Aurora Grid Renewables Business Plan › Section 2 › Company Overview

2.1 Corporate profile

2.2 Vision, mission and values

Vision. To become Africa’s leading renewable energy
infrastructure platform.

Mission. To provide reliable, affordable and
sustainable energy that accelerates economic growth across Africa.

Core values. Sustainability, innovation, integrity,
reliability, excellence and community impact — the operating principles
of a business whose product is clean, dependable power and whose licence
to operate depends on local benefit.

2.3 The integrated develop-own-operate-recycle model

Aurora Grid’s strategy rests on a proven infrastructure model: the
Company develops projects (securing land, grid and permits), finances
them (blending equity, DFI capital, green bonds and non-recourse project
debt), constructs them (under fixed-price EPC contracts), owns and
operates them (capturing long-dated contracted cash flows), and then
optimises them through refinancing and capital recycling — releasing
equity from stabilised assets to fund the next wave of development. This
capital-recycling engine is what allows an integrated platform to scale
from first project to multi-gigawatt portfolio without proportionate new
equity at every step, and it is the mechanism behind the rapid growth of
the operators Aurora Grid is modelled on.

Figure 2

2.4 Why now — the timing thesis

Four forces converge to make 2026 a compelling entry point. First,
the supply deficit: Eskom’s ageing coal fleet is retiring faster than
replacement capacity is being built, sustaining years of load-shedding
and making new generation a national economic priority. Second, market
liberalisation: the 2021–2023 reforms removed the generation-licensing
threshold, enabled wheeling to multiple offtakers, and unleashed a wave
of corporate PPAs — private procurement is now the primary driver of new
build, with installed renewable capacity reaching 18.2 GW in 2025.
Third, the storage inflection: the Battery Energy Storage IPP
Procurement Programme (BESIPPPP) has run three bid windows, utility BESS
capital costs fell to roughly USD 125/kWh by late 2025, and hybrids such
as Kenhardt now deliver dispatchable power for more than 16 hours a day
— storage has moved from premium add-on to economically compelling core
component. Fourth, ESG capital depth: climate-finance, green-bond and
DFI mandates are actively seeking bankable African renewable platforms
at scale.

The corollary — developed candidly throughout this Plan — is that
grid-connection capacity gates delivery. The reforms and falling
technology costs create the opportunity; grid access determines the pace
at which a 9 GW portfolio can actually be built and evacuated. The
Company’s grid-first development discipline and its storage-heavy,
dispatchable portfolio — which eases connection by firming output — are
the direct responses.

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 Aurora Grid Renewables Holdings (Pty) Ltd.