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SOLAR
Viroway Solar Business Plan
Prepared for: Seed / development-stage investors
Target raise: €2.0 million
Business model: Founder-led renewable energy development company creating a portfolio of 50 MW solar PV + 125 MWh BESS project SPVs in Cyprus
Proposed DevCo ownership: 50% founders / 50% development investors
Date: April 2026
1. Executive Summary
Viroway Solar is being established as a Cyprus-focused solar and battery storage development company. The company’s objective is to originate, secure, permit, structure and finance a portfolio of utility-scale solar PV and battery energy storage projects in Cyprus.
The initial platform target is a portfolio of three project SPVs, each structured around approximately:
| Item | Per project SPV | Initial portfolio |
|---|
| Solar PV capacity | 50 MWac | 150 MWac |
| DC module capacity | 60–70 MWdc | 180–210 MWdc |
| Battery energy storage | 125 MWh | 375 MWh |
| Estimated land requirement | 75–90 ha | 225–270 ha |
| Estimated pre-grant project cost | €70m–80m | €210m–240m |
| Estimated post-grant financed cost | €65m–75m | €195m–225m |
| Target construction financing | Project-level debt, grants, EPC/vendor credit and third-party equity | Same |
The immediate investment opportunity is not to fund construction. The €2.0 million raise will fund Viroway Solar through the high-value development phase: land control, grid screening, CERA licensing pathway, environmental and planning work, offtake structuring, Chinese EPC/supplier engagement and project-finance preparation.
The founders will hold 50% of Viroway Solar DevCo, with development investors collectively holding 50%. Viroway Solar DevCo will then earn economic rights in each project SPV through a combination of development fees, carried equity, success fees, asset management fees and promote rights.
Core investment thesis
Cyprus is an attractive but constrained solar market. It has strong solar resource, high power prices, fossil-fuel dependence, grid limitations, curtailment risk and a newly liberalised electricity market. These conditions create an opportunity for a specialist developer able to combine:
- bankable solar PV,
- battery energy storage,
- private / supplier-backed PPAs,
- Chinese EPC and equipment cost leadership,
- EU/Cyprus storage support,
- project-level construction finance.
Viroway Solar’s strategy is to build a repeatable platform: originate the first 50 MW + 125 MWh project, bring it to bankable development status, finance it through a project SPV, then replicate the structure across additional sites.
2. The Problem
Cyprus has three simultaneous energy problems:
2.1 High-cost electricity system
Cyprus remains structurally exposed to imported fossil fuels for electricity generation. This creates high and volatile power costs for households, hotels, resorts and commercial users.
2.2 Renewable curtailment and grid constraints
Solar penetration has increased rapidly, but the island grid has limited flexibility. Midday solar generation increasingly exceeds what the grid can absorb, leading to curtailment. This makes simple PV-only projects less bankable.
2.3 Limited dispatchable clean power
Cyprus needs renewable energy that can be shifted into evening and peak-demand periods. Battery energy storage is therefore not optional; it is the key tool that makes new solar development more valuable and financeable.
3. The Viroway Solar Solution
Viroway Solar will develop a portfolio of 50 MW PV + 125 MWh BESS projects. Each project is sized to be large enough for institutional capital, but small enough to be more manageable for land assembly, grid connection, licensing and offtake.
3.1 Why 50 MW project blocks?
| Reason | Benefit |
|---|
| More manageable grid connection | Lower rejection and delay risk than a single 150 MW application |
| Easier land assembly | 75–90 ha per site is more realistic than 225–270 ha in one block |
| Phased financing | Each project can be financed separately |
| Repeatable structure | One successful SPV becomes the template for the next |
| Better investor segmentation | Different investors can enter at different project stages |
| Lower execution risk | Permitting and construction risk is distributed |
3.2 Why 125 MWh BESS per 50 MW?
A 125 MWh battery gives each project approximately 2.5 hours of storage duration at 50 MW discharge capacity. This enables:
| Function | Value |
|---|
| Solar shifting | Move midday solar into evening demand |
| Curtailment mitigation | Capture energy that would otherwise be lost |
| Higher realized price | Sell firmer, more valuable clean power |
| PPA enhancement | Offer hotels, suppliers and industrial buyers more predictable delivery |
| Grid-support value | Improve system integration and regulatory acceptability |
| Future flexibility revenue | Potential balancing, ancillary or aggregator revenue |
4. Market Opportunity
4.1 Cyprus market drivers
| Driver | Impact on opportunity |
|---|
| Strong solar resource | High PV output and strong project yield potential |
| High retail electricity costs | Creates demand from hotels, resorts and industrial users |
| Fossil-fuel dependence | Supports political and commercial need for local renewables |
| Grid curtailment | Increases value of storage-backed projects |
| Competitive electricity market | Enables supplier-backed and corporate PPA structures |
| EU/Cyprus storage support | May reduce BESS capex and improve returns |
| Tourism and cooling loads | Creates strong seasonal and daytime/evening energy demand |
4.2 Target customer segments
Viroway Solar will not rely on a single offtake category. The preferred model is a supplier-backed PPA supported by downstream corporate customers.
| Customer / counterparty | Role | Attractiveness |
|---|
| Licensed electricity supplier | Primary PPA counterparty / market route | Very high |
| Hotel groups / resorts | Downstream contracted demand | High |
| Industrial users | Long-term stable consumption | Medium-high |
| Cold storage / logistics / ports | Flexible energy use and cooling loads | Medium-high |
| Data centres | Potential future anchor load | Medium |
| Public sector / municipalities | Politically attractive, slower procurement | Medium |
4.3 Preferred offtake structure
The strongest route is not to contract directly with dozens of end-users. The preferred structure is:
Project SPV
↓ long-term PPA
Licensed electricity supplier / aggregator
↓ supply contracts
Hotels, resorts, industrial users, data centres, public buyers
This structure allows the supplier to manage customer switching, balancing, retail compliance and market participation, while the project SPV receives a bankable wholesale revenue contract.
5. Business Model
Viroway Solar will operate as a development platform, not as the sole balance-sheet owner of the power plants.
5.1 Corporate structure
Founders
↓ 50%
Viroway Solar DevCo
↑ 50%
Development Investors
Viroway Solar DevCo
↓ development rights / fees / carry
Project SPV 1: 50 MW PV + 125 MWh BESS
Project SPV 2: 50 MW PV + 125 MWh BESS
Project SPV 3: 50 MW PV + 125 MWh BESS
5.2 DevCo ownership proposal
| Shareholder group | Ownership in Viroway Solar DevCo |
|---|
| Founders | 50% |
| Development investors | 50% |
| Total | 100% |
The development investors fund the initial €2.0 million development budget. Founders contribute origination, strategy, partner access, project structuring, execution leadership and platform management.
5.3 How DevCo creates value
Viroway Solar DevCo creates value by moving projects through development milestones:
| Milestone | Value creation |
|---|
| Site identification | Converts opportunity into controlled project pipeline |
| Land option / lease rights | Secures scarce project land |
| Grid pre-screening | Reduces fatal grid risk |
| Planning and environmental route | Establishes permitting feasibility |
| CERA licensing pathway | Creates regulatory credibility |
| Offtake MoUs / term sheets | Creates financeable revenue path |
| EPC / supplier term sheets | Creates cost certainty and financing partner interest |
| Grant application | Potential capex reduction |
| Project finance package | Enables third-party construction equity and debt |
5.4 DevCo revenue streams
Viroway Solar should not rely only on minority ownership in the SPVs. It should receive several forms of compensation.
| Revenue / value stream | Target level | Timing |
|---|
| Development fee | €1.5m–2.5m per SPV | At financial close |
| Success fee | 1.0%–2.0% of project cost | At financial close |
| Carried equity | 10%–15% of SPV | At financial close / post-close |
| Asset management fee | €200k–300k/year per SPV | During operation |
| Promote / carry | 15%–25% of distributions above investor hurdle | During operation / exit |
| Pipeline sale / sell-down | Negotiated | RTB, COD or refinancing |
6. Project SPV Model
Each project SPV will be separately financed and ring-fenced.
6.1 Standard project specification
| Item | Assumption |
|---|
| PV capacity | 50 MWac |
| DC capacity | 60–70 MWdc |
| BESS | 125 MWh |
| Land | 75–90 hectares |
| Construction period | 12–18 months |
| PPA tenor target | 10–20 years |
| Project life | 25–30 years |
| Base sellable energy | ~95 GWh/year |
| Base realized price | €105–120/MWh |
| Base gross revenue | €11m–13m/year |
| Base opex | €3.0m–3.8m/year |
| Base EBITDA | €7.5m–9.5m/year |
6.2 Estimated project cost per SPV
| Cost item | Base estimate |
|---|
| Development and permitting | €3.0m |
| Land control and deposits | €0.6m |
| PV EPC | €27.5m |
| BESS EPC, 125 MWh | €24.0m |
| Grid connection / substation | €6.0m |
| Legal, technical and financing advisers | €3.0m |
| Insurance, guarantees and reserves | €2.0m |
| Interest during construction / DSRA | €3.0m |
| Contingency | €5.5m |
| Total pre-grant cost | €74.6m |
| Indicative storage grant | (€4.0m–6.0m) |
| Net financed project cost | €68.6m–70.6m |
6.3 Base revenue case per SPV
| Item | Base case |
|---|
| Sellable energy | 95 GWh/year |
| Blended realized energy price | €110/MWh |
| Energy revenue | €10.45m/year |
| BESS incremental value | €1.5m/year |
| Gross revenue | €11.95m/year |
| Operating costs | (€3.5m/year) |
| EBITDA | €8.45m/year |
6.4 Revenue sensitivity
| Scenario | Sellable energy | Realized price | BESS uplift | Gross revenue | EBITDA |
|---|
| Conservative | 80 GWh | €85/MWh | €0.5m | €7.3m | €4.1m |
| Low bankable | 90 GWh | €95/MWh | €1.0m | €9.6m | €6.2m |
| Base case | 95 GWh | €110/MWh | €1.5m | €12.0m | €8.5m |
| Strong case | 105 GWh | €125/MWh | €2.0m | €15.1m | €11.4m |
| Premium firmed PPA | 110 GWh | €140/MWh | €2.5m | €17.9m | €13.9m |
7. Construction Financing Strategy
The €2.0 million development round is not intended to fund construction. Construction will be financed at the SPV level once a project reaches bankable milestones.
7.1 Realistic per-SPV capital stack
| Source | Target amount | Share of net project cost | Notes |
|---|
| Senior project debt | €43m–48m | 61%–68% | Requires bankable PPA, grid approval, permits and EPC contract |
| EU/Cyprus storage grant | €4m–6m | 6%–8% | Subject to eligibility and availability |
| EPC / vendor deferred payment | €3m–6m | 4%–8% | Negotiated with EPC / Chinese supply chain partner |
| Third-party construction equity | €15m–20m | 21%–28% | Infrastructure fund, IPP, strategic investor or family office |
| DevCo non-cash development value / carry | Negotiated | N/A | Founder/developer economics, not construction funding |
7.2 Target SPV ownership after financial close
| Party | Target ownership / economics |
|---|
| Construction equity investor / IPP | 75%–85% ordinary equity |
| Viroway Solar DevCo | 10%–15% carried or rollover equity |
| Strategic EPC / supplier partner | 0%–10% optional |
| Promote rights | DevCo receives upside above investor hurdle |
| Term | Target |
|---|
| Construction equity investor base IRR | 10%–13% |
| Preferred return / hurdle | 10%–12% |
| DevCo promote above hurdle | 15%–25% of excess distributions |
| Minimum DevCo carried stake | 10% |
| Target DevCo carried stake | 15% |
7.4 Chinese EPC / supplier strategy
Viroway Solar will seek competitive proposals from tier-one Chinese solar, BESS and EPC-linked groups. The target is to use Chinese supply-chain cost leadership without making the project dependent on a single supplier too early.
| Partner type | Target candidates | Role |
|---|
| Module supplier | Trina Solar, JinkoSolar, LONGi, JA Solar | Tier-one modules, warranties, technical bankability |
| BESS / inverter supplier | Sungrow, CATL, BYD, Trina Storage | Battery, PCS, EMS, warranties, integration |
| EPC / EPC-finance partner | PowerChina, CEEC / Energy China, Trina ISBU | EPC wrap, bankability, financing introductions |
| Debt / export finance | Chinese banks, European banks, DFIs | Senior debt, supplier-backed lending, possible export credit support |
Preferred package:
Tier-one Chinese module + BESS package
+ Chinese EPC or EPC partner
+ local Cyprus permitting / civil partner
+ bankable EPC contract
+ vendor deferral or supplier credit
+ Chinese/international senior debt
8. The €2.0 Million Development Raise
8.1 Purpose of the raise
The €2.0 million raise will fund Viroway Solar DevCo through the first critical development cycle and create a financeable first SPV.
8.2 Use of proceeds
| Use of proceeds | Budget |
|---|
| Land origination, options and deposits | €450,000 |
| Legal setup, land documentation and corporate structuring | €250,000 |
| Grid pre-screening, grid application and technical studies | €250,000 |
| Environmental, planning and permitting work | €275,000 |
| CERA licensing advisory and applications | €125,000 |
| Offtake development and PPA advisory | €175,000 |
| EPC / supplier tendering and China partner process | €125,000 |
| Financial model, investor materials and project-finance advisory | €125,000 |
| Cyprus local representation, travel and stakeholder engagement | €100,000 |
| Platform overhead, accounting and administration | €75,000 |
| Contingency | €50,000 |
| Total | €2,000,000 |
8.3 Milestone plan for the €2.0 million round
| Month | Milestone | Target outcome |
|---|
| 0–2 | DevCo incorporation and governance | Investor-ready company structure |
| 0–3 | Land screening and shortlist | 3–5 viable sites identified |
| 2–5 | Land options | At least one 75–90 ha site secured |
| 3–6 | Grid pre-screening | Preferred grid connection route identified |
| 4–8 | Planning and environmental screening | Permitting risk assessed |
| 5–9 | CERA licensing preparation | Application strategy ready |
| 6–10 | Offtake outreach | Supplier and corporate PPA discussions active |
| 7–11 | EPC / supplier soft tender | Term sheets from EPC/module/BESS partners |
| 9–12 | First SPV investor package | Ready for strategic co-development / construction equity process |
| 12–18 | Project moves toward bankability | PPA term sheet, grid path, land and permits advanced |
8.4 Development-stage valuation logic
The €2.0 million investment buys 50% of Viroway Solar DevCo, not 50% of one SPV. Investors receive exposure to the platform and all project rights developed by Viroway Solar.
| Item | Amount / implication |
|---|
| Development investment | €2.0m |
| Investor DevCo ownership | 50% |
| Implied post-money DevCo value | €4.0m |
| Implied founder contribution | €2.0m value through origination, execution and strategy |
| Target initial platform | 3 × 50 MW PV + 125 MWh BESS |
| Potential gross project value created | €195m–225m financed portfolio |
9. DevCo Return Potential
The development investors’ economics come from their 50% ownership of Viroway Solar DevCo.
9.1 Per-SPV DevCo economics target
| Source | Low | Base | High |
|---|
| Development fee at financial close | €1.5m | €2.0m | €2.5m |
| Success fee | €0.7m | €1.0m | €1.5m |
| Annual asset management fee | €0.2m | €0.25m | €0.3m |
| Carried equity value at COD | €3m | €5m | €8m |
| Promote / exit upside | €0 | €2m | €5m+ |
9.2 DevCo economics across 3 SPVs
| Value source | Low case | Base case | High case |
|---|
| Development fees | €4.5m | €6.0m | €7.5m |
| Success fees | €2.1m | €3.0m | €4.5m |
| Annual asset management fees | €0.6m/year | €0.75m/year | €0.9m/year |
| Carried equity value | €9m | €15m | €24m |
| Promote / exit upside | €0 | €6m | €15m+ |
| Total one-time / equity value before recurring fees | €15.6m | €30.0m | €51.0m+ |
9.3 Development investor share
Development investors collectively own 50% of DevCo.
| Scenario | DevCo value / proceeds before recurring fees | Investor 50% share | Multiple on €2.0m investment |
|---|
| Low | €15.6m | €7.8m | 3.9x |
| Base | €30.0m | €15.0m | 7.5x |
| High | €51.0m+ | €25.5m+ | 12.8x+ |
These are development-platform economics, not guaranteed returns. The upside depends on land, grid, licensing, PPA, EPC and financing milestones being achieved.
10. Founder Protection and Investor Alignment
The proposed 50/50 DevCo structure gives development investors meaningful ownership while ensuring founders remain strongly incentivised.
10.1 Founder protections
| Protection | Purpose |
|---|
| 50% founder ownership in DevCo | Ensures founders are not diluted out before project value is created |
| Board reserved matters | Protects major decisions such as asset sales, dilution and debt |
| Founder vesting tied to execution | Aligns founder upside with milestones |
| Minimum DevCo carry target in SPVs | Avoids DevCo being squeezed out at construction financing |
| Development fee rights | Ensures cash recovery at financial close |
| Asset management rights | Creates long-term recurring income |
10.2 Development investor protections
| Protection | Purpose |
|---|
| 50% DevCo ownership | Direct exposure to platform upside |
| Budget controls | Ensures €2.0m is spent against agreed milestones |
| Reserved matters | Investor approval for major commitments |
| Information rights | Monthly reporting and quarterly investor updates |
| Anti-dilution at DevCo level | Prevents early dilution without consent |
| Drag/tag rights | Provides exit path if platform is sold |
| Milestone-based capital release | Reduces execution risk |
10.3 Recommended governance
| Governance item | Recommendation |
|---|
| Board | 2 founder seats, 2 investor seats, 1 independent / mutually agreed chair once financed |
| Major decisions | 75% approval or founder + investor consent |
| Budget approval | Annual budget approved by board |
| Project SPV entry | Board approval required |
| Sale of SPV rights | Board approval required |
| New equity issuance | Investor and founder consent required |
| Related-party transactions | Independent approval required |
11. Execution Roadmap
| Timing | Key actions | Target deliverables |
|---|
| Months 0–3 | Incorporate DevCo and Cyprus SPV framework | DevCo legal structure, shareholder agreement, local counsel appointed |
| Months 0–4 | Site origination | 3–5 target sites ranked by grid, land and permitting risk |
| Months 2–5 | Land control | Option or conditional lease for first 75–90 ha site |
| Months 3–6 | Technical screening | Preliminary design, yield estimate, BESS sizing, capex range |
11.2 Phase 2: Permitting, grid and offtake development
| Timing | Key actions | Target deliverables |
|---|
| Months 4–8 | Grid pre-application / studies | Grid route and connection strategy |
| Months 4–10 | Planning and environmental route | EIA scope, zoning risk and permit calendar |
| Months 5–10 | CERA licensing preparation | License application package ready or submitted |
| Months 6–12 | Offtake negotiations | Supplier PPA term sheet and corporate demand MoUs |
11.3 Phase 3: Financing and strategic partner process
| Timing | Key actions | Target deliverables |
|---|
| Months 8–12 | EPC and equipment tender | Indicative offers from EPC/module/BESS partners |
| Months 9–14 | Grant strategy | Storage grant eligibility and application plan |
| Months 10–15 | Project finance preparation | Bankable financial model, investor memorandum, DD room |
| Months 12–18 | Strategic investor process | Construction equity and debt term sheets |
12. Risk Analysis and Mitigation
| Risk | Impact | Mitigation |
|---|
| Grid connection rejection or delay | Project cannot reach financial close | Prioritise grid screening before land spend; consider multiple sites; use BESS to improve grid case |
| Curtailment | Lower revenue and debt capacity | Include 125 MWh BESS; structure supplier PPA; model conservative curtailment |
| Land planning restrictions | Site may be unusable | Avoid sensitive agricultural/protected land; use local legal and planning DD early |
| Licensing delays | Timeline extension and cost overrun | Engage Cyprus counsel and CERA specialists early; stage applications properly |
| PPA price below target | Lower equity returns | Target supplier-backed PPA with corporate demand; use BESS to sell firmed green power |
| BESS revenue uncertainty | Lower upside | Underwrite BESS primarily for curtailment reduction and PPA value; treat ancillary revenue as upside |
| Construction cost inflation | Lower project IRR | Competitive EPC tender; Chinese supply chain; contingencies |
| Supplier / EPC performance | Delay or quality risk | Tier-one equipment; bankable EPC contract; performance guarantees; LDs |
| Financing market conditions | Lower debt capacity | Blend debt, grants, vendor credit and construction equity; avoid reliance on one lender |
| EU-China political risk | Financing or procurement friction | Maintain alternative European suppliers and EPC partners; structure transparent procurement |
| Founder dilution | Founders lose incentive | DevCo-level ownership, carried equity rights, development fees and reserved matters |
13. Key Assumptions
| Category | Base assumption |
|---|
| Number of initial projects | 3 |
| PV capacity per project | 50 MWac |
| BESS per project | 125 MWh |
| Land per project | 75–90 ha |
| Total project cost before grant | €70m–80m |
| Storage grant assumption | €4m–6m per SPV |
| Net financed cost | €65m–75m per SPV |
| Sellable energy | ~95 GWh/year per SPV |
| Realized price | €105–120/MWh |
| Gross revenue | €11m–13m/year per SPV |
| EBITDA | €7.5m–9.5m/year per SPV |
| Senior debt | €43m–48m per SPV |
| Construction equity | €15m–20m per SPV |
| DevCo carried SPV equity | 10%–15% |
| DevCo development fee | €1.5m–2.5m per SPV |
| DevCo success fee | 1%–2% of project cost |
14. Investment Ask
Viroway Solar is seeking €2.0 million of development capital in exchange for 50% of Viroway Solar DevCo.
14.1 Investor proposition
| Item | Offer |
|---|
| Investment amount | €2.0 million |
| Security | Ordinary / preferred equity in Viroway Solar DevCo |
| Ownership | 50% collective investor ownership |
| Use of proceeds | Development of first 50 MW + 125 MWh BESS project and platform pipeline |
| Target first project milestone | Land + grid + permitting + offtake + EPC package suitable for project financing |
| Target platform | 3 × 50 MW PV + 125 MWh BESS SPVs |
| Return route | Development fees, success fees, SPV carry, promote, asset management fees and platform sale |
14.2 Why invest now?
| Reason | Strategic relevance |
|---|
| Early-stage entry | Investors enter before project value is priced by construction capital |
| Platform economics | Exposure to multiple SPVs, not just one project |
| Battery-backed strategy | Addresses the core weakness of Cyprus PV: curtailment |
| Liberalised market | Supplier-backed PPAs are more feasible than before |
| Chinese EPC / supply chain angle | Potential cost and financing advantage |
| Founder alignment | Founders retain 50%, ensuring long-term commitment |
| Clear use of funds | €2m tied to tangible development milestones |
15. Conclusion
Viroway Solar is designed to capture the development-stage value in Cyprus’s transition from simple solar deployment to storage-backed, dispatchable renewable energy.
The first 50 MW + 125 MWh project is the proof point. The larger opportunity is the repeatable platform: a portfolio of bankable solar + storage SPVs, each financed at project level, while Viroway Solar DevCo retains high-value economics through development fees, success fees, carried equity, asset management and promote rights.
The proposed €2.0 million raise gives investors 50% of the DevCo and funds the company through the value-creation phase before construction equity enters. This structure protects the founders from being diluted out at project level while giving development investors meaningful exposure to the upside of the full platform.
Appendix A: Indicative First SPV Financial Snapshot
| Metric | Conservative | Base | Strong |
|---|
| Project size | 50 MW + 125 MWh | 50 MW + 125 MWh | 50 MW + 125 MWh |
| Net project cost | €70m | €70m | €70m |
| Sellable energy | 80 GWh | 95 GWh | 105 GWh |
| Blended price | €85/MWh | €110/MWh | €125/MWh |
| BESS uplift | €0.5m | €1.5m | €2.0m |
| Gross revenue | €7.3m | €12.0m | €15.1m |
| Opex | €3.2m | €3.5m | €3.7m |
| EBITDA | €4.1m | €8.5m | €11.4m |
| Indicative debt capacity | Low | €43m–48m | €50m+ |
| Equity attractiveness | Weak | Bankable | Strong |
Appendix B: Indicative SPV Financing Structure
| Source | Conservative | Base | Strong |
|---|
| Senior debt | €38m | €45m | €50m |
| Storage grant | €4m | €5m | €6m |
| EPC/vendor deferral | €3m | €5m | €6m |
| Third-party construction equity | €25m | €15m | €8m |
| Total | €70m | €70m | €70m |
Appendix C: Indicative DevCo Cash Flow Across 3 SPVs
| Item | SPV 1 | SPV 2 | SPV 3 | Total |
|---|
| Development fee | €2.0m | €2.0m | €2.0m | €6.0m |
| Success fee | €1.0m | €1.0m | €1.0m | €3.0m |
| Annual asset management fee | €0.25m | €0.25m | €0.25m | €0.75m/year |
| Carried equity target | 10%–15% | 10%–15% | 10%–15% | Portfolio carry |
| Promote | Upside | Upside | Upside | Portfolio upside |
Appendix D: Documents Required for Investor Data Room
| Category | Documents |
|---|
| Corporate | DevCo incorporation, shareholder agreement, cap table, board approvals |
| Land | Site map, title review, landowner LOI, option agreement, zoning review |
| Technical | Preliminary layout, yield estimate, BESS sizing, grid proximity, capex estimate |
| Regulatory | Licensing roadmap, CERA requirements, planning route, environmental screening |
| Offtake | Target offtaker list, supplier outreach, PPA term sheet template |
| EPC | Supplier shortlist, EPC RFP, module/BESS technical specs |
| Financial | Project model, DevCo budget, SPV funding plan, sensitivity analysis |
| Legal | Risk memo, land lease form, PPA heads of terms, EPC heads of terms |
| ESG | Environmental screening, community plan, land-use assessment |
- Incorporate Viroway Solar DevCo and approve shareholder agreement.
- Appoint Cyprus legal, planning and energy regulatory counsel.
- Launch land origination programme focused on grid-proximate 75–90 ha sites.
- Commission grid pre-screening and preliminary interconnection studies.
- Prepare first SPV structure and permitting roadmap.
- Open supplier-backed PPA discussions with licensed suppliers and large energy users.
- Launch soft market test with Trina, Jinko, PowerChina, CEEC, Sungrow and alternative suppliers.
- Build first project data room and financial model.
- Prepare construction equity and lender outreach package.
- Move first project toward land + grid + PPA + EPC term sheet milestone.