Lesedi Solar Care Business Plan — Annexure F: Glossary & Methodology

Operations and maintenance — the contracted servicing of an operating asset.

Annexure F: Glossary & Methodology

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F.1 Glossary

Term	Definition
O&M	Operations and maintenance — the contracted servicing of an operating asset.
Soiling	Accumulation of dust, particulate, spray drift and bird droppings on module glass, suppressing yield.
Soiling rate	The percentage of yield lost per unit time as deposition builds between cleaning cycles.
Recovered yield	The energy restored by cleaning, measured as the pre- and post-clean performance ratio difference.
Performance ratio	Actual energy output as a proportion of theoretical output for the measured irradiance.
Reference cell	A calibrated sensor kept clean to establish the soiling differential against the array.
IV curve tracing	Diagnostic measurement of current-voltage characteristics to identify module and string defects.
Thermography	Infrared imaging, usually drone-mounted, identifying hotspots and defective cells.
PID	Potential induced degradation — a module failure mode caused by voltage stress over time.
Route density	The clustering of contracts so crews and equipment move between sites with minimal dead travel.
Contribution margin	Contract revenue less directly attributable delivery cost, expressed as a percentage.
SLA	Service level agreement — contractual performance commitments with defined remedies.
Deionised water	Water with mineral ions removed, used to avoid spotting and meet module warranty conditions.
C&I	Commercial and industrial — the rooftop and ground-mount segment below utility scale.
MOIC	Multiple on invested capital — total proceeds divided by capital invested.
EV/EBITDA	Enterprise value as a multiple of EBITDA — a common valuation basis for services businesses.

F.2 Methodology

This Plan preserves the sponsor’s capacity, revenue, direct cost, overhead, EBITDA, depreciation, finance cost, cash flow and balance sheet figures across the seven-year projection. Beneath them the analyst independently re-derived taxation at 27% with the year-one assessed loss carried forward subject to the 80% set-off restriction; tested the equity roll-forward against the initial raise accumulated with retained profits; reconciled the stated Year-5 service mix against the stated contract price list and capacity under management; tested working-capital adequacy by computing debtor days and net working capital against the stated facility; reconstructed the downside scenario from the stated parameters to test the solvency claim independently; and recomputed investor returns from the stated exit assumption on three ownership bases. The balance sheet was verified to tie in each presented year by automated assertion.

Market statistics, installed capacity, segment split, geographic concentration and growth rates, are drawn from published South African solar industry and regulatory sources current to mid-2026 and should be independently verified in due diligence. Soiling-loss ranges, contract pricing and cost benchmarks reflect the sponsor’s stated operator experience and have not been independently verified. This document is a planning and information tool, not an offer of securities or financial advice.

Lesedi Solar Care (Pty) Ltd · Business Plan & Investment Prospectus · July 2026 · Private & Confidential