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