They don't reconcile because your analysis has the debt and equity components wrong. The debt is 900million us or 50% of the build cost, and then you have to add 293m us further debt being the pledged Australian export finance corp subsidised loan. That takes debt US 1.2billion and the equity partner stake between 6 and 700million. Furthermore you can't analyse the equity share as being a share of the NPV because of the cash flow over time. Sunrise will be looking to have the equity share component in terms of finance as a percentage of the build cost not the NPV. Taking as a percentage of the NPV is apples and oranges. The percentages will be calculated on the asset cost not the NPV.
Bidding War, page-33
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