Ready to build Category B hybrid CERA Ε004576/2024 Agro-PV · fixed south 31°

Agios Theodoros Solar Park with Battery Storage

Agios Theodoros, Larnaca District, Cyprus — 2.64 MWp agro-PV + 2.5 MW / 10.03 MWh BESS (4 h). Charge from own PV — curtailed then uncurtailed time-shift.

€4.46M

All-in CAPEX

ex VAT · RTB in

€973K

Gross Y1 revenue

50% curtailment base

€693K

Y1 FCF (100% equity)

Post 10% agg · 15% CIT

12.5%

Unlevered IRR / payback

6.8 yr · 15.5% Y1

Category B (Edition 2026). BESS rated power 2.5 MW ≤ PV 2.64 MWp; maximum discharge ≤ the PV; simultaneous PV + BESS injection ≤ 2.64 MW; charge from own PV only — curtailed first, then uncurtailed time-shift. No grid buy. Hardware is two 5.015 MWh LFP containers on a T2 2.5 MW skid. A 10 MW battery on this plot would be Category C.

Investment (ex VAT)

Component	EUR
RTB acquisition	€1.00M
PV EPC — 2.64 MWp	€1.90M
BESS EPC — 2.5 MW / 10.03 MWh	€1.21M
Development / grid works	€350K
Total	€4.46M

€0.72/Wp turnkey. €120.6k/MWh installed · 2 × 5.015 MWh · T2 2.5 MW.

Y1 P&L (100% equity)

Item	EUR
Gross revenue	€973K
Aggregator 10%	−€97K
OPEX (PV O&M, LTSA, land, insurance, admin)	−€104K
Cyprus CIT 15% (after D&A)	−€79K
Free cash flow Y1	€693K

Optional 80% LTV on PV+BESS EPC: equity €1.97M, Y1 FCFE €461K, levered IRR ~20% / 4.5 yr. Indicative — no debt on the SPV today.

Category B revenue (base 50%)

Source	MWh/yr	€/MWh	Y1
Solar sold in the day	1,955	144.23	€282K
BESS (own-PV charged, evening 17–21h)	3,160	218.65	€691K
Total Y1	5,115	—	€973K

95% capture · RTE 86.32%. 925 MWh of uncurtailed PV is time-shifted into the evening. PVGIS 5.3 SARAH3 at 34.799°N, 33.386°E, south 31° front 1,996 +9.3% bifacial. At 65% curtailment the battery is already full: gross ~€967K. No grid buy.

Unique 365-day DAM

Block	Avg €/MWh
24h average	183.57
Daytime 06:00–17:00	144.23
Evening 17:00–21:00	218.65
Midday 10:00–14:00	90.46
Peak − midday spread	128.18

Unique TSOC DAM prints, 11 Oct 2025 – 10 Oct 2026 (365 trading days). Duplicate workbook rows dropped.

Site

PV yield	2,182 kWh/kWp · 5.76 GWh/yr
Design	4,400 × 600 W · fixed south 31° · 25% south land slope
Land	30,101 m² · lease €9K/yr
Permits	CERA Ε004576/2024 · planning · building · land
Grid	Kofinou 2026 programme — confirm terms
COD	Target COD 2027

Alexander Papacosta · Cyprus Director, Lighthief Cyprus Ltd
+357 99 164 158 · office@lighthief.com · solarfarms.cy
15 Agaritsis, Nektaria Court, Office 201, 3045 Zakaki, Limassol · HE 477423

Indicative, non-binding. Not a yield guarantee. Kofinou 3×35 MVA upgrade in the 2026 programme — confirm EAC terms in diligence. Full model: agios-theodoros-rtb-investor-model-mar2026.xlsx. OPEX Y1 €104K (PV O&M €40K · LTSA €17K · land €9K · insurance/admin in remainder). 20-year unlevered IRR uses Power Atlantic 0.25P SOH and 0.5%/yr on PV. No VAT — Article 11B on turnkey RES EPC.