Thanks Sura, but the final funding structure remains to be seen....

Thanks Sura, but the final funding structure remains to be seen. More importantly, if a project sponsor is able to raise equity in the listed parent, it can preserve a 100% ownership interest in the project and therefore remain entitled to 100% of the economic entitlement (i.e., all the cash flow and profits) which in the long run is better. It's better because the alternative is that of the sponsor has to prematurely issue new equity in the project entity and therefore gives away x% of the project at a lower valuation and retains a smaller economic entitlement to the asset. In turn, that smaller economic entitlement eventually gets reflected in the share price at the sponsor/parent level. In summary, economic dilution happens either way.