NPV for Projects - No inital outlay

CFA Level II Corporate Finance
#1

Hello,

I am trying to understand the concept.
I work for a company and we raised $4B (2B debt 2B equity) for an offshore wind project.

I want to confirm:
Dont include:

  1. Sunk costs (ie land purchases, consultants fees, essentially any costs that were already paid)
  2. Financing Costs (bank fees (commitment, upfront, letter of credit, interest during construction (“IDC”)
  3. Monthly draws under the loan facility during 3 yr construction period.
  4. Bank debt or equity (ie the $4b)

Question:
What then is considered the initial outlay at time 0? There is not any initial outlay it seems but that doesn’t make sense. The only costs that could be considered at time 0 would be the sum of 1 + 2 + 3 + 4 above.

I have read on this forum that you dont include financing costs (cant post a link tho).

thank you.

#2

edit:
<<The only costs that could be considered at time 0 would be the sum of 1 + 2 + 3 + 4 above.
The only costs that could be considered at time 0 would be the sum of 1 + 2 + 3 + 4 above but those, I believe, should not be included.