Contract analysis

I. RISKS RELATED TO OUR BUSINESS AND OPERATIONS A. Our Operating History and Growth Strategy We have a relatively limited operating history as an independent developer and operator of renewable-energy projects at scale, and our historical results may not be indicative of our future performance. Calloway-Briggs Renewables Inc. ("CBR," the "Company," "we," "us," or "our") was founded in 2014 by Garrett Calloway and Ela

II. RISKS RELATED TO OUR SUBSTANTIAL INDEBTEDNESS AND FINANCIAL CONDITION A. Significant Leverage We have a substantial amount of indebtedness, which could adversely affect our financial flexibility, limit our ability to pursue our growth strategy, and increase our vulnerability to adverse economic conditions. As of December 31, 2021, our total consolidated indebtedness was approximately $1.71 billion, compared to to

III. RISKS RELATED TO THE REGULATORY AND POLITICAL ENVIRONMENT A. Federal and State Regulatory Risks We are subject to extensive federal and state regulation, and changes in the regulatory framework applicable to our business could materially adversely affect our operations and financial condition. Our business is subject to extensive regulation at the federal and state levels, including regulation by the Federal Ene

IV. RISKS RELATED TO ENVIRONMENTAL AND CLIMATE MATTERS A. Environmental Compliance We are subject to extensive environmental laws and regulations, and compliance with these requirements involves significant costs and potential liabilities. Our operations are subject to a broad range of federal, state, and local environmental laws and regulations, including the National Environmental Policy Act ("NEPA"), the Endangere

V. RISKS RELATED TO TAX MATTERS A. Tax-Equity Partnership Accounting The HLBV methodology we use to account for our tax-equity partnerships is complex and judgment-intensive, and the SEC staff has raised questions about the adequacy of our HLBV-related disclosures. As described in the notes to our consolidated financial statements included elsewhere in this prospectus, we use the HLBV methodology to allocate net inco