I read in one of the articles after the EIB announcement that on top of the 1,4b to finance the project Vulcan is also trying to secure a 400m credit facility (can't find which one was). This would be used to pay the wages and working capital during construction and ramp up. I would think equity will be needed to top up the project equity and keep the 35:65. I am not sure where you get the 40% dilution, unless you are counting all capital raises
VUL megathread, page-7114
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