[sheet: Closing Checklist]

[sheet: Closing Checklist]
Item No. | Tab No. | Category | Document Name | Description / Notes | Responsible Party | Counterparties / Addressees | Signatories Required | Governing Law | Draft Circulated Date | Final Version Date | Status | Delivery Date | Comments / Open Items
1 | 1.1 | Transaction Documents | Amended and Restated Limited Liability Company Agreement of Solstice Holdings, LLC | Execution version of the LLCA among CBR Solstice Manager, LLC (Managing Member) and Ridgeline Capital Partners, LLC (Tax-Equity Member). Partnership-flip structure: 99%/1% pre-flip tax allocations, 30%/70% cash distributions; 5%/95% post-flip. Ridgeline target yield 7.25% after-tax IRR. Ridgeline capital contribution $120,000,000 (two tranches). CBR Manager contribution $2,400,000. | CBR / Ridgeline | CBR Solstice Manager, LLC; Ridgeline Capital Partners, LLC | Marcus Calloway (Chairman & CEO, CBR) on behalf of CBR Solstice Manager; Jonathan Kessler (Managing Partner, Ridgeline) | Delaware (entity); Federal tax law (tax provisions) | 2023-08-15 | 2023-09-21 | Executed | 2023-12-08 | Signed at closing. Originally signed 9/21/2023; reaffirmed at closing.
2 | 1.2 | Transaction Documents | Tax Credit Purchase Agreement | Execution version of TCPA between Calloway-Briggs Renewables Inc. (Seller) and Pinehurst Insurance Group, Inc. (Buyer). Sale of $60,000,000 face-value ITCs at $0.92/$1.00 for aggregate purchase price of $55,200,000. Transfer election under IRA § 6418. | CBR / Pinehurst | Calloway-Briggs Renewables Inc.; Pinehurst Insurance Group, Inc. | Marcus Calloway (Chairman & CEO, CBR); Gerald Fontaine (CEO, Pinehurst) or Catherine Moreau (SVP, Tax & Treasury, Pinehurst) | New York | 2023-07-28 | 2023-09-21 | Executed | 2023-12-08 | Signed 9/21/2023; escrow release conditions satisfied at closing.
3 | 1.3 | Transaction Documents | Capital Contribution Agreement — Ridgeline Capital Partners to Solstice Holdings, LLC | Terms of Ridgeline's $120,000,000 capital contribution. 1st tranche: $96,000,000 at closing (12/8/2023). 2nd tranche: $24,000,000 within 60 days of final COD (due by 2/6/2024). | CBR / Ridgeline | Ridgeline Capital Partners, LLC; Solstice Holdings, LLC | Jonathan Kessler (Ridgeline); Marcus Calloway (CBR on behalf of Solstice Holdings) | New York | 2023-08-20 | 2023-09-21 | Executed | 2023-12-08 | 1st tranche funded at closing; 2nd tranche due 2/6/2024.
4 | 1.4 | Transaction Documents | Tax Indemnity Agreement — CBR in favor of Pinehurst Insurance Group | ITC recapture/disallowance indemnity. 100% of credit amount plus gross-up, capped at 125% of purchase price ($69,000,000 = $55,200,000 × 1.25). Survival through 60 days post-expiration of 5-year recapture period. | CBR | Calloway-Briggs Renewables Inc.; Pinehurst Insurance Group, Inc. | Marcus Calloway (CBR); Catherine Moreau (Pinehurst) | New York | 2023-08-25 | 2023-09-21 | Executed | 2023-12-08
5 | 1.5 | Transaction Documents | Purchase Option Agreement — CBR Option to Purchase Ridgeline's Post-Flip Interest | CBR Solstice Manager option to buy Ridgeline's residual 5% interest at FMV (floor $1.00). Exercisable during 180-day window following flip date (projected Q4 2028). | CBR / Ridgeline | CBR Solstice Manager, LLC; Ridgeline Capital Partners, LLC | Marcus Calloway (CBR); Jonathan Kessler (Ridgeline) | New York | 2023-08-22 | 2023-09-21 | Executed | 2023-12-08
6 | 1.6 | Transaction Documents | Escrow Agreement | Among CBR, Ridgeline, Pinehurst, and Clearwater Escrow Services, Inc. Escrow Account No. CES-2023-80114. Holds Ridgeline 1st tranche ($96,000,000) and Pinehurst credit purchase price ($55,200,000). Release upon delivery of Transfer Election Statements and closing certificate. | CBR / Ridgeline / Pinehurst / Clearwater Escrow | All four parties | Marcus Calloway (CBR); Jonathan Kessler (Ridgeline); Gerald Fontaine or Catherine Moreau (Pinehurst); James Harding (VP, Clearwater Escrow) | New York | 2023-09-01 | 2023-09-21 | Executed | 2023-12-08 | Escrow funded per terms; released at closing.
7 | 1.7 | Transaction Documents | Intercompany Contribution Agreement — CBR Contributing Project Company Interests to Solstice Holdings | CBR contributes 100% membership interests in 7 project companies (Pecos Sun Solar, Red Mesa Solar, Coyote Flats Solar, Llano Verde Solar, Cimarron Solar, Sandoval Ridge Solar, Amistad Solar) to Solstice Holdings. Tax-free under § 721. | CBR | Calloway-Briggs Renewables Inc.; Solstice Holdings, LLC | Marcus Calloway (CBR) | New York | 2023-08-18 | 2023-09-21 | Executed | 2023-12-08
8 | 1.8 | Transaction Documents | Partnership Representative Designation and Tax Matters Agreement | Designates CBR Solstice Manager, LLC (Theo Vasquez as designated individual) as partnership representative under § 6223. Push-out election rights under § 6226. | CBR / Ridgeline | CBR Solstice Manager, LLC; Ridgeline Capital Partners, LLC | Marcus Calloway (CBR); Jonathan Kessler (Ridgeline) | New York | 2023-09-05 | 2023-09-21 | Executed | 2023-12-08
9 | 1.9 | Transaction Documents | Back-Leverage Intercreditor and Consent Agreement | Among Osprey National Bank (back-leverage lender, facility ONB-PF-2023-0587), Ridgeline, and CBR. Osprey consent to tax-equity structure; intercreditor re: distributions; standstill; lender step-in rights. Refs construction facility ONB-PF-2022-0341. | CBR / Ridgeline / Osprey | Osprey National Bank, N.A.; Ridgeline Capital Partners, LLC; Calloway-Briggs Renewables Inc. | Frank DiNapoli (MD, Osprey); Jonathan Kessler (Ridgeline); Marcus Calloway (CBR) | New York | 2023-10-15 | 2023-12-06 | Executed | 2023-12-08 | Finalized in conjunction with back-leverage term loan closing.
10 | 1.10 | Transaction Documents | Pledge Agreement — CBR Pledge of Managing Member Interest to Osprey National Bank | CBR Solstice Manager pledges managing member interest in Solstice Holdings to Osprey as security for $68,000,000 back-leverage term loan (ONB-PF-2023-0587). Includes UCC-1 filing authorization. Subject to intercreditor. | CBR / Osprey | CBR Solstice Manager, LLC; Osprey National Bank, N.A. | Marcus Calloway (CBR Solstice Manager); Frank DiNapoli (Osprey) | New York | 2023-11-01 | 2023-12-06 | Executed | 2023-12-08 | UCC-1 filing to follow — see Item 33.
11 | 2.1 | Opinions & Tax Letters | Tax Opinion Letter — Calderwood & Harkness to Ridgeline Capital Partners re: ITC Availability and Partnership Allocations | Opines on § 48 ITC eligibility, 40% rate (30% base + 10% domestic content), § 704(b) substantial economic effect of allocations, Rev. Proc. 2007-65 compliance, Ridgeline's share of ITCs and MACRS depreciation. | Calderwood & Harkness | Ridgeline Capital Partners, LLC | Leonard Cross (Partner, Tax, C&H); Sylvia Hartwell (Partner, Tax, C&H) | N/A (opinion letter) | N/A | 2023-12-08 | Executed | 2023-12-08 | Delivered at closing.
12 | 2.2 | Opinions & Tax Letters | Tax Opinion Letter — Calderwood & Harkness to Pinehurst Insurance Group re: Section 6418 Transfer Election | Opines on § 6418 eligibility, treatment of $60,000,000 transferred ITCs as credits to Pinehurst, non-inclusion of $55,200,000 purchase price in Pinehurst gross income, compliance of transfer election statements. | Calderwood & Harkness | Pinehurst Insurance Group, Inc. | Leonard Cross (Partner, Tax, C&H); Sylvia Hartwell (Partner, Tax, C&H) | N/A (opinion letter) | N/A | 2023-12-08 | Executed | 2023-12-08 | Delivered at closing.
13 | 2.3 | Opinions & Tax Letters | Legal Opinion Letter — Calderwood & Harkness re: Due Authorization, Enforceability, No Conflicts (CBR and Solstice Holdings) | Addressed to Ridgeline, Pinehurst, and Osprey. Covers due organization/good standing of CBR (TX), CBR Solstice Manager (DE), Solstice Holdings (DE); authority; enforceability; no conflicts. | Calderwood & Harkness | Ridgeline Capital Partners, LLC; Pinehurst Insurance Group, Inc.; Osprey National Bank, N.A. | Leonard Cross (C&H); Monica Chu (Partner, Project Finance, C&H) | New York / Delaware / Texas | N/A | 2023-12-08 | Executed | 2023-12-08 | Delivered at closing.
14 | 3.1 | Certificates — CBR | Secretary's Certificate of Calloway-Briggs Renewables Inc. | Certifies Articles of Incorporation, Bylaws, board resolutions authorizing the transaction, incumbency of officers, good standing certificate from Texas Secretary of State. CBR EIN: 84-3291076; TX SOS File No. 803762114. | CBR | All counterparties | Diana Briggs (President & COO, CBR) as Secretary or authorized officer | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Includes Texas good standing certificate.
15 | 3.2 | Certificates — CBR | Secretary's Certificate of CBR Solstice Manager, LLC | Certifies Certificate of Formation, LLC Agreement, member consent, incumbency, Delaware good standing certificate. EIN: 88-4071597. | CBR | All counterparties | Marcus Calloway (authorized representative of CBR Solstice Manager) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Includes Delaware good standing certificate.
16 | 3.3 | Certificates — CBR | Officer's Closing Certificate of Calloway-Briggs Renewables Inc. | Theo Vasquez (CFO) certifies reps and warranties true as of closing date; covenants and CPs satisfied; no MAE since signing (9/21/2023). | CBR | Ridgeline; Pinehurst; Osprey | Theo Vasquez (CFO, CBR) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08
17 | 3.4 | Certificates — Ridgeline | Secretary's / Authorized Person's Certificate of Ridgeline Capital Partners, LLC | Certifies organizational documents, authorization, incumbency of Jonathan Kessler and Samara Okonkwo, Delaware good standing. | Ridgeline | CBR; Osprey | Authorized representative of Ridgeline | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Prepared by Whitfield & Ayers LLP.
18 | 3.5 | Certificates — Pinehurst | Secretary's / Authorized Person's Certificate of Pinehurst Insurance Group, Inc. | Certifies organizational documents, board authorization, incumbency of Gerald Fontaine and Catherine Moreau, Connecticut good standing. | Pinehurst | CBR | Corporate Secretary of Pinehurst | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Prepared by Thornberry Mack LLP.
19 | 3.6 | Certificates — CBR | Insurance Compliance Certificate and Coverage Summary | Confirms Fortis Indemnity Company policies (placed by Sentinel Underwriters) meet LLCA/TCPA requirements. Builder's risk, all-risk property, CGL, business interruption, environmental. Ridgeline and Pinehurst named as additional insureds/loss payees. Ironclad Surety Corp. performance bonds. | CBR / Calderwood & Harkness | Ridgeline; Pinehurst | Priya Anand (VP, Project Finance, CBR) | N/A | N/A | 2023-12-07 | Executed | 2023-12-08 | Certificate from Sentinel Underwriters attached.
20 | 4.1 | Escrow & Funding | Escrow Funding Confirmation — Ridgeline 1st Tranche ($96,000,000) | Confirmation from Clearwater Escrow Services that $96,000,000 has been deposited into Escrow Account No. CES-2023-80114 by Ridgeline Capital Partners. | Ridgeline / Clearwater Escrow | CBR; Ridgeline | James Harding (VP, Clearwater Escrow) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Funds deposited 5 business days prior; released at closing per joint instruction.
21 | 4.2 | Escrow & Funding | Escrow Funding Confirmation — Pinehurst Credit Purchase Price ($55,200,000) | Confirmation from Clearwater Escrow that $55,200,000 has been deposited into Escrow Account No. CES-2023-80114 by Pinehurst Insurance Group. | Pinehurst / Clearwater Escrow | CBR; Pinehurst | James Harding (VP, Clearwater Escrow) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Released upon delivery of executed Transfer Election Statements and closing certificate.
22 | 4.3 | Escrow & Funding | Funds Flow Memorandum — Wire Instructions | Details all closing-date wire transfers: (1) Release $96,000,000 from Clearwater to Solstice Holdings operating account at Osprey; (2) Release $55,200,000 from Clearwater to CBR account; (3) CBR Manager $2,400,000 contribution to Solstice Holdings; (4) Partial repayment of Osprey construction facility draws. ABA routing numbers and confirmation procedures. | Calderwood & Harkness / CBR | All parties | N/A — reference document | N/A | 2023-12-06 | 2023-12-08 | Final | 2023-12-08 | All wires confirmed same day.
23 | 4.4 | Escrow & Funding | CBR Manager Capital Contribution Wire Confirmation ($2,400,000) | Confirmation of CBR Solstice Manager's $2,400,000 capital contribution (2% of Ridgeline's $120M, per Rev. Proc. 2007-65 minimum investment). | CBR | Solstice Holdings | Theo Vasquez (CFO, CBR) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08
24 | 4.5 | Escrow & Funding | Osprey Construction Facility Partial Paydown Confirmation | Evidence of partial repayment of draws under Osprey construction facility (Agreement No. ONB-PF-2022-0341) from closing proceeds. | CBR / Osprey | Osprey National Bank, N.A. | Frank DiNapoli (MD, Osprey); Anita Reyes (VP, Osprey) | N/A | N/A | 2023-12-08 | Executed | 2023-12-08 | Construction facility: $245,000,000 total commitments.
25 | 5.1 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Pecos Sun Solar, LLC | Transfer election for Pecos Sun (85 MW, Reeves County, TX). Project company EIN referenced; Transferee: Pinehurst (EIN 06-1938274). Credit type: § 48 ITC. | CBR / Calderwood & Harkness | IRS (filing); Pinehurst (copy) | Authorized officer of CBR (on behalf of Pecos Sun Solar, LLC) | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08 | To be filed with project company tax return.
26 | 5.2 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Red Mesa Solar, LLC | Transfer election for Red Mesa (70 MW, Pecos County, TX). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
27 | 5.3 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Coyote Flats Solar, LLC | Transfer election for Coyote Flats (65 MW, Ward County, TX). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
28 | 5.4 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Llano Verde Solar, LLC | Transfer election for Llano Verde (55 MW, Hudspeth County, TX). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
29 | 5.5 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Cimarron Solar, LLC | Transfer election for Cimarron (50 MW, Lea County, NM). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
30 | 5.6 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Sandoval Ridge Solar, LLC | Transfer election for Sandoval Ridge (50 MW, Sandoval County, NM). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
31 | 5.7 | Tax / IRS Filings | Form of Transfer Election Statement (IRS § 6418) — Amistad Solar, LLC | Transfer election for Amistad (45 MW, Val Verde County, TX). | CBR / Calderwood & Harkness | IRS; Pinehurst | Authorized officer of CBR | Federal | 2023-11-15 | 2023-12-08 | Final | 2023-12-08
32 | 5.8 | Tax / IRS Filings | ITC Claim Support Schedules and Workpapers | Eligible basis by project (aggregate $384,600,000); ITC rate 40% (30% + 10% domestic content); total ITCs $153,840,000; allocation: $89,040,000 partnership / $64,800,000 § 6418 ($60M sold to Pinehurst, $4.8M retained by CBR). Depreciable basis $307,680,000. | Calderwood & Harkness / CBR | File; Ridgeline; Pinehurst | Robert Jansen (Working Associate, C&H) | N/A | 2023-11-20 | 2023-12-08 | Final | 2023-12-08 | Cross-references EPC costs and COD dates.
33 | 6.1 | UCC Filings | UCC-1 Financing Statement — CBR Solstice Manager pledge to Osprey (Delaware) | Filing in Delaware SOS reflecting pledge of CBR Solstice Manager's managing member interest in Solstice Holdings to Osprey under back-leverage Pledge Agreement. | CBR / Calderwood & Harkness | Delaware Secretary of State | N/A (filing) | Delaware | N/A | 2023-12-08 | Filed | 2023-12-08 | Filing confirmation to follow.
34 | 6.2 | UCC Filings | UCC-3 Amendment — Osprey existing filings under construction facility (Texas) | UCC-3 amendment to existing filings by Osprey under construction facility ONB-PF-2022-0341 to reflect structural changes. | CBR / Osprey | Texas Secretary of State | N/A (filing) | Texas | N/A | 2023-12-08 | Filed | 2023-12-08
35 | 6.3 | UCC Filings | UCC / Lien Search Results — CBR, CBR Manager, Solstice Holdings, Project Companies | Summary of UCC and lien search results in Delaware, Texas, and New Mexico. Confirms no unexpected liens. Existing Osprey UCC-1 filings noted. | Calderwood & Harkness | All parties | Robert Jansen (C&H) | N/A | 2023-12-01 | 2023-12-06 | Final | 2023-12-08
36 | 7.1 | Third-Party Deliverables | Independent Appraisal / FMV Report — Greystone Worthington, LLC | Independent ITC-basis appraisal and fair market value analysis for the Solstice Portfolio. Prepared by Helen Farber (Managing Director, GW). Supports eligible basis of $384,600,000. | Greystone Worthington | CBR; Ridgeline; Pinehurst | Helen Farber (Managing Director, GW) | N/A | 2023-10-30 | 2023-11-20 | Final | 2023-12-08
37 | 7.2 | Third-Party Deliverables | Independent Engineer's Report — Meridian Technical Advisors, LLC | Energy-yield assessments and construction monitoring reports for all 7 projects. Prepared by Dr. Rajan Mehta (Principal Engineer). | Meridian Technical Advisors | CBR; Ridgeline | Dr. Rajan Mehta (Principal Engineer, Meridian) | N/A | 2023-10-15 | 2023-11-25 | Final | 2023-12-08 | Updated to reflect Amistad COD 11/18/2023.
38 | 7.3 | Third-Party Deliverables | Prevailing Wage and Apprenticeship Compliance Certification — VBC | Vasquez Brothers Construction, Inc. (EPC Contractor, EIN 75-2648103) certification of prevailing wage and apprenticeship compliance under IRA § 48(a) for all seven projects. Required for 30% base ITC rate. | VBC / CBR | CBR; Ridgeline; Pinehurst | Carlos Vasquez (President, VBC); Elena Vasquez-Torres (VP, Project Execution, VBC) | N/A | 2023-11-10 | 2023-11-30 | Executed | 2023-12-08 | Supports 5× multiplier (6% to 30% base ITC rate).
39 | 7.4 | Third-Party Deliverables | Domestic Content Certification | Certification supporting 10% domestic content bonus adder under IRA § 48(a)(12). Documents manufactured components meeting domestic content thresholds. | CBR / VBC | CBR; Ridgeline; Pinehurst | Carlos Vasquez (VBC); Priya Anand (CBR) | N/A | 2023-11-10 | 2023-11-30 | Executed | 2023-12-08 | Supports total 40% ITC rate (30% base + 10% domestic content).
40 | 7.5 | Third-Party Deliverables | Ridgeline Counsel Opinion Letter — Whitfield & Ayers LLP | Opinion from Whitfield & Ayers re: due authorization and enforceability of Ridgeline's obligations under LLCA, Capital Contribution Agreement, and ancillary documents. | Whitfield & Ayers / Ridgeline | CBR; Osprey | Patricia Whitfield (Senior Partner, W&A) | New York / Delaware | N/A | 2023-12-08 | Executed | 2023-12-08 | Delivered at closing.
41 | 7.6 | Third-Party Deliverables | Pinehurst Counsel Opinion Letter — Thornberry Mack LLP | Opinion from Thornberry Mack re: due authorization and enforceability of Pinehurst's obligations under TCPA. | Thornberry Mack / Pinehurst | CBR | Roland Thornberry (Partner, TM) | Connecticut / New York | N/A | 2023-12-08 | Executed | 2023-12-08 | Delivered at closing.
42 | 7.7 | Third-Party Deliverables | Larchmont & Associates — Audited Financial Statements of CBR (2022) | CBR 2022 audited financials (revenues $67.4M; total assets $412M). Prepared by Martin Larchmont (Managing Partner) and Susan Kaplan (Tax Partner). | Larchmont & Associates | Ridgeline; Pinehurst; Osprey | Martin Larchmont (Managing Partner, Larchmont) | N/A | 2023-03-15 | 2023-03-15 | Final | 2023-12-08 | Previously issued; provided for diligence.
43 | 7.8 | Third-Party Deliverables | Osprey National Bank — Back-Leverage Term Loan Agreement (ONB-PF-2023-0587) | Executed $68,000,000 back-leverage term loan facility agreement between Osprey and CBR. | Osprey / CBR | Osprey; CBR; Ridgeline (for information) | Frank DiNapoli (Osprey); Marcus Calloway (CBR) | New York | 2023-11-01 | 2023-12-06 | Executed | 2023-12-08
44 | 8.1 | Diligence & Compliance | Real Property and Lease Diligence Summary | Summary of site leases, easements, ROWs, title insurance across 7 sites: Reeves Co., Pecos Co., Ward Co., Hudspeth Co., Val Verde Co. (TX); Lea Co., Sandoval Co. (NM). All leases co-extensive with or exceeding PPA tenors. | Calderwood & Harkness (Derek Saunders) | CBR; Ridgeline | Derek Saunders (Sr. Associate, C&H) | N/A | 2023-10-01 | 2023-11-28 | Final | 2023-12-08
45 | 8.2 | Diligence & Compliance | Regulatory and Permitting Compliance Checklist | All permits, ERCOT interconnection (TX projects), Northgate Corporation/WECC interconnection (NM projects), environmental, county building permits, FAA determinations. Status: all obtained. | Calderwood & Harkness (Derek Saunders / Robert Jansen) | CBR; Ridgeline | Derek Saunders; Robert Jansen | N/A | 2023-09-15 | 2023-12-06 | Final | 2023-12-08 | Updated for Amistad ERCOT confirmation (basis for closing delay from 11/30 to 12/8).
46 | 8.3 | Diligence & Compliance | Good Standing Certificates — All Entities | Good standing certificates for CBR (Texas SOS), CBR Solstice Manager (Delaware SOS), Solstice Holdings (Delaware SOS), and all 7 project companies (Delaware SOS). Also foreign qualifications as applicable. | CBR / Calderwood & Harkness | All counterparties | N/A | N/A | N/A | 2023-12-05 | Final | 2023-12-08 | Solstice Holdings EIN: 88-4071523; CBR Manager EIN: 88-4071597.
47 | 8.4 | Diligence & Compliance | Evidence of COD for All Seven Projects | COD certificates/evidence: Cimarron (9/30/2023), Pecos Sun (10/15/2023), Sandoval Ridge (10/20/2023), Red Mesa (10/28/2023), Coyote Flats (11/5/2023), Llano Verde (11/12/2023), Amistad (11/18/2023). Weighted-average COD: 10/25/2023. Total: 420 MW(dc). | CBR / Meridian Technical | Ridgeline; Pinehurst; Osprey | Priya Anand (CBR); Dr. Rajan Mehta (Meridian) | N/A | Various | 2023-12-06 | Final | 2023-12-08 | Amistad COD 11/18 was final; interconnection confirmed after original closing date.
48 | 9.1 | PPA & Offtake | Power Purchase Agreements — Texas Projects (Lone Star Grid Solutions, LLC) | 15-year PPAs for Pecos Sun, Red Mesa, Coyote Flats, Llano Verde, Amistad with Lone Star Grid Solutions, LLC. Wtd-avg PPA price: $32.50/MWh (1.5%/yr escalator). Governed by Texas law. | CBR | Ridgeline (for diligence) | N/A — previously executed | Texas | N/A | N/A | Executed (pre-existing) | 2023-12-08 | Copies provided; estoppels obtained.
49 | 9.2 | PPA & Offtake | Power Purchase Agreements — New Mexico Projects (Enchantment Power Cooperative) | 20-year PPAs for Cimarron and Sandoval Ridge with Enchantment Power Cooperative. Wtd-avg PPA price: $29.75/MWh (2.0%/yr escalator). Governed by New Mexico law. | CBR | Ridgeline (for diligence) | N/A — previously executed | New Mexico | N/A | N/A | Executed (pre-existing) | 2023-12-08 | Copies provided; estoppels obtained.
50 | 10.1 | Closing Correspondence | Closing Index / Closing Set Table of Contents | Table of contents for closing binder organized by tab. Prepared by Leila Nazari and Robert Jansen of Calderwood & Harkness. | Calderwood & Harkness | All parties | N/A | N/A | 2023-12-07 | 2023-12-08 | Final | 2023-12-08
[sheet: Signature Pages Matrix]
Item No. | Document Short Name | CBR / CBR Manager Signatory | CBR Signature Status | Ridgeline Signatory | Ridgeline Signature Status | Pinehurst Signatory | Pinehurst Signature Status | Osprey Signatory | Osprey Signature Status | Clearwater Escrow Signatory | Clearwater Signature Status | Other Signatory | Other Signature Status | Execution Date | Counterpart Pages Collected | Notes
1 | LLCA — Solstice Holdings | Marcus Calloway, Chairman & CEO (on behalf of CBR Solstice Manager, LLC) | Signed | Jonathan Kessler, Managing Partner | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes | Originally signed 9/21/2023; closing reaffirmation.
2 | TCPA | Marcus Calloway, Chairman & CEO | Signed | N/A | N/A | Gerald Fontaine, CEO (or Catherine Moreau, SVP Tax & Treasury) | Signed | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
3 | Capital Contribution Agreement | Marcus Calloway, Chairman & CEO (on behalf of Solstice Holdings) | Signed | Jonathan Kessler, Managing Partner | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
4 | Tax Indemnity Agreement | Marcus Calloway, Chairman & CEO | Signed | N/A | N/A | Catherine Moreau, SVP Tax & Treasury | Signed | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
5 | Purchase Option Agreement | Marcus Calloway, Chairman & CEO (on behalf of CBR Solstice Manager) | Signed | Jonathan Kessler, Managing Partner | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
6 | Escrow Agreement | Marcus Calloway, Chairman & CEO | Signed | Jonathan Kessler, Managing Partner | Signed | Gerald Fontaine, CEO | Signed | N/A | N/A | James Harding, Vice President | Signed | N/A | N/A | 2023-12-08 | Yes | 4-party agreement
7 | Intercompany Contribution Agreement | Marcus Calloway, Chairman & CEO | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes | CBR sole signatory (internal contribution)
8 | Partnership Rep. & Tax Matters Agreement | Marcus Calloway, Chairman & CEO | Signed | Jonathan Kessler, Managing Partner | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
9 | Intercreditor & Consent Agreement | Marcus Calloway, Chairman & CEO | Signed | Jonathan Kessler, Managing Partner | Signed | N/A | N/A | Frank DiNapoli, Managing Director | Signed | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
10 | Pledge Agreement | Marcus Calloway (on behalf of CBR Solstice Manager) | Signed | N/A | N/A | N/A | N/A | Frank DiNapoli, Managing Director | Signed | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
11 | Tax Opinion — Ridgeline | N/A | N/A | N/A (addressee) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Leonard Cross, Partner; Sylvia Hartwell, Partner (Calderwood & Harkness) | Signed | 2023-12-08 | Yes | Opinion letter signed by C&H partners.
12 | Tax Opinion — Pinehurst | N/A | N/A | N/A | N/A | N/A (addressee) | N/A | N/A | N/A | N/A | N/A | Leonard Cross, Partner; Sylvia Hartwell, Partner (Calderwood & Harkness) | Signed | 2023-12-08 | Yes
13 | Legal Opinion — CBR/Solstice | N/A | N/A | N/A (addressee) | N/A | N/A (addressee) | N/A | N/A (addressee) | N/A | N/A | N/A | Leonard Cross, Partner; Monica Chu, Partner (Calderwood & Harkness) | Signed | 2023-12-08 | Yes | Addressed to Ridgeline, Pinehurst, and Osprey.
14 | Secretary's Certificate — CBR | Diana Briggs, President & COO | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
15 | Secretary's Certificate — CBR Manager | Marcus Calloway, Authorized Representative | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
16 | Officer's Closing Certificate — CBR | Theo Vasquez, CFO | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
17 | Secretary's Certificate — Ridgeline | N/A | N/A | Authorized representative of Ridgeline | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes | Prepared by Whitfield & Ayers LLP.
18 | Secretary's Certificate — Pinehurst | N/A | N/A | N/A | N/A | Corporate Secretary of Pinehurst | Signed | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes | Prepared by Thornberry Mack LLP.
19 | Insurance Compliance Certificate | Priya Anand, VP Project Finance | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2023-12-08 | Yes | Sentinel Underwriters certificate attached.
38 | Prevailing Wage & Apprenticeship Cert. | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Carlos Vasquez, President; Elena Vasquez-Torres, VP (VBC) | Signed | 2023-11-30 | Yes
39 | Domestic Content Certification | Priya Anand, VP Project Finance | Signed | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Carlos Vasquez, President (VBC) | Signed | 2023-11-30 | Yes
40 | Ridgeline Counsel Opinion — W&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Patricia Whitfield, Senior Partner (Whitfield & Ayers LLP) | Signed | 2023-12-08 | Yes | Delivered at closing.
41 | Pinehurst Counsel Opinion — TM | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Roland Thornberry, Partner (Thornberry Mack LLP) | Signed | 2023-12-08 | Yes | Delivered at closing.
43 | Back-Leverage Term Loan Agreement | Marcus Calloway, Chairman & CEO | Signed | N/A | N/A | N/A | N/A | Frank DiNapoli, Managing Director | Signed | N/A | N/A | N/A | N/A | 2023-12-08 | Yes
36 | Independent Appraisal / FMV Report | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | Helen Farber, Managing Director (Greystone Worthington) | Signed | 2023-11-20 | Yes
[sheet: Project Summary]
Project # | Project Name | Entity Name | MW(dc) | Location | COD Date | EPC Cost ($M) | ITC Rate | ITC Amount ($) | Credits to Partnership ($) | Credits Transferred § 6418 ($) | Offtaker | PPA Term | PPA Price ($/MWh) | Governing Law — PPA
1 | Pecos Sun | Pecos Sun Solar, LLC | 85 | Reeves County, TX | 2023-10-15 | 78.2 | 40% | 31280000 | 18050400 | 13129600 | Lone Star Grid Solutions, LLC | 15 years | 32.5 | Texas
2 | Red Mesa | Red Mesa Solar, LLC | 70 | Pecos County, TX | 2023-10-28 | 63.7 | 40% | 25480000 | 14707200 | 10692800 | Lone Star Grid Solutions, LLC | 15 years | 32.5 | Texas
3 | Coyote Flats | Coyote Flats Solar, LLC | 65 | Ward County, TX | 2023-11-05 | 59.1 | 40% | 23640000 | 13644960 | 9915040 | Lone Star Grid Solutions, LLC | 15 years | 32.5 | Texas
4 | Llano Verde | Llano Verde Solar, LLC | 55 | Hudspeth County, TX | 2023-11-12 | 50.4 | 40% | 20160000 | 11636160 | 8463840 | Lone Star Grid Solutions, LLC | 15 years | 32.5 | Texas
5 | Cimarron | Cimarron Solar, LLC | 50 | Lea County, NM | 2023-09-30 | 45.8 | 40% | 18320000 | 10576320 | 7683680 | Enchantment Power Cooperative | 20 years | 29.75 | New Mexico
6 | Sandoval Ridge | Sandoval Ridge Solar, LLC | 50 | Sandoval County, NM | 2023-10-20 | 46.1 | 40% | 18440000 | 10645560 | 7734440 | Enchantment Power Cooperative | 20 years | 29.75 | New Mexico
7 | Amistad | Amistad Solar, LLC | 45 | Val Verde County, TX | 2023-11-18 | 41.3 | 40% | 16520000 | 9535848 | 6924152 | Lone Star Grid Solutions, LLC | 15 years | 32.5 | Texas
TOTAL | 420 | 384.6 | 40% | 153840000 | 89040000 | 64800000
[sheet: Key Dates & Milestones]
Date | Event | Status | Responsible Party | Notes
2023-06-15 | Matter opened; engagement letter executed (C&H Matter No. 1015-00005 / Billing No. 78204-001) | Completed | Calderwood & Harkness / CBR
2023-07-10 | CBR-Ridgeline term sheet executed | Completed | CBR / Ridgeline
2023-07-18 | CBR-Pinehurst LOI signed | Completed | CBR / Pinehurst
2023-08-14 | Formation of Solstice Holdings, LLC (EIN 88-4071523) and CBR Solstice Manager, LLC (EIN 88-4071597) in Delaware | Completed | CBR / Calderwood & Harkness | Registered Agent: Cascade Systems, Dover, DE
2023-09-21 | Signing: LLCA, TCPA, and ancillary documents executed | Completed | All parties
2023-09-30 | COD — Cimarron Solar (50 MW, Lea County, NM) | Completed | CBR / VBC | First project to achieve COD
2023-10-15 | COD — Pecos Sun Solar (85 MW, Reeves County, TX) | Completed | CBR / VBC
2023-10-20 | COD — Sandoval Ridge Solar (50 MW, Sandoval County, NM) | Completed | CBR / VBC
2023-10-25 | Weighted-average COD (for modeling purposes) | Completed | N/A | Used for flip-date projection
2023-10-28 | COD — Red Mesa Solar (70 MW, Pecos County, TX) | Completed | CBR / VBC
2023-11-05 | COD — Coyote Flats Solar (65 MW, Ward County, TX) | Completed | CBR / VBC
2023-11-12 | COD — Llano Verde Solar (55 MW, Hudspeth County, TX) | Completed | CBR / VBC
2023-11-18 | COD — Amistad Solar (45 MW, Val Verde County, TX) — FINAL PROJECT | Completed | CBR / VBC | Final interconnection confirmation delayed; caused closing extension
2023-11-30 | Original scheduled closing date | Superseded | All parties | Delayed 8 days due to Amistad ERCOT interconnection confirmation
2023-12-08 | Actual closing date — Ridgeline 1st tranche ($96,000,000) funded; Pinehurst escrow ($55,200,000) released; all documents executed | Completed | All parties
2024-02-06 | Ridgeline 2nd tranche funding date ($24,000,000) | Pending | Ridgeline | 60 days post-final COD (11/18 + 60 = 1/17, extended to 2/6 per agreement)
2028-Q4 | Projected partnership flip date (approximately 5.0 years post wtd-avg COD) | Projected | Solstice Holdings | Ridgeline target: 7.25% after-tax IRR
[sheet: Parties & Contacts]
Party / Entity | Role in Transaction | Entity Type / Jurisdiction | EIN | Address | Key Contact — Name | Key Contact — Title | Key Contact — Role | Counsel
Calloway-Briggs Renewables Inc. | Sponsor / Borrower / Client | C-Corporation / Texas | 84-3291076 | 2700 Post Oak Boulevard, Suite 1450, Houston, TX 77056 | Marcus Calloway | Chairman & CEO | Sponsor principal; signatory | Calderwood & Harkness LLP
Calloway-Briggs Renewables Inc. | Sponsor / Borrower / Client | C-Corporation / Texas | 84-3291076 | Diana Briggs | President & COO | Secretary's certificate signatory | Calderwood & Harkness LLP
Calloway-Briggs Renewables Inc. | Sponsor / Borrower / Client | C-Corporation / Texas | 84-3291076 | Theo Vasquez | CFO | Financial lead; designated individual for partnership representative | Calderwood & Harkness LLP
Calloway-Briggs Renewables Inc. | Sponsor / Borrower / Client | C-Corporation / Texas | 84-3291076 | Priya Anand | VP, Project Finance | Day-to-day deal lead (CBR) | Calderwood & Harkness LLP
CBR Solstice Manager, LLC | Managing Member of Solstice Holdings | LLC (disregarded) / Delaware | 88-4071597 | c/o CBR, Houston, TX | Marcus Calloway | Authorized Representative | Signatory | Calderwood & Harkness LLP
Solstice Holdings, LLC | Tax-Equity Partnership Vehicle | LLC (partnership) / Delaware | 88-4071523 | c/o National Registered Agents, 160 Greentree Drive, Suite 101, Dover, DE 19904 | N/A | N/A | N/A | Calderwood & Harkness LLP
Ridgeline Capital Partners, LLC | Tax-Equity Investor | LLC / Delaware | 13-4827651 | 390 Park Avenue, 22nd Floor, New York, NY 10022 | Jonathan Kessler | Managing Partner | Tax-equity investor principal | Whitfield & Ayers LLP
Ridgeline Capital Partners, LLC | Tax-Equity Investor | LLC / Delaware | 13-4827651 | Samara Okonkwo | Vice President | Investment committee member | Whitfield & Ayers LLP
Ridgeline Capital Partners, LLC | Tax-Equity Investor | LLC / Delaware | 13-4827651 | David Lim | Vice President | Day-to-day deal lead (Ridgeline) | Whitfield & Ayers LLP
Pinehurst Insurance Group, Inc. | Transferable Credit Buyer | Corporation / Connecticut | 06-1938274 | 175 Constitution Plaza, Hartford, CT 06103 | Gerald Fontaine | CEO | Principal signatory | Thornberry Mack LLP
Pinehurst Insurance Group, Inc. | Transferable Credit Buyer | Corporation / Connecticut | 06-1938274 | Catherine Moreau | SVP, Tax & Treasury | Credit purchase negotiation lead | Thornberry Mack LLP
Pinehurst Insurance Group, Inc. | Transferable Credit Buyer | Corporation / Connecticut | 06-1938274 | Alec Drummond | Director, Alt. Tax Investments | Day-to-day contact (Pinehurst) | Thornberry Mack LLP
Osprey National Bank, N.A. | Construction Lender / Back-Leverage Lender | National banking assn. / Federal (OCC) | N/A | 300 Madison Avenue, New York, NY 10017 | Frank DiNapoli | Managing Director, Project Finance | Construction lender lead | N/A
Osprey National Bank, N.A. | Construction Lender / Back-Leverage Lender | National banking assn. / Federal (OCC) | N/A | Anita Reyes | VP, RE Lending | Day-to-day (Osprey) | N/A
Clearwater Escrow Services, Inc. | Escrow Agent | Corporation / New York | N/A | 100 Wall Street, Suite 600, New York, NY 10005 | James Harding | Vice President | Escrow officer | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | 600 Lexington Avenue, New York, NY 10022 (NY); 1000 Louisiana Street, Suite 3800, Houston, TX 77002 (Houston) | Leonard Cross | Partner, Tax | Responsible partner | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | Sylvia Hartwell | Partner, Tax | Tax opinion co-signatory | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | Monica Chu | Partner, Project Finance | Legal opinion signatory | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | Leila Nazari | Associate, Tax (5th year) | Lead associate | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | Robert Jansen | Associate, Tax (3rd year) | Working associate; diligence coordination | N/A
Calderwood & Harkness LLP | Sponsor's Counsel | LLP / New York | N/A | Derek Saunders | Senior Associate, Real Estate | Real property and regulatory diligence | N/A
Whitfield & Ayers LLP | Tax-Equity Investor's Counsel | LLP / New York | N/A | 51 West 52nd Street, New York, NY 10019 | Patricia Whitfield | Senior Partner, Tax | Ridgeline's lead counsel | N/A
Thornberry Mack LLP | Credit Buyer's Counsel | LLP / Connecticut | N/A | 280 Trumbull Street, Suite 1200, Hartford, CT 06103 | Roland Thornberry | Partner, Tax | Pinehurst's lead counsel | N/A
Greystone Worthington, LLC | Independent Tax Advisor / Appraiser | LLC / Illinois | N/A | 200 S. Wacker Drive, Suite 2900, Chicago, IL 60606 | Helen Farber | Managing Director | Appraisal lead | N/A
Meridian Technical Advisors, LLC | Independent Engineer | LLC / Colorado | N/A | 1700 Broadway, Suite 1510, Denver, CO 80290 | Dr. Rajan Mehta | Principal Engineer | IE lead | N/A
Larchmont & Associates | Auditor | Partnership / New York | N/A | 1 Penn Plaza, Suite 3200, New York, NY 10119 | Martin Larchmont | Managing Partner | Audit engagement partner | N/A
Larchmont & Associates | Auditor | Partnership / New York | N/A | Susan Kaplan | Tax Partner | Tax advisory | N/A
Vasquez Brothers Construction, Inc. | EPC Contractor | Corporation / Texas | 75-2648103 | 8500 N. Stemmons Freeway, Suite 400, Dallas, TX 75247 | Carlos Vasquez | President | EPC contractor principal | N/A
Vasquez Brothers Construction, Inc. | EPC Contractor | Corporation / Texas | 75-2648103 | Elena Vasquez-Torres | VP, Project Execution | Construction compliance signatory | N/A
Sentinel Underwriters / Fortis Indemnity Company / Ironclad Surety Corp. | Insurance Broker / Carrier / Surety | Various | N/A | Various | N/A | N/A | Insurance and bonding providers | N/A
[sheet: Funds Flow Summary]
Flow # | Source | Destination | Amount ($) | Description | Timing | Confirmation Received | Notes
1 | Clearwater Escrow (Account CES-2023-80114) | Solstice Holdings, LLC — Operating Account at Osprey National Bank | 96000000 | Ridgeline Capital Partners 1st tranche capital contribution (80% of $120,000,000) | Release at closing — 12/8/2023 | Yes | Deposited by Ridgeline 5 business days prior to closing
2 | Clearwater Escrow (Account CES-2023-80114) | Calloway-Briggs Renewables Inc. — Account at Osprey National Bank | 55200000 | Pinehurst Insurance Group credit purchase price ($60,000,000 × $0.92 = $55,200,000) | Release at closing — 12/8/2023 | Yes | Deposited by Pinehurst 5 business days prior; released upon delivery of Transfer Election Statements and closing certificate
3 | CBR Solstice Manager, LLC | Solstice Holdings, LLC — Operating Account at Osprey National Bank | 2400000 | CBR Manager capital contribution (2% of $120,000,000 per Rev. Proc. 2007-65) | Wire at closing — 12/8/2023 | Yes
4 | Solstice Holdings, LLC / CBR | Osprey National Bank, N.A. | TBD (partial) | Partial repayment of construction facility draws (ONB-PF-2022-0341; $245,000,000 total commitments) | Wire at closing — 12/8/2023 | Yes | Amount determined per payoff letter
5 | Ridgeline Capital Partners, LLC | Solstice Holdings, LLC — Operating Account | 24000000 | Ridgeline 2nd tranche capital contribution (20% of $120,000,000) | Due by 2/6/2024 | No — Pending | 60 days post-final COD (11/18/2023); extended to 2/6/2024 per agreement