USD ~13.2M

EQUITY

10-YR LOAN

CAPITAL FLOW PER SPV

USD ~30.2M

Approvals Y1

30% of CAPEX + ~USD 1.2M VAT WC · single LP at InvestCo

70% of CAPEX @ 7.0% · PIK during construction, capitalized to PP&E

Equity + loan @ 7%

1% drawdown

SENIOR BOND

MIN DSCR

Construction Y1

59% drawdown

Refi at COD

3.60x

Long-lead equipment, civils

22-yr amortizing @ 7.0% · secured PF package

Floor 1.30x · 230 bps buffer at portfolio level (3.39x at Lamsel min)

Construction Y2

40% drawdown

Balance of plant, commissioning

COD

Refinance

Loan → 22-yr senior project bond at 7.0%

Operations 22 yr

Cash sweep

Bond service · distributions to LP