Africa Green Energy Holdings — Projected Balance Sheet

The projected balance sheet over the plan horizon — the asset base, debt and equity, working capital and the evolving capital structure.

Section 15 · Business Plan

Projected Balance Sheet

The projected balance sheet over the plan horizon — the asset base, debt and equity, working capital and the evolving capital structure.

The consolidated balance sheet below reflects AGEH’s growth from a
development-stage holding company in FY2027 through to a mature
renewable platform with R7.8 billion in net assets by FY2036. The
balance sheet illustrates the characteristic project-finance pattern:
PP&E peaks during construction, debt amortises progressively, and
equity compounds via retained earnings net of distributions.

15.1 Consolidated Balance Sheet (FY2027-FY2031)

R million	FY2027	FY2028	FY2029	FY2030	FY2031
ASSETS
Cash & equivalents	120	385	445	520	595
Trade receivables	—	55	295	525	550
Inventory & spares	—	8	32	55	57
DSRA & reserve accounts	—	180	320	385	395
Total Current Assets	120	628	1,092	1,485	1,597
Property, plant & equipment	1,250	5,840	8,575	8,755	8,150
Capitalised development costs	180	275	350	335	320
Right-of-use assets (leases)	—	85	165	245	240
Total Non-Current Assets	1,430	6,200	9,090	9,335	8,710
TOTAL ASSETS	1,550	6,828	10,182	10,820	10,307
LIABILITIES
Trade payables	15	45	115	175	180
Current portion of debt	—	—	245	395	415
Income tax payable	—	—	—	—	65
Total Current Liabilities	15	45	360	570	660
IFC senior debt	—	2,250	3,000	2,755	2,560
DFI co-financing	—	1,500	2,000	1,840	1,710
Commercial bank debt	—	1,500	2,000	1,825	1,675
IFC climate finance	—	260	350	350	350
Long-term lease liabilities	—	85	165	245	240
Total Non-Current Liabilities	—	5,595	7,515	7,015	6,535
TOTAL LIABILITIES	15	5,640	7,875	7,585	7,195
EQUITY
Share capital	1,500	1,500	1,500	1,500	1,500
Retained earnings / (deficit)	35	(312)	807	1,735	1,612
Total Equity	1,535	1,188	2,307	3,235	3,112
TOTAL LIAB. & EQUITY	1,550	6,828	10,182	10,820	10,307

Table 15.1 — Projected Consolidated Balance Sheet
(FY2027-FY2031), ZAR millions

15.2 Consolidated Balance Sheet (FY2032-FY2036)

R million	FY2032	FY2033	FY2034	FY2035	FY2036
ASSETS
Cash & equivalents	655	705	745	780	820
Trade receivables	575	600	627	654	682
Inventory & spares	60	62	65	68	71
DSRA & reserve accounts	405	415	425	435	445
Total Current Assets	1,695	1,782	1,862	1,937	2,018
Property, plant & equipment	7,540	6,930	6,320	5,720	5,125
Capitalised development costs	305	290	275	260	245
Right-of-use assets (leases)	235	230	225	220	215
Total Non-Current Assets	8,080	7,450	6,820	6,200	5,585
TOTAL ASSETS	9,775	9,232	8,682	8,137	7,603
LIABILITIES
Trade payables	188	196	204	213	222
Current portion of debt	440	470	505	545	590
Income tax payable	75	105	145	175	195
Total Current Liabilities	703	771	854	933	1,007
IFC senior debt	2,350	2,115	1,855	1,565	1,245
DFI co-financing	1,570	1,415	1,245	1,055	845
Commercial bank debt	1,510	1,330	1,135	925	700
IFC climate finance	350	350	350	350	350
Long-term lease liabilities	235	230	225	220	215
Total Non-Current Liabilities	6,015	5,440	4,810	4,115	3,355
TOTAL LIABILITIES	6,718	6,211	5,664	5,048	4,362
EQUITY
Share capital	1,500	1,500	1,500	1,500	1,500
Retained earnings	1,557	1,521	1,518	1,589	1,741
Total Equity	3,057	3,021	3,018	3,089	3,241
TOTAL LIAB. & EQUITY	9,775	9,232	8,682	8,137	7,603

Table 15.2 — Projected Consolidated Balance Sheet
(FY2032-FY2036), ZAR millions

15.3 Balance Sheet Commentary

Asset structure: Property, Plant & Equipment peaks at R8,755
million in FY2030 (full COD) and declines thereafter at depreciation
rate of c.R625 million per annum. Reserve accounts maintain a stable
R400-445 million balance over the projection horizon, satisfying lender
DSRA, MRA and BESS augmentation requirements.

Debt amortisation profile: Total senior debt declines from a peak of
R7,350 million at financial close to R3,140 million by FY2036,
reflecting the sculpted amortisation schedule designed to maintain DSCRs
above 1.30x throughout. By the end of the projection period,
debt-to-equity ratio falls to 1.35x (from 2.5x at COD), positioning the
platform for either refinancing optimisation or premium-multiple
exit.

Equity build: Retained earnings track the dividend distribution
policy. Cumulative dividends paid over FY2030-FY2036 total approximately
R4.85 billion, equating to a cumulative cash-on-cash return to sponsors
of 3.23x prior to terminal value monetisation. The retained earnings dip
in FY2031-FY2034 reflects accelerated distributions following the
lock-up release; balance sheet equity stabilises around R3.0-3.2 billion
as the platform reaches maturity.

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 Africa Green Energy Holdings (Pty) Ltd.