hanlong has sundance finance in bag, page-69

Baukaw You either have no idea or make it seem that way when you say it will cost a JV partner $2-3b for a 50% stake.
Even George Jones know more about project finance than you, if you can believe it! He definitely knows how to give away copmanies and projects as gifts.

Total project cost is $5b. As stated by SDL, 40% equity and 60% debt, that's $2b equity and $3b debt.
A JV partner can pay SDL $1b for 50% of the project company. SDL adds that $1b to the project company, and the JV partner adds their $1b. That's $2b equity right there!

It cost the JV partner $1b to own 50% of the project before contruction (you said $2-3b!!!! didnt you).
Another $1b to own rail, port, and mine. TOTAL $2b.

You are not comparing like with like. You are comparing the takeover cost BEFORE development with JV cost AFTER development. Of course the takeover cost will be cheaper if you use before development costs and compare it to total development costs. Pick one or do both separately.