On a pure number crunch, the NPV of the project will only increase by roughly the amount of the grant.
If you are to rate the SP on a multiple of earnings, then the grant is a one-off benefit so will not be part of earnings and therefore not multiplied.
By either method, I cannot see the SP affected by multiples of the grant.
The above does not take into account any value attached to the positive sentiment created by having govt backing which should be substantial.
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