A4N 0.48% $1.05 alpha hpa limited

Let's assume CAPEX of $400m and gearing of 65% (reflective...

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    Let's assume CAPEX of $400m and gearing of 65% (reflective of A4Ns level of project derisking).

    $260M would come from NAIF and EFA on long tenors.
    $60M would come from grants (consider it as equity for the purposes of gearing)
    $80M would come from instos and be dilutive.

    So...the grants cover almost half of the equity contribution.

    Not peanuts at all!
 
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