[sheet: Cover & Summary]

Field	Value
Document Title	ITC Claim Support Schedules and Workpapers — Solstice Portfolio
Prepared By	Robert Jansen, Associate, Tax — Calderwood & Harkness LLP
Reviewed By	Leila Nazari, Associate, Tax — Calderwood & Harkness LLP
Supervising Partner	Leonard Cross, Partner, Tax — Calderwood & Harkness LLP
Billing Partner	Sylvia Hartwell, Partner, Tax — Calderwood & Harkness LLP
C&H Matter No.	1015-00005
C&H Billing No.	78204-001
Client	Calloway-Briggs Renewables Inc. (EIN: 84-3291076)
Partnership Vehicle	Solstice Holdings, LLC (EIN: 88-4071523)
Managing Member	CBR Solstice Manager, LLC (EIN: 88-4071597)
Tax-Equity Investor	Ridgeline Capital Partners, LLC (EIN: 13-4827651)
Transferable Credit Buyer	Pinehurst Insurance Group, Inc. (EIN: 06-1938274)
Independent Tax Advisor / Appraiser	Greystone Worthington, LLC
CBR Accounting Firm	Larchmont & Associates, PLLC
EPC Contractor	Vasquez Brothers Construction, Inc. (EIN: 75-2648103)
Number of Projects	7
Total Portfolio Capacity	420 MW(dc)
Aggregate Eligible Basis (EPC Cost)	$384,600,000
Applicable ITC Rate	40% (30% base + 10% domestic content)
Total ITCs Generated	$153,840,000
ITCs Allocated to Partnership (Ridgeline)	$89,040,000
ITCs Transferred Under § 6418	$64,800,000
— Sold to Pinehurst	$60,000,000
— Retained by CBR	$4,800,000

5-Year MACRS Depreciable Basis (Post-ITC Reduction)	$307,680,000
Signing Date	September 21, 2023
Closing Date	December 8, 2023
Date Prepared	December 6, 2023
Version	Final — Closing Set

[sheet: Project Detail — Eligible Basis]

Project #	Project Name	Entity Name	State	County	Capacity MW(dc)	EPC Contractor	EPC Contract Cost ($)	Adjustments ($)	Total Eligible Basis ($)	Placed-in-Service Date	COD Confirmed	Prevailing Wage Compliance Certified	Apprenticeship Compliance Certified	PPA Offtaker	PPA Term (years)	PPA Price ($/MWh)	PPA Escalator (%/yr)
1	Pecos Sun	Pecos Sun Solar, LLC	TX	Reeves	85	Vasquez Brothers Construction, Inc.	78,200,000	0	78,200,000	2023-10-15	Yes	Yes	Yes	Lone Star Grid Solutions, LLC	15	32.50	1.5%
2	Red Mesa	Red Mesa Solar, LLC	TX	Pecos	70	Vasquez Brothers Construction, Inc.	63,700,000	0	63,700,000	2023-10-28	Yes	Yes	Yes	Lone Star Grid Solutions, LLC	15	32.50	1.5%
3	Coyote Flats	Coyote Flats Solar, LLC	TX	Ward	65	Vasquez Brothers Construction, Inc.	59,100,000	0	59,100,000	2023-11-05	Yes	Yes	Yes	Lone Star Grid Solutions, LLC	15	32.50	1.5%
4	Llano Verde	Llano Verde Solar, LLC	TX	Hudspeth	55	Vasquez Brothers Construction, Inc.	50,400,000	0	50,400,000	2023-11-12	Yes	Yes	Yes	Lone Star Grid Solutions, LLC	15	32.50	1.5%
5	Cimarron	Cimarron Solar, LLC	NM	Lea	50	Vasquez Brothers Construction, Inc.	45,800,000	0	45,800,000	2023-09-30	Yes	Yes	Yes	Enchantment Power Cooperative	20	29.75	2.0%
6	Sandoval Ridge	Sandoval Ridge Solar, LLC	NM	Sandoval	50	Vasquez Brothers Construction, Inc.	46,100,000	0	46,100,000	2023-10-20	Yes	Yes	Yes	Enchantment Power Cooperative	20	29.75	2.0%
7	Amistad	Amistad Solar, LLC	TX	Val Verde	45	Vasquez Brothers Construction, Inc.	41,300,000	0	41,300,000	2023-11-18	Yes	Yes	Yes	Lone Star Grid Solutions, LLC	15	32.50	1.5%
TOTAL	420	384,600,000	0	384,600,000

[sheet: ITC Rate Analysis]

Component	Rate / Qualification	Notes
Statutory Base ITC Rate (§ 48(a))	6%	Default rate for energy property placed in service after 2022
Prevailing Wage Requirement Met?	Yes	All 7 projects — VBC certified compliance per Master EPC Agreement; certifications on file with Larchmont & Associates
Apprenticeship Requirement Met?	Yes	All 7 projects — VBC certified compliance; apprenticeship hours documented
Increased Credit Rate Multiplier	5×	Prevailing wage + apprenticeship requirements satisfied → 6% × 5 = 30%
Base ITC Rate (After Multiplier)	30%	6% × 5 = 30%
Domestic Content Bonus Adder (§ 48(a)(12))	10%	Projects qualify — steel, iron, and manufactured products meet domestic content thresholds per Greystone Worthington analysis
Energy Community Bonus Adder (§ 48(a)(14))	0%	Projects do not qualify for energy community adder
Low-Income Community Bonus Adder	0%	Not applicable — utility-scale projects
TOTAL APPLICABLE ITC RATE	40%	30% base + 10% domestic content + 0% energy community = 40%

[sheet: ITC Calculation by Project]

Project #	Project Name	Entity Name	Eligible Basis ($)	ITC Rate (%)	Total ITC Generated ($)	Placed-in-Service Date	Tax Year
1	Pecos Sun	Pecos Sun Solar, LLC	78,200,000	40%	31,280,000	2023-10-15	2023
2	Red Mesa	Red Mesa Solar, LLC	63,700,000	40%	25,480,000	2023-10-28	2023
3	Coyote Flats	Coyote Flats Solar, LLC	59,100,000	40%	23,640,000	2023-11-05	2023
4	Llano Verde	Llano Verde Solar, LLC	50,400,000	40%	20,160,000	2023-11-12	2023
5	Cimarron	Cimarron Solar, LLC	45,800,000	40%	18,320,000	2023-09-30	2023
6	Sandoval Ridge	Sandoval Ridge Solar, LLC	46,100,000	40%	18,440,000	2023-10-20	2023
7	Amistad	Amistad Solar, LLC	41,300,000	40%	16,520,000	2023-11-18	2023
TOTAL	384,600,000	40%	153,840,000

[sheet: ITC Allocation — Partnership vs]

Project #	Project Name	Total ITC ($)	ITCs Allocated to Partnership ($)	ITCs Transferred Under § 6418 — Total ($)	§ 6418 — Sold to Pinehurst ($)	§ 6418 — Retained by CBR ($)
1	Pecos Sun	31,280,000	18,130,667	13,149,333	12,173,333	976,000
2	Red Mesa	25,480,000	14,770,667	10,709,333	9,917,333	792,000
3	Coyote Flats	23,640,000	13,704,000	9,936,000	9,200,000	736,000
4	Llano Verde	20,160,000	11,686,400	8,473,600	7,848,000	625,600
5	Cimarron	18,320,000	10,619,733	7,700,267	7,130,667	569,600
6	Sandoval Ridge	18,440,000	10,689,267	7,750,733	7,177,333	573,400
7	Amistad	16,520,000	9,579,267	6,940,733	6,427,333	513,400
TOTAL	153,840,000	89,040,000	64,800,000	60,000,000	4,800,000

[sheet: Partnership ITC Allocation Deta]

Allocation Item	Total Partnership ITCs ($)	Ridgeline (99%) ($)	CBR Manager (1%) ($)	Notes
Partnership-Allocated ITCs — Pre-Flip	89,040,000	88,149,600	890,400	Per LLCA § [X]; 99%/1% tax allocation
Post-Flip ITC Allocation (if any)	0	0	0	All ITCs placed in service in Year 1; no post-flip ITCs expected
TOTAL	89,040,000	88,149,600	890,400

[sheet: Cover & Summary]
Field | Value
Document Title | ITC Claim Support Schedules and Workpapers — Solstice Portfolio
Prepared By | Robert Jansen, Associate, Tax — Calderwood & Harkness LLP
Reviewed By | Leila Nazari, Associate, Tax — Calderwood & Harkness LLP
Supervising Partner | Leonard Cross, Partner, Tax — Calderwood & Harkness LLP
Billing Partner | Sylvia Hartwell, Partner, Tax — Calderwood & Harkness LLP
C&H Matter No. | 1015-00005
C&H Billing No. | 78204-001
Client | Calloway-Briggs Renewables Inc. (EIN: 84-3291076)
Partnership Vehicle | Solstice Holdings, LLC (EIN: 88-4071523)
Managing Member | CBR Solstice Manager, LLC (EIN: 88-4071597)
Tax-Equity Investor | Ridgeline Capital Partners, LLC (EIN: 13-4827651)
Transferable Credit Buyer | Pinehurst Insurance Group, Inc. (EIN: 06-1938274)
Independent Tax Advisor / Appraiser | Greystone Worthington, LLC
CBR Accounting Firm | Larchmont & Associates, PLLC
EPC Contractor | Vasquez Brothers Construction, Inc. (EIN: 75-2648103)
Number of Projects | 7
Total Portfolio Capacity | 420 MW(dc)
Aggregate Eligible Basis (EPC Cost) | $384,600,000
Applicable ITC Rate | 40% (30% base + 10% domestic content)
Total ITCs Generated | $153,840,000
ITCs Allocated to Partnership (Ridgeline) | $89,040,000
ITCs Transferred Under § 6418 | $64,800,000
  — Sold to Pinehurst | $60,000,000
  — Retained by CBR | $4,800,000
5-Year MACRS Depreciable Basis (Post-ITC Reduction) | $307,680,000
Signing Date | September 21, 2023
Closing Date | December 8, 2023
Date Prepared | December 6, 2023
Version | Final — Closing Set
[sheet: Project Detail — Eligible Basis]
Project # | Project Name | Entity Name | State | County | Capacity MW(dc) | EPC Contractor | EPC Contract Cost ($) | Adjustments ($) | Total Eligible Basis ($) | Placed-in-Service Date | COD Confirmed | Prevailing Wage Compliance Certified | Apprenticeship Compliance Certified | PPA Offtaker | PPA Term (years) | PPA Price ($/MWh) | PPA Escalator (%/yr)
1 | Pecos Sun | Pecos Sun Solar, LLC | TX | Reeves | 85 | Vasquez Brothers Construction, Inc. | 78,200,000 | 0 | 78,200,000 | 2023-10-15 | Yes | Yes | Yes | Lone Star Grid Solutions, LLC | 15 | 32.50 | 1.5%
2 | Red Mesa | Red Mesa Solar, LLC | TX | Pecos | 70 | Vasquez Brothers Construction, Inc. | 63,700,000 | 0 | 63,700,000 | 2023-10-28 | Yes | Yes | Yes | Lone Star Grid Solutions, LLC | 15 | 32.50 | 1.5%
3 | Coyote Flats | Coyote Flats Solar, LLC | TX | Ward | 65 | Vasquez Brothers Construction, Inc. | 59,100,000 | 0 | 59,100,000 | 2023-11-05 | Yes | Yes | Yes | Lone Star Grid Solutions, LLC | 15 | 32.50 | 1.5%
4 | Llano Verde | Llano Verde Solar, LLC | TX | Hudspeth | 55 | Vasquez Brothers Construction, Inc. | 50,400,000 | 0 | 50,400,000 | 2023-11-12 | Yes | Yes | Yes | Lone Star Grid Solutions, LLC | 15 | 32.50 | 1.5%
5 | Cimarron | Cimarron Solar, LLC | NM | Lea | 50 | Vasquez Brothers Construction, Inc. | 45,800,000 | 0 | 45,800,000 | 2023-09-30 | Yes | Yes | Yes | Enchantment Power Cooperative | 20 | 29.75 | 2.0%
6 | Sandoval Ridge | Sandoval Ridge Solar, LLC | NM | Sandoval | 50 | Vasquez Brothers Construction, Inc. | 46,100,000 | 0 | 46,100,000 | 2023-10-20 | Yes | Yes | Yes | Enchantment Power Cooperative | 20 | 29.75 | 2.0%
7 | Amistad | Amistad Solar, LLC | TX | Val Verde | 45 | Vasquez Brothers Construction, Inc. | 41,300,000 | 0 | 41,300,000 | 2023-11-18 | Yes | Yes | Yes | Lone Star Grid Solutions, LLC | 15 | 32.50 | 1.5%
TOTAL | 420 | 384,600,000 | 0 | 384,600,000
[sheet: ITC Rate Analysis]
Component | Rate / Qualification | Notes
Statutory Base ITC Rate (§ 48(a)) | 6% | Default rate for energy property placed in service after 2022
Prevailing Wage Requirement Met? | Yes | All 7 projects — VBC certified compliance per Master EPC Agreement; certifications on file with Larchmont & Associates
Apprenticeship Requirement Met? | Yes | All 7 projects — VBC certified compliance; apprenticeship hours documented
Increased Credit Rate Multiplier | 5× | Prevailing wage + apprenticeship requirements satisfied → 6% × 5 = 30%
Base ITC Rate (After Multiplier) | 30% | 6% × 5 = 30%
Domestic Content Bonus Adder (§ 48(a)(12)) | 10% | Projects qualify — steel, iron, and manufactured products meet domestic content thresholds per Greystone Worthington analysis
Energy Community Bonus Adder (§ 48(a)(14)) | 0% | Projects do not qualify for energy community adder
Low-Income Community Bonus Adder | 0% | Not applicable — utility-scale projects
TOTAL APPLICABLE ITC RATE | 40% | 30% base + 10% domestic content + 0% energy community = 40%
[sheet: ITC Calculation by Project]
Project # | Project Name | Entity Name | Eligible Basis ($) | ITC Rate (%) | Total ITC Generated ($) | Placed-in-Service Date | Tax Year
1 | Pecos Sun | Pecos Sun Solar, LLC | 78,200,000 | 40% | 31,280,000 | 2023-10-15 | 2023
2 | Red Mesa | Red Mesa Solar, LLC | 63,700,000 | 40% | 25,480,000 | 2023-10-28 | 2023
3 | Coyote Flats | Coyote Flats Solar, LLC | 59,100,000 | 40% | 23,640,000 | 2023-11-05 | 2023
4 | Llano Verde | Llano Verde Solar, LLC | 50,400,000 | 40% | 20,160,000 | 2023-11-12 | 2023
5 | Cimarron | Cimarron Solar, LLC | 45,800,000 | 40% | 18,320,000 | 2023-09-30 | 2023
6 | Sandoval Ridge | Sandoval Ridge Solar, LLC | 46,100,000 | 40% | 18,440,000 | 2023-10-20 | 2023
7 | Amistad | Amistad Solar, LLC | 41,300,000 | 40% | 16,520,000 | 2023-11-18 | 2023
TOTAL | 384,600,000 | 40% | 153,840,000
[sheet: ITC Allocation — Partnership vs]
Project # | Project Name | Total ITC ($) | ITCs Allocated to Partnership ($) | ITCs Transferred Under § 6418 — Total ($) | § 6418 — Sold to Pinehurst ($) | § 6418 — Retained by CBR ($)
1 | Pecos Sun | 31,280,000 | 18,130,667 | 13,149,333 | 12,173,333 | 976,000
2 | Red Mesa | 25,480,000 | 14,770,667 | 10,709,333 | 9,917,333 | 792,000
3 | Coyote Flats | 23,640,000 | 13,704,000 | 9,936,000 | 9,200,000 | 736,000
4 | Llano Verde | 20,160,000 | 11,686,400 | 8,473,600 | 7,848,000 | 625,600
5 | Cimarron | 18,320,000 | 10,619,733 | 7,700,267 | 7,130,667 | 569,600
6 | Sandoval Ridge | 18,440,000 | 10,689,267 | 7,750,733 | 7,177,333 | 573,400
7 | Amistad | 16,520,000 | 9,579,267 | 6,940,733 | 6,427,333 | 513,400
TOTAL | 153,840,000 | 89,040,000 | 64,800,000 | 60,000,000 | 4,800,000
[sheet: Partnership ITC Allocation Deta]
Allocation Item | Total Partnership ITCs ($) | Ridgeline (99%) ($) | CBR Manager (1%) ($) | Notes
Partnership-Allocated ITCs — Pre-Flip | 89,040,000 | 88,149,600 | 890,400 | Per LLCA § [X]; 99%/1% tax allocation
Post-Flip ITC Allocation (if any) | 0 | 0 | 0 | All ITCs placed in service in Year 1; no post-flip ITCs expected
TOTAL | 89,040,000 | 88,149,600 | 890,400

[sheet: Cover & Summary]

Record

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