At the risk of sounding like a broken record,there will be an equity component of circa 30% of TOTAL funds raised,which will be well above the headline capex number.Even if we put on our optimist hats (not that I own one),and assumed 80:20 debt/equity split,there will be dilution and unless it's raised at project level,it will be significant.I don't wan't to seem like I'm raining on the parade,but,dreaming of unicorn outcomes will only lead to disappointment.
Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-122
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