| Project Information

A Solar Farm in South West Colorado

Project Information

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canigoucapital.com A Canigou Group Project |
 Summary | Project Information

Canigou is presenting the Sun Bear Solar Farm, owned through a Delaware company MS1 Inc, which will be the largest renewable project in Colorado and neighbouring States
and is in final stage development with construction expected to start in mid-2024. Sun Bear represents the first of several projects at this scale in the region which are under
development by Canigou, we share goals for developing renewable energy generation in the area to mitigate climate change and benefit the local economy and provide jobs and
opportunities for the wider local community.

Key Facts:

• Capacity: of the project is 975MWp DC with a grid connection of 756MW AC being fed into the Shiprock and Lost Canyon substations.

• Land: The Land has been secured with our partner on a 35 year lease.

• Planning Permission: The formal planning will be granted on completion of the EA.

• Environmental: All of the environmental studies have bene completed, and the EA is about to be issued.

• Connection: The Systems Impact Study has been completed via WAPA and the Facilities Study is currently in progress.

• Construction: Is expected to begin in mid 2024 and be completed within 2.5 years.

• Commercial Operation date: Towards the end of 2027 or early 2028.

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 Project in Numbers | Project
ProjectInformation
Information

35
Years of generation
2,300 900,000 tCO2e avoided per year
GWh of electricity generate per year

5,000 Acres of Land

1,800,000 350,000 Solar panels Homes powered

*The capacity of the project is 975MWp DC with a grid connection of 756MW AC being fed into the Shiprock and Lost Canyon substations – the above numbers are forward
looking estimates of the modelled generation and may be rounded up or down.
A Canigou Group Project |
 Summary | Project Information

Canigou is presenting the Sun Bear Solar Farm, owned through an SPV MS1 Inc, which will be the largest renewable project in Colorado and neighbouring States.
The project is a large utility scale solar plus battery storage project and is currently in final stage development with construction expected to start in 2024. The capacity
of the project is 975MWp DC with a grid connection of 756MW AC being fed into the Shiprock and Lost Canyon substations. This project represents the first of
several projects at this scale in the region which are under development by Canigou Capital.

The Systems Impact Study has been completed via WAPA and the Facilities Study is currently in progress. This will include provision for a new transmission line
between Shiprock and Lost Canyon. This region of the US has seen many coal fired power stations decommissioned, which in turn has freed onward transmission
capacity to enable the solar energy to reach customers via sleaved PPAs coordinated with regional utilities. We are in conversations with several large EPCs that can
deliver at this scale. The build time has been advised as 2-4 years by our preferred partner.

Current Status

Project Pre-development Lease Planning Environmental Grid RTB Sold

Sun Bear ● ● ● ● ○ Q2 2024 Q3 2024
1A ● ● ○ ○ Q1 2025 Q2 2025 Q2 2025
USA Solar 1B ● ● ○ ○ Q1 2026 Q2 2026 Q2 2026
1C ● ● ○ ○ Q1 2027 Q2 2027 Q2 2027
1D ● ● ○ ○ Q1 2028 Q2 2028 Q2 2028

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 Location | Project Information

WA
Sun Bear is positioned at the heart of the Four Corners MT ME
ND
region of Colorado just off the 491 Highway 30 miles south of OR MN
ID WI NY
Cortez. This location is in the heart of the new solar sunbelt SD
WY MI
in the south west USA.
IA PA
NV NE
OH
UT IL IN
Canigou has a signed lease option for a 40 year lease with a CA CO WV VA
KS MO KY
local land owner and we share goals for developing renewable
NC
energy generation in the area to mitigate climate change and TN
AZ OK
NM AR SC
benefit the local economy.
MS AL GA
TX LA
This project represents the first of several projects at this
scale in the region which are under development by Canigou FL
Capital.

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 Irradiation | Project Information

High Irradiation and Untapped Potential - the site

averages over 300 days of sunshine and has less than 14 inches
of rain per year, and is located in the region of highest
photovoltaic solar resources in the US.

The landscape is a vast region of semi- arid desert, bordering

between mountains and the high desert environments. The
area has limited or is of no use for agriculture programs
(unless under irrigation), has limited grazing capabilities, and
has a low population density, making it ideal for solar power.

The map provides a simplified version of the data provided by NREL https://nsrdb.nrel.gov which is
the average daily total solar resource using 1998-2016 data (PSM v3). Produced on 22 February 2018.

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 Network Connection | Project Information

The capacity of the project is 975MWp DC with a grid

connection of 756MW AC being fed into the Shiprock and
Lost Canyon substations.

The USA is divided into three major transmission networks,

the Eastern (Green), Western (Blue) and Texas (Red)
branches.

Our Sun Bear project sits in the western portion of the

United States grid and as can be seen from the map to the
right, the site of our project is sited very close to the
confluence of seven lines of the Western branch.
# Eastern branch
# Western branch
# Texas branch

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 Our Professional Consultants| Project Information

Canigou has engaged with quality consultants to develop the US solar assets, and will continue to partner with strong performing companies to support procurement, contracts, legal,
technical and management functions.

Professional Consultants Function Detail

Planning and permitting guidance, Lease option

K&L Gates Legal Advisors
development.

Kiewit EPC EPC Delivery partner

Project management services, EPC tender and contracts

Arup Project Management
support, Owners Engineer

Archaeology studies, Biology surveys, Environmental

Adkins Ecology, Planning & Permitting
assessment, NEPA management

Ensight Technical Design and engineering Scoping study, Stage 1 design, Stage 2 design

ITP Renewables Design & Engineering Review Design review services.

Cohn Reznick Financial Modelling Analysis of IRA tax credits, financial model development

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 The Team | Project Information

Justin Passfield Craig Copeland

Founder and Canigou CFO Founder and Canigou CEO

Justin is a seasoned finance professional. A chartered accountant by Craig is a financial modeller and Barrister. Prior to working at Canigou
background, he spent much of his career in Financial Services. Chartered Capital, Craig was a Director at Carbon Minded, a low carbon advisory
Accountant and formerly European Chief Financial Officer at Alliance company. He is a former Partner at a boutique private equity house in Mayfair.
Bernstein, UK Chief Financial Officer at Dutch investment bank, ABN Amro,
and before that was Finance Director of Barclays Private Bank. He has 19 years’ experience in financial modelling and project management,
with the last 15 years focused on the low carbon industry. He has extensive
At Canigou Capital he has been focused on financing renewable energy assets multi-jurisdictional, multi-team, project management experience having
across a number of technologies and in multiple national and international overseen multi-million pound low carbon EU funded projects with
locations. He has a good understanding of the project dynamics for these assets responsibility for management of project teams and co-ordination with project
from early stage development, through the construction phase, and the long partners in the UK, Denmark, the Netherlands.
term cash flows from the operational phase.

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 The Team | Project Information

Linton Hartfield Adrian Jones

Director Project Development Director Investor Relations

Linton oversees the development of projects within the European and APAC Adrian oversees the capital management side of the business. He has more
regions. He is a chartered energy engineer with 14 years of experience in than 30 years experience at Director level starting in tech companies moving
engineering and project management, working previously for Ameresco UK into Asset Management and Development businesses. He has 15 years’
followed by Breathe Energy, a Dalkia and EDF company, where he ran a team experience in financial markets and has structured debt and equity instruments
of engineers to develop energy projects. for private and listed entities.

Linton has worked on a wide range of energy technologies and has experience He has overseen multi-million pound activity in Renewable Energy with
in modelling, design, planning, grid connection, environmental permitting, involvement in Development, Construction and Operational assets in Solar,
construction, and performance verification. His experience has been gained Battery Storage and Waste for Energy projects in UK, EU, Australia and
from Australia and the UK whilst maintaining strong professional relationships USA.
in both countries.

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 The Team | Project Information

Adam Robinson Steve Veal

Canigou COO Sun Bear Project Director

Adam has over 25 years of COO and CFO expertise in private equity, hedge Steve has extensive experience in international and domestic US oil and gas
fund management and investment banking across Asia, Europe and Africa. exploration and production. His main focus has been on Rocky Mountain and
Directed the setting up of new businesses in various countries and launched Mid-Continent regions in the US, and Europe and South America
new financial products whilst working with senior management to define and internationally.
manage strategic direction. Wealth management for a family office, investing
and board advisor and mentor. Clean tech and sustainable energy investing. Latterly he has moved into the development of renewable technologies in
North America using is extensive contacts in oil and gas is developing and
overseeing Canigou solar projects in the USA.

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