Comment by dan-robertson

I assume that cables aren’t all equal, eg maybe the new one carries more power or is more efficient or the sea floor makes it harder to lay. It could still be a good deal even if the upfront cost is higher.

I guess there could also be accounting shenanigans, eg if you pay $x upfront and $y over several years, you could focus on $x if the project seems unpopular and focus on $(x+y) if the project shows a popular serious investment in a government policy.

But I’ve no idea about this case.