Solar Park #2302 with Battery Storage — 0.825 MWp

Nicosia District, Cyprus

Connection terms pending

Tier 1 licensed — permits in place · Land lease registered, zero encumbrances · Grid: preliminary DSO filed; formal EAC connection terms pending (offer expected Q3 2026)

0.825 MWp

PV capacity

Fixed-tilt monofacial PV

2 MWh

BESS (4h)

LFP · 0.5 MW

€1.18M

Total CAPEX

ex VAT

~10–12%

Lev. equity IRR

indicative †

1.36 GWh

Annual production

1,650 kWh/kWp·yr

€96K

Solar rev Y1

681 MWh × €141/MWh

€94K

BESS rev Y1

483 MWh × €195/MWh

€190K

Gross Y1 revenue

before fees & tax

Revenue mechanics

50% curtailment (Cyprus 2027 baseline). BESS captures 82% → dispatches at DAM evening peak. RTE 86.32% AC–AC.

Source	MWh/yr	€/MWh	Y1 Revenue
Solar — uncurtailed 50%	681	140.88	€96K
BESS — curtailed × capture × RTE	483	195.00	€94K
Total gross Y1	1,164	—	€190K

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)	€330K
PV EPC — 0.825 MWp	€594K
BESS EPC — 0.5 MW / 2 MWh	€254K
Total (100% equity)	€1.18M

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

Investment structure (100% equity)

Item	Value	Notes
RTB acquisition	€330K	Excl. EAC grid connection terms
PV EPC	€594K	€0.72/Wp turnkey (Lighthief)
BESS EPC (0.5 MW / 2 MWh)	€254K	€127k/MWh ex VAT (Tier-1 LFP OEM, Lighthief installed)
Total equity required	€1.18M	100% equity — no debt
Y1 gross revenue	€190K	Solar + BESS
Aggregator fee (10%)	−€19K	Of gross revenue
Y1 OPEX	−€46K	O&M + land + insurance
Y1 EBITDA	€125K	EBITDA margin 66%
D&A (est., tax shield)	−€64K	PV+BESS 20yr · RTB 15yr SL
Cyprus CIT 15% on taxable income	−€9K	From 1 Jan 2026
Y1 free cash flow	€116K	9.8% cash-on-cash yield

Y1 OPEX breakdown

Cost line	€/yr
PV O&M	€12K
BESS O&M (LTSA basis)	€5K
Land lease	€8K
Insurance + admin + monitoring	€21K
Total OPEX Y1	€46K

Equity investment options

Stake	Investment €	Y1 FCF €	Cash yield
25% stake	€295K	€29K	9.8%
50% stake	€589K	€58K	9.8%
100% stake	€1,178K	€116K	9.8%

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	€195K	~17–21%
Base — 50% curtailment	€190K	~10–12%
Downside — 65% curtailment	€161K	~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	Q4 2026 / Q1 2027

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 — Preliminary DSO application submitted; formal EAC connection offer expected Q3 2026
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