also it could be straight international debt finance for the project vehicle as a whole, so all JV partners get automatic share of the debt finance. something like this.
Equtiy raise component will go to offtake partners i imagine, but wont dilute the stake of the actual JV(the offtake will end up owning some LPI is all)
KDR diluting down 50%, it still needs to get debt share for their 50% as well , circa $500m bucks. There will be equity raise of KDR similarly to their offtake for some of that.
