Need help determining if a project looks like it could be successful!!?

Hello I am putting togethor a project for a company. I am trying to determine if the project should be undertaken with equity (such as a common stock issuing) or if it should be done with debt financing. Here are some of the statistics I have put togethor.
I need 120 million dollar either from equity or debt.
-My IRR is 24.76%, the Wacc of the company under the current situation is 20.46%
-I determined that if I issue stock my equity would increase by 120 million, which would cause my Wacc to go up to around 20.51%.
-The company currently has roughly 98% equity and 2% debt.
-I also determined that if I decide to take on the project with debt financing my Wacc would be roughly 16.77%.
-The NPV of my project under the equity method is around 10.2 million dollars. The NPV under the debt method is around 21.4 million dollars.
From what my data is showing taking on the lower Wacc (debt financing) seems to optimize my NPV. Does my data seem to make sense? Any advice thanks!!!

Figure on financing by debt, then pay down the debt with the stock issues. If you can get the financing, that is a much more sure thing than hoping to get what you need on an IPO. If the IPO works, then payoff the debt early. If the IPO doesn't work, then when you arranged financing (assuming it will fly for whomever you pitched it to) then the project is already closer to letting the new stockholders realize the wisdom of their decision. This increases the value of the stock, which enhances the ability to borrow more for the next expansion project.