Offtake "equity" doesn't count as equity for financiers. Yes,...

Offtake "equity" doesn't count as equity for financiers. Yes, their money goes in to get the project built, but they get first preference, often at a concessional rate, to get their prepayments back. ie the cash flow in early years is limited because product is produced and sent to equity, not contributing to project cashflow, which is what financiers look to.

This needs serious equity hurt money for financiers (including government) to put theirs in. And on a $1bn project $100m aint going to cut it, and they cant bank non the current market cap as contributed equity either