MEGAPOWER Solar — Appendices

Supporting detail and reference material underpinning the MEGAPOWER Solar business plan and financial model.

MEGAPOWER Solar Business PlanSection 12 › Appendices

Section 12 · Business Plan

Appendices

Supporting detail and reference material underpinning the MEGAPOWER Solar business plan and financial model.

Appendix A — Glossary of Terms

Term Definition
AC / DC Alternating Current / Direct Current
B-BBEE Broad-Based Black Economic Empowerment
BNEF BloombergNEF
BoS Balance of System
CAGR Compound Annual Growth Rate
CBA Critical Biodiversity Area
COD Commercial Operations Date
CPI Consumer Price Index
DBSA Development Bank of Southern Africa
DFI Development Finance Institution
DMRE Department of Mineral Resources and Energy
DNI / GHI Direct Normal / Global Horizontal Irradiance
DSCR Debt Service Coverage Ratio
DSRA Debt Service Reserve Account
EAF Energy Availability Factor
EIA Environmental Impact Assessment
EMPr Environmental Management Programme
EPC Engineering, Procurement & Construction
FCFE Free Cash Flow to Equity
FX Foreign Exchange
GCF Green Climate Fund
GW / MW / kW Gigawatt / Megawatt / Kilowatt
IDC Industrial Development Corporation (RSA)
IPP Independent Power Producer
IRP Integrated Resource Plan
IRR Internal Rate of Return
LCOE Levelised Cost of Electricity
LDs Liquidated Damages
LLCR / PLCR Loan / Project Life Coverage Ratio
MWp Megawatts-peak (DC nameplate)
NEMA National Environmental Management Act
NERSA National Energy Regulator of South Africa
O&M Operations & Maintenance
PR Performance Ratio
PPA Power Purchase Agreement
PV Photovoltaic
RfD / RoD Record of Decision (EIA)
REIPPPP Renewable Energy IPP Procurement Programme
SAPVIA South African Photovoltaic Industry Association
SAWEM South African Wholesale Electricity Market
SCADA Supervisory Control and Data Acquisition
SPV Special-Purpose Vehicle
WACC Weighted Average Cost of Capital

Appendix B — Management CVs (placeholder)

Detailed CVs of the executive team — Chief Executive Officer, Chief
Financial Officer, Chief Operating Officer, Head of Engineering &
Asset Management, and Head of Commercial & Regulatory — are appended
on request to the data-room. CVs include full educational background,
registered professional designations, full project track records
(capacity, financial close date, COD date, current operating status) and
references.

Appendix C — Financial Model Notes

The financial model that underlies the projections in Section 7 is
provided to qualified prospective investors and lenders, on signing of a
Non-Disclosure Agreement, in Microsoft Excel format. It is structured
per the FAST modelling standard, with separate tabs for assumptions,
calculations, statements (P&L, balance sheet, cash flow),
bankability metrics, scenarios and sensitivities. The model is built at
monthly granularity for the construction period and annual granularity
for the 25-year operating period, and produces consistent IFRS-compliant
statements together with the project- and equity-IRR outputs and full
bankability-ratio outputs (DSCR, LLCR, PLCR) used in this Business
Plan.

Appendix D — Independent Studies (referenced)

  • Independent Energy Yield Assessment (P50 / P90), commissioned
    2026 — DNV / Lahmeyer (target)
  • Environmental Impact Assessment (EIA) — Specialist studies in
    progress
  • Geotechnical Assessment — completed 2025
  • Grid-Connection Cost Estimate — Eskom budget quote, refreshed
    2026
  • Local-Content Verification Plan — to be appointed at financial
    close
  • Insurance Programme Assessment — to be appointed at financial
    close

Appendix E — Sources & Bibliography

The market and industry data cited in this Business Plan are drawn
from the following sources:

  • South African Photovoltaic Industry Association (SAPVIA), market
    commentary 2024-2026
  • Department of Mineral Resources and Energy (DMRE), Integrated
    Resource Plan 2023
  • DMRE / IPP Office, REIPPPP Bid Window awards (BW1 to
    BW7)
  • National Energy Regulator of South Africa (NERSA), tariff
    decisions and applications
  • Eskom Holdings SOC Ltd, MYPD applications and integrated annual
    reports
  • PV-Magazine International, market reporting 2024-2026
  • International Renewable Energy Agency (IRENA), Renewable Power
    Generation Costs 2024
  • International Energy Agency (IEA), Africa Energy Outlook 2022
    & Cost of Capital Observatory 2025
  • Mordor Intelligence, South Africa Solar Energy Market Reports
    2025-2026
  • Lawrence Berkeley National Laboratory, U.S. Utility-Scale Solar
    2025 Data Update
  • BloombergNEF, Global PV cost benchmarking 2024-2025
  • CSIR Solar Resource Atlas / SolarGIS, irradiance data
  • Republic of South Africa Government Gazette, Electricity
    Regulation Amendment Act 2024

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Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of MEGAPOWER Solar Power (Pty) Ltd.