one think for sure about vpg, page-4

I don't think cap raising (to the extent that we needed)
would have been possible without diluting Shareholders into oblivion

I actually really like the announcement.

they put in x amount of assets which, due to debt have 0 equity currently,

they can now hold these assets as they retain their appropriate ownership stake in the JV and can now earn fees of the combined asset pool

basically removing the risk, allowing exposure to upside and generating management fees. (income)