Slide transcript
PEAK OVERLAP Q4 2028 – Q1 2029 · PASARJAYA COD CROSS-COVERS BANDUNG + LAMSEL
Q4 2028 – Q1 2029
| Quarter | PD Pasarjaya | Bandung | Lampung Selatan | SPVs drawing |
|---|---|---|---|---|
| Q4 2026 | Approvals Y1 | — | — | 1 |
| Q2 2027 | Approvals Y1 | Approvals Y1 | — | 2 |
| Q4 2027 | Construction Y1 | Approvals Y1 | Approvals Y1 | 3 |
| Q2 2028 | Construction Y1 | Construction Y1 | Approvals Y1 | 3 |
| Q4 2028 | Construction Y2 | Construction Y1 | Construction Y1 | 3 (peak) |
| Q1 2029 | Construction Y2 | Construction Y1 | Construction Y1 | 3 (peak) |
| Q3 2029 | Construction Y2 | Construction Y2 | Construction Y1 | 3 |
| Q4 2029 | COD operating | Construction Y2 | Construction Y2 | 2 + cross-cover |
| Q2 2030 | Operating | COD operating | Construction Y2 | 1 + 2 operating |
| Q4 2030 | Operating | Operating | COD operating | All 3 operating |
PEAK OVERLAP WINDOW
All 3 SPVs drawing CAPEX simultaneously · ~13% of total raise per peak quarter
TOTAL EQUITY CALLED
USD 12.0M
30% of USD 40M CAPEX; balance from bridge debt
PEAK EQUITY OUTSTANDING
USD 11.13M
Net LP exposure under cross-cover
CROSS-COVER AT PASARJAYA COD
USD 0.87M
Pasarjaya Oct 2029 cashflow offsets Bandung + Lamsel equity calls
Staggered award sequence converts to a staggered cash deployment. The Pasarjaya COD (Oct 2029) begins distributable cashflow while Bandung and Lamsel are still in Construction Y2 — that cashflow flattens LP peak exposure by USD 0.87M.
Quarterly drawdown share is approximate; peak ~13% of total raise concentrated when all 3 SPVs draw simultaneously.