Multi-Region Solar & Storage Platform

The four operating solar assets have been generating since 2018–2020 with availability around 99%. Offtake is a mix of long-dated fixed-price contracts-for-difference at two sites, certificate offtake agreements with national energy retailers, and merchant electricity exposure. Approximately 40% of revenue is contracted through 2038, with certificate offtakes expiring in 2028 and 2031. Independent engineer yield reports identify curtailment averaging around 25% across the platform, equivalent to roughly 119 GWh a year of energy the sites can generate but cannot currently sell. Availability of around 99% confirms these are grid and price constraints rather than plant condition — the direct commercial rationale for co-located storage. The plan is to acquire 100% of the four solar vehicles and two development batteries, refinance approximately A$140M of senior project debt at or before close, build out the 336 MWh already in the portfolio for revenue from 2028, and develop a further ~573 MWh of four-hour storage at an indicative A$400K per MWh, or approximately A$230M, for revenue from around 2029 to 2030. Combined acquisition, refinancing and expansion commitment is approximately A$530M. The financial model equity case returns an 11.7% IRR at a 3.5x multiple, with an average yield of 9.8% and battery revenue contributing from 2028. Figures are indicative and subject to due diligence — not a valuation and not an offer. Battery expansion figures, curtailed-revenue estimates and all timelines are indicative estimates. Further analysis is available to engaged parties under NDA.