Contract analysis

Section 1. Project Name and Designation Project Name: Saguaro Flats Solar Project (the "Facility"). Project Company / Seller: Saguaro Flats Solar LLC, a Delaware limited liability company formed under the Delaware Limited Liability Company Act on August 22, 2023. The Seller's federal Employer Identification Number (EIN) is 93-1284506. The Seller is registered to do business in the State of Texas as a foreign limited

Section 2. Facility Technology and Capacity 2.1 Technology Description The Facility is a utility-scale, ground-mounted, single-axis tracking solar photovoltaic (PV) generating facility. The Facility employs single-axis horizontal tracker structures oriented on a north-south axis, which rotate east to west over the course of the day to optimize incident solar radiation on the PV module surfaces and maximize energy pro

Section 3. Project Site Description 3.1 Site Location The Facility is located in Pecos County, Texas, in a region of the Trans-Pecos characterized by high direct normal irradiance (DNI) and global horizontal irradiance (GHI) values, flat to gently rolling terrain, and low population density. The site is well suited for large-scale solar photovoltaic generation. The site is accessible via FM Road 1776 (a paved, Farm-t

Section 4. Permitting 4.1 County Land Use Permit The Facility has received all requisite county-level land use approvals for construction and operation. Specifically: Permit: Pecos County Conditional Use Permit No. CUP-2025-012 Issuing Authority: Pecos County Commissioners Court Date of Approval: February 10, 2025 Scope: The conditional use permit authorizes the construction and operation of a solar photovoltaic gene

Section 5. Interconnection 5.1 Interconnection Point The Facility will interconnect with the ERCOT transmission grid at the following point: Point of Interconnection (POI): Ft. Stockton 345 kV Substation, located in Pecos County, Texas, approximately 3.5 miles northwest of the Facility site. Interconnection Voltage: 345 kV Metering Point: Revenue-grade metering equipment installed at the high-voltage side of the proj

Section 6. EPC Contractor The Seller has engaged the following engineering, procurement, and construction contractor for the design and construction of the Facility: The EPC contract between the Seller and Sunbelt Power Construction LLC (the "EPC Contract") was executed on July 15, 2025, and provides for the complete design, engineering, procurement, supply, construction, installation, testing, and commissioning of t

Section 7. Expected Commercial Operation Date The Expected Commercial Operation Date is April 1, 2027. "Commercial Operation Date" or "COD" has the meaning set forth in the Agreement and generally requires that: (a) the Facility has been constructed substantially in accordance with the EPC Contract and all applicable laws, permits, and interconnection requirements; (b) the Facility has successfully completed all requ

Section 8. Independent Engineer The Seller has facilitated the retention of an independent engineer in connection with the project financing of the Facility, as described below: Gresham Engineering Advisors Inc. (the "Independent Engineer" or "IE") has been retained by Tralvendo National Bank, N.A., in its capacity as Administrative Agent under the Credit Agreement dated as of August 1, 2025, among the Seller, Tralve

Section 9. Insurance The Seller shall procure and maintain, or cause to be procured and maintained, insurance coverages for the Facility in the types and amounts set forth in Exhibit E to the Agreement. The Seller's insurance program for the Facility is administered by the following parties: Insurance Broker: Fieldstone Risk Advisors LLC, with offices in Houston, Texas, serves as the Seller's insurance broker and ris

Section 10. Project Useful Life Estimated Useful Life: The Facility has an estimated useful life of thirty-five (35) years or more from the Commercial Operation Date. This estimate is based on industry-standard assumptions regarding the operational longevity of crystalline silicon PV modules (which typically carry linear performance warranties extending twenty-five (25) to thirty (30) years), the durability of galvan