Thanks for your response. The funding came out of a general pot. I could have chosen the other project at the time, but didn't. The difference between the projects is one is data analysis/statistics based, the other is numerical simulations.
I am starting a PHD in Europe at a top institution very soon. In the time since I have accepted the offer I have developed the feeling that I am more interested in working with a different supervisor on a different research area. They are both in the same subfield, but the nature of the research...