I believe cash distribution is only possible if the Joint Venture agreement allows for 50% cash distributions to Phoenix shareholders.
Say Phoenix is valued at $2bn and enters into a 50:50 JV, assuming the JV partner will infuse $2bn in cash. Then, $1.5bn of that amount would go towards building the plant.
In case, If the JV partner is a PE fund, they will infuse capital in tranches with conditions of no additional dilution and a certain IPO deadline.
