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If they get $7-$8 per kL, the top line for the JV of this first project will be $70-80m revenue (assuming they get 10gL).

From there, the funds raised by the infrastructure fund will require a yield, and there will be some small maintenance and personnel costs. Have a look @ traditional infrastructure funds to see what sort of yield they deliver. I'd say high single digits.

So subtract that from the top line revenue. and then the profit will be split 50/50.

From there, there would be a management fee (from infra fund) paid to VYS, if I were to guess I'd say in the vacinity of 1 to 2%.

This sort of revenue would be treated completely differently to current services revenue as it is more annuity based and from water ownership.