Soventix Installation: Monte Plata Phase 1 – 33MWp – Dominican Republic

5.0 MWP-AC PV POWER PROJECT AT ITAGULA, MISUNGWI DISTRICT, IN MWANZA

REGION IN TANZANIA.

BUSINESS PLAN

March 2024.
Cover page

5.0 MW PV Power Project at Itagula, Misungwi District, in Mwanza region in Tanzania.

Headquarters:
Soventix GmbH
Am Schornacker 121
46485 Wesel
T: +49(0)281 40 56 77-0
F: +49(0)281 40 56 77 - 990

Soventix Tanzania Ltd

P.O Box 6383,

Dar es Salaam.
Tanzania,
New Bagamoyo Road,
Mbezi beach Makonde,
Behind Mbezi Garden Hotel,
Dar-es-salaam,
Tanzania.

Mobile: +255-784-670397
E-mails: [email protected]
Confidentiality

The information provided by Soventix Tanzania Limited in this business plan is confidential and
intended for the exclusive use of the Recipient. The Recipient may transmit the information contained
in this business plan to its directors, officers, employees or professional advisors provided that such
individuals are informed by the Recipient of the confidential nature of this report.

All other use is strictly prohibited, and no other person or entity is permitted to use this business plan,
unless otherwise agreed in writing by Soventix Tanzania Limited. By accepting delivery of this report,
the Recipient acknowledges and agrees to the terms of this disclaimer.

Upon request, this document is to be immediately returned to [email protected].

Table of Contents
Cover page ............................................................................................................................................................... 2
Confidentiality ......................................................................................................................................................... 3
Executive summary .................................................................................................................................................. 6
1.1. Proposed project ...................................................................................................................................... 6
1.2. General Description of Project ................................................................................................................. 8
1.3. Financial overview .................................................................................................................................... 8
1.4. Capital structure and loan requirements ............................................................................................... 10
1.5. Project overview .................................................................................................................................... 11
Production and Yield Analysis ........................................................................................................................ 11
Resource availability ...................................................................................................................................... 12
Market analysis .............................................................................................................................................. 12
1.6. Implementation ..................................................................................................................................... 13
1.7. Management .......................................................................................................................................... 14
2. Company description ..................................................................................................................................... 14
3. Project description ......................................................................................................................................... 15
3.1. Project overview .................................................................................................................................... 15
3.2. Site overview .......................................................................................................................................... 15
3.3. Design overview (German Engineering) ................................................................................................. 18
Components........................................................................................................................................................... 19
Solar Module ...................................................................................................................................................... 19
Inverter .............................................................................................................................................................. 20
Mounting System ............................................................................................................................................... 20
3.4. Generation assessment .......................................................................................................................... 21
4. Market analysis/assessment .......................................................................................................................... 23
4.1. Target markets ....................................................................................................................................... 23
4.2. Demand assessment .............................................................................................................................. 23
4.3. Tariff ....................................................................................................................................................... 24
5. Financial plan ................................................................................................................................................. 24
5.1. Describe the suggested financing structure ........................................................................................... 24
5.2. Revenue projections .............................................................................................................................. 25
5.3. Cost analysis ........................................................................................................................................... 26
 Operation and Maintenance Cost .................................................................................................................. 26
5.4. Cash flow and financial analysis ............................................................................................................. 26
Financial Model that details the cashflow and financial analysis is annexed. ........................................................ 26
5.5. Risk analysis ........................................................................................................................................... 26
6. Implementation ............................................................................................................................................. 29
7. Management .................................................................................................................................................. 30
7.1. Organizational structure ........................................................................................................................ 31
7.2. Management and staffing ...................................................................................................................... 31
...........................................................................................................................................42
8. Cashflows .........................
9. Company Legal/Registration documents ...........................................................................................................43
Executive summary

1.1. Proposed project

The Misungwi 5.0 MWAC Solar Project aims to establish a state-of-the-art solar power at Itagula,
Misungwi District, in Mwanza region. This venture, spearheaded by Soventix, seeks to harness
sustainable energy sources for electricity generation.

In accordance with Small Power Producers (SPP) Rules 2020, the renewable power projects ranging
from 100kW up to 10MW are supposed to be developed in strategic areas only. Article 4 (1) of the SPP
rules provides that “An area deemed to be of strategic in nature should provide technical benefits to a
Distribution Network Operator (TANESCO)” and that;

i. The proposed project will improve the voltage profile towards the standard nominal voltage or
to bring it within the standard tolerance levels of +/- 10% of the standard nominal voltage; or
ii. The proposed project will reduce Distribution Network Operator’s system losses by at least 10%
of the existing losses.
iii. The power generated must be consumed within local distribution feeder.

This project not only aligns with Tanzania's commitment to renewable energy but also addresses the
above stated requirements and the growing demand for power in the region. Through strategic
investments and advanced technologies, we aim to contribute significantly to the local energy
landscape, fostering economic growth and environmental sustainability. This business plan outlines our
comprehensive approach to project development, emphasizing efficiency, scalability, and
environmental responsibility.

Soventix, serving as both the investor and EPC (Engineering, Procurement, and Construction) company
for the Misungwi 5.0 MW AC Solar Project, holds pivotal roles in ensuring the project's success. As the
investor, Soventix provides crucial financial backing and assumes risks, showcasing confidence in the
project's viability. In its capacity as the EPC company, Soventix brings engineering expertise to
efficiently design and implement the solar power infrastructure. The project generates both long-term
and short-term employment opportunities, fostering economic growth in the local community.
Furthermore, Soventix contributes to technology and knowledge transfer, introducing advanced solar
technology and potentially implementing training programs for the local workforce. Lastly, the project
enhances power security in the area, ensuring a stable electricity supply and supporting economic
resilience.

Next page will present the summery of salient technical and financial parameters of the project. These
parameters and detailed financial analysis of the project is enclosed in this business plan.
Table 1. Investment summary

S/N Project Particulars Details

1 Company Soventix Tanzania Limited
2 Solar PV Power Project 5MWAC / 5.216MWDC
3 Site Name Itagula suburb
4 Location 3°11'3.26"S, 32°49'34.53"E
Village Ilalambogo
District, Region Misungwi, Mwanza.
5 Available Area 42 Acres
6 EPC Contractor Soventix Tanzania Ltd
Construction duration 8 months
O&M contractor Soventix Tanzania Ltd
7 Module mounting structure Single Axis Tracking system
Type of PV Modules Bifacial Module
8 Proposed Make / Model Jinko /Trina / JA
Capacity of each Module 575 Wp
9 Power Converter System String Inverter
Proposed Make / Model Sungrow / Huawei
10 Power Converter System capacity 350 kW (14Nos.)
11 Energy Generation per annum 11,431,742kWh/Year
12 Plant Load Factor (PLF) 24.08%
Off-taker The Tanzania Electric Supply Company
Limited
(“TANESCO”), the national Utility,
13 Net Selling Rate USD Cents/kWh (Flat 0.07 USD Cents/kWh
rate tariff)
14 Expected Life of Power Plant 25 years
15 Expected Plant Commissioning Date Dec-25
16 Power Evacuation Power will be evacuated at 33 kV level
17 Financial Highlights
A Total Project Cost in USD Million 4,820,000
B Project IRR, % 9.22%
C NPV, in USD Nil
D Payback Period, Years 10
E Average Cost of Generation USD 0.042
Cents/kWh
Project Studies
F E&S Assessment, Grid study and all Consultant selected & Awarded. The Studies
others are expected to take 3 Months.
1.2. General Description of Project
The project aims at improving energy generation needs in Tanzania and more importantly, the
aspirations within the Ministry of Energy (MoE) and TANESCO in achieving goals of providing cost
effective and reliable power generation and distribution within the country.

According to the Power System Master Plan 2016 Update, TANESCO planned to have a 40/60
renewable/conventional power generation mix by 2025. Eventually the Government desires to have
cost effective generation mix portfolio by taking advantage of opportunities of available renewable
energy sources. The construction of Solar Photovoltaic Power Plant Project will substantially enhance
TANESCO’s power generation and supply capabilities in the region, which is key to the development of
the Tanzanian economy. The Solar Photovoltaic Power Plant would also serve to stabilize the grid
against power fluctuations and outages that are a major source of concern to TANESCO customers.
Therefore, Soventix had prepare a detailed Feasibility Study for construction of 5MW AC/6MWDC Solar
Photovoltaic Power Plant at Misungwi, Mwanza region.

It also originates in the interest of Ministry of Energy (MoE) and TANESCO to assess the technical,
economic, financial and environmental viability of deploying Solar photovoltaic power plant to the
power grids of TANESCO as a way to increase the installed power generating capacity, diversify sources
of generation, employing the direct transformation into electricity of Solar radiation, a renewable
sources with stable and predictable manifestation in Tanzania, which has been well studied and
characterized from energy point of view. This project will help to decrease the dependence on fossil
fuels, biomass usage and import of power from neighboring countries. It will strengthen the power grid
of the nearby area and will result in reduction of generation cost in the region where the Solar
Photovoltaic Power Plant will be located. It will also reduce the environmental impact due to global
warming, greenhouse gas emissions and acid rain.

1.3. Financial overview

Capital Cost
The Project has an estimated CAPEX of USD 4.8million. A breakdown of the cost components is
provided below. The current estimates are preliminary and are subject to change due to change in
circumstances and market price trends.

CAPEX Unit

Engineering procurement CFR USD /kWp 550

Construction USD /kWp 120
Interconnection costs net (IESO refund and HONI
refund) USD /kWp 30
Soventix Services USD /kWp 15
Soventix Development USD /kWp 55
Import Duties USD /kWp
 Non refundable VAT USD /kWp 44
#8 USD /kWp -
EPC Costs USD /kWp 814
Total EPC Costs Th USD 4,173

Advisors SPV (legal, insurance, tax etc) Th USD 153.8

Other costs sponsor costs Th USD 4.7
IDC (interest During Construction) Th USD 77.9
Upfront Fee Bank Th USD 83
IDC - VAT Th USD -
DD costs Bank Th USD 50.0
External Engineer 30.0
Finance & other costs Th USD 400

Land purchase Th USD -

DSRA Th USD 256
Total Investment Th USD 4,829

Operation and Maintenance Cost

An annual operation cost O&M That includes; Prescribed Maintenance activities of the Plant to Ensure
Performance, Security, Spare Provision, Commercial (Insurance) and Technical management, Other Variable
O&M costs , Legal and audit cost have been budgeted for.

The cumulative distribution of the Opex costs are summarized below

OPEX Unit
O&M incl. Repair & Maintain incl security and commercial
management USD/kWp p.a 15.00
Commercial, technical Management, Members Management Th USD p.a 10.00

Own consumption Th USD p.a 5.00

Insurance Th USD p.a 16.69

O&M Buffer, Legal costs, administration, auditing and other Th USD p.a 5.00
Lease Th USD p.a 24.50
CPI OPEX 2.0%
Total per kWp 22.16
Revenue Projections
Revenue projections were done at P50 considering single-axis trackers in the design with expected net
annual energy production of 11,431 MWh/year, a yearly loss of 0.4% and plant availability of 99%. The
configuration currently used as base case for economic & financial analysis is a plant with single axis trackers.

P&L 000 USD

Revenue 12,630.71
OPEX (3,604.07)
EBITDA 9,026.64
Depreciation (4,255.15)
EBIT 4,771.49
Net Interest (1,315.55)
EBT 3,455.94
Tax (1,021.78)
Net Income 2,434.16

1.4. Capital structure and loan requirements

Projects Financing Summary

Project Summary
Input Output
Project Name, Country Misungwi Feeder IRR [%] 9.16%
Installed Peak Power [kWp] 5,126 Payback Period [Yrs.] 7.06
Specific Investment [$/kWp] 814
Total Investment [$/kWp] 4,829 Debt Th USD 3,417 71%
Equity Th USD 1,412 29%
Energy Yield before Losses [kWh/kWp] 2,192 Loan Tenor years 10
Net Energy Yield After Losses [kWh/kWp] 2,192 Interest rate % p.a. 7%
COD Date Jan-26
Years in Operation 20 Corporate tax rate 30.00%

PPA tariff [$/kWh] 7.00

Project Debt Assumptions

Term Loan 3,417 USD

Amortization grace period 1 years
Interest rate on debt (incl. 4% WHT as appl.) 7% % p.a.
Max. tenor in years 10 years
Target DSCR for sculpted loan 1.20x
DSRA 256.28x
Amortization Linear
Actual tenor (repayment year) 10 years
10 Years Debt Repayment Schedule
IN ACCOUNT Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Number of operating month(s) in calendar year 12 12 12 12 12 12 12 12 12 12 12
Amortization Flag - 1 1 1 1 1 1 1 1 1 1
Outstanding Balance Flag 1 1 1 1 1 1 1 1 1 1 -
Sculpted applicable FLAG - - - - - - - - - - -
Linear applicable FLAG 1 1 1 1 1 1 1 1 1 1 1
Fixed applicable FLAG - - - - - - - - - - -
Term calculation years: 10.0 1 1 1 1 1 1 1 1 1 1 0

Interest addition 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cash available for debt service Th USD 647 642 636 631 625 619 614 413 408 403 610

Target DSCR 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x 1.20x
Cash for debt service (DSCR based) Th USD 539 535 530 526 521 516 511 344 340 336 508
Interest payable (239) (215) (191) (167) (144) (120) (96) (72) (48) (24) (0)
Available for repayment 300 319 339 358 377 397 416 272 292 312 508

Amortization Schedule
Initial Balance Th USD 3,417 3,075 2,734 2,392 2,050 1,709 1,367 1,025 683 342 0
Amortization Th USD (342) (342) (342) (342) (342) (342) (342) (342) (342) (342) (0)
Interest Th USD (239) (215) (191) (167) (144) (120) (96) (72) (48) (24) (0)
Ending Balance Th USD 3,075 2,734 2,392 2,050 1,709 1,367 1,025 683 342 0 -

Equity

Jan-26 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 Dec-31 Dec-32 Dec-33 Dec-34 Dec-35 Dec-36 Dec-37 Dec-38 Dec-39 Dec-40 Dec-41 Dec-42 Dec-43 Dec-44 Dec-45
Cash Flows (End of Year) (1,412) 66 85 103 121 140 158 176 (0) 19 37 610 275 271 256 252 248 244 241 249 245

Equity IRR (End of Year) % p.a. 9.16%

Jan-26 Jun-26 Jun-27 Jun-28 Jun-29 Jun-30 Jun-31 Jun-32 Jun-33 Jun-34 Jun-35 Jun-36 Jun-37 Jun-38 Jun-39 Jun-40 Jun-41 Jun-42 Jun-43 Jun-44 Jun-45
Cash Flows (Mid-Year) (1,412) 66 85 103 121 140 158 176 (0) 19 37 610 275 271 256 252 248 244 241 249 245

Equity IRR (Mid-Year) % p.a. 9.68%

1.5. Project overview

Production and Yield Analysis

The Misungwi 5.0 MWAC Solar Project aims to generate clean and renewable electricity. The primary
product of this project is solar power, produced through the installation and operation of a 5.0
megawatt alternating current (MWAC) solar power facility and to be sold to TANESCO under a
Standardized Power Purchase Agreement (SPPA). This generated electricity will be integrated into the
local power grid, contributing to the overall energy supply in the Mwanza region. The project focuses
on harnessing solar energy as a sustainable source to meet the growing demand for power, thereby
reducing reliance on conventional energy sources and promoting environmental sustainability.

For yield simulations and system configuration Soventix uses the Software PVSyst.

PVSyst is a well-established software package that is known throughout the industry. The software was
developed and has undergone and continues to undergo updates and improvements as the industry develops.
The software has the functionality to simulate grid connected, stand-alone, water pumping and DC-grid PV
systems, it also has an extensive Solargis satellite database, PV System components databases, as well as general
solar energy tools. The software is used by professionals such as architects, engineers and researchers. It assists
in analyzing and evaluating where a solar system can be installed in a given site and what objects or parameters
can impact the energy production of the system.

Below table gives a summary of the results of a preliminary study for the project. The detailed report is attached
as an Annexure to this document. A final bankable PVSyst report will be submitted with the detailed
engineering.

Concept Description
Yield Simulation Software PVSyst

Weather Database SolarGis

Specific Annual Productivity 2,192 kWh/kWp/Year

Notes:
- Based on Helioscope Output
- The Performance Ration is indicative and will be only guaranteed upon final design
- Detailed Report with loss table is provided as an Annex to this document.
- Please note that these values are 1st year values

Resource availability
Tanzania has a huge resource base of renewable energy resources which include wind, solar, biomass,
small scale hydro, geothermal, tidal, waves, and ocean thermal conversion. Renewable energy
technologies currently in use in the country include solar thermal, solar photovoltaic (PV), wind and
biomass (solid, liquid, gaseous).

Solar: Tanzania’s geographical location gives a unique opportunity for good solar insolation. Solar
utilization is constrained by high initial cost; poor after sales service; insufficient awareness on the
potential and economic benefits offered by solar technologies, and appropriate credit and financing
mechanisms.

Market analysis
According to recent data, Tanzania has witnessed a rising demand for electricity due to population
growth, urbanization, and industrial expansion. However, the country faces challenges in meeting this
demand, leading to intermittent power shortages. Renewable energy, particularly solar, has gained
prominence in Tanzania's energy diversification efforts. Government initiatives, such as the National
Energy Policy, emphasize the development of renewable energy sources to enhance energy security
and sustainability. This policy framework aligns with global trends towards clean energy solutions. The
geographical location of the Misungwi project in the Mwanza region is strategically chosen, considering
its solar potential and the region's energy needs. Solar irradiance data for the area indicates favorable
conditions for efficient solar power generation. The Tanzanian government, through the Tanzania
Electric Supply Company Limited (TANESCO), actively promotes private sector participation in the
energy sector. Policies like the Small Power Producer (SPP) rules 2020 create a conducive environment
for independent power producers to contribute to the national grid. Market trends show increasing
interest from both investors and consumers in solar energy projects, driven by a desire for sustainable
energy and a commitment to reduce carbon emissions. This growing awareness aligns with the
Misungwi project's objectives of providing clean energy to the region.

In conclusion, the Misungwi 5.0 MW AC Solar Project in Tanzania responds to a dynamic market
characterized by a rising demand for electricity, a governmental focus on renewable energy, and a
growing interest in sustainable solutions. The project's strategic location and alignment with national
policies position it well to meet both economic and environmental objectives in the Tanzanian energy
market.

1.6. Implementation

Soventix has worked on most of the critical milestones of the project as per SPPs guidelines and under
EWURA procedures. Below is the snapshot of the status and main steps ahead of the project
development.

SN Milestone Description Status

1. Project justification; -LOI by TANESCO. Completed

2. Securing rights to the - Land Lease agreement Completed:

project resource;
-Ministry Support letter.

3. Acquiring necessary -Generation License Ongoing

permits and licenses;
-Environmental Clearance

4. Financing; -70% debt financing Ongoing:

-Co-financing commitment concluded

5. Construction; -Estimated to commence in September- Ongoing

2025 after the award

6. Testing and -Estimated to commence in September- Ongoing

Commissioning; and 2025

7. Operation and -Estimated to commence in December - Ongoing

reporting, 2025
1.7. Management

This project will be managed by a locally hired staff to be operated under Soventix Tanzania Limited.
We will have a team of 6 staff. This is a standard number of team to fully take care of all solar facility
activities.

The local technical manager and technicians under his department will be trained by Soventix Tanzania
Limited to gain proper understanding of the PV technology and the system configuration.

2. Company description

Soventix Tanzania Ltd is a registered renewable project developer in Tanzania and a subsidiary of
Soventix GmbH. Incorporated in 2023, Soventix has been identifying and developing solar power
projects across different regions in Tanzania for both C&I clients and for the Tanzanian utility company
TANESCO. For utility company, those projects are deemed strategic and have approvals from both
TANESCO and have support letters from the Ministry of energy. As a big stake-holder of renewable
energy sector in Tanzania, we plan to be part of the energy revolution and reshaping the energy
landscape in Tanzania.

About Soventix GmbH:

Soventix Group was established in 2010 specialising in the EPC of solar projects with its Headquarter in
Wesel/Germany. Since than Soventix has expanded its operations with projects in 14 countries world-
wide, 6 of these are non OCDE countries. Soventix has built in 2016 the largest solar project in the
Caribbean with an impressive 33 MWp, whilst Soventix has participated in the development and
financing of the project with Dutch FMO. In October 2018 Soventix has begun construction of a 22
MWp project in Zimbabwe. Soventix Group entered into the African market in 2012 with fully
operational subsidiaries in the meanwhile in South-Africa, Zimbabwe, Namibia, Botswana, Nigeria,
Kenya and Rwanda as of today, with focus on Utility Scale projects and the C&l market segment and
Solar-Hybrid projects and specifically the co-generation of energy, through solar and gas or diesel
engines, with an optional battery back-up or UPS for industrial customers. Soventix is also following
with great interest the developments in the large scale PPAs and would like the opportunity to
participate in bringing the necessary experience, expertise and financial capabilities to develop projects
in Kenya.

Soventix and its partners will be the owner of all project assets and will be in charge of selling energy
directly to TANESCO. Each project will have separate accounting. Soventix will establish loan for
generation assets and O&M contract with the investors - which will ensure the financing of the system
and its proper functioning.
3. Project description

3.1. Project overview

The Misungwi 5.0 MW AC Solar Project constitutes a strategic initiative poised to revolutionize the
energy landscape in the Mwanza region of Tanzania. At its core, this venture encompasses the
development, construction, and operation of a cutting-edge solar power facility with a capacity of 5.0
megawatts alternating current (MW AC). Spearheaded by [Your Company], the project aligns with
Tanzania's commitment to sustainable energy practices and addresses the region's escalating demand
for electricity. Embedded within the project's foundation are several key elements, each pivotal to its
success. These encompass meticulous feasibility studies and site assessments, ensuring the project's
viability and compliance with Tanzanian regulations, notably the Small Power Producer (SPP) rules
2020. Financial structuring, involving a blend of equity, loans, and potential grants, is designed to
secure sustainable funding, while collaboration with reputable Engineering, Procurement, and
Construction (EPC) contractors ensures the efficient implementation of cutting-edge solar
technologies.

The project's commitment extends beyond electricity generation. It prioritizes local employment,
fostering community development through skill development programs. Rigorous environmental and
social impact mitigation, including comprehensive Environmental and Social Impact Assessment (ESIA),
underscores the project's dedication to ethical practices. Crucially, the project integrates seamlessly
into the national grid through negotiations of a Standardized Power Purchase Agreement (SPPA) with
TANESCO, thereby contributing to the overall stability and security of the region's power supply.
Robust monitoring and quality assurance mechanisms are implemented to guarantee the facility's
reliability and efficiency throughout its operational life. Stakeholder engagement, ranging from local
communities to governmental authorities, forms a cornerstone of the project's ethos. Transparent
communication and community involvement foster positive relationships, while operation and
maintenance plans ensure the long-term sustainability of the solar power facility. This multifaceted
approach, combining technological innovation, environmental stewardship, and community
engagement, positions the Misungwi 5.0 MW AC Solar Project as a beacon of progress and
sustainability in Tanzania's journey towards a cleaner and more resilient energy future.

3.2. Site overview

Location details of solar project are given in following table.
Table 02: Site Co-ordinates
Location Latitude Longitude Altitude
Point-1 3°10'54.44"S 32°49'13.25"E 6,147ft
Point-2 3°10'52.18"S 32°49'13.59"E 6,147ft
Point-3 3°10'52.28"S 32°49'15.46"E 6,147ft
Point-4 3°10'52.06"S 32°49'17.69"E 6,147ft
Point-5 3°10'53.64"S 32°49'18.04"E 6,147ft
Point-6 3°10'53.68"S 32°49'21.97"E 6,147ft
Point-7 3°10'55.23"S 32°49'22.37"E 6,147ft
Point-8 3°10'55.61"S 32°49'25.57"E 6,147ft
Point-9 3°10'57.07"S 32°49'27.37"E 6,147ft
 Point-10 3°10'59.17"S 32°49'31.13"E 6,147ft
Point-11 3°10'57.50"S 32°49'31.48"E 6,147ft
Point-12 3°10'57.71"S 32°49'35.20"E 6,147ft
Point-13 3°10'53.06"S 32°49'37.92"E 6,147ft
Point-14 3°11'0.97"S 32°49'38.89"E 6,147ft
Point-15 3°11'3.20"S 32°49'37.75"E 6,147ft
Point-16 3°11'6.66"S 32°49'37.68"E 6,147ft
Point-17 3°11'10.49"S 32°49'36.59"E 6,147ft
Point-18 3°11'6.43"S 32°49'32.13"E 6,147ft
Point-19 3°11'4.76"S 32°49'29.68"E 6,147ft
Point-20 3°11'1.67"S 32°49'24.27"E 6,147ft
Point-21 3°10'59.41"S 32°49'20.64"E 6,147ft
Point-22 3°10'54.25"S 32°49'13.22"E 6,147ft

For open-air installations situated at high altitudes (exceeding 2000 m), where lower air
pressure can hinder cooling, this challenge is offset by the naturally cooler temperatures
prevalent at such heights. However, it's important to note that the dielectric strength of air
diminishes as altitude increases. Fortunately, the intended location has an altitude of 6,147
feet, which ensures that there will be no adverse impact on the project's equipment and
power generation. The proposed solar PV project location is shown in the following Google
maps
 Figure 01: Google map showing location of proposed solar power project.

Following a site visit carried out by the Project Task Force from Soventix, it has come to our
attention that the 42 acres of land are designated for agricultural use and are presently
under cultivation by local farmers. Before commencing any construction activities, Soventix is
committed to ensuring that the farmers have successfully harvested their crops and received
appropriate compensation. This compensation process will be executed subsequent to the
receipt of the ESIA certificate from the National Environment Management Council (NEMC),
at which point the project will be considered as being in the "Ready To Build" stage.
 Figure 2.1: Solar power project site

Figure 3: 132/33/11 kV TANESCO, Misungwi (Mwanza-Mabuki) Grid Substation.

Water will be made available by constructing bore well at the site or by arranging water tankersfor
construction & O&M activity.

3.3. Design overview (German Engineering)

The project consists of the construction and operation of a

5.2MWp-Dc ground mounted solar PV plant to evacuate
power to TANESCO 33kw grid.

The area is sufficient to carry out the installation. Based on

the information provided, Soventix has prepared a detailed
design as basis for the offered services. The following table
displays the key information on the project to be constructed:
Project Key Information
Location Itagula, Mwanza, Tanzania

Project Type Ground Mounted

Installed Capacity 5216 kWp-DC

Modules Jinko Solar JKM575N-72HL4-BDV

Inverters Sungrow SG350HX

Components
Below further technical information to the components suggested for this project.

Solar Module
JinkoSolar (NYSE: JKS) is a global leader in the solar industry.
The company distributes its solar products and sells its
solutions and services to a diversified international utility,
commercial and residential customer base in more than 80
countries worldwide. Jinko Solar has built a vertically
integrated solar product value chain, with an integrated annual
capacity of 11.5 GW for mono wafers, 10.6 GW for solar cells,
and 16 GW for solar modules, as of December 31, 2019.

JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in
Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and
Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan,
Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia,
Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

For this project the Jinko JKM575N-72HL4-BDV are proposed. Detailed information can be found in the
datasheet which is an Annexure to this document.
Inverter

Sungrow offers leading Smart PV solutions harnessing more than 10 years of expertise in digital information
technology.

Proven Safety:

2 Strings per MPPT, no fear of string reverse connection. Integrated DC Switch automatically cut off the fault.
24H real time AD and DC Insulation monitoring

Grid Support

SCR>= 1.16 stable Operation in extremely weak grid. Reactive Power response time <30ms. Compliant with
global grid code

High Yield and Low Cost. Up to 16MPPTs with max. efficiency 99%. 20A Per String, compatible with 500Wp+
module. Data Exchange with tracker system, improving yield

Mounting System – SAT

Photovoltaic arrays are mounted on a stable, durable structure that can support the array and
withstand wind, rain, hail and other adverse conditions. This mounting structure is designed to
track the sun. However, stationary structures are usually used with flat plate systems. It shall
support SPV modules at a given orientation, absorb and transfer the mechanical loads to the
ground properly. The module mounting structure shall be designed in such a way that the
maximum solar radiations will capture on the surface of solar panel.
The legs of the structures with appropriate strength will be fixed in the foundation columns as
per design based on site soil condition. The minimum clearance between lower edge of the
module and ground shall be 600 mm. While making foundations designs due consideration will
be given to weight of module assembly, maximum wind speed of site. Seismic factors for the site
will be considered while making the design of the foundation. The design of array structure will
be based on soil test report of the site.
 Figure 12: Typical photograph of Single Axis Tracker

All foundations and structures will suite the criteria of seismic zone as per the ISI classification
designed. The MMS design consider the wind speed above 120 km/hr. The mounting structure
shall have design to tilt the solar panel for fixed tilt system as per design. The Single axis
trackers have a tilt of +/- 60 degrees. The foundation of MMS structure is based on Soil
Investigation Report. Generally, the for solarModule Mounting structure pilling method is used.

3.4. Generation assessment

There are several solar resources such as NASA-SSE, SOLARGIS, NREL, etc. The availability of
long-term ground solar radiation (GHI & DNI) data over the potential locations is one of the
major barriers towards development of solar energy projects. Hence the dependence of the
project developers and lenders is mainly towards the satellite data or interpolated data.

NASA Data: The solar radiation data are sourced from the satellite measurements. In case of
unavailability of ground data, these data are first point of reference to judge the solar potential
at any location. NASA dataset provides the satellite data of solar radiation 100 km X 100 km
spatial resolution for 22 years period. NASA data is available for any location on Earth and can
be obtained by specifying the geographic coordinates of the location.

SOLARGIS Data: SOLARGIS is the weather data and modelling tool that provides 8 km X 8 km
spatial resolution approximately for 20 years data of GHI & other climatic parameters. In
SOLARGIS weather database, numerous global and regional database have been combined and
checked for their reliability. The data is essentially collected from ground-based weather station
and supplemented with satellite data. SOLARGIS weather database comprise of several long-
term ground measurement stations in the region, calculates through corrected interpolation of
ground measurement station and pre-calculatedsatellite data.

As per above analysis, SOLARGIS database has been considered as resource for energy
generation simulation in PV Syst software.

The monthly average solar radiation on horizontal & tilted surface and sunshine duration
available at proposed project site from SOLARGIS resource is tabulated below. The SOLARGIS
7.1 resource data sheets are attached as Annexure – I.

Table 04: Radiation details at project site

Radiation on Radiation on tilted Sunshine

Months Horizontal plane plane Duration
(kWh/m2/day) (kWh/ m2/day) (Hrs.)
January 5.73 5.91 134
February 5.59 5.69 135
March 5.86 5.83 172
April 5.44 5.29 213
May 5.42 5.15 277
June 5.66 5.30 294
July 5.64 5.31 305
August 6.27 6.00 306
September 6.19 6.08 281
October 6.48 6.52 254
November 6.16 6.31 204
December 5.77 5.96 151
Yearly 5.85 5.78 2726
It is observed that the site has a solar radiation of 5.85 kWh/ m2/ day and 5.78 kWh/ m2/day at
horizontal and tilted surface respectively as per SOLARGIS Meteorological data source. Other
climatic parameters like temperature, precipitation, wind speed & relative humidity are
tabulated below.

Table 05: Climatic Parameters

Temperature(0C) Precipitation Wind Speed Relative
Months
(mm) (m/s) Humidity (%)
January 21.80 44 4.20 69
February 22.60 45 3.80 63
March 22.60 92 3.10 66
April 21.60 157 3.00 71
May 20.90 96 3.60 67
June 19.60 42 4.00 64
July 18.90 20 4.00 63
August 18.70 23 3.70 64
September 19.70 29 3.70 62
October 20.80 61 3.60 64
November 21.50 109 3.10 69
December 21.90 106 3.70 71
Yearly 20.90 824 3.60 66
CONFIDENTIAL

4. Market analysis/assessment
4.1. Target markets
The project aims at improving energy generation needs in Tanzania and more importantly,
the aspirations within the Ministry of Energy (MoE) and TANESCO in achieving goals of
providing cost effective and reliable power generation and distribution within the country.
According to the Power System Master Plan 2016 Update, TANESCO planned to have a 40/60
renewable/conventional power generation mix by 2025. Eventually the Government desires
to have cost effective generation mix portfolio by taking advantage of opportunities of
available renewable energy sources. The construction of Solar Photovoltaic Power Plant
Project will substantially enhance TANESCO’s power generation and supply capabilities in the
region, which is key to the development of the Tanzanian economy. The Solar Photovoltaic
Power Plant would also serve to stabilize the grid against power fluctuations and outages
that are a major source of concern to TANESCO customers. Therefore, Soventix had prepare
a detailed Feasibility Study for construction of 5MWAC/6MWDC Solar Photovoltaic Power
Plant at Misungwi, Mwanza region.

It also originates in the interest of Ministry of Energy (MoE) and TANESCO to assess the
technical, economic, financial and environmental viability of deploying Solar photovoltaic
power plant to the power grids of TANESCO as a way to increase the installed power
generating capacity, diversify sources of generation, employing the direct transformation
into electricity of Solar radiation, a renewable sources with stable and predictable
manifestation in Tanzania, which has been well studied and characterized from energy point
of view. This project will help to decrease the dependence on fossil fuels, biomass usage and
import of power from neighbouring countries. It will strengthen the power grid of the
nearby area and will result in reduction of generation cost in the region where the Solar
Photovoltaic Power Plant will be located. It will also reduce the environmental impact due to
global warming, greenhouse gas emissions and acid rain.

4.2. Demand assessment

To assess the need and demand for this project and solution, TANESCO expert had made a site visit
to our earmarked site for development of Solar PV power project to determine whether our
proposed solar sites are located in a strategic location. It was noted that, the site is along Misasi
feeder originated at Mabuki grid substation. The current maximum demand including the proposed
area is around 9.92MW, the major load in this feeder is coming from Ihelela water pump. The voltage
profile along the line at receiving end drops around is 31.6kV which is below the nominal standard
voltage. Henceforth the proposed 5MWAC solar PV power once implemented will accelerate the
expansion of the water utility plant which is supplying water in Simiyu, Shinyanga, Mwanza, and
Tabora.

[23]
CONFIDENTIAL

4.3. Tariff
Soventix, along with its investors, intends to execute a Solar Power Purchase Agreement (SPPA) at a
fixed tariff over the next 20 years. The tariff payments will be made in the local currency, converted
at the prevailing USD dollar rate on the specific payment date. Soventix is committed to
implementing an inflation protection mechanism designed to safeguard the interests of our
investors. The anticipated feed-in tariff is set at 0.07 US cents per kilowatt-hour (kWh), considering a
base tariff of $0.07 cents/kWh

5. Financial plan
The Project is to be financed through a blend of debt and equity. Shareholders are expected to inject
both debt and equity with the bulk of financing from senior debt. Development Finance Institutions
(“DFIs”) are the target debt providers.

CAPEX Unit

Engineering procurement
CFR USD /kWp 550
Construction USD /kWp 120
Interconnection costs net
(IESO refund and HONI
refund) USD /kWp 30
Soventix Services USD /kWp 15
Soventix Development USD /kWp 55
Import Duties USD /kWp
Non refundable VAT USD /kWp 44
#8 USD /kWp -
EPC Costs USD /kWp 814
Total EPC Costs Th USD 4,173
Advisors SPV (legal,
insurance, tax etc) Th USD 153.8
Other costs sponsor costs Th USD 4.7
IDC (interest During Construction) Th USD 68.2
Upfront Fee Bank Th USD 83
IDC - VAT Th USD -
DD costs Bank Th USD 50.0
External Engineer 30.0
Finance & other costs Th USD 390

Land purchase Th USD -

DSRA Th USD 256
Total Investment Th USD 4,819

5.1. Describe the suggested financing structure

A breakdown of the financing per instrument is shown below:
[24]
CONFIDENTIAL

Financing Unit Funding Ratio:

Term Loan Th USD 3,417 78%
Initial Equity Th USD 1,402 29%

Term Loan conditions:

Amortization grace period years 1
Interest rate on debt (incl. 4% WHT as appl.)
% p.a. 7.00%
Max. tenor in years years 10.0
Target DSCR for sculpted loan #,## x 1.20x
DSRA Th USD 256
Amortization Linear

Actual tenor 10

min DSCR 1.00x

5.2. Revenue projections

Revenue projections were done at P50 considering single-axis trackers in the design with
expected net annual energy production of 11,432MWh/year, a yearly loss of 0.4% and plant
availability of 99%. The configuration currently used as base case for economic & financial
analysis is a plant with single axis trackers. The base tariff assumed is USD 0.70/kWh with an
annual. A summary of the projected PPA revenues in dollars against some of the key
expenditure lines is shown below.
P&L 000 USD
Revenue 12,630.71
OPEX (3,604.07)
EBITDA 9,026.64
Depreciation (4,245.41)
EBIT 4,781.23
Net Interest (1,315.55)
EBT 3,465.68
Tax (1,024.70)
Net Income 2,440.98
Profitability
Equity IRR 9.16%
Debt Repayment Period 10 Years
DSCR (min) 1.12x(P50)

[25]
CONFIDENTIAL

5.3. Cost analysis

The Project has an estimated CAPEX of USD4.8 million. A breakdown of the cost components
is provided below. The current estimates are preliminary and are subject to change due to
change in circumstances and market price trends.

Uses Amount in USD % CAPEX

Total Development Costs 99,000.00 2%
Total EPC Cost 4,172,564.00 87%
Interest During Construction 68,151.88 1%
Advisors SPV (Legal, Insurance, Tax, Gen License, Etc Etc ) 208,476.67 4%
DSRA 256,275.00 5%
4,804,467.55 100%

Operation and Maintenance Cost

An annual operation cost, O&M, security as fixed costs, variable O&M costs, services
such as legal and audit and fixed insurance cost and agency fees have been budgeted
for
O&M
Uses Amount in USD % CAPEX
O&M incl. Repair & Mainten incl security and commercial management 78,240.00 56%
Commercial, technical Management, Members Management 10,000.00 7%
Own consumption 5,000.00 4%
Insurance 16,690.26 12%
O&M Buffer, Legal costs, administration, auditing and other 5,000.00 4%
Lease 24,500.00 18%
139,430.26 100%
. The cumulative distribution of the OPEX costs are summarized below.

5.4. Cash flow and financial analysis

Financial Model that details the cashflow and financial analysis is annexed.

5.5. Risk analysis

Despite facing social, political, and economic challenges, Tanzania stands out as a country
that has made significant progress in promoting investments in clean energy. Consequently,
the Project is anticipated to be executed successfully with minimal exposure to risks.
Soventix has diligently worked to address and minimize any risks that could potentially

[26]
CONFIDENTIAL

impact the Project negatively. The negotiations for the Power Purchase Agreement (PPA) are
focused on securing a PPA that is bankable. Given the prevailing challenges and shifts in the
energy sector, Soventix is engaging in PPA negotiations under the Feed-in Tariff (FiT) policy,
which facilitated its approval and is recognized for having more investor-friendly terms.

Furthermore, Soventix has conducted thorough studies throughout the development phase
to identify potential risks and implement effective mitigation strategies. This is exemplified
by the decision to increase the installed capacity, not only to leverage economies of scale
but also to ensure that investors achieve the highest possible returns.

Table X. Risk factors

Risks Attribution: X total; (X) partial

Off-taker Sponsor Contractor
Development
Risk: Development Risk: The project is
currently in its developmental phase, exposing
it to the potential risk of incomplete
X
development activities and the acquisition of
essential authorizations.
Mitigation:
- The Project Team has effectively
secured the Commercial Operating
Date (COD) from the Ministry of
Energy.
Financing
Risk: Financing Risk: The project faces the
possibility of being unable to secure financing,
attributed to both the low tariff offered by the
X
off-taker and the inherent country risk
associated with Tanzania.
Mitigation:
- SOVENTIX is negotiating for a licensing
package that is similar to PV plants
that have successfully been funded
by DFIs
- Liquidity guarantees will be set up to
mitigate impacts of default risk
Construction and Technology, Human
Capacities and Technical Knowledge

[27]
CONFIDENTIAL

Risk: Construction and Operational Risks - The

successful execution and operation of the
project necessitate sufficient and proficient
resources. In the event of a scarcity of these
resources or encountering technical X
challenges, there is a risk of cost and time
overruns, ultimately jeopardizing the
feasibility of the project.
Mitigation:
- Well proven technologies with
lower infrastructural complexities
are being employed
- Local contractors with ongoing project
experience will be engaged
- Rigorous EPC consultations and
contracting will be done
Revenue Generation
Risks Attribution: X total; (X) partial
Off-taker Sponsor Contractor
Risk: Demand Risk – The project's
implementation will be staggered to align
with demand requirements. If there is a
decrease in demand, either the full X
implementation of the project will be
postponed or measures will be taken to
address any idle energy production.
Mitigation:
- Take-or-pay PPA will be negotiated
hence all energy produced by the
Project is expected to be paid for
- CODs have been determined hence
aligned with current expected demand
patterns
Environmental and Social
Risk: Due to the nature of the Project, it may
potentially result into social unrest and negative
environmental effects including degradation.
Mitigation:
X
- Robust ESIA studies have been
conducted to assess the
environmental and social impacts of
the Project.
- Mitigation measures have set up to
address any identified and potential

[28]
CONFIDENTIAL

negative impacts arising

- Required compensations during land
acquisitions have been done
Economical / Exchange
Risk: Foreign Exchange Risk: As the Project is
established in an emerging economy, it faces
exposure to foreign exchange risk, especially X
concerning the potential devaluation of the
local currency.
Mitigation:
- The PPA is being negotiated in US
dollars
Regulatory Risk
Risk: The Standardized Power Purchase
Agreement fixes the tariff without allowing any
room for negotiation. X
Mitigation:
- The PPA is being negotiated under the
SPPA policy
- Given that Ministry of Energy has
issued a commissioning date

6. Implementation

The project implementation has been subdivided into four main activities. An explanation of each of
the project activity is given below. A detailed project implementation Gantt chart has been attached

Project Development
Project feasibility studies (technical and economic) will conduct by Soventix and its hired consulting
teams and the results will be used to generate the technical and financial designs. The generation
and distribution permits and NEMC clearance will be acquired. Tariff proposal and setting will be
conducted at this stage after which the project will now enter into a financial closure with
commitments from funding partners and Soventix will finally then start operating the project.

Project Procurement
Procurement and delivery of all material (off-shore and on-shore), machinery and human resources
for the project to be undertaken at this stage. Coordination of all procurement will be done by
Soventix as an EPC contractor in coordination with its investors with assistance from contracted
clearing and forwarding agents. Procurement procedures for the main components can be found
attached in the annex.

[29]
CONFIDENTIAL

Project Construction
Project will be constructed by Soventix as an EPC company. Key activities will include site clearing and
preparation and excavations. Solar PV Civil works and panel mounting structures, Battery Storage
Civil Works and foundations, Installation of distribution poles and lines, Solar Panel Installation and
Cabling, Battery Installation and Cabling, Inverters (Solar PV and Batteries) Installation, Installation of
metering devices, Testing and commissioning, Training and Operation manuals.

Project Operation
This will include day to day project activities such as metering and billing, customer service, client
management and periodic maintenance of the system and will be done by Soventix as part of O&M
contract. The company will also be in charge of the continuous monitoring and evaluation of the
project both on the technical and economic aspects. The company will also ensure that the
operations of the project are in accordance with the laid out regulatory requirements both from the
central and regional governments.

The Project Schedule is Annexed

7. Management
The management process of the project development has a fundamental role in the success of the
project. The combination of different suppliers and the optimization and balance between the
interests of all parties involved is key to customer satisfaction and the success of the project. Without
losing this focus, our company focuses on providing:

• Projects executed on time and budget.

• Deliver the client a project of the highest quality standard.
• Optimize the financial return of the investment for the client.
• Operation and maintenance services.

To obtain these results, Soventix only works with experienced project managers, responsible for the
flow of communication and continuous management with all parties involved, especially with the
client. The management team of Soventix has a solid background in the design, engineering, permits,
construction and operation of photovoltaic projects globally. The joint execution of more than 4,000
successful projects and 2,000 MW installed in 4 continents by the management and engineering
team of Soventix endorses the experience of the Soventix team.

Soventix offers a data room accessible online that contains all the necessary information of the
project in real time, such as, for example:

• Technical sheets of components and presentation of equipment suppliers.

• Gant diagrams, chronology of project activities and calendar.
• Documents relating to the arrival and receipt of goods.
• Different studies and milestones achieved.
• Project progress status.

[30]
CONFIDENTIAL

• Project management control sheet

[31]
 7.1. Organizational structure

Group
Head-Office
Alexandros Papachristou Thorsten Preugschas Tobias Friedrich
Group Management Group Management Group Management
- COO*- - CEO- - COO-
Employees of the
Group 104

Brian Okechi Carlos Stan Alex Martin Matías

Omega Ugoji De Gouveia Mycek Phillips Jagow Hänel
Country Manager Country Manager Country Manager Country Manager Country Manager Country Manager Country Manager

Business Unit Kenya Nigeria South Africa Canada United Kingdom Germany Chile
Kenya Nigeria South Africa Canada United Kingdom Germany Chile
Tansania Namibia Bolivia
Uganda Botswana Argentina
Madagascar Zimbabwe
Somalia Mozambique
Rwanda Madagascar [32]
Group
Head-Office

Alexandros Papachristou Thorsten Preugschas Tobias Friedrich

Group Management Group Management Group Management
- COO*- - CEO- - COO-

Bryan Nils Saif Thorsten Stefan Uwe Freya Marcel Tobias

Kivido Schreiner Mansour Preugschas Schulz Marek Tellmann Stöber Friedrich

Group Service Engineering Quality Purchasing Investor- Accounting IT Marketing Technical Project-Service
& Management Relations & Project Service &
Department Technology Company & Project Legal
Controlling Controlling
Engineering QM Purchasing M&A Accounting IT Strategy Marketing Strategy Benchmarks Legal
Calculation QC Logistic IPP HR Securing IT Oper. PR Activities CAPEX Verification Bonds
Smartsheet Commissioning Master Data Investors ERP Problem Solving Social Media Calculation PD & Financing
Construction PR Suppliers Selection Insurances Presentations Project-Controlling Contract-Mgmt.
Tender & Offer Corporate Identity Tender & Offer
support support
Construction Construction

[33]
7.2. Management and staffing

Business Units

[34]
Business Unit
South Africa Alexandros Carlos 26
Papachristou De Gouveia Employees
Country Manager Country Manager

… Kyle Carlos Jan-Bart Daphne … …

… Roberts De Gouveia Mellet Lester … …
Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sections Legal & Contracts Engineering Construction Development / Sales Finance BU-Assistance O&M
J. Swanepoel H. Johl J. Mortimer T. Neethling D. Petersen Advisory JC Jansen Van Rensburg
M. Nero Contracts: M. Evans M. Smith
T. Makola HSE: D. Retief T. Marisa
N. Ndebele HR: C. Pienaar
R. Graves Office: B. Dyonase
B. Adams
M. Mousaki
G. Hombly
T. Kubera
A. Baloyi
D. Kotze

[35]
Business Unit
Kenya Brian 6
Omega Employees
Country Manager

…… ……. ……. ……. ……. ……. …….

…….. ……. ……. ……. ……. ……. …….
Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sales Engineering Construction Controlling Accounting BU-Assistance O&M

Sections E. Uhale E. Omware H. Alaka Support from Support from D. Rotich Support from
A. Papadopoulou Group Service Group Service Group Service
Department Department Department

[36]
Business Unit
Nigeria Alexandros Okechi 19
Papachristou Ugoji Employees
Country Manager Country Manager

Angeliki Adeniyi Adeniyi Oladeji Stephen ……… Olufemi

Papadopoulou Onanuga Onanuga Aregbesola Omoh …….. Joshua
BDM Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sales Engineering Construction Logistics Accounting BU-Assistance O&M

Sections Support from T. Olusola A. Obisanya Support from Support from D. Ojesanmi S. Onasanya
Group Service E. Okuekhamhen Group Service Group Service O. Adepelu J. Nwobodo
Department Department Department M. Ibrahim
D. Ogbonna
E. Omini
T. Egwere
M. Ossai
I. Anneh

[37]
Business Unit
Canada Stan 1
Mycek Employee
Country Manager

No more project development or construction business will be conducted through the Canadian subsidiary.
Sections The company will remain as a vehicle of the Soventix Group and will not be liquidated.

[38]
Business Unit
Chile Matías 22
Hänel Employees
Country Manager

Javier Misael Jhonatan ……. Laurel ……. …….

Taboada Tapia Cespedes ……. Monette ……. …….
Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sections Sales Engineering Construction Controlling Accounting BU-Assistenz O&M

Support from C. Gonzalez J. Palma Support from Support from Support from Support from
Group Service M. Pirela G. Gonzalez Group Service Group Service Group Service Group Service
Department A. Schöll de Amesti C. Delgado Department Department Department Department
K. Caneo Y. Jimenez
F. Fuentes N. Munoz Olivares
K. Castillo
O. Catalan
N. Gomez
P. Pezo
M. Araya
D. Gonzalez
O. Pinto

[39]
Business Unit
Germany Martin 6
Jagow Employees
Country Manager

Lutz ……. ……. ……. ……. ……. …….

Göbel ……. ……. ……. ……. ……. …….
Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sections Sales Engineering Construction Controlling Accounting BU-Assistenz O&M

H. Al-Darawsha R. Hegel Support from Support from Support from Support from
T. Fechter Group Service Group Service Group Service Group Service
T. Ucka* Department Department Department Department

* extern [40]
Business Unit
United Kingdom Alex 8
Phillips Employees
Country Manager

Alex Bryan ……… ……… ……… ……… ………

Phillips Kivido …….. …….. …….. …….. ……..
Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor Supervisor

Sales Engineering Construction Controlling Accounting BU-Assistance O&M

Sections Support from M. Jordaan Support from Support from Support from M. Sulkowska Y. Hristova
Group Service A. Metabo Group Service Group Service Group Service S. Kleu
Department A. Hutchins Department Department Department

[41]
 8. Cashflows

Soventix Project Cashflow Model, Misungwi Feeder

DISCLAIMER
This document has been prepared by SOVENTIX solely for a potential Investor (further “the Investor”) and for no other person. The information in this document may be incomplete or condensed and is subject to updating, completion, revision, verification and amendment. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of SOVENTIX or any of
its respective directors, officers, partners, employees, agents or advisors or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions.
This document does not constitute, or form part of, any offer or invitation to sell, allot or issue, or any solicitation of any offer to purchase or subscribe for any securities, nor shall it (or any part of it) or the fact of its distribution form the basis of, or be relied upon in connection with, or act as many inducement to enter into, any contract or commitment for securities whatsoever. No reliance whatsoever may
be placed by the Investor for any purpose whatsoever on the information or opinions contained in this document or in its completeness.
The investments discussed or recommended in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Before acting, investors should obtain the advice of their bank, broker or investment adviser. SOVENTIX will not be responsible for the consequences, especially for any losses, which result or will result of reliance upon any opinion or statement
contained herein or for any omission.
The price or value of the investments to which the report may relate, either directly or indirectly, may fall or rise against the interest of investors. Where an investment is dominated in a currency other than the currency this report is based on, changes in rates of exchange may have an adverse effect on the value, or price of, or income derived from the investment. Past performance is not necessarily a guide
to future performance. SOVENTIX does not claim that any returns indicated will be achieved. Changes in the assumptions may have a material impact on any returns indicated. Income from investments may fluctuate. This document as well as its content is copyrighted and should not be distributed, published, reproduced or otherwise made available in whole or in part or disclosed by the Investor to any other
person. This document is being provided to the Investor on the basis that the latter keeps confidential any information contained herein or otherwise made available to the Investor, whether in oral or in writing, in connection with SOVENTIX or in connection with any of its plans or prospects. This document is confidential and shall not be copied, reproduced, distributed or passed to others at any time without
the prior written consent of SOVENTIX.

Project Summary
Input Output
Project Name, Country Misungwi Feeder IRR [%] 9.23%
Installed Peak Power [kWp] 5,126 Payback Period [Yrs.] 7.06
Specific Investment [$/kWp] 814
Total Investment [$/kWp] 4,819 Debt Th USD 3,417 71%
Equity Th USD 1,402 29%
Energy Yield before Losses [kWh/kWp] 2,192 Loan Tenor years 10
Net Energy Yield After Losses [kWh/kWp] 2,192 Interest rate % p.a. 7%
COD Date Jan-26
Years in Operation 20 Corporate tax rate 30.00%

PPA tariff [$/kWh] 7.00

P&L Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
Production after degradation kWh/year 11,215,436 11,170,492 11,125,548 11,080,605 11,035,661 10,990,717 10,945,773 10,900,829 10,855,886 10,810,942 10,765,998 10,721,054 10,676,110 10,631,167 10,586,223 10,541,279 10,496,335 10,451,391 10,406,448 10,361,504 - - - - - -
PPA tariff $cent/kWh 7.00 7.00 7.00 7.00 7.00 7.00 7.00 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21 5.21
Residual value after degradation % 100.0% 99.6% 99.2% 98.8% 98.4% 98.0% 97.6% 97.2% 96.8% 96.4% 96.0% 95.6% 95.2% 94.8% 94.4% 94.0% 93.6% 93.2% 92.8% 92.4% 92.0% 91.6% 91.2% 90.8% 90.4% 90.0%
Annual Inflation (CPI) % 0.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%

PPAs Energy Revenue Th USD 785 782 779 776 772 769 766 568 566 563 561 559 556 554 552 549 547 545 542 540 - - - - - -
Spot Energy Revenue Th USD - - - - - - - - - - - - - - - - - - - - - - - - - -
Capacity Revenue Th USD - - - - - - - - - - - - - - - - - - - - - - - - - -
Total Revenue Th USD 785 782 779 776 772 769 766 568 566 563 561 559 556 554 552 549 547 545 542 540 - - - - - -

O&M incl. Repair & Mainten incl security and commTh USD (77) (78) (80) (82) (83) (85) (87) (88) (90) (92) (94) (96) (98) (99) (101) (103) (106) (108) (110) (112) - - - - - -
Commercial, technical Management, Members Man Th USD (10) (10) (10) (11) (11) (11) (11) (11) (12) (12) (12) (12) (13) (13) (13) (13) (14) (14) (14) (15) - - - - - -
Own consumption Th USD (5) (5) (5) (5) (5) (6) (6) (6) (6) (6) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) - - - - - -
Insurance Th USD (17) (17) (17) (18) (18) (18) (19) (19) (20) (20) (20) (21) (21) (22) (22) (22) (23) (23) (24) (24) - - - - - -
O&M Buffer, Legal costs, administration, auditing a Th USD (5) (5) (5) (5) (5) (6) (6) (6) (6) (6) (6) (6) (6) (6) (7) (7) (7) (7) (7) (7) - - - - - -
Lease Th USD (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) (25) - - - - - -
0 Th USD - - - - - - - - - - - - - (17) (17) (17) (17) (17) - - - - - - - -
Investment related finance and other costs regarde Th USD (267) - - - - - - - - - - - - - - - - - - - - - - - - -
Total OPEX Th USD (405) (140) (143) (145) (147) (150) (152) (155) (158) (160) (163) (166) (169) (189) (192) (195) (198) (201) (187) (190) - - - - - -

Capital Duty Expense Th USD - - - - - - - - - - - - - - - - - - - - - - - - - -

Depreciation Expense (Accounting) Th USD (422) (422) (422) (422) (422) (422) (422) (422) (422) (422) (5) (5) (5) (5) (5) (5) - - - - - - - - - -
Total COGS & SGA Th USD (827) (562) (564) (567) (569) (572) (574) (577) (579) (582) (168) (170) (173) (193) (196) (199) (198) (201) (187) (190) - - - - - -

EBIT Th USD (42) 220 214 209 203 198 192 (9) (14) (19) 393 388 383 361 355 350 349 344 356 350 - - - - - -
EBIT Margin % -5.4% 28.1% 27.5% 26.9% 26.3% 25.7% 25.1% -1.5% -2.4% -3.3% 70.1% 69.5% 68.9% 65.1% 64.4% 63.7% 63.8% 63.1% 65.6% 64.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

EBITDA Th USD 380 642 636 631 625 619 614 413 408 403 398 393 388 365 360 354 349 344 356 350 - - - - - -
EBITDA Margin % 48.4% 82.1% 81.7% 81.3% 80.9% 80.5% 80.1% 72.7% 72.1% 71.6% 71.0% 70.3% 69.7% 65.9% 65.2% 64.5% 63.8% 63.1% 65.6% 64.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Interest Expense Th USD (239) (215) (191) (167) (144) (120) (96) (72) (48) (24) (0) - - - - - - - - - - - - - - -
IDC on VAT Facility Th USD (50) - - - - - - - - - - - - - - - - - - - - - - - - -
Interest Income on MRA Th USD - - - - - - - - - - - - - - - - - - - - - - - - - -

EBT Th USD (331) 5 23 41 60 78 96 (81) (62) (43) 393 388 383 361 355 350 349 344 356 350 - - - - - -

Tax Expense Th USD 99 (1) (7) (12) (18) (23) (29) 24 18 13 (118) (117) (115) (108) (107) (105) (105) (103) (107) (105) - - - - - -
Minimum tax Th USD - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income Th USD (232) 3 16 29 42 55 67 (56) (43) (30) 275 272 268 252 249 245 244 241 249 245 - - - - - -

B/S
Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
Cash Available Th USD 66 151 254 375 515 673 850 849 868 905 1,386 1,389 1,392 1,396 1,399 1,402 1,402 1,402 1,402 0 0 0 0 0 0 0
DSRA & MRA Th USD 256 256 256 256 256 256 256 256 256 256 - - - - - - - - - - - - - - - -
Deferred Tax Asset Th USD 120 117 109 95 76 51 21 44 61 72 - - - - - - - - - - - - - - - -
Fixed Assets, Net Th USD 3,824 3,402 2,980 2,558 2,136 1,715 1,293 871 449 27 23 18 14 9 5 - - - - - - - - - - -
Total Assets Th USD 4,266 3,926 3,599 3,285 2,984 2,695 2,419 2,020 1,634 1,261 1,409 1,407 1,406 1,405 1,403 1,402 1,402 1,402 1,402 0 0 0 0 0 0 0

Sculpted loan Th USD 3,075 2,734 2,392 2,050 1,709 1,367 1,025 683 342 0 - - - - - - - - - - - - - - - -
Deferred Tax Liability Th USD 20 19 18 16 15 14 12 11 10 8 7 5 4 3 1 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities Th USD 3,096 2,753 2,410 2,067 1,724 1,380 1,037 694 351 8 7 5 4 3 1 0 0 0 0 0 0 0 0 0 0 0
- - - - - - - - - - - - - - - - - - - - - - - - - -
Subscribed capital Th USD 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402
Retained earnings Th USD - (232) (229) (213) (184) (142) (87) (20) (76) (119) (149) - - - - - - - - - (1,402) (1,402) (1,402) (1,402) (1,402) (1,402)
Net income Th USD (232) 3 16 29 42 55 67 (56) (43) (30) 275 272 268 252 249 245 244 241 249 245 - - - - - -
Dividends Th USD - - - - - - - - - - (126) (272) (268) (252) (249) (245) (244) (241) (249) (1,647) - - - - - -
Total Equity Th USD 1,170 1,173 1,189 1,218 1,260 1,315 1,382 1,326 1,283 1,253 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 1,402 - - - - - - -

Total Liabilities & Equity Th USD 4,266 3,926 3,599 3,285 2,984 2,695 2,419 2,020 1,634 1,261 1,409 1,407 1,406 1,405 1,403 1,402 1,402 1,402 1,402 0 0 0 0 0 0 0

Balance check OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK OK

Cash Flow
Unit 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051
EBITDA Th USD 380 642 636 631 625 619 614 413 408 403 398 393 388 365 360 354 349 344 356 350 - - - - - -
- Taxes Payable Th USD - - - - - - - - - - (47) (118) (116) (110) (108) (106) (105) (103) (107) (105) - - - - - -
- CapEx Th USD (4,245) - - - - - - - - - - - - - - - - - - - - - - - - -
+/- Others, Net Th USD (306) - - - - - - - - - 256 - - - - - - - - - - - - - - -
Operating Cash Flow Th USD (4,172) 642 636 631 625 619 614 413 408 403 607 275 271 256 252 248 244 241 249 245 - - - - - -

Equity
+ Equity contribution Th USD 1,402 - - - - - - - - - - - - - - - - - - - - - - - - -
- Dividends & capital reductions Th USD - - - - - - - - - - (126) (272) (268) (252) (249) (245) (244) (241) (249) (1,647) - - - - - -
Equity, Net Th USD 1,402 - - - - - - - - - (126) (272) (268) (252) (249) (245) (244) (241) (249) (1,647) - - - - - -

Bank Loan
+ Bank loans issuance Th USD 3,417 - - - - - - - - - - - - - - - - - - - - - - - - -
- Bank loans amort. Th USD (342) (342) (342) (342) (342) (342) (342) (342) (342) (342) (0) - - - - - - - - - - - - - - -
- Interests on sh. loans Th USD (239) (215) (191) (167) (144) (120) (96) (72) (48) (24) (0) - - - - - - - - - - - - - - -
Bank Loan, Net Th USD 2,836 (557) (533) (509) (485) (461) (437) (413) (390) (366) (0) - - - - - - - - - - - - - - -

Change in cash Th USD 66 85 103 121 140 158 176 (0) 19 37 481 3 3 3 3 3 - - - (1,402) - - - - - -
Cash balance, BOP Th USD - 66 151 254 375 515 673 850 849 868 905 1,386 1,389 1,392 1,396 1,399 1,402 1,402 1,402 1,402 0 0 0 0 0 0

Cash balance, EOP Th USD 66 151 254 375 515 673 850 849 868 905 1,386 1,389 1,392 1,396 1,399 1,402 1,402 1,402 1,402 0 0 0 0 0 0 0

[42]
9. Company Legal/Registration documents
 THE UNITED REPUBLIC OF TANZANIA

BUSINESS LICENCE

B.L. NO : BL01396912023-2400024244

The Business Licensing Act (Act No. 25 of 1972)

Issuing Office: KINONDONI MUNICIPAL COUNCIL

Tax Identification
165-814-991
No:
License Issued To : SOVENTIX TANZANIA LIMITED

for the Business of : SUPPLY OF SOLAR EQUIPMENT

Business Location

Region : Dar es Salaam

Ward Wazo

Street Wazo

Principal/Branch : PRINCIPAL

Amount of Fee Paid : 300,000.00

Date Of Issue: 2023-12-04

Expiring Date : 2024-12-03

This is Digital Copy does not require a signature of authority

NOTE - This license must be kept in a conspicuous position at the place of

business. Any change in the particulars originally registered must be notified to
the license Issuer
 CTIN:
12377 17

TANZANIA REVENUE AUTHORITY

CERTIFICATE OF REGISTRATION
FOR
TAXPAYER IDENTIFICATION NUMBER (TIN )
( ISSUED UNDER SECTION 23 OF THE TAX ADMINISTRATION ACT 2015 )

THIS IS TO CERTIFY THAT

SOVENTIX TANZANIA LIMITED

HAS BEEN REGISTERED WITH THE TANZANIA REVENUE AUTHORITY

AND ASSIGNED THE TAXPAYER IDENTIFICATION NUMBER
165-814-991

WITH EFFECT FROM: 26 MAY 2023

TRA LOCATION: TEGETA TAX OFFICE: TEGETA

PHYSICAL LOCATION: PLOT No. 52 BLOCK No. B

STREET / AREA: MADALE

HERBERT M.T KABYEMELA

COMMISSIONER FOR DOMESTIC REVENUE

NOTE: THE RETIREMENTS UNDER WHICH THIS CERTIFICATE IS ISSUED ARE STATED OVERLEAF
„

Ms 't'') r') TT r T K) Ctl Cr} Co)