by saying we submitted our application in February. We were told at the end of March that within 90 days we would - sorry, at the end of February that we were in fact compliant and complete as an application and then within 90 days they would inform us whether we'd take the next step to go to due diligence. And almost to the day, 90 days later at the end of June we were told by DOE congratulations, you're moving into the due diligence phase.
And so we've have a meeting with them to plan out what needs to be done. I'll turn it over to Jaime because he was there at that meeting, but I think I can say that we're very, very encouraged with the very enthusiastic reception that we've gotten from DOE. It's a process that they want to issue the loan guarantees in a very deliberate way to replicate nonrecourse project financing, but it's very much in a timeframe which meets our need to begin construction in the first quarter of next year.
Jamie Levine
Just maybe a couple of points to think about in the future.
There are really two steps going forward for the loan guarantee. The first would be a signed term sheet which represents a condition commitment subject to certain conditions precedent by the DOE, and then the second would be financial close. So I think in terms of the overall process that's really what it looks like going forward.
As Carlos said, the meeting that we had in July with the DOE was very interactive, very favorable in terms of setting up a process, but we do have diligence to go through and we have a term sheet to negotiate, so that is a process that's going to take some months in order to move forward.
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