50MW Distributed Solar Energy Portfolio RTB

The development and financing of a distributed solar energy portfolio in Colombia, comprising 51 photovoltaic solar farms with an aggregate planned capacity of approximately 50.5 MWac. The project is structured as a phased development program, with the initial phase consisting of eight solar farms totaling 7.92 MWac. The broader portfolio is expected to be progressively developed and commissioned through 2031. The project benefits from long-term power purchase agreements (PPAs), providing contracted revenue visibility over a 20-year period for each farm.

Key Investment Highlights

• 50.5 MWac – Total planned installed capacity across 51 solar farms.
• 7.92 MWac – Initial development phase comprising eight solar farms.
• USD 76.5 Million – Estimated total CAPEX for the full portfolio.
• 20-Year PPAs – Long-term power purchase agreements for each solar farm.
• USD 65.5 Million – Projected cumulative contracted revenue over 20 years for Phase 1.
• 13.9% – Indicative unlevered, after-tax project IRR for Phase 1.
• 78% – Projected EBITDA margin during the first operating year of Phase 1.

Phase 1 – Project Details

The initial phase comprises eight photovoltaic solar farms, each with an individual capacity of approximately 0.99 MWac.

Particulars	Details
Number of solar farms	8
Installed capacity	7.92 MWac
Estimated CAPEX	USD 12.0M
Year-1 projected generation	19,866 MWh
Year-1 projected revenue	USD 2.3M
Year-1 projected EBITDA	USD 1.8M
Year-1 cash flow available for debt service	USD 1.59M
Indicative project IRR	13.9%

Revenue Model

Electricity generated by the solar farms is sold under long-term PPAs with a regional electricity distributor.

The contractual framework provides for:

• 20-year PPA terms per solar farm;
• Tariffs denominated in local currency;
• Tariff indexation linked to the Producer Price Index (PPI);
• Contracted energy sales based on actual electricity generation.

Phase 1 is projected to generate approximately 382 GWh of contracted electricity over the 20-year period.

Projected annual revenue increases from approximately USD 2.3 million in Year 1 to USD 4.3 million in Year 20, based on the financial model's assumptions.

Financing Requirements

The project is seeking a financing partner to support the construction and development of the initial eight solar farms, with potential participation in the broader 50 MW portfolio.

Indicative financing structure:

• Construction and equipment financing: USD 7.6M.
• Financing net of contributed shareholder equity: USD 10.0M.
• Total Phase 1 project value: USD 12.0M.

Approximately USD 2.0 million in shareholder equity has already been contributed.

Potential financing instruments include:

• Senior secured debt;
• Mezzanine financing;
• Bridge or construction financing;
• Structured financing or co-investment arrangements.

The final financing structure, amount, tenor, and repayment terms remain subject to negotiation with the financing partner.

Development Roadmap

The broader portfolio is expected to be implemented in phases, targeting approximately 12 MW of additional installed capacity annually.

Target Year	Planned Operational Capacity
2027	11.9 MWac
2028	23.8 MWac
2029	35.6 MWac
2030	47.5 MWac
2031	50.5 MWac

The expansion schedule represents the current development plan and remains subject to execution and financing.

Additional Considerations

• Project revenues and operating costs are denominated in local currency.
• The project utilizes a trust-based payment administration structure.
• Phase 1 PPAs have reportedly been signed for all eight farms.
• Equipment has reportedly been purchased for the initial phase.
• The project is structured under the applicable Colombian distributed-generation regulatory framework.

Transaction Opportunity

The project is seeking a strategic financing partner, lender, or co-investor to participate in Phase 1 and potentially support the subsequent expansion of the portfolio.

Further information, including the detailed financial model, project documentation, and supporting materials, can be made available to qualified parties following the execution of a confidentiality agreement.