Sia Solar Park with Battery Storage

Larnaca District, Cyprus

Connection terms issued

CERA generation licence issued (Apr 2025) · Town planning permit issued (May 2025) · EIA approved · Land lease executed · EAC grid connection terms issued (ref 498000141 + Amendment 5, Jun 2025) · Substation sublease formalisation in progress

3.2 MWp

PV capacity

Jinko 645W bifacial

7.5 MWh

BESS (3h)

LFP · 2.5 MW

€3.94M

Total CAPEX

ex VAT

~9–11%

Lev. equity IRR

indicative †

4.74 GWh

Annual production

1,480 kWh/kWp·yr

€367K

Solar rev Y1

2,605 MWh × €141/MWh

€313K

BESS rev Y1

1,607 MWh × €195/MWh

€680K

Gross Y1 revenue

before fees & tax

Revenue mechanics

45% curtailment (Cyprus 2027 baseline). BESS captures 87% → dispatches at DAM evening peak. RTE 86.32% AC–AC.

Source	MWh/yr	€/MWh	Y1 Revenue
Solar — uncurtailed 55%	2,605	140.88	€367K
BESS — curtailed × capture × RTE	1,607	195.00	€313K
Total gross Y1	4,212	—	€680K

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)	€600K
PV EPC — 3.2 MWp	€2.30M
BESS EPC — 2.5 MW / 7.5 MWh	€953K
Total (100% equity)	€3.94M

✓ EAC grid connection terms included in RTB price.

Investment structure (100% equity)

Item	Value	Notes
RTB acquisition	€600K	Incl. EAC grid connection terms
PV EPC	€2.30M	€0.72/Wp turnkey (Lighthief)
BESS EPC (2.5 MW / 7.5 MWh)	€953K	€127k/MWh ex VAT (Tier-1 LFP OEM, Lighthief installed)
Total equity required	€3.94M	100% equity — no debt
Y1 gross revenue	€680K	Solar + BESS
Aggregator fee (10%)	−€68K	Of gross revenue
Y1 OPEX	−€97K	O&M + land + insurance
Y1 EBITDA	€515K	EBITDA margin 76%
D&A (est., tax shield)	−€203K	PV+BESS 20yr · RTB 15yr SL
Cyprus CIT 15% on taxable income	−€47K	From 1 Jan 2026
Y1 free cash flow	€469K	11.9% cash-on-cash yield

Y1 OPEX breakdown

Cost line	€/yr
PV O&M	€26K
BESS O&M (LTSA basis)	€19K
Land lease	€18K
Insurance + admin + monitoring	€35K
Total OPEX Y1	€97K

Equity investment options

Stake	Investment €	Y1 FCF €	Cash yield
25% stake	€985K	€117K	11.9%
50% stake	€1,970K	€234K	11.9%
100% stake	€3,940K	€469K	11.9%

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 — 30% curtailment	€676K	~16–20%
Base — 45% curtailment	€680K	~9–11%
Downside — 60% curtailment	€620K	~13–17%

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	Final terms issued
EPC contract (Lighthief)	Upon NDA
Financial close	Q3–Q4 2026 (upon final steps)
Target COD	Q3 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.
Low Grid connection — EAC preliminary terms issued Feb 2023 (ref 498000141); 5% acceptance deposit paid Feb 2023; Amendment 5 issued Jun 2025. Grid infrastructure cost confirmed ~€84k ex VAT. Final binding terms pending substation building permit + sublease (FL4145)
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