# EDGAR Filing Document

**Accession Number:** 0001865547
**File Stem:** 0001865547-26-000008
**Filing Date:** 2026-4
**Character Count:** 48796
**Document Hash:** 67baf9366c43840351c1f2fa6d855e9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001865547-26-000008.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001865547-26-000008

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260409

**ITEM INFORMATION**: Fundamental Changes

**FILED AS OF DATE**: 20260409

**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-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00553
- **FILM NUMBER:** 26850193

**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

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

 **Washington, D.C. 20549**

 **FORM 1-U**

 **CURRENT REPORT PURSUANT TO REGULATION A**

 **April 9, 2026**

(Date of Report (Date of earliest event reported))

 **ENERGEA PORTFOLIO 3 AFRICA LP**

(Exact name of registrant 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**

(Title of each class of securities issued pursuant to Regulation A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *This IC Memo includes projections and forward-looking information that represent Energea's assumptions and expectations in light of currently available information. Except for statements of historical fact, the information contained herein constitutes forward-looking statements and they are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These forward-looking statements are not guarantees of future performance and necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance. For a comprehensive discussion on forward-looking statements and the risks associated with this investment, please refer to the Form Offering Circular.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *All capitalized terms used herein have a meaning set forth in the Offering Circular.*

 

 

 **<u>ITEM 9. OTHER EVENTS</u>**

 *Executive Summary*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spar Lulekani is a 372 kW DC rooftop solar installation located at 1529 Chris Hani Drive, Lulekani, Phalaborwa, South Africa 1392 (the "<u>Project</u>"). The Project is connected "behind the meter" at the main electrical service at Spar Market, a global grocery chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Solar Lease agreement has been transferred and is now between the Chamakala Property Trust ("<u>Offtaker</u>") and Energea Portfolio 3 Africa LP ("<u>Company</u>"). The Solar Lease obligates the Offtaker to make monthly lease payments to the Company based on the generation of electricity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company originally made a small investment in the Project in February 2022 for a minority stake. When the Sun Exchange wound down, Energea took the opportunity to acquire the remaining equity in the Project at a discounted price. The Company acquired the remaining equity in the asset from The Sun Exchange (SA) Bewind Trust ("<u>Sun Exchange Trust</u>") for $179,882.00 USD raising the projected IRR of the entire project to 19.6%.

 *Key Information*

 <u>General Information</u>

---

| | |
|:---|:---|
| Project Owner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energea Portfolio 3 Africa LP (the "Company")  |
| Project Location | Lulekani, Phalaborwa, South Africa |
| Technology | Rooftop Solar |
| System Size | 360 kW AC / 372 kW DC |
| Estimated Year 1 Production (Total) | 426 MWhs |
| Coordinates | -23.86621, 31.07934  |
| Roof Status | Approved by a third-party engineer |
| Project Status | Operational |
| Commercial Operation Date | July 16, 2021 |
| Useful Equipment Life (Years) | 25 years |

---

 <u>Stakeholders</u>

---

| | |
|:---|:---|
| SPE | Energea Portfolio 3 Holdco (PTY) Ltd |
| Offtaker | Chamakala Property Trust  |
| EPC Contractor | Proficient Power Systems |
| O&M Contractor | NTOZA Fishing (PTY) Ltd |
| Roof Owner | Chamakala Property Trust |
| Asset Manager | Energea Global LLC |

---

 *Technical Summary*

 <u>Site</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lulekani, often referred to by locals as "Lukcity," is a township situated about 13 kilometers outside Phalaborwa in Limpopo Province, South Africa. It covers an area of roughly 6.6 square kilometers at an elevation of about 429 meters above sea level. The township was established in 1979 during the apartheid era as part of the Gazankulu homeland system, on land historically associated with Hosi Majeje of the Maluleke tribe. Today, it forms part of the Ba-Phalaborwa Local Municipality in the Mopani District.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 2011 census recorded around 14,464 residents in Lulekani, though broader estimates including nearby Humulani, push the population estimate above 40,000. The community is predominantly black African, with Tsonga as the main language spoken by residents. Over the past few decades, the township has seen significant population growth, and its median age is young (around 20 years). Infrastructure includes shopping centers, a few restaurants, and a stadium near the main retail hub, while its proximity to Phalaborwa and Kruger National Park makes it a notable gateway to tourism attractions.

 <u>Design</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L&B Consulting Engineers performed their roof inspection of the Spar Lulekani rooftop, and prepared design calculations for the anticipated load profile in their report dated March 3, 2021. During the inspection of the existing rooftops, they confirmed that the Arc Steel Trusses and IBR roof sheeting structure can accommodate the additional loading of the proposed solar panels.

The following table outlines the components that comprise the Project:

 *Project Major System Components*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Component Name** | &nbsp;&nbsp; **Manufacturer and Make** | &nbsp;&nbsp; **Unit Quantity** | &nbsp;&nbsp; **Notes** |
| &nbsp;&nbsp; Modules | &nbsp;&nbsp; JA Solar JAM72S30-535 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tier 1 module manufacturer based in China. Excellent modules. <br>|
| &nbsp;&nbsp; Inverters | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huawei<br> SUN2000-60KTL <br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huawei is a tier 1 inverter manufacturer based in Shenzhen, China.  |
| &nbsp;&nbsp; Racking | &nbsp;&nbsp; Schletter Standard | &nbsp;&nbsp; 1 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One of the leading manufacturers in the world for solar mounting systems. In addition, this product has been used for several operating assets owned by the Company.  |

---

 <u>Energy Projection</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project was projected to produce 426 MWhs in its first year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The JA Solar JAM modules exhibit minimal degradation over their lifespan, ensuring reliable long-term performance. They are warrantied to experience <2% power loss in the first year of operation and an annual degradation rate of <0.55% thereafter. Enhanced resistance to light-induced degradation and elevated temperature-induced degradation further ensures minimal power loss, making them the best choice for the Project. The Project is in its 5<sup>th</sup> year of commercial operation.

 <u>Interconnection</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project is connected to the SSEG distribution network owned and operated by Eskom, behind the meter at the Spar Lulekani electrical infrastructure. The Project applied for interconnection with Eskom's Infrastructure Services Department and obtained the pre-approval for the installation on May 26, 2021. The Project was completed on July 16, 2021, and obtained the necessary Registration to Operate the Generation Facility from the National Energy Regulator of South Africa ("<u>NERSA</u>") on September 20, 2021.

 <u>Offtaker</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Offtaker owns both the building on which the Project is located and the Spar Market franchise that leases the building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spar South Africa is one of the country's largest supermarket and wholesale groups, with a rich history dating back to 1963. It was established when eight local wholesalers secured the rights to operate under the global SPAR brand, adopting a voluntary trading model that empowers independently owned retailers though centralized supply and support. The group operates a variety of store formats to meet the diverse needs of South African consumers, including standard neighborhood stores, compact outlets, express stores and larger full-service superstores. Currently SPAR Markets has a footprint of over 2,000 stores and has almost 90,000 employees. They recently announced their plans to launch 40 upscale gourmet stores and invest in additional independent store owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project is support by a Solar Lease between the Company and Offtaker signed on February 11, 2021. This revenue agreement requires the Offtaker to make monthly lease payments for the right to use the Project for the generation of electricity.

 **Health, Safety, Environment and Community "HSEC"**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crime statistics from October to December 2024 indicate improving trends in the Ba-Phalaborwa region, Limpopo. While Phalaborwa recorded one murder and a slight increase in common assault, residential robberies fell to zero; in Lulekani, murders declined, carjackings dropped to zero, and residential burglaries decreased significantly, suggesting a gradual reduction in serious and violent crime and a potentially positive impact of local policing efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There are no known records of security incidents or occupational accidents at the Project site, including theft, robbery, vandalism, organized crime, or work-related accidents. No incidents have been reported to the police. The Project is located in a small, rural area, generally perceived as relatively safe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additionally, no complaints from neighboring properties or the local community have been reported.

 <u>Service Providers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The due diligence metrics outlined below are intended to ensure the selection of reliable and economically sound companies to provide regular services for the Project. These procedures aim to verify that potential contractors are financially healthy, committed to fulfilling their tax and labor obligations, and help mitigate labor-related risks in accordance with applicable laws and regulations.

 *Energea Service Providers - Due Diligence* 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Phase**  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Objective**  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Requirements / Actions/ Documents**  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Experience Report  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational Chart  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance Certificates  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worker's Compensation 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; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OSHA safety training certifications and required PPE list for site workers  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Contractual Due Diligence  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project experience, current financial standing, business registration, insurance, OSHA and labor compliance  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company Emergency Action Plan (EAP)  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health, safety, and labor law obligations  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health/safety obligations  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health, safety, and labor law obligations  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with OSHA or local labor laws  |

---

 

 

 **Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project is insured under a comprehensive insurance framework consistent with the Company's portfolio-wide risk management standards, including engineering (machinery breakdown and business interruption) insurance, business interruption and general liability insurance. The same policy covers all Projects in the portfolio and includes standard risk extensions such as professional fees, debris removal, expediting expenses, theft, and power surge events. Deductibles apply on a per-claim, per-site basis. The policy term is annual and renewable, providing ongoing protection during operations.

 <u>Engineering / Machinery Breakdown Insurance</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project benefits from an annual engineering insurance policy that provides coverage for physical damage to solar and related energy infrastructure, including mechanical and electrical components.

 <u>Business Interruption</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The policy also includes coverage for loss of profits/business interruption arising from insured damage, subject to a defined indemnity period.

 <u>General Liability Insurance</u>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project is further covered by an annual general liability policy providing protection against third-party claims arising from the development, ownership, and operation of the Project. Coverage includes public liability, employers' liability, and associated legal defense costs, subject to defined limits of indemnity and deductibles. The policy includes standard extensions such as cross-liability, contractors' liability, sudden and accidental pollution, and liability arising from subcontracted activities or joint ventures. The policy is written on a claims-made basis and applies on a primary basis, with territorial limits aligned to the Company's operating footprint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, these policies provide a robust insurance structure addressing both asset-level operational risks and third-party liability exposure, consistent with market standards for distributed solar and energy infrastructure projects and aligned with Energea's portfolio-level risk mitigation approach.

 **Operations and Maintenance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Operations and Maintenance ("<u>O&M</u>") services will be provided by NTOZA. The team responsible for the Project is comprised of experienced professionals with years of combined solar & BESS O&M experience. They are equipped with the latest technology and tools to provide the highest level of service for the Project. This field team is supported by the office staff who will provide 24/7 monitoring, performance verification and dispatching. The O&M Contract includes monitoring, reporting, module cleaning, preventative maintenance and emergency/corrective maintenance.

 *Financial Analysis*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The resulting nominal IRR, in USD, of the Spar Lulekani Project is projected to be 19.6%, with an estimated payback of 4 years, 9 months, and 8 days from the acquisition date. The income statement, cash flow statement and balance sheet up until 2036 (shown annually) are presented on <u>Exhibit I - Forecasted Financial Statements</u>. The Company now owns 100.00% of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This analysis makes use of an inflation assumption, using the latest 5-year average value, from December 2023, of 5.00%, provided by the South African Department of Statistics, StatsSA, as a basis for defining the Consumer Price Index ("CPI"), being within the range of the South African Central Bank's target inflation of 3.00% to 6.00%.

 <u>Capex</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For this analysis, it was considered, in the model, the latest acquisition prices agreed with The Sun Exchange, as seen in the table below.

 *Capital Expenditures Assumptions*

---

| | | |
|:---|:---|:---|
| **Acquisition Costs**  | **SA Rand (ZAR)**  | **US Dollars (USD)**  |
| **2021 Acquisition Fee**  | R 333,707.00  | $23369.00  |
| **2026 Acquisition Fee**  | R 1,500,000.00  | $88503.00  |
| **Origination Fees**  | R 75,000.00  | $4425.00  |
| **VAT (Value Added Tax)**  | R 213,207.00  | $12580.00  |
| **Total CAPEX**  | **R 2,121,914.00**  | **$179882.00**  |

---

 <u>Revenue</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The source of the Project's revenue originates from a 20-year term Solar Lease with the Offtaker for a fixed R0.98/kWh produced, re-adjusted annually on the anniversary of the COD by the ZAR CPI rate plus 2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This analysis used a 30-day billing cycle to realize each month's revenue.

 <u>Operating Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Project's total annual operating expenses are R104,834.50, which includes Operations and Maintenance, Insurance, banking fees, accounting fees costs and utility costs. The O&M cost of R5,594.00/month includes all maintenance and monitoring costs for the Project, which will be managed by NTOZA. The Company will hold the operational insurance certificate for the Project.

 *Operating Expenses Assumptions*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Operations & Maintenance | &nbsp;&nbsp; R5,594.00/month |
| &nbsp;&nbsp; Insurance | &nbsp;&nbsp; R24,231/year |
| &nbsp;&nbsp; Utilities | &nbsp;&nbsp; R1,000.00/month |
| &nbsp;&nbsp; Banking Fees | &nbsp;&nbsp; R50.00/month |
| &nbsp;&nbsp; Accounting Expenses | &nbsp;&nbsp; R874.64/month |
| &nbsp;&nbsp; **Total yearly OPEX** | &nbsp;&nbsp; **R 104,834.5** |

---

 <u>Taxes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Project assumes a Value-Added Tax (VAT) system that operates at a standard rate of 15%, collected and paid on behalf of the South African Revenue Service (SARS). Two types are considered: "output VAT", which is charged on taxable sales or services provided and appears as part of gross receipts, and "input VAT", which offsets the output VAT by being claimed on purchases, capital expenditures, or imports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A 21% income tax provision is also assumed in the projected cash flow, post depreciation, addressed to US-based federal income taxes.

 *Legal Review*

 <u>Relevant Documents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Legal review was performed in the Project's available documentation. The most relevant documents are listed below:

1. Asset Lease Agreement

2. Operations and Maintenance Agreement

 *Asset Lease Agreement*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; Asset Lease Agreement |
| &nbsp;&nbsp; Signature Date | &nbsp;&nbsp; February 16, 2021 |
| &nbsp;&nbsp; Parties | &nbsp;&nbsp; Lessee: Chamakala Property Trust<br> Lessor: Energea Portfolio 3 Holdco (PTY) Ltd (via transfer)  |
| &nbsp;&nbsp; Duration | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 years, from the Commercial Operations Date  |
| &nbsp;&nbsp; Object | &nbsp;&nbsp; Lessor will procure and commission the Asset and lease it to the Lessee.  |
| &nbsp;&nbsp; Payment | &nbsp;&nbsp; Monthly, within 14 (fourteen) days of receipt of each monthly invoice  |
| &nbsp;&nbsp; Energy Rate | &nbsp;&nbsp; R0.98/kWh (year 1) |
| &nbsp;&nbsp; Adjustment | &nbsp;&nbsp; 2% plus the CPI<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually on the anniversary of the Commercial Operation Date  |
| &nbsp;&nbsp; Minimum Monthly Energy Consumption | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If monthly usage falls below 50% of expected usage, the Lessee pays a minimum charge amount of 50% of expected usage x base price x adjustment basis  |
| &nbsp;&nbsp; Buy Out Option | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Lessee has the option, at any time, to purchase the Asset from the Lessor, for the Buyout Fee.  |
| &nbsp;&nbsp; Buy Out Fee | &nbsp;&nbsp; ![](image001.jpg)  |
| &nbsp;&nbsp; Termination | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Both parties may terminate immediately upon: (i) material breach (including non-payment exceeding 3 months' Usage Fees) not remedied in accordance with the Agreement; or (ii) insolvency-related events, including liquidation, business rescue, compromise with creditors, unsatisfied judgment ≥ R50,000 for 14 days, attachment of assets, general default on debts, or any act of insolvency. Either party may also terminate if the Lessor fails to pay the EPC first milestone within 120 days of signature (subject to clause 14). The Lessor may terminate if the Asset remains unused for 3 consecutive months after COD (with damages claim), and the Lessee may terminate during the Feasibility Period in accordance with clause 10.2.  |
| &nbsp;&nbsp; Governing Law | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The agreement and any matter arising from the agreement shall be governed by and interpreted in accordance with the laws of the Republic of South Africa.  |
| &nbsp;&nbsp; Dispute Resolution | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any dispute relating to the interpretation, effect, rights and obligations, breach, or termination of the Agreement shall, after prior good-faith discussions (if unresolved within the agreed period), be finally resolved by arbitration in Cape Town.  |

---

 *Operations and Maintenance Agreement*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Contract | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agreement for the Provision of Operation and Maintenance Services  |
| &nbsp;&nbsp; Date | &nbsp;&nbsp; March 17, 2026 |
| &nbsp;&nbsp; Parties | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energea Portfolio 3 Holdco (PTY) Ltd - As Owner <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ntoza Fishing (PTY) Ltd t/a Ntoza Solar (PTY) Ltd - As Contractor  |
| &nbsp;&nbsp; Term | &nbsp;&nbsp; 2 years from the Effective Date |
| &nbsp;&nbsp; Object | &nbsp;&nbsp; Contractor shall perform all Operations and Maintenance services <br> including but not limited to monitoring, reporting, module cleaning, <br> preventative maintenance, landscaping, emergency/corrective <br> maintenance and technical calculations.  |
| &nbsp;&nbsp; Contract Price | &nbsp;&nbsp; R 5,594.00 per month (exclusive of VAT) |
| &nbsp;&nbsp; Warranty | &nbsp;&nbsp; Contractor will be responsible for managing and supervising all <br> repairs and replacements of equipment covered under warranty, and <br> pursue all eligible claims with equipment suppliers.  |

---

 <u>Documentation Checklist</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Design and Application  | &nbsp;&nbsp; Helioscope Reports  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Design and Application  | &nbsp;&nbsp; Meter Data  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Design and Application  | &nbsp;&nbsp; Site and Roof Assessment  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Interconnection Application  | &nbsp;&nbsp; Interconnection Application  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Interconnection Application  | &nbsp;&nbsp; Interconnection Confirmation  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Interconnection Application  | &nbsp;&nbsp; Permission to Operate  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Offtaker  | &nbsp;&nbsp; Offtaker Credit Analysis  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Offtaker  | &nbsp;&nbsp; Power Purchase Agreement  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; Construction Set  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; Equipment Warranties  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; Equipment Qualifications  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; Equipment Datasheet  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; EPC Contract  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; EPC  | &nbsp;&nbsp; EPC Insurance  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Asset Management  | &nbsp;&nbsp; O&M Agreement  | &nbsp;&nbsp; X  |
| &nbsp;&nbsp; Investment  | &nbsp;&nbsp; Project Model  | &nbsp;&nbsp; X  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Investment Committee members have performed the necessary review of the Project and hereby approve the Spar Lulekani Project for investment by the Portfolio.

 **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 /s/ MICHAEL SILVESTRINI

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

This document has been signed by the following person in the capacities and on the date indicated.

By /s/ MICHAEL SILVESTRINI

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 9, 2026

 **Exhibit I: Forecasted Financial Statements**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **SPAR LULEKANI**  |  | | | |  |  | | | | |
| &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS**  | &nbsp;&nbsp; **CONSOLIDATED BALANCE SHEETS**  | | | |  |  | | | | |
|  |  | | | | &nbsp;&nbsp; **December 31,**  | &nbsp;&nbsp; **December 31,**  | | | | |
|  | &nbsp;&nbsp; **2026**  | <br>&nbsp;&nbsp; **2027**  | <br>&nbsp;&nbsp; **2028**  | <br>&nbsp;&nbsp; **2029**  | &nbsp;&nbsp; **2030**  | &nbsp;&nbsp; **2031**  | <br>&nbsp;&nbsp; **2032**  | <br>&nbsp;&nbsp; **2033**  | <br>&nbsp;&nbsp; **2034**  | <br>&nbsp;&nbsp; **2035**  |
| &nbsp;&nbsp; **Assets**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Current assets:  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | &nbsp;&nbsp; R 36,825  | &nbsp;&nbsp; R 39,585  | &nbsp;&nbsp; R 42,546  | &nbsp;&nbsp; R 45,725  | &nbsp;&nbsp; R 49,136  | &nbsp;&nbsp; R 52,796  | &nbsp;&nbsp; R 49,325  | &nbsp;&nbsp; R 52,989  | &nbsp;&nbsp; R 56,921  | &nbsp;&nbsp; R 61,138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | &nbsp;&nbsp; 36825  | &nbsp;&nbsp; 39585  | &nbsp;&nbsp; 42546  | &nbsp;&nbsp; 45725  | &nbsp;&nbsp; 49136  | &nbsp;&nbsp; 52796  | &nbsp;&nbsp; 49325  | &nbsp;&nbsp; 52989  | &nbsp;&nbsp; 56921  | &nbsp;&nbsp; 61138  |
| &nbsp;&nbsp; Property and equipment  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  | &nbsp;&nbsp; 6428652  |
| &nbsp;&nbsp; Depreciation  | &nbsp;&nbsp; (2808894)  | &nbsp;&nbsp; (3451759)  | &nbsp;&nbsp; (4094624)  | &nbsp;&nbsp; (4737489)  | &nbsp;&nbsp; (5380354)  | &nbsp;&nbsp; (6023220)  | &nbsp;&nbsp; (6428652)  | &nbsp;&nbsp; (6428652)  | &nbsp;&nbsp; (6428652)  | &nbsp;&nbsp; (6428652)  |
| &nbsp;&nbsp; Tax credits  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  | &nbsp;&nbsp; 220126  |
| &nbsp;&nbsp; Other assets  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; **Total assets**  | &nbsp;&nbsp; R 3,876,709  | &nbsp;&nbsp; R 3,236,604  | &nbsp;&nbsp; R 2,596,700  | &nbsp;&nbsp; R 1,957,013  | &nbsp;&nbsp; R 1,317,559  | &nbsp;&nbsp; R 678,354  | &nbsp;&nbsp; R 269,450  | &nbsp;&nbsp; R 273,115  | &nbsp;&nbsp; R 277,046  | &nbsp;&nbsp; R 281,264  |
| &nbsp;&nbsp; **Liabilities and stockholders' equity**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Current liabilities:  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  | &nbsp;&nbsp; R 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term debt  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; Tax payable  | &nbsp;&nbsp; 230873  | &nbsp;&nbsp; 232691  | &nbsp;&nbsp; 233067  | &nbsp;&nbsp; 233434  | &nbsp;&nbsp; 234213  | &nbsp;&nbsp; 236158  | &nbsp;&nbsp; 239075  | &nbsp;&nbsp; 240464  | &nbsp;&nbsp; 241955  | &nbsp;&nbsp; 243553  |
| &nbsp;&nbsp; Long-term debt  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; Other liabilities  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | &nbsp;&nbsp; 230873  | &nbsp;&nbsp; 232691  | &nbsp;&nbsp; 233067  | &nbsp;&nbsp; 233434  | &nbsp;&nbsp; 234213  | &nbsp;&nbsp; 236158  | &nbsp;&nbsp; 239075  | &nbsp;&nbsp; 240464  | &nbsp;&nbsp; 241955  | &nbsp;&nbsp; 243553  |
| &nbsp;&nbsp; Stockholders' equity:  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  | &nbsp;&nbsp; 6639488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained earnings  | &nbsp;&nbsp; (2993651)  | &nbsp;&nbsp; (3635576)  | &nbsp;&nbsp; (4275855)  | &nbsp;&nbsp; (4915908)  | &nbsp;&nbsp; (5556142)  | &nbsp;&nbsp; (6197292)  | &nbsp;&nbsp; (6609112)  | &nbsp;&nbsp; (6606838)  | &nbsp;&nbsp; (6604397)  | &nbsp;&nbsp; (6601777)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity  | &nbsp;&nbsp; 3645837  | &nbsp;&nbsp; 3003912  | &nbsp;&nbsp; 2363633  | &nbsp;&nbsp; 1723580  | &nbsp;&nbsp; 1083346  | &nbsp;&nbsp; 442196  | &nbsp;&nbsp; 30376  | &nbsp;&nbsp; 32650  | &nbsp;&nbsp; 35091  | &nbsp;&nbsp; 37711  |
| &nbsp;&nbsp; **Total liabilities and stockholders' equity**  | &nbsp;&nbsp; R 3,876,709  | &nbsp;&nbsp; R 3,236,604  | &nbsp;&nbsp; R 2,596,700  | &nbsp;&nbsp; R 1,957,013  | &nbsp;&nbsp; R 1,317,559  | &nbsp;&nbsp; R 678,354  | &nbsp;&nbsp; R 269,450  | &nbsp;&nbsp; R 273,115  | &nbsp;&nbsp; R 277,046  | &nbsp;&nbsp; R 281,264  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **SPAR LULEKANI**  |  | | | |  |  | | | | |
| &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME**  | &nbsp;&nbsp; **CONSOLIDATED STATEMENTS OF INCOME**  | | | |  |  | | | | |
|  |  | | | | &nbsp;&nbsp; **December 31,**  | &nbsp;&nbsp; **December 31,**  | | | | |
|  | &nbsp;&nbsp; **2026**  | <br>&nbsp;&nbsp; **2027**  | <br>&nbsp;&nbsp; **2028**  | <br>&nbsp;&nbsp; **2029**  | &nbsp;&nbsp; **2030**  | &nbsp;&nbsp; **2031**  | <br>&nbsp;&nbsp; **2032**  | <br>&nbsp;&nbsp; **2033**  | <br>&nbsp;&nbsp; **2034**  | <br>&nbsp;&nbsp; **2035**  |
| &nbsp;&nbsp; **Gross revenue**  | &nbsp;&nbsp; R 437,554  | &nbsp;&nbsp; R 545,283  | &nbsp;&nbsp; R 579,765  | &nbsp;&nbsp; R 616,403  | &nbsp;&nbsp; R 655,329  | &nbsp;&nbsp; R 709,242  | &nbsp;&nbsp; R 771,527  | &nbsp;&nbsp; R 825,534  | &nbsp;&nbsp; R 883,321  | &nbsp;&nbsp; R 945,154  |
| &nbsp;&nbsp; **Taxes on revenue:**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total taxes on revenue**  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; **Net revenue**  | &nbsp;&nbsp; 437554  | &nbsp;&nbsp; 545283  | &nbsp;&nbsp; 579765  | &nbsp;&nbsp; 616403  | &nbsp;&nbsp; 655329  | &nbsp;&nbsp; 709242  | &nbsp;&nbsp; 771527  | &nbsp;&nbsp; 825534  | &nbsp;&nbsp; 883321  | &nbsp;&nbsp; 945154  |
| &nbsp;&nbsp; **Costs and expenses:**  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operations and maintenance  | &nbsp;&nbsp; 63772  | &nbsp;&nbsp; 72834  | &nbsp;&nbsp; 76476  | &nbsp;&nbsp; 80299  | &nbsp;&nbsp; 84314  | &nbsp;&nbsp; 88530  | &nbsp;&nbsp; 92957  | &nbsp;&nbsp; 97604  | &nbsp;&nbsp; 102485  | &nbsp;&nbsp; 107609  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land or roof rental  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance  | &nbsp;&nbsp; 25443  | &nbsp;&nbsp; 26716  | &nbsp;&nbsp; 28051  | &nbsp;&nbsp; 29454  | &nbsp;&nbsp; 30927  | &nbsp;&nbsp; 32473  | &nbsp;&nbsp; 34097  | &nbsp;&nbsp; 35801  | &nbsp;&nbsp; 37592  | &nbsp;&nbsp; 39471  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FX Wire Fees  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking Fees  | &nbsp;&nbsp; 570  | &nbsp;&nbsp; 651  | &nbsp;&nbsp; 684  | &nbsp;&nbsp; 718  | &nbsp;&nbsp; 754  | &nbsp;&nbsp; 791  | &nbsp;&nbsp; 831  | &nbsp;&nbsp; 872  | &nbsp;&nbsp; 916  | &nbsp;&nbsp; 962  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postage and Courier Services  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities  | &nbsp;&nbsp; 11400  | &nbsp;&nbsp; 13020  | &nbsp;&nbsp; 13671  | &nbsp;&nbsp; 14355  | &nbsp;&nbsp; 15072  | &nbsp;&nbsp; 15826  | &nbsp;&nbsp; 16617  | &nbsp;&nbsp; 17448  | &nbsp;&nbsp; 18320  | &nbsp;&nbsp; 19236  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting expenses  | &nbsp;&nbsp; 9971  | &nbsp;&nbsp; 11388  | &nbsp;&nbsp; 11957  | &nbsp;&nbsp; 12555  | &nbsp;&nbsp; 13183  | &nbsp;&nbsp; 13842  | &nbsp;&nbsp; 14534  | &nbsp;&nbsp; 15261  | &nbsp;&nbsp; 16024  | &nbsp;&nbsp; 16825  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total costs and expenses**  | &nbsp;&nbsp; 111156  | &nbsp;&nbsp; 124608  | &nbsp;&nbsp; 130839  | &nbsp;&nbsp; 137381  | &nbsp;&nbsp; 144250  | &nbsp;&nbsp; 151462  | &nbsp;&nbsp; 159035  | &nbsp;&nbsp; 166987  | &nbsp;&nbsp; 175336  | &nbsp;&nbsp; 184103  |
| &nbsp;&nbsp; **Income from operations**  | &nbsp;&nbsp; 326398  | &nbsp;&nbsp; 420674  | &nbsp;&nbsp; 448926  | &nbsp;&nbsp; 479022  | &nbsp;&nbsp; 511079  | &nbsp;&nbsp; 557780  | &nbsp;&nbsp; 612492  | &nbsp;&nbsp; 658547  | &nbsp;&nbsp; 707985  | &nbsp;&nbsp; 761051  |
| &nbsp;&nbsp; Interest and other income (expense), net  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; Depreciation and amortization  | &nbsp;&nbsp; (618382)  | &nbsp;&nbsp; (642865)  | &nbsp;&nbsp; (642865)  | &nbsp;&nbsp; (642865)  | &nbsp;&nbsp; (642865)  | &nbsp;&nbsp; (642865)  | &nbsp;&nbsp; (405432)  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  |
| &nbsp;&nbsp; Income before provision for income taxes  | &nbsp;&nbsp; (291984)  | &nbsp;&nbsp; (222191)  | &nbsp;&nbsp; (193939)  | &nbsp;&nbsp; (163843)  | &nbsp;&nbsp; (131786)  | &nbsp;&nbsp; (85086)  | &nbsp;&nbsp; 207060  | &nbsp;&nbsp; 658547  | &nbsp;&nbsp; 707985  | &nbsp;&nbsp; 761051  |
| &nbsp;&nbsp; Provision for income taxes  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 0  | &nbsp;&nbsp; 253  | &nbsp;&nbsp; 859  | &nbsp;&nbsp; 2820  | &nbsp;&nbsp; 39538  | &nbsp;&nbsp; 98782  | &nbsp;&nbsp; 106198  | &nbsp;&nbsp; 114158  |
| &nbsp;&nbsp; **Net income**  | &nbsp;&nbsp; R (291984)  | &nbsp;&nbsp; R (222191)  | &nbsp;&nbsp; R (193939)  | &nbsp;&nbsp; R (164096)  | &nbsp;&nbsp; R (132645)  | &nbsp;&nbsp; R (87906)  | &nbsp;&nbsp; R 167,522  | &nbsp;&nbsp; R 559,765  | &nbsp;&nbsp; R 601,787  | &nbsp;&nbsp; R 646,893  |

---