Key Investment Highlights

• Scale & Geographic Footprint: 227.16 MWp aggregate capacity diversified across 10 Brazilian states, minimizing single-asset operational and localized grid-curtailment risks.
• Capital Efficiency: Total documented CAPEX of US$152.8M (~US$0.67M/MWp), comparing favorably to regional greenfield solar installation benchmarks.
• Dual Cash Flow Generation: Base electricity sales supported by an unhedged upside from voluntary/compliance carbon credit issuance.
• Attractive Unit Economics: Base-case operational EBITDA of US$27.17 million/year on US$28.85 million/year gross revenue (~94.2% EBITDA margin).
• Compelling Payback & Return Profile: Indicative base-case simple payback of 5.62 years and an annual operational Return on Investment (ROI) of 17.8% p.a.
• Platform Valuation: Indicative base-case Enterprise Value (EV) of US$217.4 million (~8.0x EBITDA).

Portfolio Capital Structure

Scenario Performance & Financial Summary

Carbon Credit Monetization Profile

• Under the Base Scenario (US$30/$\text{tCO}_2$), carbon revenues contribute US$8.95 million/year, accounting for 31.0% of gross revenues and expanding EBITDA by 49.1% over merchant power alone.
• Under the Optimistic Scenario (US$50/$\text{tCO}_2$), carbon revenues expand to US$14.92 million/year, driving total platform cash flow to US$38.12M EBITDA.
• Merchant electricity generation alone at US$40/MWh secures US$18.22 million/year in operating cash flow without carbon monetization, providing an operational downside floor of 11.9% ROI p.a.

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