If it's 70% debt / 30% equity and the A$850 represents the 70%...

If it's 70% debt / 30% equity and the A$850 represents the 70% debt then the 30% equity would be circa A$350 for a total of A$1.2 billion. I doubt we need quite that much, so maybe the equity component will be lower than 30%.  Time will tell but looks promising and 70/30 should be the worst case.. 

I would settle for 30% equity, provided it is raised at a decent share price. 

The question is what would someone pay for 30% equity in, by then, a fully financed, fully approved, SMS guaranteed project with an NPV of A$4.2 million and plenty of upside?