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“we're assuming the $46.2 billion real capital cost, a 30% equity share, and 70% debt financed for the project as a whole. And then the state's share of the capital contribution would be 25% of that 30% equity contribution, plus our share of debt financing fees.”
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From the transcript

To answer the first part of your question about why $4 billion seems low back on slide 8, So it is— we're assuming the $46.2 billion real capital cost, a 30% equity share, and 70% debt financed for the project as a whole. And then the state's share of the capital contribution would be 25% of that 30% equity contribution, plus our share of debt financing fees.

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