FFI financing composition was an excellent question... 24 months...

FFI financing composition was an excellent question... 24 months ago. People did ask it.

Fortescue responded in late 2020 and has reconfirmed numerous times since: FFI to be funded with 10% of FMG NPAT and non-recourse debt for the rest, with preference to green bonds where possible (expected to be for a majority if not all projects). Of course, this info is all in the quarterlies and investor/analyst calls, - there's a reason JP Morgan/Credit Suisse/Macquarie etc. aren't asking those questions today, and it's not because they don't care about money...

As for how much FMG profit FFI needs to survive, the answer is zero. FFI could easily be stood up as a seperate company and funded entirely with debt. Investors are thirsty for those green investments. PLUG's market cap is ~18 billion with just 200 million in revenue in a good quarter and lifetime negative earnings, and there's no FMG bankrolling those boys. Probably the only reason FFI is part of FMG is because of the huge synergies in working on decarbonising the FMG fleet as their first major focus.

Now... no more "opinions" on corporate finance until you've read the quarterlies lol