Slide transcript
LP RIGHTS AT INVESTCO · 25-YEAR HOLD BASE CASE · REFI AND SECONDARY OPTIONALITY
| LP rights at InvestCo | Detail |
|---|---|
| Economic interest | 100% at InvestCo level |
| Board composition | Majority appointed by LP |
| Reserved matters | Budget · CAPEX · major contracts · debt · distributions |
| Reporting | Quarterly operating + financial · annual audited |
| Audit access | Annual independent audit · LP access to records |
| Distribution policy | 100% of distributable cashflow upstreamed after debt service + reserves |
| Concession tenor | 25 years per SPV (1 + 2 + 22) |
| Concession end | Oct 2051 · Apr 2052 · Oct 2052 |
EXIT PATHWAYS
Hold to maturity
Base case
22 years of operating cashflow distributed to LP under 100% distribution policy. Concession returns to counterparty at end of 25-year term.
Refinance optionality
Anytime post-COD
Senior project bond can be refinanced as DSCR coverage builds. Cash-out option to LP without operating disruption.
Secondary sale
Anytime post-COD
Partial or full equity sale to infra fund, strategic, or sovereign at operating valuation. Bond covenants typically permit change of control.
Exit framing reflects base-case hold to maturity; refi and secondary exit pathways available throughout the operating concession.