it is always darkest before the dawn, page-13

"I'm just trying to follow the finance scenario here. If a single project requires $100 mill let's say $70 mill is funded by loans, and $30 mill comes from equity.

If PAX brings in a new partner to provide the $30 mill then that partner takes 30 % of the project and 30 % of the net profits, after paying the finance, operations and tax. PAX gets its income from the other 70 %."

Rockist, The loans would be project loans - i.e. loans to the project company which is set up as a JV between the partners. In your scenario, where one partner supplies 100% of the equity, then they would reasonably expect to own 100% of the project less consideration for previous expenditure by the other partner(s).