Ann: TNG Mandates KfW Bank for Debt Finance for Mount Peake, page-122

At the risk of sounding like a broken record,there will be an equity component of circa 30% of TOTAL funds raised,which will be well above the headline capex number.Even if we put on our optimist hats (not that I own one),and assumed 80:20 debt/equity split,there will be dilution and unless it's raised at project level,it will be significant.

I don't wan't to seem like I'm raining on the parade,but,dreaming of unicorn outcomes will only lead to disappointment.