30.24 MW Operational Wind Power Portfolio

An attractive opportunity to acquire a 30.24 MW operational wind power portfolio in Northeast Brazil, comprising two fully operational wind farms with long-term contracted revenues and zero debt. The portfolio benefits from regulated PPAs extending through 2031 and 2032, providing predictable near-term cash flow, while retaining significant economic life and upside following the expiry of the current contracts.

KEY INVESTMENT HIGHLIGHTS

Key Metric	Portfolio
Installed Capacity	30.24 MW
Operating Assets	2 Wind Farms / 2 SPVs
Estimated Annual Generation	96.0 GWh
Contracted Net Cash Flow	~US$5.26M / year
Debt	Zero / Fully Paid Assets
PPA Expiry	2031 & 2032
Post-PPA Upside	~US$4.25M / year
Additional Economic Life	~13 years
Location	Northeast Brazil
Operational Status	Fully Operational

PORTFOLIO OVERVIEW

The portfolio consists of two operating wind farms, each with 15.12 MW of installed capacity.

1. 01
   Wind Farm 115.12 MW | ~48.7 GWh estimated annual generation | PPA through 2031
2. 02
   Wind Farm 215.12 MW | ~47.4 GWh estimated annual generation | PPA through 2032

Combined, the assets are expected to generate approximately 96.0 GWh annually.

CONTRACTED CASH FLOW

The portfolio benefits from long-term contracted revenues under existing PPAs, providing visibility over near-term cash generation.

The assets generate approximately US$5.26 million of annual net cash flow after O&M, operations and taxes.

Following expiry of the existing PPAs, the assets are estimated to have approximately 13 additional years of economic life, creating an opportunity to capture additional value through re-contracting, bilateral power sales or alternative commercialization strategies.

Estimated Post-PPA Annual Cash Flow: ~US$4.25M
CONTRACTED REVENUE VISIBILITY

Existing PPAs extend through 2031 and 2032, supporting predictable cash generation over the contracted period.

SIGNIFICANT POST-PPA UPSIDE

Approximately 13 years of additional economic life remain beyond the current PPAs, offering meaningful potential for continued operations and revenue optimization.

TRANSACTION OPPORTUNITY

The owner is considering a potential sale of the operational wind power portfolio to a qualified strategic or financial investor.

Transaction: Acquisition of 100% of the portfolio / SPVs
Assets: 2 operational wind farms
Installed Capacity: 30.24 MW
Annual Generation: ~96.0 GWh
Geography: Northeast Brazil
Status: Fully Operational
Debt: Zero
PPA: Contracted through 2031–2032
Annual Contracted Net Cash Flow: ~US$5.26M
Estimated Post-PPA Annual Cash Flow: ~US$4.25M

Further technical, legal, commercial and financial information is available to qualified parties following execution of an NDA.

USD figures are indicative conversions based on approximately BRL 5.09 per USD as of September 9, 2026. Original source figures are stated in BRL; technical figures and project characteristics are presented as provided in the source material.

All figures in USD millions unless stated otherwise. Assumed conversion rate: 5.09 BRL/USD.

Operating Metric	Wind Farm 1	Wind Farm 2	Consolidated Portfolio
Installed Capacity	15.12 MW	15.12 MW	30.24 MW
Estimated Annual Generation	48.7 GWh	47.4 GWh	96.1 GWh (~96.0 GWh target)
Implied Capacity Factor	~36.8%	~35.8%	~36.3%
PPA Expiry Date	December 31, 2031	December 31, 2032	2031 (WF1) / 2032 (WF2)
Contracted Net Cash Flow	—	—	$5.26M / year
Merchant / Post-PPA Net Cash Flow	—	—	$4.25M / year
Remaining Post-PPA Economic Life	13 years (to ~2044)	13 years (to ~2045)	~13 years
Existing Capital Structure	Zero Debt	Zero Debt	100% Equity / Debt-Free

Because the portfolio generates an agreed-upon $5.26M/year in contracted net cash flow after operating costs and statutory Brazilian corporate taxes (Lucro Real / Presumido), the operational proxy breaks down as follows:

Financial Line Item (US$ M)	Contracted Period (2027–2031)	Transition Year (2032)*	Post-PPA Period (2033–2044)
Gross Power Revenue	$7.85 (equiv. ~$81.7/MWh)	$6.90	$6.25 (equiv. ~$65.0/MWh)
Scheduled O&M & Turbine Service Agreements	($1.15)	($1.15)	($1.25) (Aging buffer)
Land Leases, Royalties & Concession Levies	($0.25)	($0.23)	($0.20)
Transmission (TUST) & Grid Connection Tariffs	($0.35)	($0.35)	($0.35)
General & Administrative / SPV Management	($0.20)	($0.20)	($0.20)
EBITDA	$5.90 (75.2% margin)	$4.97 (72.0% margin)	$4.25 (68.0% margin)
Maintenance CapEx Reserve	($0.15)	($0.18)	($0.22)
Net Income Tax & Social Contributions (CSLL/PIS/COFINS)	($0.49)	($0.42)	($0.38)
Unlevered Free Cash Flow (Net Cash Flow)	$5.26	$4.37	$3.65 – $4.25

*Note: In 2032, Wind Farm 1 operates under merchant/free-market conditions while Wind Farm 2 completes its final contracted PPA year.

Year	Asset Regime	WF1 Status	WF2 Status	Net Cash Flow (US$ M)
2027	Fully Contracted	Regulated PPA	Regulated PPA	$5.26
2028	Fully Contracted	Regulated PPA	Regulated PPA	$5.26
2029	Fully Contracted	Regulated PPA	Regulated PPA	$5.26
2030	Fully Contracted	Regulated PPA	Regulated PPA	$5.26
2031	Fully Contracted	Regulated PPA (Final Yr)	Regulated PPA	$5.26
2032	Transition	Bilateral / Free Market	Regulated PPA (Final Yr)	$4.75
2033	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2034	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2035	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2036	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2037	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2038	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2039	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2040	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
2041	Full Post-PPA Life	Bilateral / ACL Merchant	Bilateral / ACL Merchant	$4.25
Cumulative				$70.50M

Valuation reflects a DCF of net cash flows across the remaining ~18 years of operational life (5 contracted years + 13 post-PPA years):

Unlevered Cost of Capital (Discount Rate)	Implied Enterprise Value (US$ M)	Implied Multiple on Contracted Cash Flow	Implied EV / Installed MW
7.5% (Low Risk / BRL Hedged)	$44.6M	8.48x	$1.47M / MW
8.5% (Core Infrastructure Hurdle)	$41.1M	7.81x	$1.36M / MW
9.5% (Emerging Market Benchmark)	$38.1M	7.24x	$1.26M / MW
10.5% (Conservative Equity Return)	$35.4M	6.73x	$1.17M / MW

This hypothetical financial model and accompanying presentation (the "Document") are provided solely for preliminary illustrative, structural, and evaluation purposes. This Document does not constitute, nor shall it be deemed to constitute, an offer to sell, a solicitation of an offer to buy, an underwriting commitment, or an investment recommendation regarding the shares, quotas, operating concessions, physical assets, or special purpose vehicles (SPVs) of the 30.24 MW wind portfolio or any affiliated entities.
Hypothetical Projections & Forward-Looking Risks
All financial figures, capacity factors, production levels (96.0 GWh/yr), generation estimates, operating cost assumptions, merchant energy pricing forecasts, tax regimes, and post-PPA yields (~US$4.25M/yr) are forward-looking and based on indicative assumptions. These statements involve substantial known and unknown risks, uncertainties, and contingencies, including but not limited to:

• Wind resource variability (P50/P90 generation deviations) and climate patterns in Northeast Brazil;
• Grid curtailment, transmission constraints, and system operator dispatch orders (ONS);
• Fluctuations in the Brazilian Free Energy Market (Ambiente de Contratação Livre — ACL) and Settlement Price for Differences (PLD);
• Foreign exchange volatility between the Brazilian Real (BRL) and the United States Dollar (USD);
• Inflationary adjustments, escalation of operations and maintenance (O&M) contracts, and replacement part supply chains;
• Regulatory, statutory, concession, and fiscal changes by ANEEL, CCEE, or Brazilian federal/state revenue authorities.

Actual cash flows and terminal asset values may differ materially from those modeled herein.
No Representations, Warranties, or Reliance
No representation, warranty, or undertaking—express or implied—is made by the asset owners, operators, financial modelers, advisors, or their respective directors, officers, or agents regarding the accuracy, completeness, authenticity, or reasonableness of the data, technical parameters, or projections set forth in this Document. Recipient expressly agrees that no commercial reliance may be placed on this Document.
Absolute Exclusion of Liability
To the fullest extent permitted by applicable law, the authors, asset owners, advisors, affiliates, and representatives expressly disclaim all liability (whether in contract, tort, strict liability, negligence, or otherwise) for any direct, indirect, incidental, consequential, special, punitive, or reliance damages, including lost profits, loss of business opportunity, or transaction expenses incurred by the recipient or any third party arising out of or in connection with the use of, or reliance upon, any information, calculations, assumptions, or omissions contained in this Document.
Requirement for Independent Due Diligence
Receipt of this Document does not substitute for a rigorous, independent investigation. Qualified prospective purchasers must conduct their own independent legal, tax, hydrogeological, wind resource (anemometric review), technical (turbine condition assessment), regulatory, and accounting due diligence with authorized external counsel and technical advisors prior to entering into any transaction or executing binding documentation. All technical, operational, and commercial data rooms will remain subject to the terms of an executed Non-Disclosure Agreement (NDA).