# EDGAR Filing Document

**Accession Number:** 0001865547
**File Stem:** 0001865547-26-000010
**Filing Date:** 2026-4
**Character Count:** 203167
**Document Hash:** 082469648f825e584546cc418931cd8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001865547-26-000010.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001865547-26-000010

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energea Portfolio 3 Africa LP
- **CENTRAL INDEX KEY:** 0001865547
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC, GAS & SANITARY SERVICES [4900]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 862564467
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00553
- **FILM NUMBER:** 26926072

**BUSINESS ADDRESS:**
- **STREET 1:** 52 MAIN STREET
- **CITY:** CHESTER
- **STATE:** CT
- **ZIP:** 06412
- **BUSINESS PHONE:** 8603167466

**MAIL ADDRESS:**
- **STREET 1:** 52 MAIN STREET
- **CITY:** CHESTER
- **STATE:** CT
- **ZIP:** 06412

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energea Portfolio 3 Africa LLC
- **DATE OF NAME CHANGE:** 20210602

## Part

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-K**

**ANNUAL REPORT PURSUANT TO REGULATION A OF THE SECURITIES ACT OF 1933**

**For the fiscal year ended December 31, 2025**

**ENERGEA PORTFOLIO 3 AFRICA LP**

(Exact name of issuer as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation or organization)

**86-2564467**

(I.R.S. Employer Identification No.)

**52 Main Street, Chester, CT 06412**

(Full mailing address of principal executive offices)

**860-316-7466**

(Issuer's telephone number, including area code)

**Class A Investor Shares**<br> (Title of each class of securities issued pursuant to Regulation A)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Section*** | &nbsp;&nbsp; ***Page*** |
| &nbsp;&nbsp; [**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**](#_Caution_Regarding_Forward-Looking) | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; [**Item 1. Description of Business**](#_Item_1._Description) | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; [The Offering](#_The_Offering)  | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; [Offices and Employees](#_Offices_and_Employees) | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; [Company Overview](#_Company_Overview) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; [Investment Strategy](#_Investment_Strategy_1) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; [*Development Companies*](#_Development_Companies) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; [*Projects*](#_Projects) | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; [*Loans*](#_Loans) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; [Investment Committee](#_Investment_Committee) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; [Competition](#_Competition) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; [Our Revenue and Income](#_Our_Revenue) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; [Our Operating Costs and Expenses](#_Our_Operating_Costs) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; [U.S. and African Taxes](#_U.S._and_African_2) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; [African Taxes](#_African_Taxes_2) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; [*African Taxes on Projects*](#_African_Taxes_on) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; [*African Taxes on Loans*](#_African_Taxes_on_1) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; [*African Taxes on Company Investments*](#_African_Taxes_on_2) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; [U.S. Federal Income Taxes](#_U.S._Federal_Income_2) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; [*Classification as a Corporation*](#_Classification_as_a_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; [*Taxation of Dividends Received From Holdco*](#_Taxation_of_Dividends_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; [*Foreign Tax Credit*](#_Foreign_Tax_Credit_1) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; [*Taxation of Distributions to Investors*](#_Taxation_of_Distributions) | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; [*Taxation Upon the Sale or Exchange of Class A Investor Shares*](#_Taxation_Upon_the) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Alternative Minimum Tax*](#_Alternative_Minimum_Tax_1) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Taxable Year*](#_Taxable_Year_1) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Tax Returns and Information; Audits; Penalties; Interest*](#_Tax_Returns_and_1) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Other U.S. Tax Consequences*](#_Other_U.S._Tax_1) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [Summary of Supporting Contracts](#_Summary_of_Supporting_1) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Project Contracts*](#_Project_Contracts) | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp; [*Loan Contracts*](#_Loan_Contracts) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp; [Material Legal Proceedings](#_Material_Legal_Proceedings_1) | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp; [Factors Likely to Impact the Performance of the Company](#_Factors_Likely_to) | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp; [Description of Property](#_Description_of_Property) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [*Projects Acquired and Owned*](#_Projects_Acquired_and_1) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [*Loans Issued*](#_Loans_Issued) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [Summary of Class A Investor Shares](#_Summary_of_Class) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [**Item 2. Management Discussion and Analysis of Financial Condition and Result of Operations**](#_Item_2._Management) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [Summary of Key Accounting Policies](#_Summary_of_Key_1) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [*Investments*](#_Investments) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [*Impairment*](#_Impairment) | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp; [*Revenue Recognition*](#_Revenue_Recognition) | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp; [Market Outlook and Recent Trends](#_Market_Outlook_and_1) | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp; [Calculating Distributions](#_Calculating_Distributions_2) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [*Sources of Distributable Cash Flow*](#_Sources_of_Distributable_1) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [*Allocation of Distributions*](#_Allocation_of_Distributions_1) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [*Calculation of Preferred Return*](#_Calculation_of_Preferred_1) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [*Calculation of Carried Interest*](#_Calculation_of_Carried) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Distributions](#_Distributions_2) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Past Operating Results](#_Past_Operating_Results_1) | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp; [Leverage](#_Leverage_1) | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [Liquidity and Capital Resources](#_Liquidity_and_Capital_1) | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [Method of Accounting](#_Method_of_Accounting_1)  | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [**Item 3. Directors, Executive Officers, and Significant Employees**](#_Item_3._Directors,) | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [Names, Positions, Etc.](#a_104) | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [Family Relationships](#_Family_Relationships_1) | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp; [Ownership of Related Entities](#_Ownership_of_Related_1) | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp; [Business Experience](#_Business_Experience_1) | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp; [Legal Proceedings Involving Executives and Directors](#_Legal_Proceedings_Involving_1) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; [Other Solar Energy Funds](#_Other_Solar_Energy_1) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; [Compensation of General Partner](#_Compensation_of_General_1) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; [*Deferment of Fees*](#a_113) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; [*Fees Paid to General Partner*](#a_114) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp; [*Co-Investment*](#_Co-Investment_1) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp; [**Item 4. Security Ownership of General Partner and Certain Securityholders**](#_Item_4._Security) | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp; [**Item 5. Interest of Management and Others in Certain Transactions**](#_Item_5._Interest) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [**Item 6. Other Information**](#_Item_6._Other) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [**Item 7. Financial Statements**](#_Item_7._Financial) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [Index to Financial Statements](#_Index_to_Financial) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [**Item 8. Exhibits**](#_Item_8._Exhibits) | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp; [Index to Exhibits and Description of Exhibits](#_Index_to_Exhibits) | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp; [**Glossary of Certain Defined Terms**](#_Glossary_of_Certain) | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp; [**Signatures**](#_Signatures_1) | &nbsp;&nbsp; 48 |

---

*Page i*

 **Caution Regarding Forward-Looking Statements*

*We make statements in this Annual Report that are forward-looking statements. The words "outlook," "believe," "estimate," "potential," "projected," "expect," "anticipate," "intend," "plan," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Annual Report or in the information incorporated by reference into this Annual Report.*

*The forward-looking statements included in this Annual Report are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on our operations and future prospects include, but are not limited to, those described in this Annual Report and in the section titled "Risk Factors" in the Offering Circular.*

*Any of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this Annual Report. All forward-looking statements are made as of the date of this Annual Report, and the risk that actual results will differ materially from the expectations expressed herein will increase with the passage of time. We undertake no obligation to publicly update or revise any forward-looking statements after the date of this Annual Report, whether because of new information, future events, changed circumstances or any other reason. Considering the significant uncertainties inherent in the forward-looking statements included in this Annual Report, including, without limitation, those described above and those referenced under "Risk Factors" in the Offering Circular, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Annual Report will be achieved.*

 *Item 1. Description of Business*

 *The Offering*

Energea Portfolio 3 Africa LP (the "<u>Company</u>", "us", "we", "our" and similar terms) is a limited partnership organized under the laws of Delaware to invest in the acquisition, development, and operation of solar energy projects in Africa (each a "<u>Project</u>"). The Company may also lend money to Development Companies and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "<u>Loan</u>"). The Company's day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>" and together with its affiliates "<u>Energea Global</u>").

The Company is currently offering up to $50.0 million in limited partnership interests designated as "<u>Class A Investor Shares</u>" (the "<u>Offering</u>") pursuant to Regulation A ("<u>Regulation A</u>") of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The current price of the Class A Investor Shares is $1.34 per Class A Investor Share, and the minimum initial investment is $100.

 *Offices and Employees*

The Company's offices are located at 52 Main Street, Chester, CT 06412. The Company itself has no employees. Rather, the Company has engaged the General Partner to manage the Company and utilizes employees and services provided by the General Partner as described more fully in the section "*Directors, Executive Officers & Significant Employees*".

*Page 1*

 *Company Overview*

Energea Portfolio 3 Africa LP is a limited partnership, treated as a "C" corporation for United States federal and state income tax purposes, and organized under the laws of Delaware as of March 11, 2021. The Company and its day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>"). The Company was created to invest in the acquisition, development, and operations of solar energy projects in Africa (each a "<u>Project</u>"). The Company may also lend money and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "<u>Loan</u>").

The primary sources of revenue for the Company comes from payments made by customers who buy energy from the Projects ("<u>Customers</u>") and borrowers who make principal and interest payments on Loans ("<u>Borrowers</u>"). The Company's profitability depends on generating revenues from Projects and Loans that exceed the operating costs (see "*Our Operating Costs and Expenses*").

Projects are owned by a special-purpose entity (the "<u>Holdco</u>"). Holdco is organized as a South African limited liability company, the South African equivalent of a U.S. limited liability company. Holdco is a wholly owned subsidiary of the Company.

The Company generally plans to hold the Projects indefinitely, creating a reliable stream of cash flow for Investors. Should the Company decide to sell Projects in the future, however, the General Partner would consider the following factors:

· *Yield and Cashflow*: Many investment funds look for reliable cashflows generating a targeted yield. With both revenue and most expenses locked in by contract, the cash flow from any Project should be predictable and consistent for as long as 25 years.

· *Project Consolidation*: Some of the Projects will be too small or unusual for institutional buyers to consider purchasing on their own. The Company could package these Projects into a larger, more standardized portfolio that will be attractive to these larger, more efficiency-focused players. In the aggregate, a portfolio of Projects might be expected to generate 50+ megawatts of power with relatively uniform power contracts, engineering standards, and underwriting criteria. A portfolio of that size can bear the fees and diligence associated with an institutional-grade transaction or securitization.

 

· *Cash Flow Stabilization*: When the Company buys a Project, it will typically share the construction or repowering risk with the Development Company that originated the Project. Larger investors are generally unwilling to take on construction risk and will invest only in Projects that are already generating positive cash flow, referred to as "stabilization". Thus, the Company may acquire Projects before stabilization and sell them after stabilization. Institutional investor interest in the Portfolio should increase as the portfolio stabilizes.

· *Increase in Residual Value*: When the Company acquires a Project, the appraisal is based solely on the cash flows projected from executed Project Rental Contracts, with no residual value assumed for the Project. There is a high probability that a Project will continue to create revenue after its initial contract period in the form of a contract extension, repositioning, or sale of energy into the merchant energy markets. This creates a sort of built-in "found value" for our Projects, which may be realized upon sale.

 *Investment Strategy* 

 *Development Companies* 

The Company sources its Projects from other companies who specialize in developing solar projects in Africa ("<u>Development Companies</u>") but it may source Projects from other sources. The Company's relationship with Development Companies may take several different forms. A Development Company might identify a potential project and permit, engineer and construct it. It might provide operations and maintenance support for a Project after it is built or might sell a Project to us and exit entirely.

*Page 2*

 

Development Companies are compensated for their work and their risk. As of the date of this Annual Report, the General Partner does not currently own a Development Company in Africa and the Company acquires all Projects from unrelated Development Companies. The General Partner may create or acquire a Development Company if Projects from third parties become overpriced, if an exceptional market opportunity presents itself or if deal flow is slow and we require additional development capacity. If the Company were to acquire a Project from a Development Company that is related to the General Partner or an affiliate of the General Partner, we will cap the related-party origination fee at 5.0% of the overall Project's cost, which we believe is below the standard market rate for developing a Project (see "*Compensation of General Partner*").

 *Projects*

The General Partner reviews Projects submitted by the Development Companies to identify investments that we believe represent the greatest potential risk-adjusted returns. We are specifically searching for Projects in countries with what we believe to be favorable economic conditions, large addressable markets and well-defined renewable energy policies, like South Africa. The General Partner has a strong preference for Projects with credible Customers, albeit adjusted for the context of African economies.

The General Partner believes the best investment strategy for African markets requires small investments in a broad base of Projects in a concentrated geographic area. The average risk of default by a Customer of a Solar Lease is higher in Africa than it may be in other markets, thus diversification is central to the Company's investment strategy. Placing small investments (<$2,000,000 per Project) will help reduce risk of loss as a whole and increase the level of impact on the local communities and businesses in which we invest. That said, every Project is vetted for its financial credibility by the Investment Committee and only approximately 20% of Projects we've reviewed have qualified for an investment to date.

We primarily invest in Projects with the following characteristics:

· *Locations*: We select locations based primarily on:

o Demand for alternative energy;

o Efficient access for maintenance;

o Interconnection points with the electricity grid;

o Acceptable security risks. The Company tries to avoid selecting Projects in locations with high crime areas which could expose the Project to an increased risk of theft and vandalism;

o Solar irradiance; and

o Country and state-level policies that enable the development of renewable energy projects.

 

· *Right to Site*: Some Projects owned by the Company will be installed on Customer's rooftops, while others will be located on remote parcels of real estate. In either scenario, the Company will obtain rights to access the Project to construct and maintain the Project ("<u>Site Access</u>"). For rooftop Projects, Site Access is most-commonly granted through the Solar Lease with the Customer. For Projects on remote real estate, we will either purchase or lease the property to ensure adequate Site Access is obtained.

· *Operation and Maintenance*: The Holdco will hire a company to perform some or all of the services necessary to maintain each Project in good working order. This includes preventative maintenance (such as inverter diagnostics, cleaning inverter fans and string testing), emergency maintenance (which is when a technical crew is dispatched to a Project to address an unexpected issue that occurred in the field), modules cleaning, site security and landscaping.

· *Connecting Projects to the Electric Grid*: Most Projects acquired or constructed by the Company will require permission to interconnect to the local electric grid ("<u>Interconnection</u>"). This permission is granted by the local interconnecting utility company through an interconnection agreement and an associated permission to operate. In the case of certain smaller projects, interconnection rights may be granted through national and utility policy and not require an individual interconnection agreement.

· *Minimum Technical Requirements ("<u>MTR</u>")*: All technical aspects of each Project we invest in must meet the Company's MTR. The MTR is a comprehensive list of all venders and equipment makes/models which have gotten through the General Partner's due diligence process and are acceptable for use in the Projects. We analyze venders and the equipment they make to predict the field performance of the equipment and the financial strength behind warranties and guarantees. In addition to tracking venders and materials used in the construction, we also track best installation practices through the MTR. Each Project leaves lessons learned, and those lessons are incorporated into the collective memory of the General Partner by being added to the best practices component of the MTR.

*Page 3*

 

· *Country-Level Policies and Environmental Commodities*: Some regions in Africa have certain policies to promote the development of renewable energy projects. There are a wide range of policy types that include carbon credits, property and sales tax exemptions, net metering and community solar (referred to as "wheeling" in the South African context). The Company will seek to optimize those country-level policies in order to increase the expected return on investment for Investors which may include transactions with third parties to monetize carbon and renewable energy credits.

 

· *When the Company Invests in Projects*: Normally, the Company will not invest in a Project until certain conditions are satisfied. Among these:

o The Holdco has executed contracts for the lease of the underlying land;

o A signed Solar Lease Agreement with a dependable Customer;

o The electric utility has confirmed that the Project can connect with the electric grid;

o All environmental and installation permits have been obtained;

o We have executed a Construction Contract (see "*Summary of Supporting Contracts*"); and

o We have obtained insurance.

 

Thus, in most cases, Investors are not exposed to significant Project-level risks until all these conditions are satisfied. However, the General Partner might make exceptions for exceptionally promising Projects. The General Partner will have sole discretion over whether to acquire or invest in a Project. See "*Risks Factors*" for more information.

 *Loans*

The Company provides Loans to Borrowers in Africa or with U.S. companies that do business in Africa. Borrowers are usually Development Companies and single-purpose entities which own solar projects. These Loans are designed to finance the development of new solar projects while relying on the credit of existing projects that rest on the balance sheet of the Borrower as collateral. Each time a new project reaches commercial operation; it contributes to the Borrower's overall collateral which allows the Company to extend additional credit to the Borrower.

· *Loan Issuance*: As the Company raises capital through the Offering, the General Partner may lend some or all of it to Borrowers each month. Each disbursement is amortized on a separate amortization schedule which adheres to the terms and conditions of a Loan Agreement (see "*Summary of Supporting Contracts*").

· *Collateral*: The Loans are senior debt and collateralized by a pledge of the shares in the Borrower's enterprise which includes solar projects held on the corporate balance sheet. Thus, by serving as the sole lender to a Borrower, the solar projects act as the primary form of collateral. As Loans are issued, the Borrower uses the loan proceeds to develop and construct more projects which are added to the overall collateral calculations.

As the Projects achieve commercial operation, the Borrower's customer begins to make payments to our Borrower for energy produced by the Project. In some cases, payments from the customers to our Borrower are made directly to a segregated account controlled by the Company. As a condition to close a Loan, the Borrower grants the Company controlling rights to the collateralized assets, in the event of a default, the General Partner can easily step into the Borrower's cash flow to prevent revenue leakage. We believe the Company is particularly well-suited to issue Loans when solar projects act as collateral due to our General Partner's extensive experience owning and operating solar projects.

· *Loan Management*: The General Partner will oversee the performance and compliance of Borrowers and the associated collateral. Their responsibilities include continuous monitoring of construction progress, energy production and cash flows to help ensure that loan terms are met. By working closely with the Borrowers and their projects, we mitigate risks associated with project delays and underperformance which could impair the Borrower. Close scrutiny of underlying projects during due diligence and loan servicing also ensures an efficient step-in during a default scenario.

*Page 4*

 *Investment Committee*

When we find a Project or Loan that meets the fundamental criteria described above, we consider the opportunity at a multi-disciplinary committee of experienced renewable energy executives of the General Partner ("<u>Investment Committee</u>"). To approve a Project or Loan for funding, a unanimous approval of the investment by the Investment Committee is required to move forward. A copy of the memorandum prepared by the General Partner for each Project or Loan is provided to Investors on the Platform and in our filings with the SEC through "<u>Form 1-U</u>" and 253(g)(2) filings. As of the date of this Annual Report, the Investment Committee consists of the members outlined in the table below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Name*** | &nbsp;&nbsp; ***Title*** | &nbsp;&nbsp; ***Due Diligence Responsibility***  |
| &nbsp;&nbsp; Arthur Issa <br>| &nbsp;&nbsp; Financial Analyst | &nbsp;&nbsp; Review historical financials and prepare projections for each Project and Loan incorporating cash flow, tax, technical and energy market variables. |
| &nbsp;&nbsp; Dave Rutty | &nbsp;&nbsp; Project Analyst | &nbsp;&nbsp; Compiles the IC Memos for Projects<br>|
| &nbsp;&nbsp; Francielle Assis | &nbsp;&nbsp; HR & HSEC Legal Coordinator | &nbsp;&nbsp; Examines the area where a Project is located for environmental, emergency services and community-related risk factors. |
| &nbsp;&nbsp; Isabella Mendonca | &nbsp;&nbsp; General Counsel | &nbsp;&nbsp; Examine and/or prepares all documents related to a Project or Loan to ensure contracts meet Energea Global's requirements. |
| &nbsp;&nbsp; Juan Carvajales | &nbsp;&nbsp; Loan Analyst | &nbsp;&nbsp; Compiles the IC Memo for Loans<br>|
| &nbsp;&nbsp; Julio Cezar dos Santos de Morais | &nbsp;&nbsp; Electrical Engineer  | &nbsp;&nbsp; Ensures all Projects meet our MTR. Produces a "punch list" of failures to be remedied if necessary. |
| &nbsp;&nbsp; Mike Silvestrini | &nbsp;&nbsp; Managing Partner | &nbsp;&nbsp; Originates and negotiates most investment opportunities.<br>|
| &nbsp;&nbsp; Paulo Vieira | &nbsp;&nbsp; Director of Operations & Maintenance | &nbsp;&nbsp; Confirms cost and strategy for operating and maintaining Project investments. |

---

  *Competition*

Our net income depends, in large part, on our ability to source, acquire and manage investments with attractive risk-adjusted yields. We compete with many other entities engaged in renewable energy in the African market, including individuals, corporations, and private funds, many of which have greater financial resources and lower costs of capital than we have.

There are numerous companies with investment objectives similar to ours. That said, the industry is going through a consolidation phase where a large pool of market participants is being consolidated into a smaller group of "successful" enterprises. Thus, we believe we will have fewer competitors today than we would have had five years ago, but those competitors are generally larger and more sophisticated than those that have folded or sold their position in the market.

Competitive variables include market presence and visibility, amount of capital to be invested per Project and underwriting standards. To the extent that a competitor is willing to risk larger amounts of capital in a particular transaction or to employ more liberal underwriting standards when evaluating potential risk than we are, our investment volume and profit margins could be impacted. Our competitors may also be willing to accept lower returns on their investments and may succeed in buying projects that we have targeted for acquisition.

Although we believe we are well positioned to compete effectively in each facet of our business, there is competition in the market and there can be no assurance that we will compete effectively or that we will not encounter increased competition in the future that could limit our ability to grow the portfolio in the future and conduct our business effectively.

 *Our Revenue and Income*

The revenue comes from payments from our Customers in our Projects and the interest portion that we receive from Borrowers on our Loans. For the fiscal years ended December 31, 2025 and 2024, respectively, the Company's total revenue was $596,820 and $217,122, respectively, which is broken down below:

*Page 5*

 

---

| | | |
|:---|:---|:---|
| ***Revenue Recognition***  | ***Amount as of 12/31/2025*** | ***Amount as of 12/31/2024*** |
| Project Revenue  | $299650 | $195712 |
| Loan Interest Revenue  | $297170 | $21410 |

---

In addition to the revenue described above, the company may also earn additional income from Company Investments and gains from the sale of Projects. For the fiscal years ended December 31, 2025 and 2024, respectively, the Company's total other income was $59,614 and $101,953, respectively, which is broken down below:

---

| | | |
|:---|:---|:---|
| ***Other Income Recognition***  | ***Amount as of 12/31/2025*** | ***Amount as of 12/31/2024*** |
| Company Investments  | $59614 | $101953 |
| Sale of Projects  | $0 | $0 |

---

Our Revenue Recognition Policy follows ASC-606 which is a five-step procedure:

---

| | |
|:---|:---|
| ***Procedure*** | ***Example*** |
| Step 1 - Identify the Contract | Solar Lease Agreement or Loan Agreement  |
| Step 2 - Identify the Performance Obligations | Delivery of electricity from solar plant or issuance of debt |
| Step 3 - Determine the Transaction Price | Amount contractually signed with Customer or Borrower |
| Step 4 - Allocate the Transaction Price | Obligation is satisfied by transferring control of the electricity produced to the Customer |
| Step 5 - Recognize Revenue | At a point in time when the Customer or Borrower is invoiced |

---

 *Our Operating Costs and Expenses*

The Company incurs a variety of costs and expenses, including:

· banking fees;

 

· legal expenses;

· payments to the General Partner for fees;

· fees to wire money from Africa to the U.S.;

· payments to U.S. states to comply with their respective securities law ("<u>Blue Sky Laws</u>");

· debt service and transactional payments (where we borrow money at the Company level);

· annual financial audit expenses;

· depreciation; and

· U.S. and African taxes.

The Projects also incur a variety of costs and expenses, including:

· payments to third parties to operate and maintain the Projects;

· lease payments to landowners (if applicable);

· debt service and transactional payments (where we borrow money at the Project level);

· utilities;

*Page 6*

 

· property taxes;

· banking fees;

· taxes levied in African countries;

· depreciation; and

· Project insurance.

The Company's total operating expenses for the fiscal year ended December 31, 2025 were $400,950.

  *U.S. and African Taxes*

This report is not providing, or purporting to provide, any tax advice to Investors. Every potential Investor is advised to seek the advice of his, her or its own tax professionals before making this investment. The securities sold in the Offering may have issues related to taxation at many levels, including tax laws and regulations at the state, local and federal levels in the United States, and at all levels of government in non-U.S. jurisdictions.

It is impractical to comment on all aspects of federal, state and local, and foreign tax laws that may affect the tax consequences of participation in the Company. Therefore, each prospective Investor should satisfy himself, herself or itself as to the tax consequences of participating in the Company by obtaining independent advice from his, her or its own tax advisers. Furthermore, while the Company will furnish to you any information required to be provided to you under applicable tax laws, preparation and filing of each Investor's tax returns shall be such Investor's responsibility.

The following summarizes the most significant taxes that will be imposed on the Holdco and the Company by countries and localities in Africa, as well as the Federal income tax consequences of acquiring Class A Investor Shares. This summary is based on the current tax laws of certain African jurisdictions, the current U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), the Treasury regulations issued by the Internal Revenue Service ("<u>Regulations</u>"), and current administrative rulings and court decisions, all as they exist today. All of these tax authorities could change in the future (and such change may possibly be retroactive so as to result in different U.S. federal income tax consequences from those set forth below).

 

This is only a summary, applicable to a generic Investor. Your personal situation could differ. We encourage you to consult with your own tax advisor before investing.

 *African Taxes*

 *African Taxes on Projects*

The Projects could be located in any number of African countries. Each country, and each local governmental units (e.g., states, towns, cities, counties, municipalities, etc.) might include any number of taxes on the Projects and the Company, including but not limited to income taxes, gross receipts taxes, and value-added taxes. In selecting Projects, the Company will take into account any material tax burdens. However, it is impossible to predict the actual tax burden today.

Below are descriptions of the taxes the Company and Holdco anticipate incurring for Projects either the Company or Holdco directly own pursuant to the terms and conditions of a Purchase and Sale Agreement:

· Corporate Income Tax ("<u>CIT</u>")

o 27% rate applied to net taxable income.

o Income, for calculating CIT, is equal to the Project revenue minus Project operating expenses, interest, and depreciation.

o Section 12B of the South African Income Tax Act allows for 100% first-year depreciation on qualifying renewable energy assets, which may significantly reduce taxable income in early years.

*Page 7*

 

· Value-Added Tax ("<u>VAT</u>")

o 15% VAT charged on electricity sales (output VAT).

o Input VAT on capital expenditures and operating costs is generally recoverable.

o Net VAT liability is typically neutral if buyers are VAT-registered. Both the Company and the Customers are VAT-registered.

· Dividends Withholding Tax

o 20% withholding tax on dividends paid by HoldCo to the Company.

o Tax is withheld at the time of distribution and remitted to the South African Revenue Service ("<u>SARS</u>").

o There currently exists no tax treaty between the United States and South Africa, which prevents a reduction to the withholding rate from being applied.

 *African Taxes on Loans*

Currently, the only outstanding Loans the Company has are with a U.S. domiciled Borrower, so we are not subject to South African taxes for any current Loans. If the Company issues a Loan to a Borrower in South Africa in the future, the Company will be subject to the following taxes on the interest portion of the revenues generated from the Loan:

· A withholding tax on interest ("<u>WHT</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· South Africa imposes a 15% WHT on interest paid to non-residents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· This tax is levied on the Borrower but withheld from payments made to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The tax must be remitted to the SARS on or before the end of the month following the month in which the interest is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There currently exists no tax treaty between the United States and South Africa, which prevents a reduction to WHT from being applied to such tax on Loans.

 *African Taxes on Company Investments*

If the Company makes a Company Investment in South Africa, it will be subject to the following taxes on interest income, depending on the duration of the investment:

· A WHT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· South Africa imposes a 15% WHT on interest paid to non-residents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· However, certain government bonds and listed debt instruments may be exempt if the interest qualifies under local exemptions (e.g., bonds listed on the Johannesburg Stock Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There currently exists no tax treaty between the United States and South Africa, which prevents a reduction to WHT from being applied to such tax on Company Investments.

· A capital gains tax ("<u>CGT</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· South Africa does not generally tax non-residents on gains from the sale of bonds, unless the bonds are considered "South African assets of a permanent establishment" in South Africa. In this case, we do not currently anticipate a CGT being applied to the Company in its role as a passive U.S. investor with respect to the Company Investments.

 *U.S. Federal Income Taxes*

The following is a summary of certain material United States federal income tax consequences of the ownership and disposition of the Class A Investor Shares but does not purport to be a complete analysis of all the potential tax considerations relating thereto. Except as explicitly set forth below, this discussion is limited to U.S. Holders (defined below) who hold the Class A Investor Shares as capital assets within the meaning of Section 1221 of the Code. This summary does not address the tax considerations arising under the laws of any United States state or local or any non-United States jurisdiction or under United States federal gift and estate tax laws. In addition, this discussion does not address tax considerations applicable to an Investor's particular circumstances or to Investors that may be subject to special tax rules.

*Page 8*

As used herein, the term "<u>U.S. Holder</u>" means a beneficial owner of the Class A Investor Shares that is, for U.S. federal income tax purposes, an individual citizen or resident of the United States, a corporation (or any other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state or political subdivision thereof or the District of Columbia, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons control all of the substantial decisions of the trust or if a valid election is in place to treat the trust as a U.S. person.

In addition, if a partnership, including any entity or arrangement, domestic or foreign, classified as a partnership for United States federal income tax purposes, holds Class A Investor Shares, the tax treatment of a partner generally will depend on the status of the partner and upon the activities of the partnership. Accordingly, partnerships that hold Class A Investor Shares, and partners in such partnerships, should consult their tax advisors.

 *Classification as a Corporation*

The Company is a Delaware limited partnership but has affirmatively elected to be treated as a corporation under Subchapter C of the Code for federal income tax purposes. Thus, the Company will be taxed at regular corporate rates on its income before making any distributions to holders of Class A Investor Shares as described below.

The General Intangible Low-Tax Income ("<u>GILTI</u>") tax on foreign investments is more favorable to our investors under a corporate tax structure as opposed to a partnership, where the tax on international assets would be levied on individuals. Under a partnership an investor would be responsible for 37% of all foreign profits generated from an international investment. A corporate tax structure allows the corporation to realize foreign tax credits. Under this corporate tax reporting structure, the corporate entity would only pay 21% tax on 50% of the foreign profits after foreign tax credits have been applied.

  *Taxation of Dividends Received From Holdco*

The income of the Company will consist primarily of cash available for distribution ("<u>CAFD</u>") received from the Holdco in the form of a dividend. Because the Holdco will be foreign corporations, these dividends will be "non-qualified dividends" within the meaning of the Code and therefore subject to tax at ordinary income tax rates ("qualified dividends," including dividends from most U.S. corporations, are subject to tax at preferential rates).

 *Foreign Tax Credit*

The Company, but not the Investors, might be entitled to credits for taxes paid by the SPEs in Brazil. Taxes imposed in Brazil which are not imposed on income may not receive a foreign tax credit.

 *Taxation of Distributions to Investors*

Distributions to U.S. Holders out of the Company's current or accumulated earnings and profits, if any, will be taxable as dividends. A non-corporate U.S. Holder who receives a distribution constituting "qualified dividend income" may be eligible for reduced federal income tax rates. U.S. Holders are urged to consult their tax advisors regarding the characterization of corporate distributions as "qualified dividend income." Dividends received by a corporate U.S. Holder may be eligible for the corporate dividends-received deduction if certain holding periods are satisfied. Distributions in excess of the Company's current and accumulated earnings and profits will not be taxable to a U.S. Holder to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares. Rather, such distributions will reduce the adjusted basis of such U.S. Holder's Class A Investor Shares. Distributions in excess of current and accumulated earnings and profits that exceed the U.S. Holder's adjusted basis in its Class A Investor Shares will be taxable as capital gain in the amount of such excess if the Class A Investor Shares are held as a capital asset. In addition, Section 1411 of the Code imposes on individuals, trusts and estates a 3.8% tax on certain investment income (the "<u>3.8% NITT</u>").

*Page 9*

  *Taxation Upon the Sale or Exchange of Class A Investor Shares*

Upon any taxable sale or other disposition of Class A Investor Shares, a U.S. Holder will recognize gain or loss for federal income tax purposes on the disposition in an amount equal to the difference between the amount of cash and the fair market value of any property received on such disposition; and the U.S. Holder's adjusted tax basis in the Class A Investor Shares. A U.S. Holder's adjusted tax basis in the Class A Investor Shares generally equals his or her initial amount paid for the Class A Investor Shares and decreased by the amount of any distributions to the Investor in excess of the Company's current or accumulated earnings and profits. In computing gain or loss, the proceeds that U.S. Holders receive will include the amount of any cash and the fair market value of any other property received for their Class A Investor Shares, and the amount of any actual or deemed relief from indebtedness encumbering their Class A Investor Shares. The gain or loss will be long-term capital gain or loss if the Class A Investor Shares are held for more than one year before disposition. Long term capital gains of individuals, estates and trusts currently are taxed at a maximum rate of 20% (plus any applicable state income taxes) plus the 3.8% NIIT.

 *Alternative Minimum Tax*

The Code imposes an alternative minimum tax on individuals and corporations. Certain items of the Company's income and loss may be required to be taken into account in determining the alternative minimum tax liability of Investors.

 *Taxable Year*

The Company will report its income and losses using the calendar year.

 *Tax Returns and Information; Audits; Penalties; Interest*

The Company will furnish each Investor with the information needed to be included in his or her federal income tax returns, if any; provided, however, the Investors shall be responsible for determining their adjusted basis in their respective Class A Investor Shares. Each Investor is personally responsible for preparing and filing all personal tax returns that may be required as a result of his purchase of Class A Investor Shares. The tax returns of the Company will be prepared by accountants selected by the Company.

 

If the tax returns of the Company are audited, it is possible that substantial legal and accounting fees will have to be paid to substantiate our position and such fees would reduce the cash otherwise distributable to Investors.

Each Investor must either report Company items on his or her tax return consistent with the treatment on the information return of the Company or file a statement with his tax return identifying and explaining the inconsistency. Otherwise the IRS may treat such inconsistency as a computational error and re-compute and assess the tax without the usual procedural protections applicable to federal income tax deficiency proceedings.

The Code imposes interest and a variety of potential penalties on underpayments of tax.

 *Other U.S. Tax Consequences*

The foregoing discussion addresses only selected issues involving Federal income taxes and does not address the impact of other taxes on an investment in the Company, including federal estate, gift, or generation-skipping taxes, or State and local income or inheritance taxes. Prospective Investors should consult their own tax advisors with respect to such matters.

 *Summary of Supporting Contracts*

 *Project Contracts*

The Company will cause the Holdco to enter into four (4) main contracts when buying a Project:

*Page 10*

 

· *Purchase and Sale Agreements*: When the General Partner identifies a project that it believes, in its sole discretion, meets the investment criteria of the Company, it signs a "<u>Purchase and Sale Agreement</u>" to acquire the rights to the Project from a Development Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Solar Leases*: In all cases, the Holdco will sell electricity produced by the Projects to Customers pursuant to a contract we refer to as a "<u>Solar Lease</u>". A typical Solar Lease is a 20-year deal where a lessee rents a solar system, paying a rental rate (fixed or per kWh) that may rise annually, with ownership transferring at the end for minimal cost if terms are met. The lessor handles financing and maintenance, while the lessee secures and uses.

· *Construction Contracts*: To build the Projects, the Holdco will hire a third party to provide engineering, procurement, and construction services pursuant to a contract referred to as a "<u>Construction Contract</u>".

· *Project Maintenance Contracts*: The Holdco will then hire a third party to operate and maintain the Projects pursuant to a contract referred to as a "<u>Project Maintenance Contract</u>" (see *"Interest of Management and Others in Certain Transactions"* and "*Compensation of General Partner*").

Although the final terms and conditions and contract title will most likely differ from Project to Project, we will attempt to ensure that the rights and obligations of the parties will generally be consistent across all of the Projects. However, there is no assurance that we will be able to negotiate consistent terms, and the terms and conditions of each contract may contain material differences.

 *Loan Contracts*

The Company will enter into three (3) main contracts when making a Loan to a Borrower:

· *Loan Agreement:* A Loan Agreement ("<u>Loan Agreement</u>") is a contract where the Lender provides funds to a Borrower up to a specified limit over a set borrowing period. The Borrower uses these funds to construct new solar projects. The Borrower grants the Lender a first-priority lien on all its assets as collateral, including the solar projects. The agreement includes conditions for advances, default triggers, and remedies for the Lender, with covenants ensuring compliance and asset segregation when appropriate.

· *Collateral Agreements:* The "<u>Collateral Agreements</u>" are a collection of agreements and instruments designed to secure obligations under a Loan Agreement between a Borrower and the Company. These documents collectively establish, and perfect the Company's security interests in various assets and equity interests of the Borrower and related parties. They may include personal guarantees, corporate guarantees, promissory notes outlining repayment terms, and pledge agreements granting the Company priority liens on specific collateral. Supporting resolutions and certificates confirm the Borrower's authorization and compliance. The Collateral Agreements address repayment conditions, default remedies, rights over collateral, and ensure the Company's enforcement capabilities while defining limits on recourse where applicable.

 

· *Trust Agreement:* Some, but not all, Loans will also have a "<u>Trust Agreement</u>". In circumstances where the General Partner requires more fiscal oversite over a Borrower, we will set up a trust which will receive all of the Borrowers revenue (usually payments for energy from their Customers). The General Partner will instruct the Trustee to pay principal and/or interest payments owed to the Company prior to distributing the remaining cash to the Borrower for their use in operations.

 *Material Legal Proceedings*

As of the date of this Annual Report, neither the Company nor the Holdco are currently involved in any material legal proceedings.

*Page 11*

 *Factors Likely to Impact the Performance of the Company*

A comprehensive discussion on risks of investing in the Company can be found at the beginning of the Company's Offering Circular. Below are risks that we believe deserve specific attention as they have the highest likelihood of impacting Investor returns. Following each risk is a brief description of mitigating strategies employed by the General Partner:

· *Foreign Country:* There is an inherent risk when doing business in a foreign country. Foreign country risks include unexpected fees and taxes, unfair contact disputes, policy changes and other risks which may negatively affect estimated internal rate of return ("<u>IRR</u>").

o *Mitigating Strategy:* Energea Global works with local partners who are key to our success in each foreign country. Foreign country risk is highest when we start doing business in a new foreign country and diminishes as we gain experience, diversify our local partnerships and develop best practices for dealing with unique challenges specific to a country.

· *Foreign Exchange Rates:* The revenue contracts for the Projects are paid in ZAR. Exchange rates could worsen creating reduced dividends to our investors which are paid in USD.

o *Mitigating Strategy:* First, our long-term financial projections include a perpetual weakening of ZAR versus USD, so we expect a continuation of that phenomenon but can tolerate some level of FX softening while still maintaining our targeted returns. Second, the Company currently has a mixture of ZAR-denominated solar projects and USD-denominated debt. Interest payments from Loans in USD reduce the Company's overall FX exposure substantially.

· *Load Shedding:* Load shedding in South Africa is a measure to balance the electricity supply and demand by intentionally cutting power to certain areas, ensuring the stability of the national grid and preventing a total blackout. Our Projects must be shut down for safety reasons during these scheduled outages unless a battery is installed.

o *Mitigating Strategy:* Most of the Projects owned by the Company have battery back-up systems ("<u>BESS</u>") which allow the Project to produce revenue even during a load shedding event. Load shedding only effects projects in South Africa and has no impact on our Loans. Furthermore, since the 2024 general election in South Africa, load shedding has been mostly eliminated, and power supply has been more consistent since.

· *Construction:* There is a risk that the Project could encounter unforeseen delays or costs during the construction phase that could potentially delay dividends and result in a lower-than expected IRR.

o *Mitigating Strategy:* All Construction Contracts (see summary of "*Summary of Supporting Contracts*") have liquidated damages clauses. Liquidated damages hold the contractor building the Project responsible for any lost revenue resulting from construction delays. The Company has been successful capturing liquidated damages from construction companies in the past when Projects are delayed. The Company also acquires all Projects on a fixed-price basis to limit our exposure to cost overruns during construction.

 

· *Customer Default:* The primary source of revenue from the Projects and Loans in this portfolio will come from long-term Solar Leases and Loans. There is a risk that an entity could default on their Solar Lease or Loan obligations.

o *Mitigating Strategy:* Energea Global carefully evaluates the credit risk of the Customers and Borrowers. Several Projects in this portfolio are backed by large companies with established cash flow and good credit. Most Projects in South Africa are relatively small, ensuring that we have many investments across multiple Customers. Borrower credit on Loans is slightly different. For Loans, we look for oversized collateral. That can come in the form of a personal guarantee from ownership or operational solar assets. We do not consider projects in the development or construction phases as collateral for a Loan.

· *Theft / Damage:* The equipment may be subject to theft or damage which is beyond the Company's control.

o *Mitigating Strategy:* Energea Global always carries insurance to protect against major loss. We carry property insurance to cover theft or unexpected damage to the equipment as well as business interruption insurance to cover lost income during Project downtime. Most Projects are on Customer rooftops where they enjoy some level of protection. Loans are less exposed to theft and damage losses.

*Page 12*

 

· *Solar Irradiance:* Energea Global forecasts the energy production of each Project based on historical weather patterns. A deviation from historical weather patterns could result in lower-than-expected electrical production and decreased dividends. Projected returns use a P-50 production estimate. P-50 is an estimate of electrical production where there is a 50% statistical probability that the Project will produce more electricity and a 50% probability that the Project will produce less. This is an industry standard method of weather prediction and production estimating.

o *Mitigating Strategy:* Diversifying across many Projects and different geographical markets helps to mitigate the solar irradiance risk of any specific Project. The Projects are impossible to predict one day to the next, but over a year, it is actually quite predictable for experienced managers. Loans carry a lower exposure to solar irradiance than Projects. A "debt service coverage ratio" is designed to "make room" for the collateral to underperform and still make the debt service payment as scheduled. While the effects of solar irradiance on Projects in the short term are almost impossible to predict, we believe that in the long term the effects of solar irradiance become more predictable.

· *Materials / Equipment:* Equipment may fail or break down resulting in lower than anticipated production or unplanned additional operating expenses.

o *Mitigating Strategy:* Equipment used in the Projects come with warranties (ranging from 2 to 25 years depending on the component) and guarantees from contractors (ranging from 2 to 5 years). Warranties and guarantees protect against failure when they are properly managed and pursued. Energea Global also accounts for degradation in our project models and sets aside a contingency reserve for unforeseen mechanical issues that may arise.

 *Description of Property*

To date, the Company owns the following Projects and has issued the following Loans:

 *Projects Acquired and Owned*

 ****

As of the date of this Annual Report, we have acquired a total of seventeen (17) Projects.

 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Project Name*** | &nbsp;&nbsp; ***Acquisition Date***  | &nbsp;&nbsp; ***Project Size (AC)*** | &nbsp;&nbsp; ***Amount Invested\**** |
| &nbsp;&nbsp; Spar Lulekani | &nbsp;&nbsp; 04/29/2021 | &nbsp;&nbsp; 360kW | &nbsp;&nbsp; $23369<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554726000008/port3_1u.htm) |
| &nbsp;&nbsp; Nhimbe Fresh | &nbsp;&nbsp; 04/29/2021 | &nbsp;&nbsp; 500kW | &nbsp;&nbsp; $24631<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001865547/000181147022000005/x_10_shphase1-form1-u.htm) |
| &nbsp;&nbsp; Anchor Foods | &nbsp;&nbsp; 11/30/2021 | &nbsp;&nbsp; 110kW | &nbsp;&nbsp; $109334<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001865547/000186554722000002/x_anchorfoodssec1-u.htm) |
| &nbsp;&nbsp; CPOA Avondrust | &nbsp;&nbsp; 06/02/2022 | &nbsp;&nbsp; 150kW | &nbsp;&nbsp; $163948<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001865547/000181147022000008/x_1_oaavondrustform1-u.htm) |
| &nbsp;&nbsp; CPOA Trianon | &nbsp;&nbsp; 06/02/2022 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $163624<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001865547/000181147022000009/x_2_poatrianonform1-u.htm) |
| &nbsp;&nbsp; Zandvliet Care Facility | &nbsp;&nbsp; 09/12/2022 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $114824<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554722000009/x_2_-zandvlietform1-u.htm) |
| &nbsp;&nbsp; Baysville | &nbsp;&nbsp; 09/12/2022 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $58564<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554722000010/x_1_villeschoolform1-u.htm) |
| &nbsp;&nbsp; Connaught Park | &nbsp;&nbsp; 11/16/2022 | &nbsp;&nbsp; 400kW | &nbsp;&nbsp; $411362<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554723000001/x_1_nnaughtparkform1-u.htm) |
| &nbsp;&nbsp; CPOA Quadrant Gardens | &nbsp;&nbsp; 05/26/2023 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $90710<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554723000006/port3_form_1-u.htm) |
| &nbsp;&nbsp; CPOA Constantia Place | &nbsp;&nbsp; 10/04/2023 | &nbsp;&nbsp; 125kW | &nbsp;&nbsp; $115109<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554723000012/port3_1u.htm) |
| &nbsp;&nbsp; Laerskool Havinga  | &nbsp;&nbsp; 10/04/2023 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $191151<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554723000011/x_1_koolhavingaform1-u.htm) |
| &nbsp;&nbsp; Bosmandam High School | &nbsp;&nbsp; 10/04/2023 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $148234<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000020/port3_1u.htm) |
| &nbsp;&nbsp; Montagu High School | &nbsp;&nbsp; 03/14/2024 | &nbsp;&nbsp; 100kW | &nbsp;&nbsp; $182256<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000023/port3_1U.htm) |
| &nbsp;&nbsp; CPOA Eventide | &nbsp;&nbsp; 02/14/2024 | &nbsp;&nbsp; 50kW | &nbsp;&nbsp; $98806<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000021/port3_1u.htm) |
| &nbsp;&nbsp; Robertson Voorbereiding  | &nbsp;&nbsp; 05/13/2024 | &nbsp;&nbsp; 62kW | &nbsp;&nbsp; $117306<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000024/port3_1U.htm) |
| &nbsp;&nbsp; Swellendam Secondary School | &nbsp;&nbsp; 07/10/2024 | &nbsp;&nbsp; 200kW | &nbsp;&nbsp; $251494<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000025/port3_1U.htm) |
| &nbsp;&nbsp; Yo Residence | &nbsp;&nbsp; 12/31/2025 | &nbsp;&nbsp; 250kW | &nbsp;&nbsp; $446583<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554726000001/port3_1u.htm) |
| &nbsp;&nbsp; **Total**  |  |  | &nbsp;&nbsp; **$2711305** |

---

*\*as of December 31, 2025, before depreciation.*

*Page 13*

  *Loans Issued* 

As of the date of this Annual Report, the Company has issued one (1) Loan.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Borrower Name*** | &nbsp;&nbsp; ****<br> ***Closing Date***  | &nbsp;&nbsp; ***Maximum Loan Amount*** | &nbsp;&nbsp; ***Amount Lent as of 12/31/25*** |
| &nbsp;&nbsp; Hecate Global Renewables | &nbsp;&nbsp; 10/25/2024 | &nbsp;&nbsp; $20000000 | &nbsp;&nbsp; $3314000<br> &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000035/port3_1u.htm)  |
| &nbsp;&nbsp; **Total**  |  |  | &nbsp;&nbsp; **$3314000** |

---

 *Summary of Class A Investor Shares*

The Company offers Class A Investor Shares representing limited partnership interests governed by the Limited Partnership Agreement and the related Authorizing Resolution. These shares are offered at a price based on the Company's net asset value ("<u>NAV</u>"), derived from the net present value of projected cash flows from its investments.

Holders of Class A Investor Shares are passive Investors with no voting or management rights, except in limited circumstances. The Company is managed by the General Partner, which is responsible for making investment, operational, and distribution decisions in accordance with the Limited Partnership Agreement.

Distributions to Investors depend on available cash flow and are not guaranteed to be made. Investors are not required to make additional capital contributions and are not personally liable for the Company's obligations.

There is no established public market for the Class A Investor Shares. Transfers are subject to restrictions, including the Company's right of first refusal, which may limit an Investor's ability to resell shares.

The Company has adopted a Redemption Plan that may provide limited liquidity; however, Redemption Requests are subject to holding periods, timing and volume limitations, and the discretion of the General Partner. There can be no assurance that Redemption Requests will be honored.

Additional information regarding the Class A Investor Shares, including detailed terms and conditions, is set forth in the Company's Offering Circular and the Limited Partner Agreement.

 *Item 2. Management Discussion and Analysis of Financial Condition and Result of Operations*

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in herein (see "*Caution Regarding Forward-Looking Statements*" *and "Risk Factors"* in the Offering Circular). Unless otherwise indicated, the latest results discussed below are as of December 31, 2025.

 *Summary of Key Accounting Policies* 

 *Investments*

For financial statement purposes, the Company accounts for investments in Projects under ASC 360. The Projects are carried at cost and will be depreciated on a straight-line basis over the estimated useful life of the related assets.

*Page 14*

  *Impairment*

The Company evaluates for impairment under ASC 360, utilizing the following required steps to identify, recognize and measure the impairment of a long-lived asset to be held and used:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Indicators of impairment - Consider whether indicators of impairment are present

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Test for recoverability - If indicators are present, perform a recoverability test by comparing the sum of the estimated undiscounted future cash flows attributable to the long-lived asset in question to its carrying amount (as a reminder, entities cannot record an impairment for a held and used asset unless the asset first fails this recoverability test).

 

· Measurement of an impairment - If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of the long-lived asset, determine the fair value of the long-lived asset and recognize an impairment loss if the carrying amount of the long-lived asset exceeds its fair value.

 *Revenue Recognition*

The company follows ASC 606 guidelines for revenue recognition. To apply this principle, the standard establishes five key steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Step 1: Recognize the contract with the Customer/Borrower

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Step 2: Specify performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Step 3: Establish transaction price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Step 4: Allocate transaction price to performance obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Step 5: Recognize revenue

 *Market Outlook and Recent Trends*

Africa's solar market is transitioning into an increasingly investable segment of the energy infrastructure landscape. While the continent remains materially underbuilt from a power supply perspective, recent growth in solar capacity has been significant, with approximately 4.5 GW of new photovoltaic capacity added in 2025. However, solar deployment remains highly concentrated, with South Africa representing a substantial proportion of installed capacity and new additions relative to the rest of the continent.

Within South Africa, the market is bifurcated between utility-scale projects and distributed generation, both of which represent the primary channels for solar deployment and investment. Distributed generation systems, including commercial and industrial installations and microgrids, have grown rapidly in response to grid reliability challenges and the need for power solutions located close to demand centers. At the same time, utility-scale solar continues to account for a significant share of new capacity additions, supported by established procurement programs and increasing private-sector participation. Together, these two segments comprise the majority of investable solar infrastructure opportunities on the continent.

The Company's investment strategy is focused on both utility-scale and distributed solar assets, with a current portfolio that includes standalone solar projects, solar-plus-storage systems, and microgrid assets. This positioning aligns with the segments that have demonstrated the most consistent deployment activity and capital formation in the African market, particularly in South Africa. We believe that the concentration of solar development within these segments, and within this geography, supports the Company's approach to sourcing and deploying capital into investable opportunities.

While structural constraints, including cost of capital, transmission infrastructure, and regulatory variability, remain across the continent, the underlying economics of solar have improved, and demand for reliable electricity continues to grow. As a result, we believe the African solar market is increasingly defined by identifiable, scalable segments rather than dispersed or purely speculative development activity, and that the Company is positioned within the areas of the market where capital deployment has been most active.

*Page 15*

  *Calculating Distributions*

The Company intends to make distributions monthly, to the extent the General Partner, in its discretion, determines that cash flow is available for distributions and in a manner consistent with the Authorizing Resolutions. Any other distributions shall be made pursuant to the terms of the LP Agreement which gives the General Partner broad discretion whether to make any distributions. Below are the activities of the Company that generate the cash flow which could be used to fund distributions:

 *Sources of Distributable Cash Flow*

* Net income received from the Projects;

* Interest payments received from the Borrowers;

* Interest payments received from Company Investments;

* Net Proceeds from Capital Transactions;

* Originates from the sale or refinancing of Projects;

* Net proceeds are the gross proceeds of the capital
 transaction minus associated expenses, including debt repayment; and

* Liquidated Damages from Construction Agreements;

* Penalties paid by EPC Contractors when Projects are
 delivered behind schedule;

* Liquidated Damages are not booked as revenue but are
 considered distributable cash flow.

When the Company has distributable cash flow and the General Partner determines to make a distribution, here is an overview of how these distributions are allocated and calculated:

 *Allocation of Distributions*

Distributable cash flow, if any, is distributed to the Preferred Equity Investors, on a *pari passu* basis, and the General Partner in the following order of priority:

* First, the Preferred Return;

* Thereafter, any additional cash flow shall be distributed
 80% to Preferred Equity Investors and the Carried Interest to the General
 Partner.

 *Calculation of Preferred Return*

The General Partner discounts each month of Estimated NOI (see *"Price of Class A Investor Shares"*) by the same discount rate until the cash flow results in an internal rate of return ("<u>IRR</u>") of 7% ("<u>Adjusted NOI</u>"). The IRR is calculated using the XIRR function and is based upon the price an Investor paid per Class A Investor Share. The resulting Adjusted NOI is the monthly distribution that would need to be paid to Investors for them to receive their Preferred Return. Since all months of Estimated NOI are discounted evenly, the Adjusted NOI maintains the same seasonality curve as the Estimated NOI. If the actual NOI for any month is less than the Adjusted NOI, the Investors receive all the cash distributed that month and the shortfall is carried forward so that Investors catch up on their Preferred Return prior to any Carried Interest being paid. The IRR is calculated based upon the price an Investor paid per Class A Investor Share, and not on any revenue or profit achieved by the Company. To the extent the Company has distributable cash flow but has no current or accumulated earnings and profit, such distributions are considered a return of capital for U.S. federal income tax purposes to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares.

 

*Page 16*

  *Calculation of Carried Interest*

If the General Partner determines that a distribution can be made with distributable cash flow, and the amount of distributable cash flow is greater than the Adjusted NOI for the month (and the Investors are therefore on track to receive their Preferred Return), the General Partner will receive a Carried Interest. Any distributable cash flow that is greater than the Adjusted NOI (plus any shortfall from previous months) will be divided between the General Partner and the Preferred Equity Investors where the General Partner will get 20% of the excess and Preferred Equity Investors will get 80% of the excess.

 *Distributions*

Provided we have distributable cash flow (see "*Sources of Distributable Cash Flow*"), we will authorize and declare distributions based on the Projects' net income, interest paid on Loans and interest earned on Company Investments during the preceding month minus any amounts held back for reserves.

While we are under no obligation to do so, our General Partner may declare other periodic distributions as circumstances dictate.

To the extent the Company has distributable cash flow but has no current or accumulated earning and profit, such distributions are considered a return of capital for U.S. federal income tax purposes to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares and reported to Investors on a Form 1099-B. To the extent the Company makes distributions from profits in the future, such distributions will be classified as dividends and reported to Investors on a Form 1099-DIV.

Please note that in some cases, Investors have cancelled their purchase of Class A Investor Shares after distributions were made. In that case, the distribution allocated to that Investor is returned to the Company and the bookkeeping is updated to reflect the change in cash distributed. Thus, all figures below are subject to change.

 

Below is a table depicting the fees paid and distributions made from the Company since inception. Note that whenever the table shows that the General Partner has received its Carried Interest, the Investors have received their full Preferred Return, as defined in *"Allocations of Distributions".* In those cases where the General Partner does not receive its Carried Interest, distributions were not sufficient to distribute to Investors their Preferred Return.

 

*Page 17*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Distribution Date*** | &nbsp;&nbsp; ***Distributable Cash Flow*** | &nbsp;&nbsp;  ***Preferred Return*** | &nbsp;&nbsp; ***Additional Cash Flow (80%)***  | &nbsp;&nbsp; ***Carried Interest\* (20%)*** | &nbsp;&nbsp; ***Class A Investor Distributions\*\**** | &nbsp;&nbsp; ***Cash on Cash Yield\*\*\**** |
| &nbsp;&nbsp; 4/6/21 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 4/26/21 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 5/21/21 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 7/29/21 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 8/26/21 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; 9/23/21 | &nbsp;&nbsp; 116.81 | &nbsp;&nbsp; 81.83 | &nbsp;&nbsp; 34.98 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 116.81 | &nbsp;&nbsp; 0.24% |
| &nbsp;&nbsp; 10/30/21 | &nbsp;&nbsp; 241.58 | &nbsp;&nbsp; 169.23 | &nbsp;&nbsp; 72.35 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 241.58 | &nbsp;&nbsp; 0.50% |
| &nbsp;&nbsp; 11/30/21 | &nbsp;&nbsp; 101.74 | &nbsp;&nbsp; 74.35 | &nbsp;&nbsp; 27.39 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 101.74 | &nbsp;&nbsp; 0.06% |
| &nbsp;&nbsp; 12/24/21 | &nbsp;&nbsp; 112.23 | &nbsp;&nbsp; 79.77 | &nbsp;&nbsp; 32.46 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 112.23 | &nbsp;&nbsp; 0.06% |
| &nbsp;&nbsp; **2021 Total** | &nbsp;&nbsp; **$572.36**  | &nbsp;&nbsp; **$405.18**  | &nbsp;&nbsp; **$167.18**  | &nbsp;&nbsp; **$0.00**  | &nbsp;&nbsp; **$572.36**  | &nbsp;&nbsp; **0.86%** |
| &nbsp;&nbsp; 1/26/22 | &nbsp;&nbsp; 209.71 | &nbsp;&nbsp; 148.46 | &nbsp;&nbsp; 61.25 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 209.71 | &nbsp;&nbsp; 0.08% |
| &nbsp;&nbsp; 2/24/22 | &nbsp;&nbsp; 120.23 | &nbsp;&nbsp; 85.33 | &nbsp;&nbsp; 34.91 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 120.23 | &nbsp;&nbsp; 0.03% |
| &nbsp;&nbsp; 3/29/22 | &nbsp;&nbsp; 334.48 | &nbsp;&nbsp; 232.94 | &nbsp;&nbsp; 101.54 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 334.48 | &nbsp;&nbsp; 0.08% |
| &nbsp;&nbsp; 4/29/22 | &nbsp;&nbsp; 331.59 | &nbsp;&nbsp; 236.00 | &nbsp;&nbsp; 95.59 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 331.59 | &nbsp;&nbsp; 0.07% |
| &nbsp;&nbsp; 5/31/22 | &nbsp;&nbsp; 938.81 | &nbsp;&nbsp; 677.23 | &nbsp;&nbsp; 261.58 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 938.81 | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; 6/30/22 | &nbsp;&nbsp; 1084.96 | &nbsp;&nbsp; 782.66 | &nbsp;&nbsp; 302.30 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 1084.96 | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; 7/29/22 | &nbsp;&nbsp; 913.84 | &nbsp;&nbsp; 700.28 | &nbsp;&nbsp; 213.56 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 913.84 | &nbsp;&nbsp; 0.13% |
| &nbsp;&nbsp; 8/27/22 | &nbsp;&nbsp; 1119.77 | &nbsp;&nbsp; 846.48 | &nbsp;&nbsp; 273.29 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 1119.77 | &nbsp;&nbsp; 0.14% |
| &nbsp;&nbsp; 9/27/22 | &nbsp;&nbsp; 1401.61 | &nbsp;&nbsp; 1020.15 | &nbsp;&nbsp; 381.46 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 1401.61 | &nbsp;&nbsp; 0.18% |
| &nbsp;&nbsp; 10/27/22 | &nbsp;&nbsp; 1801.99 | &nbsp;&nbsp; 1280.11 | &nbsp;&nbsp; 521.88 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 1801.99 | &nbsp;&nbsp; 0.23% |
| &nbsp;&nbsp; 11/29/22 | &nbsp;&nbsp; 2304.20 | &nbsp;&nbsp; 1636.87 | &nbsp;&nbsp; 667.33 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 2304.20 | &nbsp;&nbsp; 0.26% |
| &nbsp;&nbsp; 12/28/22 | &nbsp;&nbsp; 3101.53 | &nbsp;&nbsp; 2203.29 | &nbsp;&nbsp; 898.24 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 3101.53 | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; **2022 Total** | &nbsp;&nbsp; **$13662.72**  | &nbsp;&nbsp; **$9849.80**  | &nbsp;&nbsp; **$3812.93**  | &nbsp;&nbsp; **$0.00**  | &nbsp;&nbsp; **$13662.72**  | &nbsp;&nbsp; **1.82%** |
| &nbsp;&nbsp; 1/26/23 | &nbsp;&nbsp; 3528.87 | &nbsp;&nbsp; 2542.37 | &nbsp;&nbsp; 887.85 | &nbsp;&nbsp; 98.65 | &nbsp;&nbsp; 3430.22 | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; 2/24/23 | &nbsp;&nbsp; 3995.29 | &nbsp;&nbsp; 2847.59 | &nbsp;&nbsp; 1032.93 | &nbsp;&nbsp; 114.77 | &nbsp;&nbsp; 3880.52 | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; 3/27/23 | &nbsp;&nbsp; 3605.33 | &nbsp;&nbsp; 2603.73 | &nbsp;&nbsp; 901.44 | &nbsp;&nbsp; 100.16 | &nbsp;&nbsp; 3505.17 | &nbsp;&nbsp; 0.25% |
| &nbsp;&nbsp; 4/27/23 | &nbsp;&nbsp; 4540.45 | &nbsp;&nbsp; 3332.65 | &nbsp;&nbsp; 1087.02 | &nbsp;&nbsp; 120.78 | &nbsp;&nbsp; 4419.67 | &nbsp;&nbsp; 0.29% |
| &nbsp;&nbsp; 5/26/23 | &nbsp;&nbsp; 5011.38 | &nbsp;&nbsp; 3352.25 | &nbsp;&nbsp; 1410.26 | &nbsp;&nbsp; 248.87 | &nbsp;&nbsp; 4762.51 | &nbsp;&nbsp; 0.28% |
| &nbsp;&nbsp; 6/26/23 | &nbsp;&nbsp; 5923.70 | &nbsp;&nbsp; 4054.70 | &nbsp;&nbsp; 1682.10 | &nbsp;&nbsp; 186.90 | &nbsp;&nbsp; 5736.80 | &nbsp;&nbsp; 0.30% |
| &nbsp;&nbsp; 7/25/23 | &nbsp;&nbsp; 3239.31 | &nbsp;&nbsp; 2223.81 | &nbsp;&nbsp; 913.95 | &nbsp;&nbsp; 101.55 | &nbsp;&nbsp; 3137.76 | &nbsp;&nbsp; 0.16% |
| &nbsp;&nbsp; 8/28/23 | &nbsp;&nbsp; 2294.09 | &nbsp;&nbsp; 1826.45 | &nbsp;&nbsp; 467.64 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 2294.09 | &nbsp;&nbsp; 0.10% |
| &nbsp;&nbsp; 9/27/23 | &nbsp;&nbsp; 2759.92 | &nbsp;&nbsp; 1863.81 | &nbsp;&nbsp; 815.46 | &nbsp;&nbsp; 80.65 | &nbsp;&nbsp; 2679.27 | &nbsp;&nbsp; 0.11% |
| &nbsp;&nbsp; 10/27/23 | &nbsp;&nbsp; 4554.37 | &nbsp;&nbsp; 3233.48 | &nbsp;&nbsp; 1202.01 | &nbsp;&nbsp; 118.88 | &nbsp;&nbsp; 4435.49 | &nbsp;&nbsp; 0.18% |
| &nbsp;&nbsp; 11/24/23 | &nbsp;&nbsp; 5540.10 | &nbsp;&nbsp; 3916.42 | &nbsp;&nbsp; 1479.42 | &nbsp;&nbsp; 144.26 | &nbsp;&nbsp; 5395.84 | &nbsp;&nbsp; 0.22% |
| &nbsp;&nbsp; 12/26/23 | &nbsp;&nbsp; 8703.84 | &nbsp;&nbsp; 6194.69 | &nbsp;&nbsp; 2283.32 | &nbsp;&nbsp; 225.83 | &nbsp;&nbsp; 8478.01 | &nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp; **2023 Total** | &nbsp;&nbsp; **$53696.65**  | &nbsp;&nbsp; **$37991.95**  | &nbsp;&nbsp; **$14163.40**  | &nbsp;&nbsp; **$1541.30**  | &nbsp;&nbsp; **$52155.35**  | &nbsp;&nbsp; **2.84%** |
| &nbsp;&nbsp; 1/26/24 | &nbsp;&nbsp; 7974.79 | &nbsp;&nbsp; 5732.77 | &nbsp;&nbsp; 2039.75 | &nbsp;&nbsp; 202.13 | &nbsp;&nbsp; 7772.52 | &nbsp;&nbsp; 0.28% |
| &nbsp;&nbsp; 2/27/24 | &nbsp;&nbsp; 14209.99 | &nbsp;&nbsp; 10479.42 | &nbsp;&nbsp; 3729.31 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 14208.73 | &nbsp;&nbsp; 0.47% |
| &nbsp;&nbsp; 3/26/24 | &nbsp;&nbsp; 13000.00 | &nbsp;&nbsp; 9424.71 | &nbsp;&nbsp; 3394.32 | &nbsp;&nbsp; 178.76 | &nbsp;&nbsp; 12819.03 | &nbsp;&nbsp; 0.40% |
| &nbsp;&nbsp; 4/26/24 | &nbsp;&nbsp; 13792.76 | &nbsp;&nbsp; 10164.67 | &nbsp;&nbsp; 3446.69 | &nbsp;&nbsp; 181.40 | &nbsp;&nbsp; 13611.36 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; 5/24/24 | &nbsp;&nbsp; 14000.00 | &nbsp;&nbsp; 10681.27 | &nbsp;&nbsp; 3318.68 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 13999.95 | &nbsp;&nbsp; 0.39% |
| &nbsp;&nbsp; 6/27/24 | &nbsp;&nbsp; 14229.14 | &nbsp;&nbsp; 11085.27 | &nbsp;&nbsp; 3144.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 14229.27 | &nbsp;&nbsp; 0.38% |
| &nbsp;&nbsp; 7/26/24 | &nbsp;&nbsp; 13219.27 | &nbsp;&nbsp; 10391.09 | &nbsp;&nbsp; 2827.93 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 13219.02 | &nbsp;&nbsp; 0.33% |
| &nbsp;&nbsp; 8/27/24 | &nbsp;&nbsp; 18022.78 | &nbsp;&nbsp; 13751.04 | &nbsp;&nbsp; 3416.94 | &nbsp;&nbsp; 854.35 | &nbsp;&nbsp; 17167.98 | &nbsp;&nbsp; 0.43% |
| &nbsp;&nbsp; 9/27/24 | &nbsp;&nbsp; 16696.51 | &nbsp;&nbsp; 12858.65 | &nbsp;&nbsp; 3070.06 | &nbsp;&nbsp; 767.57 | &nbsp;&nbsp; 15928.71 | &nbsp;&nbsp; 0.37% |
| &nbsp;&nbsp; 10/28/24 | &nbsp;&nbsp; 22461.87 | &nbsp;&nbsp; 17266.84 | &nbsp;&nbsp; 4396.21 | &nbsp;&nbsp; 779.25 | &nbsp;&nbsp; 21663.05 | &nbsp;&nbsp; 0.47% |
| &nbsp;&nbsp; 11/26/24 | &nbsp;&nbsp; 30503.74 | &nbsp;&nbsp; 24692.64 | &nbsp;&nbsp; 5779.63 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 30472.27 | &nbsp;&nbsp; 0.63% |
| &nbsp;&nbsp; 12/24/24 | &nbsp;&nbsp; 33401.71 | &nbsp;&nbsp; 27717.40 | &nbsp;&nbsp; 5674.41 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 33391.81 | &nbsp;&nbsp; 0.66% |
| &nbsp;&nbsp; **2024 Total** | &nbsp;&nbsp; **$211512.56**  | &nbsp;&nbsp; **$164245.78**  | &nbsp;&nbsp; **$44237.92**  | &nbsp;&nbsp; **$2963.46**  | &nbsp;&nbsp; **$208483.70**  | &nbsp;&nbsp; **5.22%** |
| &nbsp;&nbsp; 1/24/25 | &nbsp;&nbsp; 34979.86 | &nbsp;&nbsp; 28885.40 | &nbsp;&nbsp; 6094.46 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 34979.86 | &nbsp;&nbsp; 0.65% |
| &nbsp;&nbsp; 2/25/25 | &nbsp;&nbsp; 31193.39 | &nbsp;&nbsp; 25797.63 | &nbsp;&nbsp; 5395.76 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 31193.39 | &nbsp;&nbsp; 0.54% |
| &nbsp;&nbsp; 3/27/25 | &nbsp;&nbsp; 31675.00 | &nbsp;&nbsp; 26113.18 | &nbsp;&nbsp; 5561.82 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 31675.00 | &nbsp;&nbsp; 0.52% |
| &nbsp;&nbsp; 4/24/25 | &nbsp;&nbsp; 44763.31 | &nbsp;&nbsp; 36643.06 | &nbsp;&nbsp; 8120.25 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 44763.31 | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; 5/23/25 | &nbsp;&nbsp; 33843.09 | &nbsp;&nbsp; 27745.18 | &nbsp;&nbsp; 6097.91 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 33843.09 | &nbsp;&nbsp; 0.50% |
| &nbsp;&nbsp; 6/23/25 | &nbsp;&nbsp; 36963.70 | &nbsp;&nbsp; 30076.72 | &nbsp;&nbsp; 6886.98 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 36963.70 | &nbsp;&nbsp; 0.52% |
| &nbsp;&nbsp; 7/29/25 | &nbsp;&nbsp; 41644.59 | &nbsp;&nbsp; 35605.89 | &nbsp;&nbsp; 6038.70 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 41644.59 | &nbsp;&nbsp; 0.56% |
| &nbsp;&nbsp; 8/26/25 | &nbsp;&nbsp; 39529.28 | &nbsp;&nbsp; 33751.10 | &nbsp;&nbsp; 5778.18 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 39529.28 | &nbsp;&nbsp; 0.52% |
| &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; 46350.85 | &nbsp;&nbsp; 39701.57 | &nbsp;&nbsp; 6649.28 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 46350.85 | &nbsp;&nbsp; 0.55% |
| &nbsp;&nbsp; 10/24/25 | &nbsp;&nbsp; 49500.00 | &nbsp;&nbsp; 42455.39 | &nbsp;&nbsp; 7044.61 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 49500.00 | &nbsp;&nbsp; 0.57% |
| &nbsp;&nbsp; 11/26/25 | &nbsp;&nbsp; 53331.45 | &nbsp;&nbsp; 45297.35 | &nbsp;&nbsp; 8034.09 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 53331.45 | &nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp; 12/23/25 | &nbsp;&nbsp; 56699.85 | &nbsp;&nbsp; 48469.25 | &nbsp;&nbsp; 8230.60 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 56699.85 | &nbsp;&nbsp; 0.61% |
| &nbsp;&nbsp; **2025 Total** | &nbsp;&nbsp; **$500474.36**  | &nbsp;&nbsp; **$420541.72**  | &nbsp;&nbsp; **$79932.65**  | &nbsp;&nbsp; **$0.00**  | &nbsp;&nbsp; **$500474.36**  | &nbsp;&nbsp; **6.83%** |
| &nbsp;&nbsp; 1/27/26 | &nbsp;&nbsp; 55318.10 | &nbsp;&nbsp; 45688.53 | &nbsp;&nbsp; 9629.56 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 55318.10 | &nbsp;&nbsp; 0.53% |
| &nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp; 43348.59 | &nbsp;&nbsp; 35444.17 | &nbsp;&nbsp; 7904.42 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 43348.59 | &nbsp;&nbsp; 0.39% |
| &nbsp;&nbsp; 3/29/26 | &nbsp;&nbsp; 68730.60 | &nbsp;&nbsp; 56095.78 | &nbsp;&nbsp; 12634.82 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 68730.60 | &nbsp;&nbsp; 0.54% |
| &nbsp;&nbsp; **2026 Total** | &nbsp;&nbsp; **$167397.29**  | &nbsp;&nbsp; **$137228.48**  | &nbsp;&nbsp; **$30168.81**  | &nbsp;&nbsp; **$0.00**  | &nbsp;&nbsp; **$167397.29**  | &nbsp;&nbsp; **1.46%** |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; **$947315.95**  | &nbsp;&nbsp; **$770262.91**  | &nbsp;&nbsp; **$172548.28**  | &nbsp;&nbsp; **$4504.76**  | &nbsp;&nbsp; **$942811.18**  | &nbsp;&nbsp; **19.03%** |

---

 

*Page 18*

 

*\*Note: The General Partner reserves the right to reduce its Management Fees and/or Carried Interest payments for any reason or to protect the desired cash yield to Investors. For more information regarding the Management Fees and Carried Interest paid to our General Partner, see "Compensation of General Partner".*

 

*\*\*Note: Class A Investor distributions are equal to the Preferred Return plus any additional cash flow, please see "Calculating Distributions". Amounts presented may differ from distributions reflected in the Company's financial statements prepared in accordance with U.S. GAAP due to rounding and adjustments related to cancelled or suspended distributions for certain investors.*

 

*\*\*\*Note: Monthly cash-on-cash yield values are calculated by dividing the Investor Distributions amount by the total cost basis of all outstanding shares at the time the distribution is issued. Year-end cash-on-cash yields are calculated by summing all monthly cash-on-cash yields for the respective year.*

 *Past Operating Results*

Since its inception, the Company has steadily increased its ownership over a portfolio of commercial and industrial sized Projects in South Africa. The main Customers for the Company have been schools and a chain of senior living facilities called CPOA. We have focused the majority of our Project activity in two major South Africa urban centers: Johannesburg and Cape Town.

 

Most of the Projects we own have now been operational for more than a year and have appeared to stabilize their generation behavior, which is anticipated to set the Company on a path of consistent, long-term monthly cash distributions for the next two decades.

More than half of the investments we made have been in the form of Loans to Hecate Global Renewables ("<u>HGR</u>") with a pipeline of over 500 MW of utility-scale projects in multiple African countries. The Loan charges a 13.5% interest rate, paid in USD. As of December 31, 2025, the Company has lent a total of $3,314,000 to HGR to support HGR's projects under development and backed by a limited personal guarantee from an owner of HGR.

During the fiscal year ended December 31, 2025, the Company continued to build on the momentum achieved in prior years, demonstrating steady financial growth and operational efficiency. The period reflected continued expansion of the Project portfolio, increased revenue generation, and disciplined expense management, resulting in improved profitability and reinforcing the Company's ability to sustain positive operating performance.

<u>Operating Results for Fiscal Years ended December 31, 2025, and 2024</u>

As of December 31, 2025 and 2024, the Company had total assets of $8,594,702 and $4,797,390, respectively. These balances were comprised of cash and cash equivalents of $2,602,996 and $1,267,925, accounts receivable of $90,595 and $44,838, other current assets of $62,734 and $14,485, property and equipment, net of depreciation, of $2,524,377 and $2,041,142, and loan receivable of $3,314,000 and $1,429,000, respectively. Total liabilities and partners'/members' equity were $8,594,702 and $4,797,390, respectively. Total liabilities were $570,763 and $34,975, while partners'/members' equity totaled $8,023,939 and $4,762,415, respectively. The increase in assets and liabilities was primarily attributable to continued investment in Projects, growth in the Company's loan receivable, and additional capital raised from Investors.

For the fiscal years ended December 31, 2025 and 2024, the Company generated revenue of $596,820 and $217,122, respectively. The increase was primarily driven by additional Projects reaching operational status and contributing revenue during 2025, as well as increased income generated from the Company's loan investments.

Total operating expenses for the fiscal years ended December 31, 2025 and 2024 were $400,950 and $212,659, respectively. These expenses consisted primarily of depreciation, professional fees, administrative fees, insurance, legal, management fees, operation and maintenance, regulatory expenses, rent, travel, and other general and administrative expenses. The increase in operating expenses was primarily due to the addition of newly operational Projects and the associated costs of supporting the Company's growing operations.

For the fiscal year ended December 31, 2025, the Company reported net income from operations of $195,870, compared to $4,463 in 2024. Total other income/(expense) for 2025 was $53,104, compared to $107,349 in 2024. Provision for income tax benefit was $14,696 in 2025 and an expense of $33,551 in 2024. As a result, the Company achieved net income of $263,670 for 2025, compared to $78,261 for 2024. Unrealized foreign currency exchange resulted in a gain of $20,409 in 2025 and a loss of $363 in 2024.

Overall, the Company experienced a significant increase in revenue and profitability in 2025, primarily driven by the expansion of its Projects, the contribution of Projects that reached operational status in prior periods, and income generated from its loan investments.

*Page 19*

  *Leverage*

The Company might borrow money to invest in Projects, depending on the circumstances at the time. If the Company needs to move quickly on a Project and has not yet raised enough capital through the Offering, it might make up the shortfall through borrowing. The General Partner will make this decision on an as-needed basis. As of December 31, 2025, neither the Company nor the Projects have any outstanding debt finance.

 *Liquidity and Capital Resources*

We are dependent upon the net proceeds from the Offering to conduct our proposed investments. We will obtain the capital required to purchase new Projects, issue new Loans and conduct our operations from the proceeds of the Offering and any future offerings we may conduct, from secured or unsecured financings from banks and other lenders, from short term advances from the General Partner and from undistributed funds from our operations. As of December 31, 2025, the Company had $2,602,996 of cash on hand and equivalents, which will be used to complete the acquisition of new Projects approved by the Investment Committee or issuance of new Loans.

  *Method of Accounting*

The compensation described in this section was calculated using the accrual method in accordance with U.S. GAAP.

 *Item 3. Directors, Executive Officers & Significant Employees*

 *Names, Positions, Etc.* 

The Company itself has no officers or employees. The individuals listed below are the Managing Partners, Executive Officers, and Significant Employees of Energea Global, the General Partner of the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Name*** | &nbsp;&nbsp; ***Position with General Partner*** | &nbsp;&nbsp; ****<br> ***Age*** | &nbsp;&nbsp; ***Term of Office*** | &nbsp;&nbsp; ***Approximate Hours Per Week If Not Full Time (1)*** |
| &nbsp;&nbsp; **Executive Officers** |  |  |  |  |
| &nbsp;&nbsp; Mike Silvestrini | &nbsp;&nbsp; Managing Partner | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 01/01/2017 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Chris Sattler | &nbsp;&nbsp; Managing Partner | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 01/01/2017 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Gray Reinhard | &nbsp;&nbsp; Managing Partner, CTO | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 01/01/2020 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Isabella Mendonça | &nbsp;&nbsp; Managing Partner, General Counsel  | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 10/02/2020 - Present | &nbsp;&nbsp; Full Time  |
| &nbsp;&nbsp; **Significant Employees** |  |  |  |  |
| &nbsp;&nbsp; Arthur Issa | &nbsp;&nbsp; Financial Analyst | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 05/23/2018 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Paulo Vieira | &nbsp;&nbsp; Director of O&M  | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 01/29/2024 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Francielle Assis | &nbsp;&nbsp; HR & HSEC Legal Coordinator | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 07/24/2023 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Marta Coelho | &nbsp;&nbsp; Controller, Global  | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 12/07/2018 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Dave Rutty | &nbsp;&nbsp; Project Analyst  | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 06/13/2022 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Julio Cezar dos Santos de Morais | &nbsp;&nbsp; Electrical Engineer | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 09/25/2023 - Present | &nbsp;&nbsp; Full Time |
| &nbsp;&nbsp; Juan Carvajales | &nbsp;&nbsp; Loan Analyst | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 08/01/2023 - Present | &nbsp;&nbsp; Full Time |

---

*(1) The above listed employees do not record specific hours to each company managed by Energea Global. Rather, the employees focus their full-time and energy to each Project, portfolio, or process as needed. The General Partner cannot estimate number of hours per week spent managing this or any particular company as the employees are salaried. The work required to manage the Company and other companies managed by Energea Global changes from time to time depending on the number and frequency of Projects resulting from the amount they raise in each Offering. As the companies grow, dedicated staff are brought in to exclusively manage a specific company. As of December 31, 2025, there are no staff members exclusively dedicated to the Company and it is managed by the General Partner's executive team and certain significant employees.*

 

*Page 20*

  *Family Relationships*

Marta Coelho, the General Partner's Controller, is the sister-in-law of Mike Silvestrini, the Managing Partner. There are no other family relationships among the executive officers and significant employees of the General Partner.

 *Ownership of Related Entities*

Energea Global, the General Partner of the Company, is majority owned by Mike Silvestrini, a resident of Chester, Connecticut.

 *Business Experience*

*<u>Mike Silvestrini</u>*

Mike is an accomplished professional with over 15 years of experience in the solar energy industry. He has played an executive key role in the development of over 500 solar projects across the United States, Brazil, and Africa while being directly responsible for nearly one billion of combined solar project finance.

Since 2017, Mike has been the Co-Founder & Managing Partner at Energea Global LLC. In his capacity as Co-Founder & Managing Partner of the General Partner, Mike directs the Investment Committee which determines the investment strategy for all funds managed by the business. To date, Energea Global manages four funds formed to acquire and operate solar power projects: the Company, Energea Portfolio 2 LP, Energea Portfolio 4 USA LP, and Energea Portfolio 5 LATAM LP. See "*Other Solar Energy Funds*" below for the status each fund's offerings.

Since 2015, Mike has served as a Board Member of the Big Life Foundation, an organization dedicated to preserving over 1.6 million acres of wilderness in East Africa. Through community partnerships and conservation initiatives, Big Life protects the region's biodiversity and promotes sustainable practices.

From 2008 to 2017, Mike co-founded and served as the CEO of Greenskies Renewable Energy LLC, a leading provider of turnkey solar energy services. His expertise contributed to the development, financing, design, construction, and maintenance of solar projects across the United States. Notably, he was involved in solar installations on Target Corporation stores and distribution centers, Wal-Marts and Sam's Clubs, Amazon distribution centers, capped municipal landfills, and many schools and universities.

Mike's track record in renewable energy, his involvement in hundreds of solar projects worldwide, and his dedication to environmental sustainability position him as a driving force in managing investments in solar generating assets.

 

*<u>Chris Sattler</u>*

Chris is a seasoned energy entrepreneur with a proven track record in building and scaling companies in the renewable and retail energy sectors. Most recently, he served as Chief Executive Officer of IVI Energia, a joint venture between Energea Global and Brookfield Asset Management. Over his 18-month tenure, he led the company from inception to a $280 million valuation before returning to his role at Energea Global.

Earlier in his career, Chris co-founded North American Power and served as Chief Operating Officer. Under his leadership, the company expanded into more than 35 utility markets across the U.S., serving over one million residential and small commercial customers. In 2017, the company was acquired by Calpine Corporation with annual gross sales exceeding $850 million.

Chris holds a Bachelor's degree in Real Estate and Urban Economics from the University of Connecticut School of Business and is an alumnus of Harvard Business School's Program for Leadership Development. He currently resides in Rio de Janeiro.

 

*Page 21*

 

*<u>Gray Reinhard</u>*

Gray is an experienced software engineer specializing in business intelligence tools across multiple industries. Early in Gray's career, he worked primarily in E-Commerce where he built and supported sites for over 20 brands including several Fortune 500 companies. From there, Gray moved into renewable energy where he developed the project management software for the country's largest commercial solar installer, Greenskies. This custom platform managed everything from sales and financing to the construction, maintenance, and performance monitoring of over 400 solar projects owned by the company.

Prior to joining Energea Global in January 2020, Gray served as the CTO of Dwell Optimal Inc. which assists businesses providing employees with travel accommodations.

Gray studied at Princeton University.

 

*<u>Isabella Mendonça</u>*

 

Isabella is a corporate lawyer with experience in cross-border M&A transactions and the drafting and negotiation of highly complex contracts and corporate acts in different sectors, such as energy, oil & gas and infrastructure. Isabella has previously worked as an attorney for Deloitte and Mayer Brown in Brazil, where she was an associate in the Energy group, working in regulatory, contractual and corporate matters related to renewable energy project development.

From 2016 until she joined Energea Global, Isabella was an associate in the corporate and securities practice at Mayer Brown in the Rio de Janeiro office.

Isabella studied law at Fundacão Getulio Vargas, in Brazil and has a master's degree (LLM) from the University of Chicago.

 

*<u>Arthur Issa</u>*

 

Arthur Issa was one of the first employees at Energea Global, starting in May, 2018. Over the course of his time with the business, Arthur has participated in the successful closing of more than 100 MW of solar projects and developed the financial models that support more than $300mm of AUM. Arthur is responsible for financial modeling of all Projects and Loans at Energea Global. He also supports the company's corporate financial planning through detailed financial modelling, reporting and cash flow management. As an integral part of the team, he provides the tools necessary for management to make investment decisions for Energea Global and the Company. Arthur has a B.S. in Production Engineering from University Candido Mendes in Rio de Janeiro, Brazil.

*<u>Paulo Vieira</u>*

Paulo is an accomplished electrical engineer with a master's degree in Energy Resources Engineering and over 5 years of leadership experience in the renewable energy sector. He currently serves as the Global O&M Manager at Energea Global, where he oversees operations and maintenance across a global portfolio of photovoltaic assets spanning the USA, Brazil, and South Africa. Paulo is a member of Energea Global's Investment Committee.

Specializing in solar energy systems, Paulo has led the operations of more than 2.2 GW of solar projects. His expertise includes O&M strategy development, performance optimization, technical team leadership, and cost control initiatives aimed at improving operational KPIs and financial performance. His professional journey includes strategic roles at Recurrent Energy, Enel Green Power, COMERC Energia, Solarig, and AKTOR SA, where he managed large-scale solar assets and drove operational excellence through data-driven decision-making and cross-functional coordination.

Paulo also brings a strong academic foundation, with a postgraduate specialization in Photovoltaic Solar Systems and international experience through Brazil's Scientific Mobility Program in the U.S., where he studied at The University of Texas at El Paso. He is deeply committed to advancing clean energy and delivering high-impact, data-driven solutions in the solar power sector.

*Page 22*

 

*<u>Francielle Assis</u>*

Francielle has over five years of professional legal experience with a focus on labor and corporate law within large-scale corporate environments. Since September 2024, she has served as HR & HSEC Legal Coordinator at Energea Global. In that capacity, she ensures compliance with labor laws and regulations for all corporate Human Resources and oversees the company's Health, Safety, Environment and Community ("<u>HSEC</u>") compliance and risk mitigation. Her responsibilities include managing labor litigation, advising on employment law matters, and coordinating with regulatory agencies and external legal counsel. She also attends site visits for each Project to opine on the community and security risk prior to investment and sits on Energea Global's Investment Committee.

Prior to joining Energea Global, Francielle was a Senior Strategic Labor Attorney at CPFL Energia, one of Brazil's largest energy companies. There, she led complex employment litigation strategies and advised on collective labor issues. She also served as Labor Attorney at CPFL, supporting operational and strategic labor matters across the company's various business units.

 

Earlier in her career, Francielle worked in both private law firms and governmental institutions, handling labor and civil litigation. Her experience includes managing procedural strategies and representing corporate clients in both individual and collective labor disputes, demonstrating a high level of legal and operational competence.

*<u>Marta Coelho</u>*

 

Since its inception in 2018, Marta Coelho has served as the Controller at Energea Global, bringing with her a wealth of experience and expertise in finance and accounting. As the global Controller, Marta plays a crucial role in managing all financial aspects, including account management, taxation, and audits, for Energea Global's diverse range of operating entities and projects across Africa, Brazil, and the USA. Marta leads a team of subordinate controllers and accountants at Energea Global and coordinates with a bench of third-party accounting firms across our jurisdictions of operation.

*<u>Dave Rutty</u>*

Dave is a highly experienced solar professional with over 12 years of hands-on experience building, maintaining, and managing solar projects. As a Project Analyst at Energea Global, he plays a pivotal role in overseeing construction and maintenance operations across all markets, ensuring projects are executed with precision, safety, and technical excellence. Dave is responsible for preparing Investment Committee memos across Energea Global's multidisciplinary team of experts to ensure all investments meet the company's stringent compliance requirements.

 

From 2020 to 2022, Dave served as a Managing Partner at SRES, a solar contracting company based in the northeastern U.S. Prior to that, Dave was served as the Vice President of Operations and Maintenance at Greenskies Renewable Energy LLC.

 

*<u>Julio Cezar dos Santos de Morais</u>*

Julio is an experienced electrical engineer specializing in photovoltaic systems, currently serving as an Electrical Engineer at Energea Global since October 2023. He oversees project design, field and factory inspections, and engineering analysis for distributed generation systems. His technical expertise includes tools such as PVSyst, AutoCAD, and protection design for medium-voltage applications.

Over the past nine years, Julio has held engineering roles at CPFL Renováveis, Deode Energia, MEPEN Energia, and others, where he managed solar projects exceeding 100 MW of combined solar power generation capacity. Julio led technical teams and performed system simulations and commissioning. He holds both bachelor's and master's degrees in Electrical Engineering from the Federal University of Technology - Paraná (UTFPR), with academic research published in the field of power electronics.

*Page 23*

 

*<u>Juan Carvajales</u>*

Juan is a seasoned business development professional with over 15 years of experience in the renewable energy sector across U.S. and Latin American markets. Since August 2023, he has worked as a Loan Analyst at Energea Global, where he supports investment strategies and portfolio architecture, leveraging his background in project development, financing, and cross-border renewable energy transactions to identify private credit opportunities.

Before joining Energea Global, Juan held key leadership roles including Director of Business Development at GeneraSol (2007-2023) and Board Member at SUA Power Company (2021-2023), where he focused on structuring and executing solar PV and off-grid energy projects. He has also led utility-scale solar development at Grupo BAZ and has a foundational background in project and operations management. Juan holds a BBA from Politécnico Costa Atlántica and additional certifications in solar energy and environmental science.

 *Legal Proceedings Involving Executives and Directors*

Within the last five years, no Director, Executive Officer, or Significant Employee of the Company has been convicted of, or pleaded guilty or no contest to, any criminal matter, excluding traffic violations and other minor offenses.

Within the last five years, no Director, Executive Officer, or Significant Employee of the Company, no partnership of which an Executive Officer or Significant Employee was a general partner, and no corporation or other business association of which an Executive Officer or Significant Employee was an executive officer, has been a debtor in bankruptcy or any similar proceedings.

 *Other Solar Energy Funds*

Energea Global, the General Partner of the Company, is also the general partner or manager of three other funds formed to acquire and operate solar power projects, each of which is conducting an offering under Regulation A:

· Energea Portfolio 2 LP ("<u>Portfolio 2</u>"), which was formed to acquire and operate projects located in Brazil with residential and small business customers.

· Energea Portfolio 4 USA LP ("<u>Portfolio 4</u>"), which was formed to acquire and operate projects located in the United States.

· Energea Portfolio 5 LP ("<u>Portfolio 5</u>"), which was formed to acquire and operate projects located in Latin America.

The status of each of the Company's, Portfolio 2's, Portfolio 4's and Portfolio 5's current and prior offerings, as of December 31, 2025, is below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; ***Energea Portfolio 2 LP*** | &nbsp;&nbsp; ***Energea Portfolio 3 Africa LP*** | &nbsp;&nbsp; ***Energea Portfolio 4 USA LP*** | &nbsp;&nbsp; ***Energea Portfolio 5 LATAM LP*** |
| &nbsp;&nbsp; Date of Initial Qualification | &nbsp;&nbsp; 08/13/2020 | &nbsp;&nbsp; 08/2/2021 | &nbsp;&nbsp; 07/01/2021 | &nbsp;&nbsp; 02/05/2026 |
| &nbsp;&nbsp; Date of Current Qualification  | &nbsp;&nbsp; 03/26/2026 | &nbsp;&nbsp; 03/26/2026 | &nbsp;&nbsp; 03/26/2026 | &nbsp;&nbsp; 02/05/2026 |
| &nbsp;&nbsp; Offering Amount Raised Through 12/31/25\* | &nbsp;&nbsp; $36540098 | &nbsp;&nbsp; $8966847 | &nbsp;&nbsp; $7167127 | &nbsp;&nbsp; $169,150\*\* |
| &nbsp;&nbsp; Solar Projects Operating or Constructing | &nbsp;&nbsp; Eleven | &nbsp;&nbsp; Seventeen | &nbsp;&nbsp; Five | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Current Maximum Offering Amount | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 |

---

*\*Gross of stock issuance costs*

*\*\*Amount raised through the General Partner*

*Page 24*

 *Compensation of General Partner*

Our General Partner is compensated when the Company pays the fees described in the table below ("<u>Fees</u>"):

 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Type of Fee*** | &nbsp;&nbsp; ***Timing of Fee***  | &nbsp;&nbsp; ***Description*** |
| &nbsp;&nbsp; Reimbursement of Marketing Expenses | &nbsp;&nbsp; Ongoing  | &nbsp;&nbsp; The Company must reimburse the General Partner for expenses the General Partner incurs while promoting the Company to potential investors. The maximum reimbursable amount is 5% of the total amount raised. Types of costs that will be reimbursed by the Company to the General Partner for marketing expenses include digital and conventional advertisements, marketing personnel and third-party costs, promotional events and any other cost associated with communicating the Offering to the general public. f the Company were to raise the $50,000,000 we hope to raise through the Offering, we would estimate the marketing costs and reimbursements to be approximately (and not over) $2,500,000 (1).<br>|
| &nbsp;&nbsp; Management Fees | &nbsp;&nbsp; Ongoing  | &nbsp;&nbsp; The General Partner will charge the Company a monthly management fee equal to 0.167% of the aggregate capital that has been invested into the Company.<br>|
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; When the distributions exceed the Preferred Return<br>| &nbsp;&nbsp; The General Partner will receive 20% of all distributed cash flow above the monthly amount necessary for Preferred Equity Investors to receive their Preferred Return. For more detail, see *"Carried Interest"* below.<br>|
| &nbsp;&nbsp; Origination Fees | &nbsp;&nbsp; When Projects and Loans are originated  | &nbsp;&nbsp; The General Partner might originate and develop Projects and Loans that are acquired by the Company. If so, the General Partner shall be entitled to compensation that is no greater than 5.0% of the Project's cost or the Loan's outstanding balance.<br>|
| &nbsp;&nbsp; O&M and Energy Sales Services ("<u>Ancillary Services</u>")<br>| &nbsp;&nbsp; Ongoing as services are rendered according to contract<br>| &nbsp;&nbsp; The Company does not currently pay the General Partner for any Ancillary Services. <br>|
| &nbsp;&nbsp; Interest on Loans | &nbsp;&nbsp; Whenever due and payable | &nbsp;&nbsp; The General Partner might lend to the Company to fund the acquisition or investment in Projects and Loans or for other purposes. Such a loan will bear interest at market rates. The amount of interest will depend on the amount and term of any such loans.<br>|

---

*(1) The estimated amount of "marketing costs and reimbursements" represents a "not-to-exceed" estimate for organization, offering, and marketing reimbursements. This figure is a cap only. Actual reimbursements are tied to actual expenses incurred and may be substantially lower.*

 *Deferment of Fees*

While the General Partner is not entitled to any compensation other than the Fees as described above, it may defer some or all of Fees at any time based on the General Partner's assessment of the cash flow at the Company. Some Fees may be deferred indefinitely at the discretion of the General Partner. To date, the General Partner has provided services without charging the full amount owed by the Company.

As the Company and its cash flow stabilize, the General Partner may charge for deferred Fees ("<u>Deferred Fees</u>") - see "*Fees Paid to General Partner*" for more information.

*Page 25*

  *Fees Paid to General Partner*

As the Company grows, markets, exceeds Preferred Returns and requires the General Partner for Ancillary Services, fees are accrued to the General Partner, some of which are deferred, as described above. Below is a table which calculates the total amounts paid to the General Partner from all possible fees, which have been paid as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Fee Type***  | &nbsp;&nbsp; ***Fees Paid to General Partner in 2025*** | &nbsp;&nbsp; ***Fees Paid Since Inception (including 2025 fees)*** |
| &nbsp;&nbsp; Reimbursement of Marketing Expenses | &nbsp;&nbsp; $307024.68  | &nbsp;&nbsp; $357024.68  |
| &nbsp;&nbsp; Asset Management Fee  | &nbsp;&nbsp; $164257.61  | &nbsp;&nbsp; $165847.70  |
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; $0.00  | &nbsp;&nbsp; $4504.76  |
| &nbsp;&nbsp; Origination Fees  | &nbsp;&nbsp; $0.00  | &nbsp;&nbsp; $0.00  |
| &nbsp;&nbsp; Ancillary Services  | &nbsp;&nbsp; $0.00  | &nbsp;&nbsp; $0.00  |
| &nbsp;&nbsp; Interest on Loans  | &nbsp;&nbsp; $0.00  | &nbsp;&nbsp; $0.00  |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; **$471282.29**  | &nbsp;&nbsp; **$527377.14**  |

---

 *Co-Investment*

The General Partner and its affiliates might purchase Class A Investor Shares. If so, they will be entitled to the same distributions as other Preferred Equity Investors. If such investment is made to facilitate the Company's acquisition of or investment in Projects before there are sufficient offering proceeds, the General Partner will be entitled to redeem its Class A Investor Shares from additional Offering proceeds as they are raised.

 *Item 4. Security Ownership of General Partner and Certain Securityholders* 

The individuals named below, as well as other employees of the General Partner may own Class A Investor Shares that they purchased privately through the Platform in the same manner as any Investor.

The following table sets forth the approximate beneficial ownership of our Class A Investor Shares as of December 31, 2025, for each person or group that holds more than 10.0% of our Class A Investor Shares, and for each director and executive officer of our General Partner and for the directors and executive officers of our General Partner as a group.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Name of Beneficial Owner <sup>(1)(2)</sup>*** | &nbsp;&nbsp; ***Number of Shares Beneficially Owned*** | &nbsp;&nbsp; ***Amount and Nature of Beneficial Ownership Acquirable*** | &nbsp;&nbsp; ***Percent of All Shares*** |
| &nbsp;&nbsp; Energea Global LLC | &nbsp;&nbsp; 12381 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.1719% |
| &nbsp;&nbsp; Michael Silvestrini | &nbsp;&nbsp; 2704<sup>(3)</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0375% |
| &nbsp;&nbsp; Christopher Sattler | &nbsp;&nbsp; 83<sup>(3)</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0011% |
| &nbsp;&nbsp; Gray Reinhard | &nbsp;&nbsp; 268 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0037% |
| &nbsp;&nbsp; All directors and executive officers of our General Partner as a group (3 persons) | &nbsp;&nbsp; 3055 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0424% |

---

 

*(1) Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which he or she has no economic or pecuniary interest.*

*(2) Each listed beneficial owner, person or entity has an address in care of our principal executive offices at 52 Main Street, Chester, CT 06412.*

*(3) Includes shares beneficially owned by Energea Global LLC, under the control of its Class A Shareholders. Notably, Michael Silvestrini and Chris Sattler, as the largest principal shareholders, hold 41.10% and 32.10% of the shares of Energea Global LLC, respectively. (As of December 31, 2025)*

 

*Page 26*

 

  *Item 5. Interest of Management and Others in Certain Transactions*

The Company might enter into other transactions with related parties. If so, any compensation paid by the Company to the related party shall be (i) fair to the Company, and (ii) consistent with the compensation that would be paid to an unrelated party.

By "related party" we mean:

· The General Partner or a subsidiary of the General Partner;

· Any director, executive officer, or significant employee of the Company or the General Partner;

· Any person who has been nominated as a director of the Company or the General Partner;

· Any person who owns more than 10% of the voting power of the Company or the General Partner; and

· An immediate family member of any of the foregoing.

As of the date of this Annual Report, the Company has entered into transactions with related parties in one circumstance:

 

· *Credit Advance:* During the early stages of the Company's operations, the General Partner provided several credit advances to accelerate the availability of capital needed to make certain small payments. These amounts were recorded as do-to/do-from transactions and no interest was charged to the Company for these advances. While such advances are not expected to occur with the same frequency or magnitude as in the Company's early stages, the General Partner may, from time to time, provide similar advances for administrative convenience.

The Company has not, and does not intend to, enter into any related party transaction with the General Partner or its subsidiaries or any other related party other than those transactions described above in "*Compensation of General Partner*". As discussed above, the Company may pay or reimburse the General Partner for marketing expenses, management fees, Carried Interest, Ancillary Services and interest on loans. There are no other expenses, nor will there be other expenses in the future, where the Company pays a related party other than the Fees.

 *Item 6. Other Information*

None.

*Page 27*

 

 *Item 7. Financial Statements*

 *Index to Financial Statements*

---

| | |
|:---|:---|
| ***Section*** | ***Page*** |
| [Independent Auditors Report](#_Independent_Auditors_Report) | F-1 |
| [Consolidated Balance Sheets](#_Consolidated_Balance_Sheets) | F-2 |
| [Consolidated Statements of Operations](#_Consolidated_Statements_of) | F-3 |
| [Consolidated Statements of Changes in Partners'/Members' Equity](#_Statements_of_Changes) | F-4 |
| [Consolidated Statements of Cash Flows](#_Statements_of_Cash) | F-5 |
| [Notes to Consolidated Financial Statements](#_Notes_to_Consolidated) | F-6 - F-11 |

---

*Page 28*

 

 *Independent Auditors Report*

To the Members of

Energea Portfolio 3 Africa LP

***Opinion***

 ****

We have audited the accompanying consolidated financial statements of Energea Portfolio 3 Africa LP (the "Company"), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of operations and comprehensive income, changes in partners'/members' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Energea Portfolio 3 Africa LP as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

 ****

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

***Responsibilities of Management for the Financial Statements***

 ****

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.

 **

***Auditors' Responsibilities for the Audit of the Financial Statements***

 **

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

· Exercise professional judgment and maintain professional skepticism throughout the audit.

· Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

· Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.

· Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

![](image001.jpg)

Hartford, Connecticut

April 30, 2026

 *Consolidated Balance Sheets*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***December 31, 2025 and 2024***  | &nbsp;&nbsp; ***December 31, 2025 and 2024***  | &nbsp;&nbsp; ***December 31, 2025 and 2024***  |
|  | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | &nbsp;&nbsp; $2602996  | &nbsp;&nbsp; $1267925  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | &nbsp;&nbsp; 90595  | &nbsp;&nbsp; 44838  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current assets | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62734  | &nbsp;&nbsp; 14485  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756325  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327248  |
| &nbsp;&nbsp; Property and equipment, net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and equipment | &nbsp;&nbsp; 2711305  | &nbsp;&nbsp; 2126409  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less accumulated depreciation | &nbsp;&nbsp; (186928) | &nbsp;&nbsp; (85267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment, net | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524377  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041142  |
| &nbsp;&nbsp; Other noncurrent assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans receivable | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314000  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp; $8594702  | &nbsp;&nbsp; $4797390  |
| &nbsp;&nbsp; **Liabilities and partners'/members' equity** |  |  |
| &nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | &nbsp;&nbsp; $557599  | &nbsp;&nbsp; $1230  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to related entity | &nbsp;&nbsp; 11769  | &nbsp;&nbsp; 194  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | &nbsp;&nbsp; 569368  | &nbsp;&nbsp; 1424  |
| &nbsp;&nbsp; Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | &nbsp;&nbsp; 1395  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33551  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570763  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34975  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners'/members' equity | &nbsp;&nbsp; 8023939 | &nbsp;&nbsp; 4762415  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners'/members' equity | &nbsp;&nbsp; $8594702  | &nbsp;&nbsp; $4797390  |

---

*F-2*

 *Consolidated Statements of Operations*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024***  | &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024***  | &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024***  |
|  | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp; Revenue: |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Project revenue | &nbsp;&nbsp; $299650  | &nbsp;&nbsp; $195712  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Loan interest income  | &nbsp;&nbsp; 297170  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596820  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217122  |
| &nbsp;&nbsp; Portfolio operating expenses: |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Depreciation  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101661  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55347  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29034  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26097  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8723  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46630  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12357  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11678  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69093  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164258  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255  |
| &nbsp;&nbsp;&nbsp;&nbsp; Operation and maintenance | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32530  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regulatory  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14210  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8210  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535  |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11448  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14376  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total portfolio operating expenses | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400950  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212659  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from operations | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195870  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4463  |
| &nbsp;&nbsp; Other income/(expense): |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized foreign currency loss | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4811) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income - short-term investments | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59614  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101953  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes expense/(benefit) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1600) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income/(expense) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53104  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income before income tax benefit/(expenses) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248974  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111812  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit(expense) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14696  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263670 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78261  |
| &nbsp;&nbsp; Other comprehensive gain/(loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign currency exchange gain/(loss) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20409  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comprehensive income | &nbsp;&nbsp; $284079 | &nbsp;&nbsp; $77898  |

---

*F-3*

 

 *Consolidated Statements of Changes in Partners'/Members' Equity*

***For the years ended December 31, 2025 and 2024***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Common Shares | &nbsp;&nbsp; Common Shares | &nbsp;&nbsp; Investor Shares | &nbsp;&nbsp; Investor Shares | &nbsp;&nbsp; Accumulated Earnings/(Deficit) | &nbsp;&nbsp; Accumulated Other Comprehensive Gain/(loss) | &nbsp;&nbsp; Total Members'/Partners' Equity |
|  | &nbsp;&nbsp; Shares | &nbsp;&nbsp; Amount | &nbsp;&nbsp; Shares | &nbsp;&nbsp; Amount |  |  |  |
| &nbsp;&nbsp; Members' equity, January 01, 2024 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; 2259444  | &nbsp;&nbsp; $2451140  | &nbsp;&nbsp; $(38755) | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $2412385 |
| &nbsp;&nbsp; Issuance of investor shares, net of issuance costs of $87,358 | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2033383  | &nbsp;&nbsp; 2480616  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2480616  |
| &nbsp;&nbsp; Distributions | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (208484) | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (208484) |
| &nbsp;&nbsp; Net income |  |  |  |  | &nbsp;&nbsp; 78261  |  | &nbsp;&nbsp; 78261  |
| &nbsp;&nbsp; Unrealized foreign currency translation loss | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (363) | &nbsp;&nbsp; (363) |
| &nbsp;&nbsp; Members' equity, December 31, 2024 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; -  | &nbsp;&nbsp; 4292827 | &nbsp;&nbsp; $4723272 | &nbsp;&nbsp; 39506  | &nbsp;&nbsp; (363) | &nbsp;&nbsp; 4762415 |
| &nbsp;&nbsp; Issuance of investor shares, net of issuance costs of $337,025 | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 2910965  | &nbsp;&nbsp; 3477858  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 3477858  |
| &nbsp;&nbsp; Distributions | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (500413) | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (500413) |
| &nbsp;&nbsp; Net income | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 263670  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 263670  |
| &nbsp;&nbsp; Unrealized foreign currency translation gain | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 20409 | &nbsp;&nbsp; 20409 |
| &nbsp;&nbsp; Partners' equity, December 31, 2025 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; 7203792  | &nbsp;&nbsp; $7700717  | &nbsp;&nbsp; $303176 | &nbsp;&nbsp; $20409 | &nbsp;&nbsp; $8023939 |

---

*F-4*

 

 *Consolidated Statements of Cash Flows*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024*** | &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024*** | &nbsp;&nbsp; ***For the years ended December 31, 2025 and 2024*** |
|  | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp; **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | &nbsp;&nbsp; $263670  | &nbsp;&nbsp; $78261  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101661  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55347  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32156) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33551  |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41977) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43737) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517744  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to/from related entities | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11576  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash flows from operating activities | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776781  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34496) |
| &nbsp;&nbsp; **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in loans receivable | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(1885000) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of property and equipment | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584896) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(649861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash flows from investing activities | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(2469896) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2078861) |
| &nbsp;&nbsp; **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of investor shares | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814883  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567974  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor shares issuance costs | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337025) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(500413) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cash flows from financing activities | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977445  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272132  |
| &nbsp;&nbsp; Effect of exchange rate changes on cash | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50741  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) |
| &nbsp;&nbsp; Increase in cash | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335071  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158504  |
| &nbsp;&nbsp; Cash at the beginning of the period | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267925  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109421  |
| &nbsp;&nbsp; Cash at the end of the period | &nbsp;&nbsp; $2602996  | &nbsp;&nbsp; $1267925  |

---

*F-5*

 *Notes to Consolidated Financial Statements*

**December 31, 2025 and 2024**

 *Note 1 - Organization, Operations and Summary of Significant Accounting Policies*

<u>Business organization and operations</u>

Energea Portfolio 3 Africa LP (the "Company"), formerly known as Energea Portfolio 3 Africa LLC, is a Delaware entity originally formed as a limited liability company to invest in the acquisition, development, and operation of a portfolio of solar energy projects ("Projects") in Africa. The Company commenced operations on March 11, 2021. Following the conversion to a limited partnership on June 5, 2025, Energea Global LLC serves as the Company's General Partner and Manager.

Effective June 5, 2025, the Company converted from a limited liability company ("LLC") to a limited partnership ("LP"). The conversion was undertaken to align the Company's management and ownership structure. As a result of this change, the Company's legal form and ownership structure were modified. However, its classification for U.S. federal income tax purposes remains unchanged, and the Company continues to be treated as a corporation. Management has determined that the conversion does not constitute a change in the reporting entity. Accordingly, comparative financial information for periods prior to the conversion has not been restated and reflects operations under the LLC structure.

The Company's activities are subject to significant risks and uncertainties, including the inability to secure sufficient funding to develop its portfolio. Prior to the conversion to the LP, the Company's operations were funded through the issuance of membership interests, and there can be no assurance that such funding will continue to be available on terms favorable to the Company.

In 2021, the Company commenced an offering of its Class A Investor Shares (the "Prior Offering") pursuant to Regulation A under the Securities Act of 1933, as amended, to support ongoing project development. Through December 31, 2025, the Company had raised aggregate gross proceeds of $8,966,977 under the Prior Offering. Offering costs incurred in connection with the Prior Offering totaled $490,975, resulting in net proceeds of $8,476,002. Cumulative distributions to investors from inception through December 31, 2025 totaled $775,285, consisting of dividends and returns of capital. Accordingly, the balance attributable to the Prior Offering was $7,700,717 at December 31, 2025.

To date, the Company has invested in 17 projects. In some cases, it acquired entire projects, while in others, it purchased fractional shares, known as "solar cells," through its partnership with The Sun Exchange (SA) Bewind Trust ("Sun-Ex"). When the Company purchases solar cells from a project, it retains overall control through negative covenants that enable it to manage financing, sales, and the replacement of the asset manager, even if it owns only a small percentage of the solar cells.

At the end of 2024, the Company decided to restructure its investment strategy in South Africa by terminating its agreements with Sun-Ex for 14 of its 16 projects. To facilitate this transition, the Company established a wholly owned subsidiary, Energea Portfolio 3 Holdco (PTY) Ltd, to assume direct management of the affected assets. Through this subsidiary, the Company has full ownership of the 14 projects and the associated rights under the EPC and Solar Lease Agreements. Consequently, the Cell Owner Agreements and related services with Sun-Ex for those 14 projects were terminated, effective January 31, 2025. As of December 31, 2025, the remaining two projects continued to be managed in partnership with Sun-Ex under their original terms.

<u>Basis of presentation</u>

The consolidated financial statements include the accounts of the Company, and its subsidiary, and have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

<u>Basis of Consolidation</u> 

The consolidated financial statements include the financial statements of the Company, and its wholly owned subsidiary. The accounting policies of the Company's subsidiary are consistent with the Company's accounting policies, and all intercompany transactions have been eliminated in consolidation.

<u>Use of estimates</u>

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses of the period. Actual results could differ from those estimates.

<u>Cash and cash equivalents</u>

Cash and cash equivalents includes cash on hand, deposits at commercial banks and short-term cash equivalents with original maturities of 90 days or less.

<u>Property and Equipment</u>

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. For renewable energy assets, useful lives previously ranged from 20 to 30 years, with 30 years being the standard prior to 2025. Additions, renewals, and betterments that significantly extend the life of the assets are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in income for the period.

Effective January 1, 2025, the Company revised the estimated useful life of its renewable energy assets from 30 years to 20 years for depreciation purposes. This change was made to better align with the contractual terms of the Company's Power Purchase Agreements (PPAs) and prevailing industry standards. Management believes the revised depreciation period more accurately reflects the expected economic useful life of these assets. This change in estimate has been applied prospectively in accordance with ASC 250, *Accounting Changes and Error Corrections*. The impact of the revised depreciation schedule is reflected in the financial statements for the period ended December 31, 2025, and is expected to result in higher annual depreciation expense going forward.

<u>Impairment of Long-Lived Assets</u>

The Company periodically evaluates the carrying value of the Projects when events and circumstances warrant such a review. Under ASC 360, the carrying value of the Projects is considered impaired when its anticipated undiscounted cash flows are less than its carrying value. A loss is then recognized based on the amount by which the carrying value exceeds the fair value of the asset. The Company has not recognized any impairment losses on any of its property and equipment for the years ended December 31, 2025 and 2024.

<u>Revenue recognition</u>

According to Accounting Standards Codification (ASC 606-10-50), revenue is recognized when control of the promised goods or services is transferred to customers, reflecting the consideration the Company's expects to receive in exchange for those goods and services. In the Company case, the promised goods and services consist of the delivery of energy commodities and the electricity generated by the Projects.

Revenue from customer contracts is generated solely from the sale of energy commodities and electricity produced by the Projects. For these sales, the Company recognizes revenue as energy commodities and electricity are delivered, aligning with the amounts billed to customers according to the rates defined in the respective contracts. The billed amounts reflect the value of the commodities or energy delivered. Revenues not yet earned under these contracts, which have maturity dates between 2043 and 2044, will fluctuate based on the volume of commodities or energy delivered. Customers typically receive monthly bills, with payment due within 15 days. Customer contracts include a fixed rate associated with electricity produced under power purchase agreements. As of December 31, 2025, the Company anticipates recording $13,135,090 (unaudited) in revenue related to the fixed-rate components of these contracts as electricity is generated over the remaining terms.

Our Revenue Recognition Policy follows ASC-606 which is a five-step procedure:

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Procedure*** | &nbsp;&nbsp; ***Example*** |
| &nbsp;&nbsp; Step 1 - Identify the Contract | &nbsp;&nbsp; Project Rental Contract |
| &nbsp;&nbsp; Step 2 - Identify the Performance Obligations | &nbsp;&nbsp; Delivery of electricity from solar plant |
| &nbsp;&nbsp; Step 3 - Determine the Transaction Price | &nbsp;&nbsp; Amount contractually signed with Subscriber |
| &nbsp;&nbsp; Step 4 - Allocate the Transaction Price | &nbsp;&nbsp; Obligation is satisfied by transferring control of the electricity produced to the Subscriber |
| &nbsp;&nbsp; Step 5 - Recognize Revenue | &nbsp;&nbsp; At a point in time when the Subscriber is invoiced |

---

<u>Loans Receivable and Current Expected Credit Losses</u>

Loans are stated at unpaid principal balances. Interest on loans is credited to operations based upon the principal amount outstanding on the accrual basis.

The Company issues private debt to a variety of corporate borrowers and is exposed to credit risk arising from the potential inability of these borrowers to meet their contractual obligations. The Company assesses expected credit losses ("ECL") on financial assets measured at amortized cost in accordance with ASC 326.

Credit risk is actively monitored on an ongoing basis at both the individual borrower level and the portfolio level. The Company conducts comprehensive due diligence at origination and applies a structured credit approval process. Post-origination, the creditworthiness of each borrower is reassessed quarterly based on updated financials, operational performance, covenant compliance, and macroeconomic developments.

Significant increase in credit risk is assessed based on qualitative factors (e.g., negative outlook, industry stress), quantitative metrics (e.g., leverage ratios, payment history), and borrower-specific events (e.g., covenant breaches).

ECLs are measured using a probability-weighted approach based on two key components:

Probability of Default (PD)

Loss Given Default (LGD)

Forward-looking macroeconomic factors are incorporated into the model, including GDP growth, interest rates, and sector-specific risks.

Loans are written off when there is no reasonable expectation of recovery, typically after all collection efforts have been exhausted and the asset has been fully impaired.

<u>Comprehensive Income</u>

GAAP requires the reporting of "comprehensive income)" within general purpose consolidated financial statements. Comprehensive income is comprised of two components, net income and comprehensive income/(loss). For the years ended December 31, 2025 and 2024, the Company had foreign currency exchange income relating to currency translation from the South African Rand to the U.S. dollar reported as other comprehensive income/(loss).

<u>Income taxes</u>

The Company is treated as a C-Corporation for U.S. federal, state, and applicable local income tax purposes. This tax classification remained unchanged following the Company's conversion from a limited liability company to a limited partnership on June 5, 2025.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for net operating loss ("NOL") and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The Company evaluates the realizability of deferred tax assets on a regular basis and establishes a valuation allowance when it is more-likely-than-not that some or all of the deferred tax assets will not be realized. This assessment is based on all available evidence, including historical operating results, projections of future taxable income, and the reversal of existing taxable temporary differences.

The Company accounts for uncertainty in income taxes in accordance with ASC 740, *Income Taxes*, which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense.

The Company has evaluated its tax positions and concluded that it has no uncertain tax positions that require recognition in the consolidated financial statements. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment based on changes in tax laws, regulations, and interpretations thereof.

<u>Foreign Currency Exchange Transactions</u>

Revenue is transacted in the local currency, South African Rand (ZAR)*,* and are recorded in U.S. dollars translated using the exchange rate of the last day of each period. Realized exchange gains and losses are netted against revenue on the accompanying statement of operations. Realized translation losses for the periods ended December 31, 2025 and 2024 were $(4,811) and $(593), respectively.

<u>Extended Transition Period</u>

Under Section 107 of the Jumpstart Our Business Startups Act of 2012, the Company is permitted to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. This permits the Company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to use the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in Section 7(a)(2)(B). By electing to extend the transition period for complying with new or revised accounting standards, these consolidated financial statements may not be comparable to companies that adopt accounting standard updates upon the public business entity effective dates.

<u>Subsequent events</u>

In connection with the preparation of the consolidated financial statements, the Company monitored and evaluated subsequent events and transactions through April 30, 2026, the date on which the consolidated financial statements were available to be issued.

On April 28, 2026, the Company entered into an amended and restated loan and security agreement with Hecate Global Renewables (HGR), replacing the prior agreement between the parties. The amended agreement introduces a convertible loan structure, updates key economic terms, and expands the overall financing capacity and scope of the arrangement.

*F-6*

 

  *Note 2 - Property and Equipment*

On March 20, 2021, the Company entered into a cell owner agreement with Sun-Ex for 1.74% of the cell units in the Project Nhimbe Fresh Packhouse & Cold Store for an aggregate purchase price of $24,631.

On April 3, 2021, the Company entered into a cell owner agreement with Sun-Ex for 6.72% of the cell units in Project SPAR Lulekani for an aggregate purchase price of $23,369.

On November 29, 2021, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in the Anchor Foods Project for an aggregate purchase price of $109,334. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On May 31, 2022, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project CPOA Trianon Retirement Village for an aggregate purchase price of $163,624. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On May 31, 2022, the Company entered into a cell owner agreement with Sun-Ex for 46.39% of the cell units in the CPOA Avondrust Court Project for an aggregate purchase price of $99,025. On April 30, 2025, the Company acquired the remaining shares for $64,924, bringing the total aggregate purchase price to $163,948. Following the acquisition, the contract was terminated, and the Company assumed full control of the asset.

On September 9, 2022, the Company entered into a cell owner agreement with Sun-Ex for 25.98% of the cell units in Project Baysville School of Skills for an aggregate purchase price of $25,000. On April 30, 2025, the Company acquired the remaining shares for $33,564, bringing the total aggregate purchase price to $58,564. Following the acquisition, the contract was terminated, and the Company assumed full control of the asset.

On September 9, 2022, the Company entered into a cell owner agreement with Sun-Ex for 74.54% of the cell units in Project Zandvliet Care Facility for an aggregate purchase price of $74,999. On April 30, 2025, the Company acquired the remaining shares for $39,825, bringing the total aggregate purchase price to $114,824. Following the acquisition, the contract was terminated, and the Company assumed full control of the asset.

On December 1, 2022, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Connaught Business Park for an aggregate purchase price of $411,362. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On May 27, 2023, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project CPOA Quadrant Gardens for an aggregate purchase price of $90,710. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On September 28, 2023, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Laerskool Dr Havinga for an aggregate purchase price of $191,151. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On October 04, 2023, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project CPOA Constantia Place for an aggregate purchase price of $115,109. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On December 14, 2023, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Hoerskool Bosmansdam for an aggregate purchase price of $148,234. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On February 14, 2024, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project CPOA Eventide for an aggregate purchase price of $98,806. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On March 14, 2024, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Montagu High School for an aggregate purchase price of $182,256. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On May 13, 2024, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Robertson Voorbereiding School for an aggregate purchase price of $117,306. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On July 10, 2024, the Company entered into a cell owner agreement with Sun-Ex for 100% of the cell units in Project Swellendam Secondary School for an aggregate purchase price of $251,494. The contract was terminated on January 31, 2025, and the Company has since assumed full control of the asset.

On December 31, 2025, the Company entered into an asset purchase agreement with Sungen Systems for the acquisition of Project Yo Residence for an aggregate purchase price of $446,583.

The Company's property and equipment as of December 31, 2025 and 2024, is outlined in the following roll-forward summary:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp; Beginning property and equipment | &nbsp;&nbsp; $2126409  | &nbsp;&nbsp; $1476548  |
| &nbsp;&nbsp; Additions | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584896  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649861  |
| &nbsp;&nbsp; Ending property and equipment | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711305  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126409  |
| &nbsp;&nbsp; Beginning accumulated depreciation | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85267  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920  |
| &nbsp;&nbsp; Depreciation expense | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101661  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55347  |
| &nbsp;&nbsp; Ending accumulated depreciation | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186928  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85267  |
| &nbsp;&nbsp; Property and equipment, net | &nbsp;&nbsp; $2524377  | &nbsp;&nbsp; $2041142  |

---

The Company's property and equipment consisted of the following as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Project Name | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 2024 |
| &nbsp;&nbsp; Anchor Foods | &nbsp;&nbsp; $109334  | &nbsp;&nbsp; $109334  |
| &nbsp;&nbsp; Baysville School | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58564  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000  |
| &nbsp;&nbsp; Connaught Park | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411362  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411362  |
| &nbsp;&nbsp; CPOA Avondrust | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163948  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99024  |
| &nbsp;&nbsp; CPOA Constantia Place | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115109  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115109  |
| &nbsp;&nbsp; CPOA Eventide | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98806  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98806  |
| &nbsp;&nbsp; CPOA Quadrant Gardens | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90710  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90710  |
| &nbsp;&nbsp; CPOA Trianon | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163624  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163624  |
| &nbsp;&nbsp; Hoerskool Bosmandam | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148234  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148234  |
| &nbsp;&nbsp; Laerskool Dr Havinga | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191151  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191151  |
| &nbsp;&nbsp; Montagu High School | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182256  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182256  |
| &nbsp;&nbsp; Nhinbe Fresh | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24631  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24631  |
| &nbsp;&nbsp; Spar Lulekani | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23369  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23369  |
| &nbsp;&nbsp; Zandvliet Care Facility | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114824  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74999  |
| &nbsp;&nbsp; Robertson Voorbereiding School | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117306  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117306  |
| &nbsp;&nbsp; Swellendam Secondary School | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251494  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251494  |
| &nbsp;&nbsp; Yo Residence | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446583  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp; TOTAL | &nbsp;&nbsp; $2711305  | &nbsp;&nbsp; $2126409  |

---

Additions during the year ended December 31, 2025 primarily relate to the acquisition of Project Yo Residence, as well as additional investments in existing projects, including CPOA Avondrust, Zandvliet Care Facility, and Baysville School.

*F-7*

 

  *Note 3 - Loan Agreements*

In December 2024, the Company entered into a $20 million loan agreement with Hecate Global Renewables (HGR), a renewable energy developer specializing in utility-scale solar projects in Africa. This loan is structured to provide phased advances to HGR that are contingent upon the achievement of specific project milestones, facilitating HGR's transition from a developer to an independent power producer (IPP).

The loan features a fixed annual interest rate of 13.5%, with repayment terms that include monthly interest payments and a full principal repayment at the end of the five-year term in December 2029. To secure the loan, HGR pledged its assets, including equity ownership in its subsidiaries, and granted a first-priority lien on these assets, complemented by a personal guaranty of $3 million from an owner of HGR.

Further risk mitigation is achieved through a pledge of equity from HGR's parent company, Hecate Holdings LLC, as well as individual stakeholders. The Company also established step-in rights that enable it to take control of HGR's operations in the event of default. The loan agreement is formalized through a Secured Promissory Note, which outlines HGR's repayment obligations and confirms the robust protection afforded to the Company through the first-priority lien on HGR's assets.

As of December 31, 2025 and 2024, the Company has provided loan advances totaling $3,314,000 and $1,429,000, respectively, to Hecate Global Renewables and for the years ended December 31, 2025 and 2024, has recognized $297,170 and $21,410, respectively, in revenue related to the loan.

*F-8*

 *Note 4 - Related Party Transactions*

The Company has transactions between related companies from time to time. On December 31, 2025 and 2024, the Company had $11,769 and $194, respectively, payable to a related entity, which is included in due to related entity on the accompanying consolidated balance sheets.

The Company pays a monthly management fee to the General Partner. For the years ended December 31, 2025 and 2024, the Company paid management fees of $164,258 and $4,255, respectively. These amounts are included in operating expenses in the accompanying consolidated statements of operations.

For the years ended December 31, 2025 and 2024, the Company incurred total stock issuance costs of $337,025 and $87,358, respectively. Of these amounts, $307,025 and $50,000, respectively, related to marketing costs reimbursed to the General Partner. These amounts are included as a reduction of capital raised in the consolidated statements of changes in partners'/members' equity.

*F-9*

 *Note 5 - Partners' Equity*

On June 5, 2025, the Company converted from a Delaware limited liability company to a Delaware limited partnership and is now governed by the Limited Partnership Agreement of Energea Portfolio 3 Africa LP. This conversion was undertaken to enhance structural flexibility for capital raising and investor participation, including enabling the creation of additional classes of investor shares, supporting the continuation of the ongoing Regulation A offering, and aligning the entity's governance with its long-term growth strategy. In connection with the conversion, the Company retained its election to be treated as a C-corporation for U.S. federal income tax purposes. All outstanding equity interests previously designated as common shares and Class A investor shares were automatically converted into corresponding Common Shares and Class A Investor Shares under the new partnership structure.

As of the date of this report, the Partnership has authorized 2,501,000,000 limited partnership interests (the "Shares"). Of these, 1,000,000 are designated as Common Shares, and 2,500,000,000 are designated as Investor Shares. The Investor Shares, which represent limited partnership interests, are further divided into various classes, as described below.

<u>Common Shares</u>

The Partnership has authorized 1,000,000 Common Shares, all of which were issued and outstanding as of December 31, 2025 and 2024. These shares are held by Energea Global LLC, the General Partner, and represent its general partnership interest in the Partnership.

<u>Investor Shares</u>

The Partnership has authorized 2,500,000,000 Investor Shares, all of which represent limited partnership interests. Of this amount, 500,000,000 have been designated as Class A Investor Shares. As of December 31, 2025 and 2024, 7,203,792 and 4,297,827 Class A Investor Shares, respectively, were issued and outstanding.

The remaining 2,000,000,000 Investor Shares have been designated as Class B Investor Shares, Class C Investor Shares, Class D Investor Shares, and Class I Investor Shares. As of December 31, 2025, none of these additional classes of Investor Shares were issued or outstanding.

All shares are uncertificated unless otherwise determined by the General Partner and are governed by the rights, powers, and preferences set forth in the applicable authorizing resolutions referenced in the Limited Partnership Agreement.

*F-10*

 *Note 6 - Income Taxes* 

Income tax expense/(benefit) is comprised of the following for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>2025</u> | &nbsp;&nbsp; <u>2024</u> |
| &nbsp;&nbsp; Federal: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current | &nbsp;&nbsp; $17460  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13758) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256  |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3702  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23256  |
| &nbsp;&nbsp; State: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18398) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20143  |
|  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18398) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20143  |
| &nbsp;&nbsp; Income tax expense (benefit) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14696) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43399  |
| &nbsp;&nbsp; Change in valuation allowance | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9848) |
| &nbsp;&nbsp; Net Income tax expense (benefit) | &nbsp;&nbsp; $(14696) | &nbsp;&nbsp; $33551  |

---

A reconciliation of the US Federal and Connecticut statutory rate to our effective income tax rate is shown in the table below for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>2025</u> | &nbsp;&nbsp; <u>2024</u> |
| &nbsp;&nbsp; Statutory rate applied to pre-tax income - Federal | &nbsp;&nbsp; 21.00% | &nbsp;&nbsp; 21.00% |
| &nbsp;&nbsp; Statutory rate applied to pre-tax income - State | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 18.19% |
| &nbsp;&nbsp; Transfer of assets to foreign subsidiary | &nbsp;&nbsp; -19.51% | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Return to Provision - State | &nbsp;&nbsp; -7.39% | &nbsp;&nbsp; 0.00% |
| &nbsp;&nbsp; Change in valuation allowance | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; -9.18% |
| &nbsp;&nbsp; Effective tax rate | &nbsp;&nbsp; -5.90% | &nbsp;&nbsp; 30.01% |

---

As of December 31, 2025 and December 31, 2024, the significant components of the Company's deferred tax assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; <u>2025</u> | &nbsp;&nbsp; <u>2024</u> |
| &nbsp;&nbsp; Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating losses | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $227487  |
| &nbsp;&nbsp; Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261038  |
| &nbsp;&nbsp; Net deferred tax liabilities | &nbsp;&nbsp; $1395  | &nbsp;&nbsp; $33551  |

---

Deferred income taxes reflect the net tax effects of net operating loss ("NOL") carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting and the amounts used for income tax purposes. The Company's deferred tax assets at December 31, 2024 relate mainly to NOL carryforwards, which may have been used to reduce tax liabilities in future years (subject to an 80% taxable income limitation for federal tax purposes). At December 31, 2025 and 2024, the Company had federal NOL carryforwards totaling $0 and $933,000, respectively. At December 31, 2025 and 2024, the Company had state NOL carryforwards totaling $0 and $618,000, respectively. In 2025, effective for its 2024 tax year, the Company transferred significantly all its fixed assets to its foreign subsidiary for tax purposes, resulting in the elimination of its federal and state NOL's, and a reduction of deferred tax assets related to NOL's.

*F-11*

 *Item 8. Exhibits*

 *Index to Exhibits and Description of Exhibits*

---

| | |
|:---|:---|
| ***Exhibit No.*** | ***Description of Exhibit*** |
| 2.1\*\* | [Certificate of Formation of the Company filed with the Delaware Secretary of State on March 11, 2021 (incorporated by reference to the copy thereof filed as Exhibit 1A-2A to the Company's Form 1-A filed January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1865547/000121390021036403/ea144016ex1a-2a_energea3.htm) |
| 2.2\*\* | [Limited Liability Company Agreement of the Company dated March 12, 2021(incorporated by reference to the copy thereof filed as Exhibit 2.2 to the Company's Form 1-A filed May 3, 2024)](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000009/ex2_llcagmt.htm) |
| 2.3\*\* | [Authorizing Resolution of the Company dated April 30, 2021 (incorporated by reference to the copy thereof filed as Exhibit 1A-2C to the Company's Form 1-A filed January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1865547/000121390021036403/ea144016ex1a-2c_energea3.htm) |
| 2.4\*\* | [Certificate of Conversion from LLC to LP, filed June 5, 2025](https://www.sec.gov/Archives/edgar/data/1865547/000186554725000021/certofconversion.htm) |
| 2.5\*\* | [Limited Partnership Agreement of Energea Portfolio 3 Africa LP, dated June 5, 2025](https://www.sec.gov/Archives/edgar/data/1865547/000186554725000021/lpagreement.htm) |
| 2.6\*\* | [Authorizing Resolution of the Company dated June 5, 2025, as amended February 12, 2026](https://www.sec.gov/Archives/edgar/data/1865547/000186554726000003/authresolution.htm) |
| 3.1\*\* | [Redemption Plan (incorporated by reference to the copy thereof filed as Exhibit 3.1 to the Company's Form 1-A filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1865547/000186554724000004/ex_redemptionplan.htm). |
| 4.1\*\* | [Form of Investment Agreement (incorporated by reference to the copy thereof filed as Exhibit 1A-4 to the Company's Form 1-A filed January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1865547/000121390021036403/ea144016ex1a-4_energea3.htm) |
| 4.2\*\* | [Form of Investment Agreement (updated for LP structure)](https://www.sec.gov/Archives/edgar/data/1865547/000186554725000024/investmentagmt.htm) |
| 4.3\*\* | [Form of Auto-Invest Agreement](https://www.sec.gov/Archives/edgar/data/1865547/000186554725000024/autoinvestagmt.htm) |
| 4.4\*\* | [Form of Auto-Reinvestment Agreement](https://www.sec.gov/Archives/edgar/data/1865547/000186554725000024/autoreinvestagmt.htm) |
| 6.1\*\* | [Investor Services Agreement between the Company and Sun Exchange (incorporated by reference to the copy thereof filed as Exhibit 1A-6A to the Company's Form 1-A filed January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1865547/000121390021036403/ea144016ex1a-6a_energea3.htm) |
| 6.2\*\* | [Cell Owner Agreement between the Company and The Sun Exchange (SA) Bewind Trust (incorporated by reference to the copy thereof filed as Exhibit 1A-6B to the Company's Form 1-A filed January 4, 2024).](https://www.sec.gov/Archives/edgar/data/1865547/000121390021036403/ea144016ex1a-6b_energea3.htm) |
| 11.1\*\* | [Consent of Independent Auditor (Whittlesey PC), dated March 7, 2026](https://www.sec.gov/Archives/edgar/data/1865547/000186554726000004/consentofauditor.htm) |
| 11.2\*\* | Consent of McCarter & English (included in Exhibit 12) |
| 12.1\*\* | [Legal opinion of McCarter & English, LLP dated February 13, 2026](https://www.sec.gov/Archives/edgar/data/1865547/000186554726000003/opinion.htm)  |

---

*\*Filed herewith* 

*\*\* Previously filed*

 

*Page 44*

 

 *Glossary of Certain Defined Terms*

---

| | |
|:---|:---|
| 3.8% NITT | A 3.8% Net Investment Income Tax on certain investment income of individuals, trusts, and estates under Section 1411 of the Internal Revenue Code. |
| Adjusted NOI | *The net operating income of the Company after being adjusted so that the IRR of the CAFD is equal to the Preferred Return rate of 7%* |
| Ancillary Services | Support services like operations, maintenance, and credit management provided to solar projects. |
| Blue Sky Laws | State-level laws governing investments. |
| Borrower | A party that repays the Company for a Loan through principal and interest payments. |
| CAFD | Cash available for distribution. |
| Carried Interest | The right of the General Partner to receive distributions under the LP Agreement, over and above its right to receive distributions in its capacity as an Investor. |
| CGT | Capital gains tax |
| CIT | Corporate Income Tax |
| Class A Investor Shares | The limited partnership interests in the Company being offered to Investors in the Offering. |
| Code | The Internal Revenue Code of 1986, as amended (i.e., the Federal tax code). |
| Collateral Agreements | A collection of agreements and instruments designed to secure obligations under a primary financing arrangement between a borrower and a lender. |
| Company | Energea Portfolio 3 Africa LP, a Delaware limited partnership, which is offering to sell Class A Investor Shares in the Offering. |
| Company Investments | Cash-on-hand investments generating returns, such as interest from savings accounts. |
| Construction Contract | Agreement to build the project using third-party services. |
| Customer | Offtaker of electricity and environmental commodities. |
| Deferred Fees | Fees postponed by the General Partner due to cash flow considerations, to be charged later at their discretion. |
| Development Company | A company focused on acquiring and/or developing solar power projects. |
| EAF | Energy Available Factor |

---

*Page 45*

 

---

| | |
|:---|:---|
| Energea Global | Energea Global LLC, a Delaware limited liability company, which is owned by Michael Silvestrini and Chris Sattler and serves as the General Partner. |
| Estimated NOI | The Net Operating Income estimated to be produced by the Company. |
| Fees | Compensation paid to the General Partner. |
| Form 1-U | SEC form used to report significant events or changes by companies under Regulation A. |
| General Partner | Energea Global LLC, a Delaware limited liability company. |
| GILTI | General Intangible Low-Tax Income, a federal U.S. tax on profits made by companies outside the United States. |
| HGR | Hecate Global Renewables |
| Holdco | A South African Limited Liability Company we created to own and operate the Projects, and a wholly owned subsidiary of the Company.  |
| HSEC | Health, Safety, Environment and Community |
| Interconnection | Connection to the electrical grid.  |
| Investment Committee | A multi-disciplinary committee of experienced renewable energy executives of the General Partner which decides which Projects the Company will invest in. |
| Investor | Anyone who purchases Class A Investor Shares in the Offering. |
| IRR | Internal rate of return. |
| kWh | *Kilowatt hour* |
| Loan | Money lent from the Company to a Development Company. |
| Loan Agreement | A deal where the Lender provides funds to the Borrower up to a specified limit over a set period. |
| MTR | Minimum Technical Requirement |
| NOI | Net Operating Income |
| OCGTs | Open-Cycle Gas Turbines |
| Offering | The offering of Class A Investor Shares to the public pursuant to the Offering Circular. |
| Offering Circular | A document, which includes information about the Company and the Offering. |
| O&M | Operations and Maintenance  |
| Platform | The General Partner's website: www.energea.com  |
| Portfolio 2 | Energea Portfolio 2 LP |

---

 

*Page 46*

 

---

| | |
|:---|:---|
| Portfolio 4 | Energea Portfolio 4 USA LP |
| Portfolio 5 | Energea Portfolio 5 LATAM LP |
| Purchase and Sale Agreement | Contract to buy Project rights from a developer. |
| Preferred Equity Investors | Holders of Class A and Reg D Shares entitled to cash distributions after expenses. |
| Preferred Return | A 7% per year preferred return to Preferred Equity Investors before the General Partner earns a Carried Interest. |
| Prior Offering | Energea Portfolio 3 Africa LP's initial offering qualified on August 2, 2021. |
| Project | A solar power product acquired or developed by the Company. |
| Project Maintenance Contract | When the Holdco hires a third party to perform the actual O&M services. |
| Redemption Plan | The redemption plan whereby Investors may request redemption of their Class A Investor Shares following 60 days after purchase. |
| Redemption Request | A request for redemption submitted through the Platform for up to $50,000 in Class A Investor Shares. |
| Regulations | Regulations issued under the Code by the Internal Revenue Service. |
| Regulation A | SEC exemption that allows companies to raise up to $75 million annually from the public with fewer disclosure requirements than a traditional IPO. |
| SARS | South African Revenue Service. |
| SEC | The U.S. Securities and Exchange Commission. |
| Securities Act | The Securities Act of 1933. |
| Site Access | The Company's legal right to enter a property to build and maintain a solar project. |
| Solar Lease | Contract where a customer rents a solar system and pays for its use. |
| Trust Agreement | A fiscal control structure where Energea Global sets up a trust to collect revenue from a Borrower and oversee the repayment process. |
| USD | The currency of the United States called dollars. |
| U.S. GAAP | United States Generally Accepted Accounting Principles. |
| U.S. Holder | A beneficial owner of Class A Investor Shares that is a U.S. citizen or resident, a U.S. corporation, a U.S. estate, or a U.S. trust as defined for federal income tax purposes. |
| VAT | Value-Added Tax |
| WHT | Withholding tax on interest |
| ZAR | South African rand (currency). |

---

*Page 47*

 *Signatures*

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Energea Portfolio 3 Africa LP</u>

By: Energea Global LLC

By <u>/s/ MICHAEL SILVESTRINI</u>

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

This Annual Report has been signed by the following persons in the capacities and on the dates indicated.

By <u>/s/ MICHAEL SILVESTRINI</u>

Name: Mike Silvestrini

Title: Co-Founder and Managing Partner of Energea Global LLC (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

Date: April 30, 2026

*Page 48*

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001865547

**Issuer CCC:** XXXXXXXX

**Is filer a shell company?:** No

**Is this filing by a successor company?:** No

### Submission Contact Information

**Is this a LIVE or TEST Filing?:** LIVE

**Period:** 12-31-2025

### Item 1: Issuer Information (Tab 1 Notification)

**Type of Report:** Annual Report

**Fiscal Year End:** 12-31-2025

**Exact Name of Issuer:** Energea Portfolio 3 Africa LP

**CIK:** 0001865547

**Jurisdiction of Incorporation:** DE

**IRS Number:** 86-2564467

**Address:** 52 MAIN STREET, CHESTER, CT 06412

**Issuer Phone Number:** 860-316-7466

**Title of each class of securities issued pursuant to Regulation A:** Class A Investor Shares

### Item 2: Ongoing Reporting Requirements

**Is the issuer relying on the relief provided by Rule 257(d) for this filing?** No