Solvanta Renewables — Appendices
Supporting appendices - the capacity, generation and volume detail, the funding flows detail, the glossary and the model integrity statement underpinning the Solvanta business plan and financial model.
Section 22 · Business Plan
Appendices
Supporting appendices – the capacity, generation and volume detail, the funding flows detail, the glossary and the model integrity statement underpinning the Solvanta business plan and financial model.
Appendix A — Capacity, generation and volume detail
| Metric | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Solar installed (MW, year-end) | 40 | 120 | 290 | 560 | 1 080 |
| Wind installed (MW, year-end) | 10 | 60 | 160 | 340 | 720 |
| BESS installed (MWh, year-end) | 20 | 70 | 160 | 270 | 400 |
| Total capacity (MW) | 50 | 180 | 450 | 900 | 1 800 |
| Owned generation (GWh) | 64 | 303 | 841 | 1 812 | 3 647 |
| Wheeled third-party (GWh) | 46 | 177 | 459 | 1 088 | 2 153 |
| Total energy sold (GWh) | 110 | 480 | 1 300 | 2 900 | 5 800 |
| Implied blended CF (%) | 50.2 | 47.6 | 47.1 | 49.0 | 49.0 |
| Blended owned tariff (R/kWh) | 1.09 | 1.30 | 1.34 | 1.36 | 1.31 |
Appendix B — Funding flows detail
| R millions | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|
| Senior debt drawn | 629 | 1 686 | 3 335 | 5 331 | 10 063 |
| Senior debt closing balance | 629 | 2 315 | 5 608 | 10 784 | 20 470 |
| Total interest accrued | 35 | 162 | 438 | 910 | 1 740 |
| of which capitalised (IDC) | 35 | 93 | 183 | 293 | 553 |
| of which cash interest | 0 | 69 | 255 | 617 | 1 186 |
| Equity drawn | 941 | 1 139 | 2 324 | 3 217 | 1 880 |
| Mezzanine drawn / balance | 0 | 0 | 0 | 0 | 4 110 |
| DSRA balance | 0 | 0 | 300 | 400 | 400 |
Appendix C — Glossary
| Term | Definition |
|---|---|
| BESS | Battery energy storage system |
| CFADS | Cash flow available for debt service |
| COD | Commercial operation date |
| DSCR | Debt service cover ratio: CFADS divided by scheduled debt service |
| DSRA | Debt service reserve account |
| IDC | Interest during construction, capitalised to the asset |
| IPP | Independent power producer |
| LCOE | Levelised cost of energy over asset life |
| NTCSA | National Transmission Company of South Africa |
| P50 / P90 | Energy yield exceeded with 50% / 90% probability |
| PPA / RESA | Power purchase agreement / renewable energy supply agreement |
| REIPPPP | Renewable Energy Independent Power Producer Procurement Programme |
| Run-rate EBITDA | Annualised EBITDA of the completed fleet in its first full operating year |
| Wheeling | Delivery of energy across third-party networks under use-of-system agreements |
Appendix D — Model integrity statement
The financial model underlying this Plan is a single-source-of-truth
Python model generating all statements, charts and tables in this
document from one assumption set. Integrity controls: the balance sheet
is asserted programmatically to tie to zero in each projection year;
sponsor headline figures (revenue, EBITDA, capacity, volumes) are
preserved exactly and reconciled to derived line items; interest, tax
and working-capital items are solved iteratively to convergence; and all
charts render directly from model output without manual adjustment.
Analyst findings identify each point where independent derivation
diverges from, or adds structure to, the sponsor brief.
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 Solvanta Renewables (Pty) Ltd.