[sheet: Cover]

Field	Value
Matter	Formation of Solstice Plateau Energy Holdings LLC — 50/50 Joint Venture
Client	Calloway-Briggs Renewables Inc.
Counterparty	Lumen Ridge Infrastructure Partners LLC
JV Entity	Solstice Plateau Energy Holdings LLC
Calderwood & Harkness LLP Matter Number	48172.001
Prepared By	Megan Chu, Lead Associate / Derek Okonkwo, Working Associate
Supervising Partner	James Prentice, Responsible Partner, M&A
Billing Partner	Sandra Tung
C&H Office	1000 Louisiana Street, Suite 5500, Houston, TX 77002
Initial Version Date	February 15, 2024
Last Updated	February 20, 2024 (post-closing final)
Signing Date	December 4, 2023
Scheduled Closing Date	February 15, 2024
Actual Closing Date	February 20, 2024
Governing Law (LLC Agreement)	Delaware

[sheet: Party & Advisor Directory]

Role	Entity Name	Key Contact(s)	Title	Address	Notes
Client / JV Member (50%)	Calloway-Briggs Renewables Inc.	Margaret "Meg" Calloway; Thomas R. Briggs; Priya Narayanan; Daniel Estrada; Rebecca Whitfield	CEO; President; CFO; SVP Corp Dev; General Counsel	2300 Travis Street, Suite 4200, Houston, TX 77006	Texas corporation; EIN 46-2837451; TX SOS File No. 0801647392
Counterparty / JV Member (50%)	Lumen Ridge Infrastructure Partners LLC	Nathaniel "Nate" Forsythe; Carolyn J. Delaney; Victor Osei; Amanda Prescott	Managing Partner; Partner/Head of Solar; CFO; GC & CCO	301 Tresser Boulevard, Suite 1400, Stamford, CT 06901	Delaware LLC; EIN 83-1924076; managed by Lumen Ridge Capital Advisors LLC
JV Entity	Solstice Plateau Energy Holdings LLC	Daniel Estrada (CEO); Victor Osei (CFO)	Initial Officers	Registered: c/o Peachtree Corporate Services, Inc., 1209 Orange Street, Suite 300, Wilmington, DE 19801; Principal: 2300 Travis Street, Suite 4210, Houston, TX 77006	Delaware LLC; EIN 93-4158203; DE SOS File No. 7849312
Minority Investor in CBR (~22%)	Cascadia Growth Equity Fund III, L.P.	Owen Charbonneau	Managing Director	900 SW Fifth Avenue, Suite 2600, Portland, OR 97204	Consent required for material transactions
Client's Legal Counsel	Calderwood & Harkness LLP	James Prentice; Sandra Tung; Megan Chu; Derek Okonkwo; Leonard Cross (Tax)	Partner; Partner; Lead Assoc.; Working Assoc.; Tax Partner	1000 Louisiana Street, Suite 5500, Houston, TX 77002 / 425 Lexington Avenue, 36th Floor, New York, NY 10017	Matter No. 48172.001
Counterparty's Legal Counsel	Haverford, Quinn & Steele LLP	Gregory Haverford III; Joanna Kline	Lead Partner; Senior Associate	599 Lexington Avenue, 28th Floor, New York, NY 10022
Client's Financial Advisor	Ridgeline Barrow & Co.	Marcus Delgado	Managing Director, Energy Advisory	811 Main Street, Suite 3100, Houston, TX 77002	Fairness analysis delivered 11/15/2023
Counterparty's Financial Advisor	Whitmore Zanthor Group LLC	Elena Marchetti	Managing Director	277 Park Avenue, 40th Floor, New York, NY 10172
JV Auditor / Tax Preparer	Pennington Clarke LLP	Harold Yeung, CPA	Engagement Partner	155 North Wacker Drive, Suite 3800, Chicago, IL 60606	Engagement letter dated January 8, 2024
CBR's Existing Auditor	Greystone Hamill LLP	700 Milam Street, Suite 2200, Houston, TX 77002
Environmental Consultant	TerraNova Environmental Sciences Inc.	Dr. Sharon Kessler	Senior Project Manager	4807 Spicewood Springs Road, Suite 200, Austin, TX 78759	Phase I & Phase II ESAs
Title Company	Meridian Land Title Company	3131 Turtle Creek Boulevard, Suite 800, Dallas, TX 75219	Title commitments & surveys
Insurance Broker	Blackthorn Risk Advisors LLC	Garrett Yoon	Senior Vice President	1200 Smith Street, Suite 1650, Houston, TX 77002
Insurance Carrier (Builder's Risk / Property)	Ironclad Mutual Insurance Co.	233 South Wacker Drive, Suite 4400, Chicago, IL 60606	Policy No. BRX-2024-SP-00412
Project-Level Lender / Admin Agent	Trident National Bank, N.A.	Patricia Henning	Managing Director, Energy & Infrastructure Finance	383 Madison Avenue, 12th Floor, New York, NY 10179	Credit Facility Ref: TNB-EIF-2024-0193
Escrow Agent	Continental Fiduciary Trust Company	1105 North Market Street, Suite 1200, Wilmington, DE 19801	Escrow Acct Ref: CFT-2024-00847
Registered Agent (DE)	Peachtree Corporate Services, Inc.	1209 Orange Street, Suite 300, Wilmington, DE 19801

[sheet: Closing Checklist]

Item No.	Category	Description	Responsible Party	Delivered By	Delivered To	Due Date	Date Completed	Status	Document Reference / Tab No.	Notes
1.1	A. Regulatory / Government Approvals	HSR Filing — Hart-Scott-Rodino Antitrust Filing (HSR Transaction No. 20231018-CBR-LRI)	CBR / Lumen Ridge	CBR / Lumen Ridge	FTC / DOJ	2023-10-18	2023-10-18	Complete	Tab A-1	Filed October 18, 2023
1.2	A. Regulatory / Government Approvals	HSR Early Termination — Confirmation of early termination of HSR waiting period	FTC	FTC	CBR / Lumen Ridge	N/A	2023-11-08	Complete	Tab A-2	Early termination granted November 8, 2023; 21 days from filing
1.3	A. Regulatory / Government Approvals	FERC Approval	N/A	N/A	N/A	N/A	N/A	N/A — Not Required	N/A	Projects are qualifying facilities exempt under PURPA; no FERC approval required
1.4	A. Regulatory / Government Approvals	State PUC Approvals	N/A	N/A	N/A	N/A	N/A	N/A — Not Required	N/A	Projects sell output under negotiated PPAs; not regulated retail sales
1.5	A. Regulatory / Government Approvals	CFIUS Review	N/A	N/A	N/A	N/A	N/A	N/A — Not Applicable	N/A	No foreign person involved in the transaction
2.1	B. Third-Party Consents	Cascadia Growth Equity Fund III, L.P. — Written consent to JV formation pursuant to CBR stockholders' agreement	CBR	Cascadia Fund III (Owen Charbonneau)	CBR / C&H	Pre-Signing	2023-11-20	Complete	Tab B-1	Cascadia holds ~22% equity stake in CBR; consent obtained November 20, 2023
2.2	B. Third-Party Consents	Lumen Ridge Capital Advisors LLC — Consent/Authorization for Lumen Ridge to enter JV	Lumen Ridge	Lumen Ridge Capital Advisors LLC	HQS / CBR	Pre-Signing	2023-11-22	Complete	Tab B-2	Manager of Lumen Ridge; consent per Lumen Ridge LLC Agreement
2.3	B. Third-Party Consents	Landlord consents — Assignment of project site leases to Solstice Plateau (all eight sites)	CBR	Various landlords / BLM	CBR / C&H	Pre-Closing	2024-02-14	Complete	Tab B-3	All eight site landlord/BLM consents obtained
3.1	C. Formation & Organizational Documents	Certificate of Formation — Solstice Plateau Energy Holdings LLC filed with Delaware Secretary of State	C&H (Megan Chu)	C&H	DE Secretary of State	2024-02-19	2024-02-19	Complete	Tab C-1	DE SOS File No. 7849312; filed February 19, 2024; Registered Agent: Peachtree Corporate Services, Inc., 1209 Orange Street, Suite 300, Wilmington, DE 19801
3.2	C. Formation & Organizational Documents	Certified copy of filed Certificate of Formation	C&H	DE Secretary of State	CBR / Lumen Ridge	2024-02-20	2024-02-20	Complete	Tab C-2
3.3	C. Formation & Organizational Documents	EIN Assignment — IRS Form SS-4 / EIN confirmation for Solstice Plateau Energy Holdings LLC	C&H	IRS	C&H / CBR / Lumen Ridge	Pre-Closing	2024-02-19	Complete	Tab C-3	EIN: 93-4158203
3.4	C. Formation & Organizational Documents	Foreign qualification filings — Solstice Plateau in TX, NM, and AZ	C&H	C&H	TX/NM/AZ Secretaries of State	2024-02-20	2024-02-20	Complete	Tab C-4	Filed in all states where projects are located
4.1	D. Transaction Documents — Execution Versions	Limited Liability Company Agreement of Solstice Plateau Energy Holdings LLC — Execution Version	C&H / HQS	CBR (Margaret Calloway, CEO) / Lumen Ridge (Nathaniel Forsythe, Managing Partner)	All Parties	2023-12-04	2023-12-04	Complete	Tab D-1	Signed on Signing Date; Delaware law governs; 50/50 ownership; $300M total equity commitment; 6-member Mgmt Committee; supermajority 5 of 6 votes
4.2	D. Transaction Documents — Execution Versions	Contribution Agreement (Project Portfolio) — CBR to Solstice Plateau Energy Holdings LLC	C&H / HQS	CBR (Margaret Calloway) / Solstice Plateau	All Parties	2023-12-04	2023-12-04	Complete	Tab D-2	Eight solar projects; 1,200 MW aggregate; agreed valuation $90,000,000; Delaware law governs
4.3	D. Transaction Documents — Execution Versions	Development and Construction Management Agreement — Solstice Plateau and CBR	C&H / HQS	Solstice Plateau / CBR	All Parties	2023-12-04	2023-12-04	Complete	Tab D-3	Dev Mgmt Fee: 1.5% of capital deployed/yr ($4.5M at $300M); Construction Mgmt Fee: 3.0% of hard costs (est. ~$720M total hard costs; ~$21.6M potential)
4.4	D. Transaction Documents — Execution Versions	Tax Protection Agreement — Solstice Plateau and CBR	C&H / HQS	Solstice Plateau / CBR	All Parties	2023-12-04	2023-12-04	Complete	Tab D-4	7-year protection; $55,800,000 built-in gain ($90M book value − $34,200,000 tax basis); expires February 20, 2031; make-whole payment obligation; Delaware law
4.5	D. Transaction Documents — Execution Versions	Escrow Agreement — CBR, Lumen Ridge, and Continental Fiduciary Trust Company	C&H / HQS	CBR / Lumen Ridge / Continental Fiduciary	All Parties / Continental Fiduciary	2023-12-04	2023-12-04	Complete	Tab D-5	Escrow Acct Ref: CFT-2024-00847; governs deposit/release of closing funds; Delaware law
4.6	D. Transaction Documents — Execution Versions	Right of First Offer and Buy-Sell Agreement — CBR and Lumen Ridge	C&H / HQS	CBR / Lumen Ridge	All Parties	2023-12-04	2023-12-04	Complete	Tab D-6	Becomes effective after 3-year lock-up (February 20, 2027); Delaware law
5.1	E. Conditions Precedent — Permits	Brazos Point Solar Project — Receipt of outstanding permit (Wharton County, TX; 120 MW)	CBR	CBR	CBR / Lumen Ridge / C&H / HQS	Pre-Closing	2024-01-10	Complete	Tab E-1	Final outstanding material permit; received January 10, 2024
5.2	E. Conditions Precedent — Permits	Confirmation that all eight project sites have all material environmental permits in hand	CBR / C&H	CBR	All Parties	Pre-Closing	2024-01-10	Complete	Tab E-2	All projects fully permitted following Brazos Point permit receipt
5.3	E. Conditions Precedent — Permits	No Material Adverse Effect — Confirmation that no MAE has occurred since Signing Date	CBR / Lumen Ridge	CBR / Lumen Ridge	All Parties	2024-02-20	2024-02-20	Complete	Tab E-3	Confirmed via Officer's Certificates
6.1	F. Financing	Trident National Bank, N.A. — Project-Level Credit Facility Commitment Letter	Lumen Ridge	Trident National Bank, N.A. (Patricia Henning)	Lumen Ridge / CBR / C&H	Pre-Closing	2024-01-22	Complete	Tab F-1	Up to $480,000,000; 7-year term; SOFR + 175 bps; non-recourse to members; Ref: TNB-EIF-2024-0193; commitment letter executed January 22, 2024
6.2	F. Financing	C&H review letter re: Trident credit facility commitment letter	C&H (James Prentice)	C&H	CBR (Rebecca Whitfield / Priya Narayanan)	2024-01-25	2024-01-25	Complete	Tab F-2	Letter dated January 25, 2024
7.1	G. Escrow & Funds Flow	Escrow Funding — CBR cash contribution of $60,000,000 deposited into escrow (CFT-2024-00847)	CBR	CBR	Continental Fiduciary Trust Company	2024-02-05	2024-02-05	Complete	Tab G-1

7.2	G. Escrow & Funds Flow	Escrow Funding — Lumen Ridge cash contribution of $150,000,000 deposited into escrow (CFT-2024-00847)	Lumen Ridge	Lumen Ridge	Continental Fiduciary Trust Company	2024-02-05	2024-02-05	Complete	Tab G-2
7.3	G. Escrow & Funds Flow	Release of Escrow Funds — $60,000,000 (CBR) + $150,000,000 (Lumen Ridge) = $210,000,000 released to Solstice Plateau operating account at Trident National Bank, N.A.	Continental Fiduciary Trust Company	Continental Fiduciary	Solstice Plateau Energy Holdings LLC	2024-02-20	2024-02-20	Complete	Tab G-3	Funds released at closing; escrow account CFT-2024-00847
7.4	G. Escrow & Funds Flow	Funds Flow Memorandum — detailed wire instructions, account numbers, and timing sequence	C&H (Megan Chu)	C&H	All Parties / Continental Fiduciary	2024-02-20	2024-02-20	Complete	Tab G-4
7.5	G. Escrow & Funds Flow	CBR In-Kind Contribution — Transfer of Project Portfolio (eight solar projects; aggregate 1,200 MW; agreed value $90,000,000) to Solstice Plateau	CBR	CBR	Solstice Plateau Energy Holdings LLC	2024-02-20	2024-02-20	Complete	Tab G-5	Assignment instruments per Contribution Agreement; CBR total initial contribution: $60M cash + $90M in-kind = $150M
8.1	H. Legal Opinions	Legal Opinion of Calderwood & Harkness LLP (CBR counsel) — delivered to Lumen Ridge	C&H (James Prentice)	Calderwood & Harkness LLP	Lumen Ridge Infrastructure Partners LLC	2024-02-20	2024-02-20	Complete	Tab H-1	Opines on: (a) due organization/good standing of CBR in TX; (b) corporate power/authority; (c) due authorization/execution/delivery; (d) no conflicts; (e) enforceability (subject to customary exceptions)
8.2	H. Legal Opinions	Legal Opinion of Haverford, Quinn & Steele LLP (Lumen Ridge counsel) — delivered to CBR	HQS (Gregory Haverford III)	Haverford, Quinn & Steele LLP	Calloway-Briggs Renewables Inc.	2024-02-20	2024-02-20	Complete	Tab H-2	Opines on due organization/good standing of Lumen Ridge in DE; authority; enforceability
9.1	I. Officer & Secretary Certificates	Officer's Certificate of Calloway-Briggs Renewables Inc.	CBR	Margaret Calloway (CEO)	Lumen Ridge	2024-02-20	2024-02-20	Complete	Tab I-1	Certifies accuracy of reps & warranties, compliance with covenants, satisfaction of closing conditions, incumbency
9.2	I. Officer & Secretary Certificates	Secretary's Certificate of Calloway-Briggs Renewables Inc.	CBR	CBR Secretary	Lumen Ridge / Continental Fiduciary	2024-02-20	2024-02-20	Complete	Tab I-2	Certifies certificate of incorporation, bylaws, board resolutions authorizing JV, incumbency; attested copies of board resolutions
9.3	I. Officer & Secretary Certificates	Officer's Certificate of Lumen Ridge Infrastructure Partners LLC	Lumen Ridge	Nathaniel Forsythe (Managing Partner)	CBR	2024-02-20	2024-02-20	Complete	Tab I-3	Certifies accuracy of reps & warranties, compliance with covenants, satisfaction of closing conditions, incumbency
9.4	I. Officer & Secretary Certificates	Secretary's / Authorized Person's Certificate of Lumen Ridge Infrastructure Partners LLC	Lumen Ridge	Lumen Ridge authorized person	CBR / Continental Fiduciary	2024-02-20	2024-02-20	Complete	Tab I-4	Certifies LLC Agreement of Lumen Ridge, resolutions/consents authorizing JV, incumbency
10.1	J. Good Standing Certificates	Certificate of Good Standing — CBR (Texas Secretary of State)	C&H	TX Secretary of State	Lumen Ridge	2024-02-12	2024-02-12	Complete	Tab J-1	TX SOS File No. 0801647392; obtained within 10 days of closing; dated February 12, 2024
10.2	J. Good Standing Certificates	Certificate of Good Standing — Lumen Ridge Infrastructure Partners LLC (Delaware Secretary of State)	HQS	DE Secretary of State	CBR	Pre-Closing	2024-02-14	Complete	Tab J-2	Obtained within 10 days of closing
10.3	J. Good Standing Certificates	Certificate of Good Standing — Lumen Ridge Capital Advisors LLC (Delaware Secretary of State)	HQS	DE Secretary of State	CBR	Pre-Closing	2024-02-14	Complete	Tab J-3	Manager of Lumen Ridge
10.4	J. Good Standing Certificates	Certificate of Good Standing — Solstice Plateau Energy Holdings LLC (Delaware Secretary of State)	C&H	DE Secretary of State	All Parties	2024-02-20	2024-02-20	Complete	Tab J-4	DE SOS File No. 7849312; obtained on closing date
11.1	K. Insurance	Builder's Risk & Commercial Property Insurance — Evidence of coverage from Ironclad Mutual Insurance Co.	Blackthorn Risk Advisors LLC (Garrett Yoon)	Ironclad Mutual Insurance Co.	Solstice Plateau / CBR / Lumen Ridge / Trident Bank	Pre-Closing	2024-02-18	Complete	Tab K-1	Policy No. BRX-2024-SP-00412; additional insured endorsements for CBR and Lumen Ridge
11.2	K. Insurance	Commercial General Liability Insurance — Evidence of coverage	Blackthorn Risk Advisors LLC (Garrett Yoon)	Ironclad Mutual Insurance Co.	Solstice Plateau / CBR / Lumen Ridge	Pre-Closing	2024-02-18	Complete	Tab K-2	Per LLC Agreement requirements
11.3	K. Insurance	C&H memorandum reviewing JV insurance program	C&H (Derek Okonkwo)	C&H	CBR	2024-01-30	2024-01-30	Complete	Tab K-3	Memorandum dated January 30, 2024; confirms adequacy of coverage; recommends additional insured endorsements
12.1	L. Title / Survey / Environmental	Title commitments and surveys — all eight project sites from Meridian Land Title Company	CBR / Meridian Title	Meridian Land Title Company	C&H / HQS / All Parties	Pre-Closing	2023-10-25	Complete	Tab L-1	14,340 aggregate acres across Pecos, Crockett, Webb, Wharton (TX), Doña Ana (NM), Pinal (AZ) counties
12.2	L. Title / Survey / Environmental	Phase I and Phase II Environmental Site Assessments — all eight project sites from TerraNova Environmental Sciences Inc.	CBR / TerraNova	TerraNova (Dr. Sharon Kessler)	C&H / HQS / All Parties	Pre-Closing	2023-10-28	Complete	Tab L-2	No material recognized environmental conditions identified
13.1	M. Tax / Accounting	Confirmation of partnership tax classification (default LLC; no entity-level election)	C&H (Leonard Cross) / Pennington Clarke	C&H / Pennington Clarke	All Parties	Pre-Closing	2024-02-15	Complete	Tab M-1	JV taxed as partnership for U.S. federal income tax purposes
13.2	M. Tax / Accounting	Designation of Partnership Representative — CBR (acting through Priya Narayanan)	CBR / C&H	CBR	Lumen Ridge	2024-02-20	2024-02-20	Complete	Tab M-2	Tax Matters Partner per LLC Agreement
13.3	M. Tax / Accounting	Pennington Clarke LLP engagement letter — JV independent auditor and tax-return preparer	C&H / CBR	Pennington Clarke LLP (Harold Yeung, CPA)	Solstice Plateau	Pre-Closing	2024-01-08	Complete	Tab M-3	Engagement letter dated January 8, 2024
14.1	N. Financial Advisor	Ridgeline Barrow & Co. — Fairness analysis re: Project Portfolio valuation	Ridgeline Barrow (Marcus Delgado)	Ridgeline Barrow & Co.	CBR	Pre-Signing	2023-11-15	Complete	Tab N-1	Valuation range $87M–$96M; agreed midpoint $90M; engagement letter dated September 20, 2023
15.1	O. Appointment of Officers	Appointment of Daniel Estrada (CBR) as initial CEO of Solstice Plateau	CBR / Management Committee	CBR	All Parties	2024-02-20	2024-02-20	Complete	Tab O-1	Per LLC Agreement; CEO appointed by CBR
15.2	O. Appointment of Officers	Appointment of Victor Osei (Lumen Ridge) as initial CFO of Solstice Plateau	Lumen Ridge / Management Committee	Lumen Ridge	All Parties	2024-02-20	2024-02-20	Complete	Tab O-2	Per LLC Agreement; CFO appointed by Lumen Ridge

15.3	O. Appointment of Officers	Management Committee initial members designated — 3 CBR appointees, 3 Lumen Ridge appointees	CBR / Lumen Ridge	CBR / Lumen Ridge	All Parties	2024-02-20	2024-02-20	Complete	Tab O-3	Per LLC Agreement; 6-member committee; supermajority 5 of 6 required for major decisions
16.1	P. Miscellaneous Closing Deliverables	Closing Binder Index	C&H (Derek Okonkwo)	C&H	All Parties	Post-Closing	2024-02-22	Complete	Tab P-1	Finalized February 22, 2024
16.2	P. Miscellaneous Closing Deliverables	Bring-down of representations and warranties — CBR (to Closing Date)	CBR	CBR	Lumen Ridge	2024-02-20	2024-02-20	Complete	Tab P-2	Confirmed in Officer's Certificate
16.3	P. Miscellaneous Closing Deliverables	Bring-down of representations and warranties — Lumen Ridge (to Closing Date)	Lumen Ridge	Lumen Ridge	CBR	2024-02-20	2024-02-20	Complete	Tab P-3	Confirmed in Officer's Certificate
16.4	P. Miscellaneous Closing Deliverables	IRS Form W-9 — Calloway-Briggs Renewables Inc.	CBR	CBR	Continental Fiduciary / Lumen Ridge	Pre-Closing	2024-02-15	Complete	Tab P-4	EIN 46-2837451
16.5	P. Miscellaneous Closing Deliverables	IRS Form W-9 — Lumen Ridge Infrastructure Partners LLC	Lumen Ridge	Lumen Ridge	Continental Fiduciary / CBR	Pre-Closing	2024-02-15	Complete	Tab P-5	EIN 83-1924076
16.6	P. Miscellaneous Closing Deliverables	IRS Form W-9 — Solstice Plateau Energy Holdings LLC	C&H / Solstice Plateau	Solstice Plateau	Continental Fiduciary / Trident Bank	2024-02-20	2024-02-20	Complete	Tab P-6	EIN 93-4158203

[sheet: Project Portfolio Summary]

Project Name	Location — County, State	Capacity (MW DC)	Acreage	Land Control Type	Permit Status at Signing (Dec 4, 2023)	Permit Status at Closing (Feb 20, 2024)	Notes
Red Mesa Solar I	Pecos County, TX	200	2400	Lease	Fully Permitted	Fully Permitted
Red Mesa Solar II	Pecos County, TX	180	2100	Lease	Fully Permitted	Fully Permitted
Cimarron Flats	Crockett County, TX	150	1800	Lease	Fully Permitted	Fully Permitted
Lone Star Prairie	Webb County, TX	130	1560	Lease	Fully Permitted	Fully Permitted
Brazos Point	Wharton County, TX	120	1440	Lease	Permit Pending	Fully Permitted	Permit received January 10, 2024; was final outstanding material condition
Sangre del Sol I	Doña Ana County, NM	150	1800	BLM Lease	Fully Permitted	Fully Permitted
Sangre del Sol II	Doña Ana County, NM	110	1320	BLM Lease	Fully Permitted	Fully Permitted
Sonoran Ridge	Pinal County, AZ	160	1920	Private Lease	Fully Permitted	Fully Permitted
TOTAL	1200	14340	All Fully Permitted	Agreed Portfolio Valuation: $90,000,000	CBR Tax Basis: $34,200,000	Built-In Gain: $55,800,000

[sheet: Key Dates & Milestones]

Date	Event / Milestone	Responsible Party	Status	Notes
2023-09-12	Engagement opened; Calderwood & Harkness LLP retained by CBR	C&H / CBR	Complete	Matter No. 48172.001
2023-09-18	Mutual NDA executed between CBR and Lumen Ridge	C&H / HQS	Complete	2-year term; Delaware law
2023-09-20	Ridgeline Barrow & Co. engagement letter executed	CBR / Ridgeline Barrow	Complete
2023-09-25	Non-Binding Term Sheet signed	CBR (Margaret Calloway) / Lumen Ridge (Nathaniel Forsythe)	Complete
2023-10-02	Due diligence commenced; data room opened	C&H / HQS / All Parties	Complete
2023-10-18	HSR filing submitted (Transaction No. 20231018-CBR-LRI)	CBR / Lumen Ridge	Complete
2023-10-25	Title commitments and surveys received from Meridian Land Title Company	Meridian Title / C&H	Complete
2023-10-28	Phase I/II environmental assessments received from TerraNova	TerraNova / C&H	Complete
2023-11-08	HSR early termination granted	FTC	Complete	21 days from filing
2023-11-15	Ridgeline Barrow & Co. fairness analysis delivered	Ridgeline Barrow (Marcus Delgado)	Complete	Valuation range $87M–$96M; agreed $90M
2023-11-20	Cascadia Growth Equity Fund III consent obtained	CBR / Cascadia (Owen Charbonneau)	Complete	~22% equity stake consent
2023-11-28	Final LLC Agreement and ancillary documents circulated	C&H / HQS	Complete
2023-12-04	SIGNING DATE — LLC Agreement and all ancillary agreements executed	All Parties	Complete
2024-01-08	Pennington Clarke LLP engagement letter executed	Pennington Clarke (Harold Yeung, CPA)	Complete	JV auditor/tax preparer
2024-01-10	Brazos Point project permit received	CBR	Complete	Final outstanding material condition to closing
2024-01-22	Trident National Bank credit facility commitment letter executed	Lumen Ridge / Trident Bank (Patricia Henning)	Complete	Up to $480M; Ref: TNB-EIF-2024-0193
2024-01-25	C&H review letter re: Trident credit facility delivered to CBR	C&H (James Prentice)	Complete
2024-01-30	C&H insurance review memorandum delivered	C&H (Derek Okonkwo)	Complete	Ironclad Mutual; Policy BRX-2024-SP-00412
2024-02-05	Escrow funded by both members ($60M CBR + $150M Lumen Ridge)	CBR / Lumen Ridge / Continental Fiduciary	Complete	Escrow Acct Ref: CFT-2024-00847
2024-02-12	CBR Good Standing Certificate obtained (TX SOS)	C&H	Complete	TX SOS File No. 0801647392
2024-02-14	Lumen Ridge Good Standing Certificates obtained (DE SOS)	HQS	Complete	Lumen Ridge & Lumen Ridge Capital Advisors LLC
2024-02-15	SCHEDULED CLOSING DATE / Final closing checklist version	All Parties	Complete	Actual closing delayed to Feb 20
2024-02-18	Insurance evidence of coverage received from Ironclad Mutual	Blackthorn Risk Advisors / Ironclad Mutual	Complete	Policy No. BRX-2024-SP-00412
2024-02-19	Certificate of Formation filed with DE Secretary of State; EIN obtained	C&H	Complete	DE SOS File No. 7849312; EIN 93-4158203

2024-02-20	ACTUAL CLOSING DATE — Closing completed; all funds released; projects contributed	All Parties	Complete	Signing-to-Closing gap: 78 days
2024-02-22	Closing binder index finalized	C&H (Derek Okonkwo)	Complete	Post-closing
2027-02-20	Lock-up period expiration (Closing + 3 years)	N/A	Future	ROFO and buy-sell become available
2029-02-20	Drag-along eligibility date (Closing + 5 years)	N/A	Future	Requires agreement of both members
2031-02-20	Tax protection period expiration (Closing + 7 years)	N/A	Future	Covers $55,800,000 built-in gain

[sheet: Capital Contributions Summary]

Line Item	CBR	Lumen Ridge	Total	Notes
Initial Cash Contribution	$60,000,000	$150,000,000	$210,000,000	Cash released from escrow (CFT-2024-00847) on Feb 20, 2024
In-Kind Contribution (Project Portfolio)	$90,000,000	$0	$90,000,000	Eight solar projects; 1,200 MW; agreed valuation $90M (Ridgeline Barrow range $87M–$96M)
Total Initial Capital Contribution	$150,000,000	$150,000,000	$300,000,000	50/50 split
Additional Capital Call Authorization (max)	$200,000,000	$200,000,000	$400,000,000	Requires supermajority (5 of 6) Management Committee approval for calls >$25M
Total Potential Equity Capitalization	$350,000,000	$350,000,000	$700,000,000	$300M initial + $400M additional
Project-Level Debt Facility (non-recourse)	N/A	N/A	Up to $480,000,000	Trident National Bank, N.A.; 7-year term; SOFR + 175 bps; arranged by Lumen Ridge
Project Portfolio Tax Basis (CBR carryover)	$34,200,000	N/A	$34,200,000	Section 704(c) remedial allocation method applies
Built-In Gain on Contributed Assets	$55,800,000	N/A	$55,800,000	$90M book value − $34.2M tax basis; 7-year tax protection

[sheet: Cover]
Field | Value
Matter | Formation of Solstice Plateau Energy Holdings LLC — 50/50 Joint Venture
Client | Calloway-Briggs Renewables Inc.
Counterparty | Lumen Ridge Infrastructure Partners LLC
JV Entity | Solstice Plateau Energy Holdings LLC
Calderwood & Harkness LLP Matter Number | 48172.001
Prepared By | Megan Chu, Lead Associate / Derek Okonkwo, Working Associate
Supervising Partner | James Prentice, Responsible Partner, M&A
Billing Partner | Sandra Tung
C&H Office | 1000 Louisiana Street, Suite 5500, Houston, TX 77002
Initial Version Date | February 15, 2024
Last Updated | February 20, 2024 (post-closing final)
Signing Date | December 4, 2023
Scheduled Closing Date | February 15, 2024
Actual Closing Date | February 20, 2024
Governing Law (LLC Agreement) | Delaware
[sheet: Party & Advisor Directory]
Role | Entity Name | Key Contact(s) | Title | Address | Notes
Client / JV Member (50%) | Calloway-Briggs Renewables Inc. | Margaret "Meg" Calloway; Thomas R. Briggs; Priya Narayanan; Daniel Estrada; Rebecca Whitfield | CEO; President; CFO; SVP Corp Dev; General Counsel | 2300 Travis Street, Suite 4200, Houston, TX 77006 | Texas corporation; EIN 46-2837451; TX SOS File No. 0801647392
Counterparty / JV Member (50%) | Lumen Ridge Infrastructure Partners LLC | Nathaniel "Nate" Forsythe; Carolyn J. Delaney; Victor Osei; Amanda Prescott | Managing Partner; Partner/Head of Solar; CFO; GC & CCO | 301 Tresser Boulevard, Suite 1400, Stamford, CT 06901 | Delaware LLC; EIN 83-1924076; managed by Lumen Ridge Capital Advisors LLC
JV Entity | Solstice Plateau Energy Holdings LLC | Daniel Estrada (CEO); Victor Osei (CFO) | Initial Officers | Registered: c/o Peachtree Corporate Services, Inc., 1209 Orange Street, Suite 300, Wilmington, DE 19801; Principal: 2300 Travis Street, Suite 4210, Houston, TX 77006 | Delaware LLC; EIN 93-4158203; DE SOS File No. 7849312
Minority Investor in CBR (~22%) | Cascadia Growth Equity Fund III, L.P. | Owen Charbonneau | Managing Director | 900 SW Fifth Avenue, Suite 2600, Portland, OR 97204 | Consent required for material transactions
Client's Legal Counsel | Calderwood & Harkness LLP | James Prentice; Sandra Tung; Megan Chu; Derek Okonkwo; Leonard Cross (Tax) | Partner; Partner; Lead Assoc.; Working Assoc.; Tax Partner | 1000 Louisiana Street, Suite 5500, Houston, TX 77002 / 425 Lexington Avenue, 36th Floor, New York, NY 10017 | Matter No. 48172.001
Counterparty's Legal Counsel | Haverford, Quinn & Steele LLP | Gregory Haverford III; Joanna Kline | Lead Partner; Senior Associate | 599 Lexington Avenue, 28th Floor, New York, NY 10022
Client's Financial Advisor | Ridgeline Barrow & Co. | Marcus Delgado | Managing Director, Energy Advisory | 811 Main Street, Suite 3100, Houston, TX 77002 | Fairness analysis delivered 11/15/2023
Counterparty's Financial Advisor | Whitmore Zanthor Group LLC | Elena Marchetti | Managing Director | 277 Park Avenue, 40th Floor, New York, NY 10172
JV Auditor / Tax Preparer | Pennington Clarke LLP | Harold Yeung, CPA | Engagement Partner | 155 North Wacker Drive, Suite 3800, Chicago, IL 60606 | Engagement letter dated January 8, 2024
CBR's Existing Auditor | Greystone Hamill LLP | 700 Milam Street, Suite 2200, Houston, TX 77002
Environmental Consultant | TerraNova Environmental Sciences Inc. | Dr. Sharon Kessler | Senior Project Manager | 4807 Spicewood Springs Road, Suite 200, Austin, TX 78759 | Phase I & Phase II ESAs
Title Company | Meridian Land Title Company | 3131 Turtle Creek Boulevard, Suite 800, Dallas, TX 75219 | Title commitments & surveys
Insurance Broker | Blackthorn Risk Advisors LLC | Garrett Yoon | Senior Vice President | 1200 Smith Street, Suite 1650, Houston, TX 77002
Insurance Carrier (Builder's Risk / Property) | Ironclad Mutual Insurance Co. | 233 South Wacker Drive, Suite 4400, Chicago, IL 60606 | Policy No. BRX-2024-SP-00412
Project-Level Lender / Admin Agent | Trident National Bank, N.A. | Patricia Henning | Managing Director, Energy & Infrastructure Finance | 383 Madison Avenue, 12th Floor, New York, NY 10179 | Credit Facility Ref: TNB-EIF-2024-0193
Escrow Agent | Continental Fiduciary Trust Company | 1105 North Market Street, Suite 1200, Wilmington, DE 19801 | Escrow Acct Ref: CFT-2024-00847
Registered Agent (DE) | Peachtree Corporate Services, Inc. | 1209 Orange Street, Suite 300, Wilmington, DE 19801
[sheet: Closing Checklist]
Item No. | Category | Description | Responsible Party | Delivered By | Delivered To | Due Date | Date Completed | Status | Document Reference / Tab No. | Notes
1.1 | A. Regulatory / Government Approvals | HSR Filing — Hart-Scott-Rodino Antitrust Filing (HSR Transaction No. 20231018-CBR-LRI) | CBR / Lumen Ridge | CBR / Lumen Ridge | FTC / DOJ | 2023-10-18 | 2023-10-18 | Complete | Tab A-1 | Filed October 18, 2023
1.2 | A. Regulatory / Government Approvals | HSR Early Termination — Confirmation of early termination of HSR waiting period | FTC | FTC | CBR / Lumen Ridge | N/A | 2023-11-08 | Complete | Tab A-2 | Early termination granted November 8, 2023; 21 days from filing
1.3 | A. Regulatory / Government Approvals | FERC Approval | N/A | N/A | N/A | N/A | N/A | N/A — Not Required | N/A | Projects are qualifying facilities exempt under PURPA; no FERC approval required
1.4 | A. Regulatory / Government Approvals | State PUC Approvals | N/A | N/A | N/A | N/A | N/A | N/A — Not Required | N/A | Projects sell output under negotiated PPAs; not regulated retail sales
1.5 | A. Regulatory / Government Approvals | CFIUS Review | N/A | N/A | N/A | N/A | N/A | N/A — Not Applicable | N/A | No foreign person involved in the transaction
2.1 | B. Third-Party Consents | Cascadia Growth Equity Fund III, L.P. — Written consent to JV formation pursuant to CBR stockholders' agreement | CBR | Cascadia Fund III (Owen Charbonneau) | CBR / C&H | Pre-Signing | 2023-11-20 | Complete | Tab B-1 | Cascadia holds ~22% equity stake in CBR; consent obtained November 20, 2023
2.2 | B. Third-Party Consents | Lumen Ridge Capital Advisors LLC — Consent/Authorization for Lumen Ridge to enter JV | Lumen Ridge | Lumen Ridge Capital Advisors LLC | HQS / CBR | Pre-Signing | 2023-11-22 | Complete | Tab B-2 | Manager of Lumen Ridge; consent per Lumen Ridge LLC Agreement
2.3 | B. Third-Party Consents | Landlord consents — Assignment of project site leases to Solstice Plateau (all eight sites) | CBR | Various landlords / BLM | CBR / C&H | Pre-Closing | 2024-02-14 | Complete | Tab B-3 | All eight site landlord/BLM consents obtained
3.1 | C. Formation & Organizational Documents | Certificate of Formation — Solstice Plateau Energy Holdings LLC filed with Delaware Secretary of State | C&H (Megan Chu) | C&H | DE Secretary of State | 2024-02-19 | 2024-02-19 | Complete | Tab C-1 | DE SOS File No. 7849312; filed February 19, 2024; Registered Agent: Peachtree Corporate Services, Inc., 1209 Orange Street, Suite 300, Wilmington, DE 19801
3.2 | C. Formation & Organizational Documents | Certified copy of filed Certificate of Formation | C&H | DE Secretary of State | CBR / Lumen Ridge | 2024-02-20 | 2024-02-20 | Complete | Tab C-2
3.3 | C. Formation & Organizational Documents | EIN Assignment — IRS Form SS-4 / EIN confirmation for Solstice Plateau Energy Holdings LLC | C&H | IRS | C&H / CBR / Lumen Ridge | Pre-Closing | 2024-02-19 | Complete | Tab C-3 | EIN: 93-4158203
3.4 | C. Formation & Organizational Documents | Foreign qualification filings — Solstice Plateau in TX, NM, and AZ | C&H | C&H | TX/NM/AZ Secretaries of State | 2024-02-20 | 2024-02-20 | Complete | Tab C-4 | Filed in all states where projects are located
4.1 | D. Transaction Documents — Execution Versions | Limited Liability Company Agreement of Solstice Plateau Energy Holdings LLC — Execution Version | C&H / HQS | CBR (Margaret Calloway, CEO) / Lumen Ridge (Nathaniel Forsythe, Managing Partner) | All Parties | 2023-12-04 | 2023-12-04 | Complete | Tab D-1 | Signed on Signing Date; Delaware law governs; 50/50 ownership; $300M total equity commitment; 6-member Mgmt Committee; supermajority 5 of 6 votes
4.2 | D. Transaction Documents — Execution Versions | Contribution Agreement (Project Portfolio) — CBR to Solstice Plateau Energy Holdings LLC | C&H / HQS | CBR (Margaret Calloway) / Solstice Plateau | All Parties | 2023-12-04 | 2023-12-04 | Complete | Tab D-2 | Eight solar projects; 1,200 MW aggregate; agreed valuation $90,000,000; Delaware law governs
4.3 | D. Transaction Documents — Execution Versions | Development and Construction Management Agreement — Solstice Plateau and CBR | C&H / HQS | Solstice Plateau / CBR | All Parties | 2023-12-04 | 2023-12-04 | Complete | Tab D-3 | Dev Mgmt Fee: 1.5% of capital deployed/yr ($4.5M at $300M); Construction Mgmt Fee: 3.0% of hard costs (est. ~$720M total hard costs; ~$21.6M potential)
4.4 | D. Transaction Documents — Execution Versions | Tax Protection Agreement — Solstice Plateau and CBR | C&H / HQS | Solstice Plateau / CBR | All Parties | 2023-12-04 | 2023-12-04 | Complete | Tab D-4 | 7-year protection; $55,800,000 built-in gain ($90M book value − $34,200,000 tax basis); expires February 20, 2031; make-whole payment obligation; Delaware law
4.5 | D. Transaction Documents — Execution Versions | Escrow Agreement — CBR, Lumen Ridge, and Continental Fiduciary Trust Company | C&H / HQS | CBR / Lumen Ridge / Continental Fiduciary | All Parties / Continental Fiduciary | 2023-12-04 | 2023-12-04 | Complete | Tab D-5 | Escrow Acct Ref: CFT-2024-00847; governs deposit/release of closing funds; Delaware law
4.6 | D. Transaction Documents — Execution Versions | Right of First Offer and Buy-Sell Agreement — CBR and Lumen Ridge | C&H / HQS | CBR / Lumen Ridge | All Parties | 2023-12-04 | 2023-12-04 | Complete | Tab D-6 | Becomes effective after 3-year lock-up (February 20, 2027); Delaware law
5.1 | E. Conditions Precedent — Permits | Brazos Point Solar Project — Receipt of outstanding permit (Wharton County, TX; 120 MW) | CBR | CBR | CBR / Lumen Ridge / C&H / HQS | Pre-Closing | 2024-01-10 | Complete | Tab E-1 | Final outstanding material permit; received January 10, 2024
5.2 | E. Conditions Precedent — Permits | Confirmation that all eight project sites have all material environmental permits in hand | CBR / C&H | CBR | All Parties | Pre-Closing | 2024-01-10 | Complete | Tab E-2 | All projects fully permitted following Brazos Point permit receipt
5.3 | E. Conditions Precedent — Permits | No Material Adverse Effect — Confirmation that no MAE has occurred since Signing Date | CBR / Lumen Ridge | CBR / Lumen Ridge | All Parties | 2024-02-20 | 2024-02-20 | Complete | Tab E-3 | Confirmed via Officer's Certificates
6.1 | F. Financing | Trident National Bank, N.A. — Project-Level Credit Facility Commitment Letter | Lumen Ridge | Trident National Bank, N.A. (Patricia Henning) | Lumen Ridge / CBR / C&H | Pre-Closing | 2024-01-22 | Complete | Tab F-1 | Up to $480,000,000; 7-year term; SOFR + 175 bps; non-recourse to members; Ref: TNB-EIF-2024-0193; commitment letter executed January 22, 2024
6.2 | F. Financing | C&H review letter re: Trident credit facility commitment letter | C&H (James Prentice) | C&H | CBR (Rebecca Whitfield / Priya Narayanan) | 2024-01-25 | 2024-01-25 | Complete | Tab F-2 | Letter dated January 25, 2024
7.1 | G. Escrow & Funds Flow | Escrow Funding — CBR cash contribution of $60,000,000 deposited into escrow (CFT-2024-00847) | CBR | CBR | Continental Fiduciary Trust Company | 2024-02-05 | 2024-02-05 | Complete | Tab G-1
7.2 | G. Escrow & Funds Flow | Escrow Funding — Lumen Ridge cash contribution of $150,000,000 deposited into escrow (CFT-2024-00847) | Lumen Ridge | Lumen Ridge | Continental Fiduciary Trust Company | 2024-02-05 | 2024-02-05 | Complete | Tab G-2
7.3 | G. Escrow & Funds Flow | Release of Escrow Funds — $60,000,000 (CBR) + $150,000,000 (Lumen Ridge) = $210,000,000 released to Solstice Plateau operating account at Trident National Bank, N.A. | Continental Fiduciary Trust Company | Continental Fiduciary | Solstice Plateau Energy Holdings LLC | 2024-02-20 | 2024-02-20 | Complete | Tab G-3 | Funds released at closing; escrow account CFT-2024-00847
7.4 | G. Escrow & Funds Flow | Funds Flow Memorandum — detailed wire instructions, account numbers, and timing sequence | C&H (Megan Chu) | C&H | All Parties / Continental Fiduciary | 2024-02-20 | 2024-02-20 | Complete | Tab G-4
7.5 | G. Escrow & Funds Flow | CBR In-Kind Contribution — Transfer of Project Portfolio (eight solar projects; aggregate 1,200 MW; agreed value $90,000,000) to Solstice Plateau | CBR | CBR | Solstice Plateau Energy Holdings LLC | 2024-02-20 | 2024-02-20 | Complete | Tab G-5 | Assignment instruments per Contribution Agreement; CBR total initial contribution: $60M cash + $90M in-kind = $150M
8.1 | H. Legal Opinions | Legal Opinion of Calderwood & Harkness LLP (CBR counsel) — delivered to Lumen Ridge | C&H (James Prentice) | Calderwood & Harkness LLP | Lumen Ridge Infrastructure Partners LLC | 2024-02-20 | 2024-02-20 | Complete | Tab H-1 | Opines on: (a) due organization/good standing of CBR in TX; (b) corporate power/authority; (c) due authorization/execution/delivery; (d) no conflicts; (e) enforceability (subject to customary exceptions)
8.2 | H. Legal Opinions | Legal Opinion of Haverford, Quinn & Steele LLP (Lumen Ridge counsel) — delivered to CBR | HQS (Gregory Haverford III) | Haverford, Quinn & Steele LLP | Calloway-Briggs Renewables Inc. | 2024-02-20 | 2024-02-20 | Complete | Tab H-2 | Opines on due organization/good standing of Lumen Ridge in DE; authority; enforceability
9.1 | I. Officer & Secretary Certificates | Officer's Certificate of Calloway-Briggs Renewables Inc. | CBR | Margaret Calloway (CEO) | Lumen Ridge | 2024-02-20 | 2024-02-20 | Complete | Tab I-1 | Certifies accuracy of reps & warranties, compliance with covenants, satisfaction of closing conditions, incumbency
9.2 | I. Officer & Secretary Certificates | Secretary's Certificate of Calloway-Briggs Renewables Inc. | CBR | CBR Secretary | Lumen Ridge / Continental Fiduciary | 2024-02-20 | 2024-02-20 | Complete | Tab I-2 | Certifies certificate of incorporation, bylaws, board resolutions authorizing JV, incumbency; attested copies of board resolutions
9.3 | I. Officer & Secretary Certificates | Officer's Certificate of Lumen Ridge Infrastructure Partners LLC | Lumen Ridge | Nathaniel Forsythe (Managing Partner) | CBR | 2024-02-20 | 2024-02-20 | Complete | Tab I-3 | Certifies accuracy of reps & warranties, compliance with covenants, satisfaction of closing conditions, incumbency
9.4 | I. Officer & Secretary Certificates | Secretary's / Authorized Person's Certificate of Lumen Ridge Infrastructure Partners LLC | Lumen Ridge | Lumen Ridge authorized person | CBR / Continental Fiduciary | 2024-02-20 | 2024-02-20 | Complete | Tab I-4 | Certifies LLC Agreement of Lumen Ridge, resolutions/consents authorizing JV, incumbency
10.1 | J. Good Standing Certificates | Certificate of Good Standing — CBR (Texas Secretary of State) | C&H | TX Secretary of State | Lumen Ridge | 2024-02-12 | 2024-02-12 | Complete | Tab J-1 | TX SOS File No. 0801647392; obtained within 10 days of closing; dated February 12, 2024
10.2 | J. Good Standing Certificates | Certificate of Good Standing — Lumen Ridge Infrastructure Partners LLC (Delaware Secretary of State) | HQS | DE Secretary of State | CBR | Pre-Closing | 2024-02-14 | Complete | Tab J-2 | Obtained within 10 days of closing
10.3 | J. Good Standing Certificates | Certificate of Good Standing — Lumen Ridge Capital Advisors LLC (Delaware Secretary of State) | HQS | DE Secretary of State | CBR | Pre-Closing | 2024-02-14 | Complete | Tab J-3 | Manager of Lumen Ridge
10.4 | J. Good Standing Certificates | Certificate of Good Standing — Solstice Plateau Energy Holdings LLC (Delaware Secretary of State) | C&H | DE Secretary of State | All Parties | 2024-02-20 | 2024-02-20 | Complete | Tab J-4 | DE SOS File No. 7849312; obtained on closing date
11.1 | K. Insurance | Builder's Risk & Commercial Property Insurance — Evidence of coverage from Ironclad Mutual Insurance Co. | Blackthorn Risk Advisors LLC (Garrett Yoon) | Ironclad Mutual Insurance Co. | Solstice Plateau / CBR / Lumen Ridge / Trident Bank | Pre-Closing | 2024-02-18 | Complete | Tab K-1 | Policy No. BRX-2024-SP-00412; additional insured endorsements for CBR and Lumen Ridge
11.2 | K. Insurance | Commercial General Liability Insurance — Evidence of coverage | Blackthorn Risk Advisors LLC (Garrett Yoon) | Ironclad Mutual Insurance Co. | Solstice Plateau / CBR / Lumen Ridge | Pre-Closing | 2024-02-18 | Complete | Tab K-2 | Per LLC Agreement requirements
11.3 | K. Insurance | C&H memorandum reviewing JV insurance program | C&H (Derek Okonkwo) | C&H | CBR | 2024-01-30 | 2024-01-30 | Complete | Tab K-3 | Memorandum dated January 30, 2024; confirms adequacy of coverage; recommends additional insured endorsements
12.1 | L. Title / Survey / Environmental | Title commitments and surveys — all eight project sites from Meridian Land Title Company | CBR / Meridian Title | Meridian Land Title Company | C&H / HQS / All Parties | Pre-Closing | 2023-10-25 | Complete | Tab L-1 | 14,340 aggregate acres across Pecos, Crockett, Webb, Wharton (TX), Doña Ana (NM), Pinal (AZ) counties
12.2 | L. Title / Survey / Environmental | Phase I and Phase II Environmental Site Assessments — all eight project sites from TerraNova Environmental Sciences Inc. | CBR / TerraNova | TerraNova (Dr. Sharon Kessler) | C&H / HQS / All Parties | Pre-Closing | 2023-10-28 | Complete | Tab L-2 | No material recognized environmental conditions identified
13.1 | M. Tax / Accounting | Confirmation of partnership tax classification (default LLC; no entity-level election) | C&H (Leonard Cross) / Pennington Clarke | C&H / Pennington Clarke | All Parties | Pre-Closing | 2024-02-15 | Complete | Tab M-1 | JV taxed as partnership for U.S. federal income tax purposes
13.2 | M. Tax / Accounting | Designation of Partnership Representative — CBR (acting through Priya Narayanan) | CBR / C&H | CBR | Lumen Ridge | 2024-02-20 | 2024-02-20 | Complete | Tab M-2 | Tax Matters Partner per LLC Agreement
13.3 | M. Tax / Accounting | Pennington Clarke LLP engagement letter — JV independent auditor and tax-return preparer | C&H / CBR | Pennington Clarke LLP (Harold Yeung, CPA) | Solstice Plateau | Pre-Closing | 2024-01-08 | Complete | Tab M-3 | Engagement letter dated January 8, 2024
14.1 | N. Financial Advisor | Ridgeline Barrow & Co. — Fairness analysis re: Project Portfolio valuation | Ridgeline Barrow (Marcus Delgado) | Ridgeline Barrow & Co. | CBR | Pre-Signing | 2023-11-15 | Complete | Tab N-1 | Valuation range $87M–$96M; agreed midpoint $90M; engagement letter dated September 20, 2023
15.1 | O. Appointment of Officers | Appointment of Daniel Estrada (CBR) as initial CEO of Solstice Plateau | CBR / Management Committee | CBR | All Parties | 2024-02-20 | 2024-02-20 | Complete | Tab O-1 | Per LLC Agreement; CEO appointed by CBR
15.2 | O. Appointment of Officers | Appointment of Victor Osei (Lumen Ridge) as initial CFO of Solstice Plateau | Lumen Ridge / Management Committee | Lumen Ridge | All Parties | 2024-02-20 | 2024-02-20 | Complete | Tab O-2 | Per LLC Agreement; CFO appointed by Lumen Ridge
15.3 | O. Appointment of Officers | Management Committee initial members designated — 3 CBR appointees, 3 Lumen Ridge appointees | CBR / Lumen Ridge | CBR / Lumen Ridge | All Parties | 2024-02-20 | 2024-02-20 | Complete | Tab O-3 | Per LLC Agreement; 6-member committee; supermajority 5 of 6 required for major decisions
16.1 | P. Miscellaneous Closing Deliverables | Closing Binder Index | C&H (Derek Okonkwo) | C&H | All Parties | Post-Closing | 2024-02-22 | Complete | Tab P-1 | Finalized February 22, 2024
16.2 | P. Miscellaneous Closing Deliverables | Bring-down of representations and warranties — CBR (to Closing Date) | CBR | CBR | Lumen Ridge | 2024-02-20 | 2024-02-20 | Complete | Tab P-2 | Confirmed in Officer's Certificate
16.3 | P. Miscellaneous Closing Deliverables | Bring-down of representations and warranties — Lumen Ridge (to Closing Date) | Lumen Ridge | Lumen Ridge | CBR | 2024-02-20 | 2024-02-20 | Complete | Tab P-3 | Confirmed in Officer's Certificate
16.4 | P. Miscellaneous Closing Deliverables | IRS Form W-9 — Calloway-Briggs Renewables Inc. | CBR | CBR | Continental Fiduciary / Lumen Ridge | Pre-Closing | 2024-02-15 | Complete | Tab P-4 | EIN 46-2837451
16.5 | P. Miscellaneous Closing Deliverables | IRS Form W-9 — Lumen Ridge Infrastructure Partners LLC | Lumen Ridge | Lumen Ridge | Continental Fiduciary / CBR | Pre-Closing | 2024-02-15 | Complete | Tab P-5 | EIN 83-1924076
16.6 | P. Miscellaneous Closing Deliverables | IRS Form W-9 — Solstice Plateau Energy Holdings LLC | C&H / Solstice Plateau | Solstice Plateau | Continental Fiduciary / Trident Bank | 2024-02-20 | 2024-02-20 | Complete | Tab P-6 | EIN 93-4158203
[sheet: Project Portfolio Summary]
Project Name | Location — County, State | Capacity (MW DC) | Acreage | Land Control Type | Permit Status at Signing (Dec 4, 2023) | Permit Status at Closing (Feb 20, 2024) | Notes
Red Mesa Solar I | Pecos County, TX | 200 | 2400 | Lease | Fully Permitted | Fully Permitted
Red Mesa Solar II | Pecos County, TX | 180 | 2100 | Lease | Fully Permitted | Fully Permitted
Cimarron Flats | Crockett County, TX | 150 | 1800 | Lease | Fully Permitted | Fully Permitted
Lone Star Prairie | Webb County, TX | 130 | 1560 | Lease | Fully Permitted | Fully Permitted
Brazos Point | Wharton County, TX | 120 | 1440 | Lease | Permit Pending | Fully Permitted | Permit received January 10, 2024; was final outstanding material condition
Sangre del Sol I | Doña Ana County, NM | 150 | 1800 | BLM Lease | Fully Permitted | Fully Permitted
Sangre del Sol II | Doña Ana County, NM | 110 | 1320 | BLM Lease | Fully Permitted | Fully Permitted
Sonoran Ridge | Pinal County, AZ | 160 | 1920 | Private Lease | Fully Permitted | Fully Permitted
TOTAL | 1200 | 14340 | All Fully Permitted | Agreed Portfolio Valuation: $90,000,000 | CBR Tax Basis: $34,200,000 | Built-In Gain: $55,800,000
[sheet: Key Dates & Milestones]
Date | Event / Milestone | Responsible Party | Status | Notes
2023-09-12 | Engagement opened; Calderwood & Harkness LLP retained by CBR | C&H / CBR | Complete | Matter No. 48172.001
2023-09-18 | Mutual NDA executed between CBR and Lumen Ridge | C&H / HQS | Complete | 2-year term; Delaware law
2023-09-20 | Ridgeline Barrow & Co. engagement letter executed | CBR / Ridgeline Barrow | Complete
2023-09-25 | Non-Binding Term Sheet signed | CBR (Margaret Calloway) / Lumen Ridge (Nathaniel Forsythe) | Complete
2023-10-02 | Due diligence commenced; data room opened | C&H / HQS / All Parties | Complete
2023-10-18 | HSR filing submitted (Transaction No. 20231018-CBR-LRI) | CBR / Lumen Ridge | Complete
2023-10-25 | Title commitments and surveys received from Meridian Land Title Company | Meridian Title / C&H | Complete
2023-10-28 | Phase I/II environmental assessments received from TerraNova | TerraNova / C&H | Complete
2023-11-08 | HSR early termination granted | FTC | Complete | 21 days from filing
2023-11-15 | Ridgeline Barrow & Co. fairness analysis delivered | Ridgeline Barrow (Marcus Delgado) | Complete | Valuation range $87M–$96M; agreed $90M
2023-11-20 | Cascadia Growth Equity Fund III consent obtained | CBR / Cascadia (Owen Charbonneau) | Complete | ~22% equity stake consent
2023-11-28 | Final LLC Agreement and ancillary documents circulated | C&H / HQS | Complete
2023-12-04 | SIGNING DATE — LLC Agreement and all ancillary agreements executed | All Parties | Complete
2024-01-08 | Pennington Clarke LLP engagement letter executed | Pennington Clarke (Harold Yeung, CPA) | Complete | JV auditor/tax preparer
2024-01-10 | Brazos Point project permit received | CBR | Complete | Final outstanding material condition to closing
2024-01-22 | Trident National Bank credit facility commitment letter executed | Lumen Ridge / Trident Bank (Patricia Henning) | Complete | Up to $480M; Ref: TNB-EIF-2024-0193
2024-01-25 | C&H review letter re: Trident credit facility delivered to CBR | C&H (James Prentice) | Complete
2024-01-30 | C&H insurance review memorandum delivered | C&H (Derek Okonkwo) | Complete | Ironclad Mutual; Policy BRX-2024-SP-00412
2024-02-05 | Escrow funded by both members ($60M CBR + $150M Lumen Ridge) | CBR / Lumen Ridge / Continental Fiduciary | Complete | Escrow Acct Ref: CFT-2024-00847
2024-02-12 | CBR Good Standing Certificate obtained (TX SOS) | C&H | Complete | TX SOS File No. 0801647392
2024-02-14 | Lumen Ridge Good Standing Certificates obtained (DE SOS) | HQS | Complete | Lumen Ridge & Lumen Ridge Capital Advisors LLC
2024-02-15 | SCHEDULED CLOSING DATE / Final closing checklist version | All Parties | Complete | Actual closing delayed to Feb 20
2024-02-18 | Insurance evidence of coverage received from Ironclad Mutual | Blackthorn Risk Advisors / Ironclad Mutual | Complete | Policy No. BRX-2024-SP-00412
2024-02-19 | Certificate of Formation filed with DE Secretary of State; EIN obtained | C&H | Complete | DE SOS File No. 7849312; EIN 93-4158203
2024-02-20 | ACTUAL CLOSING DATE — Closing completed; all funds released; projects contributed | All Parties | Complete | Signing-to-Closing gap: 78 days
2024-02-22 | Closing binder index finalized | C&H (Derek Okonkwo) | Complete | Post-closing
2027-02-20 | Lock-up period expiration (Closing + 3 years) | N/A | Future | ROFO and buy-sell become available
2029-02-20 | Drag-along eligibility date (Closing + 5 years) | N/A | Future | Requires agreement of both members
2031-02-20 | Tax protection period expiration (Closing + 7 years) | N/A | Future | Covers $55,800,000 built-in gain
[sheet: Capital Contributions Summary]
Line Item | CBR | Lumen Ridge | Total | Notes
Initial Cash Contribution | $60,000,000 | $150,000,000 | $210,000,000 | Cash released from escrow (CFT-2024-00847) on Feb 20, 2024
In-Kind Contribution (Project Portfolio) | $90,000,000 | $0 | $90,000,000 | Eight solar projects; 1,200 MW; agreed valuation $90M (Ridgeline Barrow range $87M–$96M)
Total Initial Capital Contribution | $150,000,000 | $150,000,000 | $300,000,000 | 50/50 split
Additional Capital Call Authorization (max) | $200,000,000 | $200,000,000 | $400,000,000 | Requires supermajority (5 of 6) Management Committee approval for calls >$25M
Total Potential Equity Capitalization | $350,000,000 | $350,000,000 | $700,000,000 | $300M initial + $400M additional
Project-Level Debt Facility (non-recourse) | N/A | N/A | Up to $480,000,000 | Trident National Bank, N.A.; 7-year term; SOFR + 175 bps; arranged by Lumen Ridge
Project Portfolio Tax Basis (CBR carryover) | $34,200,000 | N/A | $34,200,000 | Section 704(c) remedial allocation method applies
Built-In Gain on Contributed Assets | $55,800,000 | N/A | $55,800,000 | $90M book value − $34.2M tax basis; 7-year tax protection

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