95.75 MWp Brazilian Solar PV Portfolio

Project Alfa is a utility-scale solar photovoltaic (PV) aggregation platform in Brazil consisting of 67 solar plants strategically positioned across 10 Brazilian states. The platform represents a total declared capacity of 227.16 MWp with an estimated recurring generation profile of 497,480 MWh/year. The asset portfolio is structured around a dual-monetization commercial strategy: contracted/wholesale electricity sales coupled with upside potential from verified carbon emission reductions (298,488 $\text{tCO}_2$/year). Total documented capital expenditure is US$152.8 million, reflecting an entry cost basis of US$0.67 million/MWp.

Metric	Original	USD Equivalent
Portfolio Capacity	95.75 MWac	95.75 MWac
Installed DC Capacity	124.48 MWp	124.48 MWp
Plants	33	33 Plants
SPVs	28	28 SPVs
Full EPC CAPEX	R$497.9M	~US$96.7M
Contracted Revenue over 10 Years	R$1.61B	~US$312.6M
Unlevered Project IRR	26.1%	26.1%

State	Plants	MWac	MWp	Share
Bahia	25	78.25	101.73	81.7%
Pernambuco	8	17.50	22.75	18.3%
Total	33	95.75	124.48	100%

CONTRACTED REVENUE MODEL

The investment case is underpinned by contracted revenue rather than merchant power-price exposure during the initial PPA period.

1. 01
   Contracted priceUS$126.95/MWh
2. 02
   Initial term10 years under a 5+5 structure
3. 03
   Indexation4.5% p.a.
4. 04
   Year-one generation207,261 MWh
5. 05
   First full year of revenue2029
6. 06
   Contracted revenueapproximately US$314.5 million

The PPA price is modelled at a 21.7% premium to the portfolio LCOE, which is estimated at approximately US$104.30/MWh.

DEVELOPMENT & CONSTRUCTION SCHEDULE

Commercial operation is phased between 2026 and 2028, reducing reliance on a single construction milestone.

Year	Plants	Capacity
2026	9	27.50 MWac
2027	21	58.25 MWac
2028	3	10.00 MWac
Total	33	95.75 MWac

Approximately US$93.4 million of the US$97.2 million total CAPEX is concentrated in 2026–2027.

FINANCIAL PROFILE

Metric	Base Case
Full EPC CAPEX	US$97.2M
Project IRR	26.1% p.a.
NPV @ 14%	US$75.6M
Simple Payback	5.5 years
Portfolio LCOE	US$104/MWh
EBITDA Margin	92.9%

This executive summary and the financial projections contained herein are prepared solely for indicative, preliminary informational purposes and do not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to acquire any securities, investment platform units, or debt instruments.
All financial profiles, return metrics (ROI), Enterprise Values, and payback periods are modeled estimates derived from third-party operational assumptions and base-case operational scenarios. Actual performance may vary materially based on actual solar irradiation, grid curtailment, national transmission connection approvals, wholesale power market (PLD/PPA) volatility, and operational availability.
Carbon Credit Conditionality: Projected carbon-credit revenues of US$8.95M to US$14.92M per annum represent uncontracted financial upside. Receipt of carbon revenues is strictly contingent upon the project platform successfully satisfying all applicable additionality assessments, validation criteria, baseline certifications, third-party independent verifications, and credit issuance protocols administered by international voluntary or compliance carbon registries.
Potential investors must conduct their own independent technical, environmental, tax (Lucro Real vs. regional SUDENE incentives), and legal due diligence before making an investment commitment. No representation or warranty, express or implied, is given as to the achievement or reasonableness of any future projections, estimates, or prospects.