The RISC report assumes that SOE's back-in at ODP which is their contractual right to exercise, at that point the majority of these sunk costs are refunded to SGE as part of the back-in deal. Fairly basic concept.
If the SOE's choose not to (I have not seen a precedent for this), then SGE retain ownership pro-rata (depending on SOE/PSC) which results no dilution to their cash inflows. Unlikely though.
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