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