Solar Parks #2205 + #2206 — Combined Package (2.817 MW)

Nicosia District, Cyprus

Connection terms pending

#2205 (0.5 MWp): Construction complete — grid connection terms pending · #2206 (2.317 MWp + BESS): Tier 1 licensed, permits in place · Land: FREEHOLD on both plots · Grid: formal EAC connection terms pending

2.817 MWp

PV capacity

#2205: 0.5 MWp built · #2206: 2.317 MWp ground-mounted RTB

6 MWh

BESS (4h)

LFP · 1.5 MW

€4.28M

Total CAPEX

ex VAT

~13–16%

Lev. equity IRR

indicative †

4.65 GWh

Annual production

1,650 kWh/kWp·yr

€327K

Solar rev Y1

2,324 MWh × €141/MWh

€283K

BESS rev Y1

1,450 MWh × €195/MWh

€610K

Gross Y1 revenue

before fees & tax

Revenue mechanics

50% curtailment (Cyprus 2027 baseline). BESS captures 72% → dispatches at DAM evening peak. RTE 86.32% AC–AC.

Source	MWh/yr	€/MWh	Y1 Revenue
Solar — uncurtailed 50%	2,324	140.88	€327K
BESS — curtailed × capture × RTE	1,450	195.00	€283K
Total gross Y1	3,774	—	€610K

DAM basis: 134 TSOC day-ahead days (1 Oct 2025 – 11 Feb 2026). BESS charges from curtailed solar at €0 cost. Grid arbitrage (buy/sell) not yet legal in Cyprus (Feb 2026). Spring/summer peaks observed >€340/MWh (Apr 2026); figures use conservative winter-biased sample.

Wholesale reference (DAM)

Price block	Measured	Model used
24h average	158	—
Daytime 06:00–17:00 (solar sell)	141	141
Evening peak 17:00–21:00 (BESS discharge)	183	195
Apr 2026 observed peak	>340	—

Measured: 134 TSOC day-ahead days (1 Oct 2025 – 11 Feb 2026). Model uses €195/MWh discharge price (blended conservative; actual measured avg €183, Apr peak >€340).

Investment summary

Component	EUR
RTB acquisition (SPV share purchase)	€1.85M
PV EPC — 2.817 MWp	€1.67M
BESS EPC — 1.5 MW / 6 MWh	€762K
Total (100% equity)	€4.28M

⚠ EAC grid connection terms pending — priced separately (case-by-case).

Investment structure (100% equity)

Item	Value	Notes
RTB acquisition	€1.85M	Excl. EAC grid connection terms
PV EPC	€1.67M	€0.72/Wp turnkey — #2206 only (#2205 already constructed)
BESS EPC (1.5 MW / 6 MWh)	€762K	€127k/MWh ex VAT (Tier-1 LFP OEM, Lighthief installed)
Total equity required	€4.28M	100% equity — no debt
Y1 gross revenue	€610K	Solar + BESS
Aggregator fee (10%)	−€61K	Of gross revenue
Y1 OPEX	−€93K	O&M + land + insurance
Y1 EBITDA	€456K	EBITDA margin 75%
D&A (est., tax shield)	−€245K	PV+BESS 20yr · RTB 15yr SL
Cyprus CIT 15% on taxable income	−€32K	From 1 Jan 2026
Y1 free cash flow	€424K	9.9% cash-on-cash yield

Y1 OPEX breakdown

Cost line	€/yr
PV O&M	€42K
BESS O&M (LTSA basis)	€15K
Land lease	€0K
Insurance + admin + monitoring	€36K
Total OPEX Y1	€93K

Equity investment options

Stake	Investment €	Y1 FCF €	Cash yield
25% stake	€1,070K	€106K	9.9%
50% stake	€2,140K	€212K	9.9%
100% stake	€4,280K	€424K	9.9%

100% equity structure — no bank debt. Cash yield = Y1 FCF (post-tax) × stake %. Full 25-year model available under NDA.

Revenue sensitivity

Curtailment scenario	Y1 Gross Rev	Indic. IRR
Upside — 35% curtailment	€665K	~19–23%
Base — 50% curtailment	€610K	~13–16%
Downside — 65% curtailment	€512K	~11–15%

Revenue increases with higher curtailment because BESS dispatches at evening peak (€183/MWh avg) vs direct solar (€141/MWh avg) — provided BESS is sized to capture daily curtailed volume.

Project timeline

Milestone	Status
CERA generation licence	Issued
Town planning & building permits	Issued
Environmental approvals	Issued
Land lease / site control	Executed
EAC grid connection	Prelim. filed — offer expected Q3 2026
EPC contract (Lighthief)	Upon NDA
Financial close	Upon EAC offer (expected Q3 2026)
Target COD	#2205: target energisation Q3 2026 · #2206: target COD Q4 2026

Investment rationale

Why Cyprus BESS now?
Curtailment on the island grid is rising rapidly (50%+ at peak solar hours). BESS earns at €0 charge cost — storing otherwise-curtailed solar and dispatching at evening peak (€183–340/MWh). This structural arbitrage is locked in before DAM grid-charging legislation (expected 2027+) further compresses economics for late movers.

Key risks
Low Technology — Tier-1 LFP BESS, 7,000-cycle / 15yr warranty.
Low Permitting — CERA + planning already issued.
Med Grid connection — Grid connection awaiting DSO formal offer on both plots (#2205 already constructed)
Med DAM price — conservative TSOC sample used; April peaks >€340/MWh.
Low Regulatory — Cyprus CIT 15% fixed from Jan 2026.

Non-binding indicative summary. Figures based on Lighthief EPC pricing schedule (v4 Feb 2026), TSOC DAM sample (Oct 2025–Feb 2026), and project documentation on file. Not a prospectus or offer. Investors must conduct independent due diligence and obtain legal and tax advice. Full dataroom, Excel financial model, and EPC term sheet available under NDA. All figures ex VAT unless stated. Timeline subject to EAC and regulatory progress. Lighthief Cyprus Ltd (HE 477423).

To receive the full dataroom and Excel model:
Alexander Papacosta — Cyprus Director · +357 99 164 158 · office@lighthief.com
Lighthief Cyprus Ltd · solarfarms.cy · +357 77 77 00 50