Complex sentence: The initial cost of £194 million was to be provided by a public--private partnership (PPP) which consisted of 20% funding from the private sector, while the rest would come from the government and the local authorities of Bristol and South Gloucestershire.
Split into simpler sentences: The initial cost of £194 million was to be provided by a public--private partnership (PPP) which would include 20% funding from the private sector. The remaining funds were to come from the government and the local authorities of Bristol and South Gloucestershire.