# EDGAR Filing Document

**Accession Number:** 0001993443
**File Stem:** 0001993443-25-000002
**Filing Date:** 2025-6
**Character Count:** 575212
**Document Hash:** 507e5eb1c4ccd460b8a9083bab035575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001993443-25-000002.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001993443-25-000002

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energea Portfolio 5 LATAM LP
- **CENTRAL INDEX KEY:** 0001993443

**ORGANIZATION NAME:**
- **EIN:** 932777221

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12630
- **FILM NUMBER:** 251062671

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 18603167466

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energea Portfolio 5 Colombia LLC
- **DATE OF NAME CHANGE:** 20230913

## Part

**As filed with the Securities and Exchange Commission on June 20, 2025**

**Part II - Information Required in Offering Circular**

**Preliminary Offering Circular dated June 20, 2025**

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ("<u>SEC</u>"). INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH STATE. WE MAY ELECT TO SATISFY OUR OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF OUR SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

![A blue and white logo AI-generated content may be incorrect.](image001.jpg)

**Energea Portfolio 5 LATAM LP**

**Up to $50,000,000 in Class A Investor Shares**

Offering Circular (Subject to Completion) Dated: June 20, 2025

*This Offering Circular Follows the Form 1-A Disclosure Format*

Energea Portfolio 5 LATAM 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 countries in the Central America, South America and/or the Caribbean located below the southern border of the United States (such countries are herein after referred to as "<u>Latin America</u>" or "<u>LATAM</u>" and each such solar energy project is hereinafter referred to as 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 $1.00 per Class A Investor Share, and the minimum initial investment is $100.

*Page i*

 

***There is currently no established secondary market for the Class A Investor Shares, and Investors may not be able to sell their Class A Investor Shares. While Investors should view an investment in the Company as long-term, the Company offers a Redemption Plan in order to provide Investors with an opportunity to obtain liquidity. See "Securities Being Offered: The Class A Investor Shares-Summary of LP Agreement and Authorizing Resolution-Redemption Plan" and "Risk Factors-No Market for the Class A Investor Shares; Limits on Transferability".***

***Investors may not be able to sell their Class A Investor Shares except by submitting a Redemption Request to the Company through our General Partner's website, www.energea.com (the "<u>Platform</u>"). Pursuant to the Redemption Plan, Investors must hold their Class A Investor Shares for at least 60 days before they can request redemption of their Class A Investor Shares via the Platform; if the General Partner agrees to honor a Redemption Request, the Company has 90 days to make payment on such redemption; and the General Partner may, in its sole discretion, amend, suspend, or terminate the Redemption Plan at any time without prior notice. Additionally, Class A Investor Shares may not be transferred without the Company's consent, which can be withheld in its sole discretion, and the General Partner has a right of first refusal to purchase any Class A Investor Shares proposed to be transferred. See "Redemption Plan" and "Risk Factors-No Market for the Class A Investor Shares".***

***Investors should note that the General Partner may decide to sell the Projects or the Company at any time. Should the General Partner decide to sell the Company, Investors could be forced to sell their Class A Investor Shares at the direction of the General Partner. See "Drag-Along Right".***

 ****

***The purchase of these securities involves a high degree of risk. Before investing, you should read this entire Offering Circular and exhibits hereto, including "Risk Factors".***

The Company is selling Class A Investor Shares directly to the public through the Platform. Neither the Company nor any affiliated entity involved in this Offering is a member firm of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>"), and no person associated with this Offering will be deemed to be a broker solely by reason of his or her participation in the sale of our Class A Investor Shares. Investors will not pay upfront selling commissions or broker fees in connection with the purchase of Class A Investor Shares. We will reimburse our General Partner for certain expenses incurred on our behalf, and pay our General Partner certain fees, as described further under "*Compensation of General Partner*".

This is a "best efforts - no minimum" offering. The Offering will commence as soon as our offering statement is "qualified" by the SEC and will end on the date we raise the maximum amount being offered, unless earlier terminated by the Company. We will reimburse the General Partner for marketing expenses in an amount up to 5% of the total Offering amount raised. See *"Use of Proceeds".*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; ***Per Share*** | &nbsp;&nbsp; ***Total Maximum*** |
| &nbsp;&nbsp; Public Offering Price | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $50000000 |
| &nbsp;&nbsp; Marketing Expenses | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $2500000 |
| &nbsp;&nbsp; Proceeds to the Company from this Offering to the Public | &nbsp;&nbsp; $0.95 | &nbsp;&nbsp; $47500000 |

---

**THE SEC DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS JUDGEMENT UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITING MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**GENERALLY, NO SALE MAY BE MADE TO A NON-ACCREDITED INVESTOR FROM THIS OFFERING IF THE AGGREGATE PURCHASE PRICE THE NON-ACCREDITED INVESTOR PAYS IS MORE THAN 10% OF THE GREATER OF THEIR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(D)(2)(I)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO WWW.INVESTOR.GOV FOR MORE INFORMATION, SEE "*LIMIT ON AMOUNT A NON-ACCREDITED INVESTOR CAN INVEST*".**

**NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

*Page ii*

 

**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; [**SUMMARY AND RISK FACTORS**](#_Summary_and_Risk) | &nbsp;&nbsp; **2** |
| &nbsp;&nbsp; [Executive Summary](#_Executive_Summary_1) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; [*Our Business*](#_Our_Business) | &nbsp;&nbsp; *2* |
| &nbsp;&nbsp; [*The Offering*](#_The_Offering) | &nbsp;&nbsp; *3* |
| &nbsp;&nbsp; [*Company Operations and Other Matters*](#_Company_Operations_and) | &nbsp;&nbsp; *3* |
| &nbsp;&nbsp; [Risk Factors](#_Risk_Factors) | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; [**DILUTION**](#_Dilution) | &nbsp;&nbsp; **10** |
| &nbsp;&nbsp; [**PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS**](#_Plan_of_Distribution_1) | &nbsp;&nbsp; **10** |
| &nbsp;&nbsp; [**OTHER CONCURRENT OFFERINGS**](#_Other_Concurrent_Offerings) | &nbsp;&nbsp; **11** |
| &nbsp;&nbsp; [**USE OF PROCEEDS**](#_Use_of_Proceeds) | &nbsp;&nbsp; **11** |
| &nbsp;&nbsp; [**Description of Business**](#_description_of_business) | &nbsp;&nbsp; **12** |
| &nbsp;&nbsp; [Offices and Employees](#_Offices_and_Employees) | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp; [Company Overview](#_Company_Overview) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [Investment Strategy](#_Investment_Strategy) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [*Development Companies*](#_Development_Companies) | &nbsp;&nbsp; *13* |
| &nbsp;&nbsp; [*Projects*](#_Projects) | &nbsp;&nbsp; *13* |
| &nbsp;&nbsp; [*Loans*](#_Loans) | &nbsp;&nbsp; *14* |
| &nbsp;&nbsp; [Investment Committee](#_Investment_Committee) | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp; [Specific Market Analysis](#_Specific_Market_Analysis) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [Competition](#_Competition) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Our Revenue and Income](#_Our_Revenue_and) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Our Operating Costs and Expenses](#_Our_Operating_Costs_1) | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp; [U.S. and Colombia Taxes](#_U.S._and_Colombia) | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp; [Colombia Taxes](#_Colombia_Taxes) | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp; [U.S. Federal Income Taxes](#_U.S._Federal_Income) | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp; [*Classification as a Corporation*](#_Classification_as_a) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Taxation of Dividends*](#_Taxation_of_Dividends) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Foreign Tax Credit*](#_Foreign_Tax_Credit) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Taxation of Distributions to Investors*](#_Taxation_of_Distributions) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Taxation Upon the Sale of Exchange of Class A Investor Shares*](#_Taxation_Upon_the) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Alternative Minimum Tax*](#_Alternative_Minimum_Tax) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Taxable Year*](#_Taxable_Year) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Tax Returns and Information; Audits; Penalties; Interest*](#_Tax_Returns_and) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Other U.S. Tax Consequences*](#_Other_U.S._Tax) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [Summary of Supporting Contracts](#_Summary_of_Supporting) | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp; [*Project Contracts*](#_Project_Contracts) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Loan Contracts*](#_Purchase_and_Sale) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [Past Performance](#_Past_Performance) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp; [Material Legal Proceedings](#_Material_Legal_Proceedings) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp; [Factors Likely to Impact the Performance of the Company](#_Factors_Likely_to) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp; [Description of Property](#_Description_of_Property) | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp; [*Loans Issued*](#_Loans_Issued) | &nbsp;&nbsp; *24* |
| &nbsp;&nbsp; [**Management Discussion and Analysis of Financial Condition and Result of Operation**](#_management_discussion_and) | &nbsp;&nbsp; **24** |
| &nbsp;&nbsp; [Summary of Key Accounting Policies](#_Market_Outlook_and) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; [*Investments*](#_Investments) | &nbsp;&nbsp; *24* |
| &nbsp;&nbsp; [*Impairment*](#_Impairment) | &nbsp;&nbsp; *24* |
| &nbsp;&nbsp; [*Revenue Recognition*](#_Revenue_Recognition) | &nbsp;&nbsp; *24* |
| &nbsp;&nbsp; [Market Outlook and Recent Trends](#_Market_Outlook_and_1) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; [Calculating Distributions](#_Calculating_Distributions) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; [*Sources of Distributable Cash Flow*](#_Sources_of_Distributable) | &nbsp;&nbsp; *25* |
| &nbsp;&nbsp; [*Allocation of Distributions*](#_Allocation_of_Distributions) | &nbsp;&nbsp; *26* |
| &nbsp;&nbsp; [*Calculation of Preferred Return*](#_Calculation_of_Preferred) | &nbsp;&nbsp; *26* |
| &nbsp;&nbsp; [*Calculation of Carried Interest*](#_Calculation_of_Carried) | &nbsp;&nbsp; *26* |
| &nbsp;&nbsp; [Distributions](#_Distributions)  | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [Past Operating Results](#_Past_Operating_Results_1) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [Leverage](#_Leverage) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [Liquidity and Capital Resources](#_Liquidity_and_Capital) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [Method of Accounting](#_Method_of_Accounting) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [**Directors, Executive Officers & Significant Employees**](#_Directors,_Executive_Officers) | &nbsp;&nbsp; **27** |
| &nbsp;&nbsp; [Names, Positions, Etc.](#_Names,_Positions,_Etc._1) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [Family Relationships](#_Family_Relationships) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [Ownership of Related Entities](#_Ownership_of_Related) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [Business Experience](#_Business_Experience) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [Legal Proceedings Involving Executives and Directors](#_Legal_Proceedings_Involving)  | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp; [Other Solar Energy Funds](#_Other_Solar_Energy) | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp; [Compensation of General Partner](#_Compensation_of_General) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp; [*Deferment of Fees*](#_Deferment_of_Fees) | &nbsp;&nbsp; *33* |
| &nbsp;&nbsp; [*Fees Paid to General Partner*](#_Fees_Paid_to) | &nbsp;&nbsp; *33* |
| &nbsp;&nbsp; [*Co-Investment*](#_Co-Investment) | &nbsp;&nbsp; *33* |
| &nbsp;&nbsp; [**Security Ownership of General Partner and Certain Securityholders**](#_Security_Ownership_of) | &nbsp;&nbsp; **33** |
| &nbsp;&nbsp; [**Interest of Management and Others in Certain Transactions**](#_Interest_of_Management) | &nbsp;&nbsp; **34** |
| &nbsp;&nbsp; [**Securities being Offered: The Class A Investor Shares**](#_Securities_Being_Offered:) | &nbsp;&nbsp; **34** |
| &nbsp;&nbsp; [Description of Securities](#_Description_of_Securities) | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp; [Price of Class A Investor Shares](#_Price_of_Class) | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp; [Voting Rights](#_Voting_Rights_1) | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp; [Limited Partnership Agreement](#_Limited_Partnership_Agreement) | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp; [Summary of LP Agreement and Authporizing Resolution](#_Summary_of_LP) | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp; [*Formation and Ownership*](#_Formation_and_Ownership) | &nbsp;&nbsp; *35* |
| &nbsp;&nbsp; [*Shares and Ownership*](#_Shares_and_Ownership_1) | &nbsp;&nbsp; *36* |
| &nbsp;&nbsp; [*Management*](#_Management) | &nbsp;&nbsp; *36* |
| &nbsp;&nbsp; [*Exculpation and Indemnification of General Partner*](#_Exculpation_and_Indemnification) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Obligation to Contribute Capital*](#_Obligation_to_Contribute_1)  | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Personal Liability*](#_Personal_Liability) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Distributions*](#_Distributions) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Transfers and First Right of Refusal*](#_Transfers_and_First) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Death, Disability, Etc.*](#a_089) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Fees to General Partner and Affiliates*](#_Fees_to_General) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Mandatory Redemptions*](#_Mandatory_Redemptions) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [*"Drag-Along" Right*](#a_092) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [*Electronic Delivery*](#_Electronic_Delivery_1) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [*Amendment*](#_Amendment) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [*Information Rights*](#_Information_Rights) | &nbsp;&nbsp; *39* |
| &nbsp;&nbsp; [*Distributions in Liquidation*](#_Distributions_in_Liquidation) | &nbsp;&nbsp; *39* |
| &nbsp;&nbsp; [*Preemptive Rights*](#_Preemptive_Rights) | &nbsp;&nbsp; *39* |
| &nbsp;&nbsp; [*Liability to Make Additional Contributions*](#_Liability_to_Make) | &nbsp;&nbsp; *39* |
| &nbsp;&nbsp; [*Withholding*](#_Withholding) | &nbsp;&nbsp; *39* |
| &nbsp;&nbsp; [*No Guarantee*](#_No_Guarantee) | &nbsp;&nbsp; *40* |
| &nbsp;&nbsp; [*Redemption Plan*](#_Limited_Right_of) | &nbsp;&nbsp; *40* |
| &nbsp;&nbsp; [*Rights of Common Shares*](#_Rights_of_Common_1) | &nbsp;&nbsp; *41* |
| &nbsp;&nbsp; [*Rights of Reg D Shares*](#_Rights_of_Reg) | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [How To Invest](#_How_To_Invest_1) | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp; [Limit on Amount a non-Accredited Investor Can Invest](#_Limit_On_The) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; [**Additional Information**](#_Factors_Likely_to_1) | &nbsp;&nbsp; **43** |
| &nbsp;&nbsp; [**LEGAL MATTERS**](#_Legal_matters) | &nbsp;&nbsp; **44** |
| &nbsp;&nbsp; [**EXPERTS**](#_EXPERTS) | &nbsp;&nbsp; **44** |
| &nbsp;&nbsp; [**Index to Financial Statements**](#_Index_to_Financial_1) | &nbsp;&nbsp; **44** |
| &nbsp;&nbsp; [**GLOSSARY OF CERTAIN DEFINED TERMS**](#_Glossary_of_Certain_1) | &nbsp;&nbsp; **54** |
| &nbsp;&nbsp; [**Part III - Exhibits**](#_PART_III_-_1) | &nbsp;&nbsp; **57** |
| &nbsp;&nbsp; [Index to Exhibits and Description of Exhibits](#_Index_to_Exhibits) | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp; [**Signatures**](#_Signatures_1) | &nbsp;&nbsp; **58** |

---

*Page iii*

 

 **Caution Regarding Forward-Looking Statements*

*We make statements in this Offering Circular 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 Offering Circular or in the information incorporated by reference into this Offering Circular.*

*The forward-looking statements included in this Offering Circular 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:*

*· our ability to effectively deploy the proceeds raised from this Offering;*

*· ability to attract and retain Investors on the Platform;*

*· risks associated with breaches of our data security;*

*· public health crises, pandemics and epidemics, such as those caused by new strains of viruses such as H5N1 (avian flu), severe acute respiratory syndrome (SARS) and, most recently, the novel coronavirus (COVID-19);*

 

*· climate change and natural disasters that could adversely affect our Projects and our business;*

 

*· changes in economic conditions generally and the renewable energy and securities markets specifically;*

 

*· limited ability to dispose of assets because of the relative illiquidity of renewable energy Projects and Loans;*

 

*· our failure to obtain necessary outside financing;*

 

*· risks associated with derivatives or hedging activity;*

 

*· intense competition in LATAM renewable energy markets that may limit our ability to attract or retain Customers (as defined below);*

 

*· defaults under Supporting Contracts (see "Summary of Supporting Contracts");*

 

*· increased interest rates and/or operating costs;*

 

*· the risk associated with potential breach or expiration of a ground lease, if any;*

 

*· our failure to successfully construct, interconnect, operate or maintain the Projects;*

*· inability of a Borrower to make payments on a Loan;*

*· the failure of Projects and Loans to yield anticipated results;*

 

*Page 1*

 

*· exposure to liability relating to environmental and health and safety matters;*

 

*· our level of debt and the terms and limitations imposed on us by our debt agreements;*

 

*· our General Partner's ability to retain executive officers and other key personnel;*

 

*· the ability of our General Partner to source, originate and service our Projects and Loans;*

 

*· the ability for our engineering, procurement and construction contractors and equipment manufacturers to honor their contracts including warranties and guarantees;*

 

*· regulatory changes impacting our business or our assets (including changes to the laws governing the taxation of corporations and SEC guidance related to Regulation A, or the Jumpstart Our Business Startups Act of 2012 (the "<u>JOBS Act</u>");*

 

*· changes in business conditions and the market value of our Projects, including changes in renewable energy policy, interest rates, prepayment risk, operator or Borrower defaults or bankruptcy, and generally the increased risk of loss if our investments fail to perform as expected;*

 

*· our ability to implement effective conflicts of interest policies and procedures among the various renewable energy investment opportunities sponsored by our General Partner;*

 

*· our compliance with applicable local, state and federal laws, including the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), the Investment Company Act of 1940, as amended, and other laws; and*

 

· *changes to U.S. generally accepted accounting principles ("<u>U.S. GAAP</u>").*

*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 Offering Circular. All forward-looking statements are made as of the date of this Offering Circular and the risk that actual results will differ materially from the expectations expressed in this Offering Circular 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 Offering Circular, 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 Offering Circular, including, without limitation, those named above and those named under "Risk Factors", 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 Offering Circular will be achieved.*

 *Summary and Risk Factors*

 *Executive Summary*

 *Our Business*

Energea Portfolio 5 LATAM LP (the "<u>Company</u>") is a limited partnership organized under the laws of Delaware. The Company has elected to be taxed as a "C" corporation for United States federal and state income tax purposes. The Company's day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>"). As of the date of this Offering Circular, we do not have any Projects and we have made one (1) Loan (which is further described below) and we have not generated any revenue.

The Company was created to invest in the acquisition, development, and operations of solar energy projects in LATAM countries (each a "<u>Project</u>"). The Projects will sell power and, in some cases, environmental commodities, to offtakers (who we collectively refer to as "<u>Customers</u>") who purchase the power or the environmental commodities under long term contracts. The Company may also lend money to Development Companies (which we collectively refer to as "<u>Borrowers</u>") and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "<u>Loan</u>").

*Page 2*

 

As the Company earns revenue, it will use the revenue to pay for operating expenses (see "*Our Operating Costs and Expenses*") and distribute the remaining cash to the holders of our Class A Investor Shares (our "<u>Investors</u>"), our Reg D Investors (as such term is defined herein and together with the Investors, the "<u>Preferred Equity Investors</u>") and the holders of our Common Shares (which is currently the General Partner). See "*Company Operations and Other Matters*".

 *The Offering*

The Company is offering up to $50.0 million of Class A Investor Shares pursuant to Regulation A. The proceeds of our Offering will be used to construct and/or acquire Projects and to issue Loans.

*We are offering to sell, and seeking offers to buy, the shares only in jurisdictions where such offers and sales are permitted. You should rely only on the information contained in this Offering Circular. We have not authorized anyone to provide you with any information other than the information contained in this Offering Circular. The information contained in this Offering Circular is accurate only as of its date, regardless of the time of its delivery or of any sale or delivery of our securities. Neither the delivery of this Offering Circular nor any sale or delivery of our securities shall, under any circumstances, imply that there has been no change in our affairs since the date of this offering circular. This offering circular will be updated and made available for delivery to the extent required by the federal securities laws.*

 *Company Operations and Other Matters*

The Company expects to generate cash flow in three ways: (i) payments from Projects, (ii) payments from Loans and (iii) returns from investments (for example, interest gained from a money market savings account from cash-on-hand) ("<u>Company Investments</u>"). Cash flow will first be used to pay operating costs and expenses, including fees and reimbursements payable to our General Partner (see "*Our Operating Costs and Expenses*"). The remaining cash flow, if any, is distributed to the Preferred Equity Investors<u> </u>and the General Partner in the following order of priority:

· First, a preferred return equal to a 7% IRR payable to Preferred Equity Investors, as more fully described in the Authorizing Resolutions (the "<u>Preferred Return</u>"); and

· Thereafter, any additional cash flow will be split between the Preferred Equity Investors and the General Partner such that 80% is distributed to Preferred Equity Investors and 20% to the General Partner (the "<u>Carried Interest</u>").

Be advised that only proceeds on the interest, and not on the repayment of the principal, which the Company receives from Loans and returns from Company Investments will be eligible for distribution. Repayment of principal of either Loans or Company Investments will not be eligible to be distributed to either the General Partner or the Limited Partners (together, the "<u>Partners</u>") and will be available for investment by the Company, in the General Partner's sole discretion.

See "*Compensation of General Partner*" and "*Calculating Distributions*" for more detailed information regarding fees and distributions payable to the General Partner.

Preferred Equity Investors have no voting rights.

CAUTION: ALTHOUGH THE CASH FLOW FROM OUR PROJECTS AND LOANS WILL LARGELY BE ESTABLISHED BY CONTRACT IN ADVANCE, THERE IS NO GUARANTEE THAT OUR PROJECTS OR LOANS WILL GENERATE ANY POSITIVE CASH FLOW.

 *Risk Factors* 

BUYING CLASS A INVESTOR SHARES IS SPECULATIVE AND INVOLVES SIGNIFICANT RISK, INCLUDING THE RISK THAT INVESTORS COULD LOSE SOME OR ALL OF THEIR MONEY. THIS SECTION DESCRIBES SOME OF THE MOST SIGNIFICANT FACTORS THAT THE COMPANY BELIEVES MAKE AN INVESTMENT IN THE CLASS A INVESTOR SHARES RISKY. THE ORDER IN WHICH THESE FACTORS ARE DISCUSSED IS NOT INTENDED TO SUGGEST THAT SOME FACTORS ARE MORE IMPORTANT THAN OTHERS. You should carefully consider the following risk factors in conjunction with the other information contained in this offering circular before purchasing the CLASS A INVESTOR SHARES.

*Page 3*

 

**The Track Record of Our Principals Does Not Guarantee Success:** The principals of the Company and the General Partner have been involved in the solar industry for approximately 18 years, developing more than 500 solar projects. See "PAST PERFORMANCE" on page 26. However, past performance is never a guaranty of future results, and the success of our principals in other solar projects does not guaranty that the Company will be successful.

**We Have Not Yet Acquired Any Projects:** As of the date of this Offering Circular, the Company has not acquired any Projects and has made one Loan. Therefore the Company has generated no revenue.

**Risks Associated with Renewable Energy Projects:** The market for renewable energy is changing rapidly. If renewable technology proves unsuitable for widespread commercial deployment or if demand for renewable energy products, especially solar energy products, fails to develop sufficiently, our Projects and Loans might not be able to generate enough revenues to achieve and sustain profitability. The factors influencing the widespread adoption of renewable energy technology include, but are not limited to: cost-effectiveness of renewable energy technologies as compared with conventional technologies; performance and reliability of renewable energy products as compared with conventional energy products; and the success of other enabling technologies such as battery storage and Distributed Energy Resource Management Systems ("<u>DERMS</u>").

**The Investment Environment May Change Over Time:**The Company's investment in the Projects and Loans is intended to extend over a period of years, during which the business, economic, political, regulatory, and technology environment within which the Company operates may undergo substantial changes, some of which may be adverse to the Company. The General Partner will have the exclusive right and authority (within limitations set forth in the LP Agreement) to determine the manner in which the Company shall respond to such changes, and Limited Partners generally will have ****no right to withdraw from the Company or to demand specific modifications to the Company's operations in consequence thereof. A major recession or adverse developments in the securities or credit markets might have an impact on the Company's investments in the Projects and Loans. In addition, factors specific to the Projects and Loans may have an adverse effect on the Company.

**Net Losses**: Since we have not acquired any Projects and have made one (1) Loan, we do not have any revenue and are currently incurring net losses may continue incurring net losses in the future. If our operating expenses exceed our expectations, our financial performance could be adversely affected. If we are able to generate revenue, and our revenue does not grow to offset these increased expenses, we may never become profitable. In future periods, we may not have any revenue growth, or our revenue (if any) could decline.

**Distributions to Investors:** Whether to distribute operating cash flow or capital proceeds and how much to distribute, is at the sole discretion of the General Partner. No returns are guaranteed, and Investors will receive distributions only if the Company generates distributable cash flow from the Projects and Loans. Investors will not have any recourse in the event we are unable to pay distributions. Because we have not made any profit to date and have no current or accumulated earnings and profits, such cash distributions to Investors will be 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. See "*Management Discussion and Analysis of Financial Condition and Result of Operation-Distributions*."

**Distributions Generally**: Our ability to achieve our investment objectives and to pay distributions depends upon the performance of our General Partner in the acquisition of our Projects and Loans and the ability of our General Partner to source investment opportunities for us. In the event we are unable to timely locate suitable investments, we may be unable or limited in our ability to pay distributions and we may not be able to meet our investment objectives. If we pay distributions from sources other than our cash flow from Projects and Loans, we will have less funds available for investments and your overall return will be reduced.

 

**Competition:** The Company intends to compete in the utility-scale, commercial and industrial ("<u>C&I</u>") and rural electrification segments of the solar markets of LATAM countries. Several multinational independent power producers ("<u>IPPs"</u>) such as ENEL Green Power, AES, and Celsia currently service a large portion of the utility-scale segment and could even expand into smaller segments, including the C&I segment.

*Page 4*

 

In addition to these multinational players, the Company faces competition from smaller, local developers that specialize in distributed generation and behind-the-meter solar solutions. Companies such as Erco Energía, Suncol, and Green Yellow are particularly active in the C&I segment.

The Company also intends to compete for rural electrification projects. As international funding for rural electrification projects increases (which we believe may occur due to new government regulations designed to encourage private investment and government-backed programs), new entrants in this space are likely to emerge.

**Our Customers and/or Borrowers Might Default:** The Company will have a variety of Customers and Borrowers, including businesses, retirement communities and schools. Some Customers could default. A default would hurt the Project in question financially, reducing the anticipated returns to Investors. Customers and Borrowers may face intense competition, changing business and economic conditions, risks of technological acceptance and obsolescence or other developments that may adversely affect their ability to pay. Within the limitations set forth in the LP Agreement, the General Partner will have the right and authority to cause the Company's investment management and liquidation strategies and procedures to deviate from those described in this Offering Circular.

**We Might Own Only a Small Number of Projects:** If the Company is successful in raising the current maximum offering amount of $50.0 million in this Offering, the Company would likely acquire or invest in between 50 and 100 Projects. If the Company raises significantly less than the maximum offering amount, it may not be able to invest in as many Projects. If the Company owns only a small number of Projects, Investors will be exposed to greater concentration risk.

**Possible Changes in Governmental Policies:** The Projects depend on the energy policies of the LATAM countries where we may invest. These policies could expire, phase-out over time, require renewal by the applicable authority, or become a victim of political pressure. Certain governments in LATAM countries have instituted changes to their policies over the past several years. Some of those changes have positively affected our business while others have had a negative impact. The new policies could disfavor solar projects in general and our Projects in particular.

**Delays in Connecting to Power Grid:** The Projects must be physically connected to the power grid, a process that involves sophisticated engineering and government regulation. Delays are not uncommon. For example, the utility involved might be required to perform physical upgrades to allow for the safe and consistent generation, distribution, and/or transmission of electricity from a Project to the grid. Delays in the performance of the interconnecting utility's obligations to make such grid upgrades can negatively impact the financial performance of the Company.

**Operational Risks:** The Projects are subject to operating and technical risks, including risk of mechanical breakdown, failure to perform according to design specifications, labor and other work interruptions and other unanticipated events that adversely affect operations. The success of each Project, once built, depends in part upon efficient operations and maintenance.

**Construction and Development Risks:** In some cases, the Company will invest in Projects before construction is complete. Construction of any kind involves risk, including labor unrest, bad weather, design flaws, the unavailability of materials, fluctuations in the cost of materials, and labor shortages. Delays are common, which could adversely affect the economics of the Company.

**Equipment Supply Constraints:** The construction of renewable energy facilities relies on the availability of certain equipment that may be in limited supply, such as solar modules, trackers, inverters and monitoring systems. Much of this equipment comes from China. There is no guarantee that the production of this equipment will match demand, and this may adversely impact the ability to construct and the cost of the Projects.

 

**Finding Credible Development Companies and Projects:** Attracting and retaining relationships with Development Companies who can originate Projects with quality Customers is critical to the success of the Company (see "*Investment Strategy*"). If we are unable to acquire a large enough volume of quality Projects, our revenues may be lower than projected.

**Risks Associated with Investments Outside the U.S.:** All of the Projects and Loans will be in LATAM countries. Projects and Loans outside the United States are subject to certain risks that generally do not apply to investments within the United States. Such risks include:

*Page 5*

 

· Historically, the markets of developing countries have been more volatile than the markets of developed countries.

· Developing countries may have less developed legal and accounting systems. The legal systems of developing countries might be less reliable in terms of enforcing contracts.

· The governments of developing countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing money from the country, and/or impose punitive taxes that could adversely affect prices.

· The economies of developing countries may be dependent on relatively few industries that are more susceptible to local and global changes.

· LATAM countries generally face security challenges, and the Projects can be vulnerable to theft, vandalism, and damage. Ensuring robust security measures is essential to mitigate these risks and protect Project assets. If we are unable to properly secure the Projects, the Projects could be negatively affected by crime, which could reduce our net income.

· Development challenges, such as land acquisition, permitting delays, and poor infrastructure, can hinder progress and increase costs of the Projects. Navigating these obstacles is crucial to the successful development of our Projects. Ineffective land acquisition practices, slow reaction to permitting delays or selecting sites with poor infrastructure can negatively affect the financial performance of the Projects and the Company.

· Investments in controlled foreign corporations ("<u>CFCs</u>") by United States persons are subject to tax and information reporting in the United States, and certain local taxes paid may not be creditable under the foreign tax credit rules. The United States may not have a tax treaty with a LATAM nation in which a Project operates, which would give rise to the risk of double taxation in certain circumstances.

**Foreign Currency Exposure:** The customer contracts entered into by the Projects and/or any Loans we provide may be denominated in foreign currencies and/or in United States dollars ("<u>USD</u>"). Contracts denominated in foreign currencies will be subject to fluctuations in the exchange rates, which could hurt (or help) the Company's returns. While the General Partner might be able to hedge the Company's foreign currency exposure to some degree, such hedging may be expensive and may not be entirely effective.

**Imprecise Language Translations:** All of the Company's legal contracts in LATAM will be written in English and either Portuguese or Spanish. Given that these languages have different historical and cultural roots, it is possible that some of the clauses and verbiage may not directly translate across languages and any deviation, especially with respect to some of the more technical terms, may cause misunderstandings that may negatively impact the business.

**Risks Upon Disposition of Investments:** If the Company sells a Project, it might be required to make representations about the business and financial affairs of the Project, and to indemnify the purchaser if those representations prove to be inaccurate or misleading. These arrangements may result in contingent liabilities.

**Regulatory Risks:** Regulatory risks pose significant challenges that can impact Project viability and returns. Governments in LATAM countries may alter renewable energy policies, tariffs, or incentive structures, affecting revenue and profitability. Delays or changes in permitting and licensing requirements are common and can disrupt construction and operational timelines. Additionally, grid interconnection rules may change, or access may be delayed, complicating energy distribution and contractual agreements. Shifts in political leadership can also lead to regulatory uncertainty, with inconsistent enforcement or sudden policy changes which could materially adversely affect our Projects.

Environmental compliance is another critical factor, as varying laws and assessments across countries can become stricter over time, potentially delaying or increasing Project costs. Local content requirements in some countries may further complicate procurement and raise expenses. Currency devaluation and tax policy changes also pose risks, especially for cross-border investors.

*Page 6*

 

**Unavailability of Insurance Against Certain Catastrophic Losses:** Certain losses of a catastrophic nature, such as earthquakes, wars, terrorist attacks or other similar events, may be either uninsurable or insurable at such high rates that to maintain such coverage would cause an adverse impact on the related Project. As a result, not all Projects may be insured against all possible risks. If a major uninsured loss occurs, the Company could lose both the amount it invested in and anticipated profits from the affected Project(s).

**Potential Environmental Liability:** The Projects, like any large-scale physical plant, could cause environmental contamination under some circumstances. Further, the SPEs (as hereinafter defined) could be found liable for environmental contamination that occurred before the Project was built. The cost of remediation and penalties could be very large.

**Liability for Personal Injury and Damage to Property:** The Company could be held liable for accidents and injuries at the Project site. The SPEs will carry insurance to protect against the potential losses, but the insurance might not be adequate.

**Global or National Economic Conditions:** An economic slowdown in a country where we invest could affect our Customers and/or Borrowers and therefore our Projects, Loans and Company Investments.

**No Participation in Management:** Investors will have no voting rights and no right to participate in the management of the Company or the Projects. Instead, the General Partner will make all decisions. You will have the ability to replace our management team only under very limited circumstances, as described in "*Summary of LP Agreement and Authorizing Resolution*."

**Reliance on Management:** The success of the Company and its Projects will depend in part on the skills of our General Partner and its management team. If our General Partner fails to retain its key personnel, the Company and its Investors could suffer.

**Sale of Other Securities:** The Company could, at any time, sell classes of Company shares other than those being offered by this Offering, for example, in a private placement (including, but not limited to, the sale of Reg D Shares). A different class of securities could have greater rights than those associated with the Class A Investor Shares, including but not limited to preferential rights to distributions.

**Limitations on Rights in Investment Agreements:** To purchase Class A Investor Shares, you are required to sign an investment agreement, in one of the forms attached hereto depending on your preferred method of investment, which shall either be the choice to (i) make a one time purchase of Class A Investor Shares, (ii) make an initial purchase of Class Investor Shares, followed by subsequent of purchases of Class A Investor Shares over a periodic basis or (iii) make an initial purchase of Class A Investor Shares, followed by subsequent purchases of Class A Investor Shares using the proceeds of distributions received from the Company (such investment agreements, the "<u>Investment Agreements</u>"). The Investment Agreements will limit your rights in several important ways if you believe you have claims against us arising from the purchase of your Class A Investor Shares:

· Any claims arising from your purchase of Class A Investor Shares must be brought in the state or federal courts located in Wilmington, Delaware, which might not be convenient to you.

· You would not be entitled to recover any lost profits or special, consequential, or punitive damages. However, that limitation does not apply to claims arising under Federal securities laws.

Following your initial purchase of Class A Investor Shares, you may to continue to participate in this Offering by electing to either (i) establish with the Company, a plan for you to automatically invest in the Offering on a periodic basis, subject to the terms of an Auto-Invest Agreement signed by you and the Company or (ii) to reinvest the distributions you receive from your Class A Investor Shares into the purchase of additional Class A Investor Shares, subject to the terms and conditions of the applicable Investment Agreement, signed by you and the Company.

**General Partner's Drag-Along Rights:** The General Partner may decide to sell the Projects or the Company at any time. Should the General Partner decide to sell the Company, Investors could be forced to sell their Class A Investor Shares at the direction of the General Partner according to the General Partner's drag-along rights granted to them in the LP Agreement (see "*Summary of LP Agreement and Authorizing Resolution*.").

*Page 7*

 

**Forum Selection Provision:** Our Investment Agreements and our LP Agreement both provide that disputes will be handled solely in the state or federal courts located in the state of Delaware. We included this provision primarily because (i) the Company is organized under Delaware law, (ii) Delaware courts have developed significant expertise and experience in corporate and commercial law matters and investment-related disputes (which typically involve very complex legal questions), particularly with respect to alternative entities (such as LPs), and have developed a reputation for resolving disputes in these areas in an efficient manner, and (iii) Delaware has a large and well-developed body of case law in the areas of corporate and alternative entities law and investment-related disputes, providing predictability and stability for the Company and its Investors. This provision could be unfavorable to an Investor to the extent a court in a different jurisdiction would be more likely to find in favor of an Investor or be more geographically convenient to an Investor. It is possible that a judge would find this provision unenforceable and allow an Investor to file a lawsuit in a different jurisdiction.

Section 27 of the Securities Exchange Act of 1934 (the "<u>Exchange Act</u>") provides that federal courts have exclusive jurisdiction over lawsuits brought under the Exchange Act, and that such lawsuits may be brought in any federal district where the defendant is found or is an inhabitant or transacts business. Section 22 of the Securities Act provides that federal courts have concurrent jurisdiction with State courts over lawsuits brought under the Securities Act, and that such lawsuits may be brought in any federal district where the defendant is found or is an inhabitant or transacts business. Investors cannot waive our (or their) compliance with federal securities laws. Hence, to the extent the forum selection provisions of the Investment Agreements or the LP Agreement conflict with these federal statutes, the federal statutes would prevail.

**Waiver of Right to Jury Trial:** The Investment Agreements and the LP Agreement both provide that legal claims will be decided only by a judge, not by a jury. The provision in the LP Agreement will apply not only to an Investor who purchases Class A Investor Shares in the Offering, but also to anyone who acquires Class A Investor Shares in secondary trading. Having legal claims decided by a judge rather than by a jury could be favorable or unfavorable to the interests of an owner of Class A Investor Shares, depending on the parties and the nature of the legal claims involved. It is possible that a judge would find the waiver of a jury trial unenforceable and allow an owner of Class A Investor Shares to have his, her, or its legal claim decided by a jury. In any case, the waiver of a jury trial in both the Investment Agreements and the LP Agreement do not apply to claims arising under the federal securities laws.

**Conflicts of Interest:** The interests of the Company and the General Partner could conflict with the interests of Investors in a number of ways, including:

· Our General Partner and its officers perform similar roles for other entities that are affiliated with the General Partner and are not required to devote all of their time and effort to the Company and are only required to devote such time to our affairs as their duties require.

· Our General Partner will receive fees based, in part, on the amount of cash flow the Company generates. The General Partner might, therefore, have an incentive to raise more capital, and invest in more Projects and Loans, than they would otherwise, leading them to invest in borderline Projects and Loans.

· The entire business of the General Partner consists of investing in solar projects, including solar projects in LATAM. There could be conflicts between Projects they decide to invest in through the Company and projects they invest in through other vehicles.

**Risk of Failure to Comply with Securities Laws:** The Offering relies on an exemption from registration with the SEC pursuant to Regulation A. If the Offering did not qualify for exemption from registration under the Securities Act, the Company could be subject to penalties imposed by the federal government and state regulators, as well as to lawsuits from Investors.

**No Market for the Class A Investor Shares; Limits on Transferability:** There is currently no established market for the Class A Investor Shares. An Investor who wishes to sell or otherwise transfer their Class A Investor Shares may be limited because:

· There will be no established market for the Class A Investor Shares, meaning the Investor could have a hard time finding a buyer for its shares.

*Page 8*

 

· Although the Company offers a Redemption Plan, there is no guarantee that an Investor who wants to sell his, her, or its Class A Investor will be able to do so.

· Class A Investor Shares may not be transferred without the Company's consent, which we can withhold in our sole discretion. The Company also has a right of first refusal to purchase any Class A Investor Shares proposed to be transferred.

Our General Partner reserves the right to reject any Redemption Request for any reason or no reason or to amend or terminate the Redemption Plan without prior notice. Therefore, you may not have the opportunity to make a Redemption Request prior to a potential termination of the Redemption Plan and you may not be able to sell any of your Class A Investor Shares back to the Company pursuant to the Redemption Plan. Moreover, if you do sell your Class A Investor Shares back to the Company pursuant to the Redemption Plan, you may not receive the same price you paid for the Class A Investor Shares being redeemed. In addition, pursuant to our Redemption Plan, an Investor may only (a) have one outstanding Redemption Request at any given time and (b) request that we redeem up to $50,000 worth of Class A Investor Shares per each Redemption Request.

For more information regarding the Redemption Plan, see *"Redemption Plan"*.

**"Best efforts-no minimum" offering.** The Offering is a "best efforts" basis and does not require a minimum amount to be raised. This means that any investment made could be the only investment in this Offering, leaving the Company without adequate capital to pursue its business plan. If we are not able to raise sufficient funds, we may not be able to fund our investment strategy as planned, and our growth opportunities may be materially adversely affected. This could increase the likelihood that an investor may lose their entire investment.

**Corporate Governance Risk:** As a non-listed company conducting an exempt offering pursuant to Regulation A, the Company is not subject to a number of corporate governance requirements that an issuer conducting a registered offering or listed on a national stock exchange would be. For example, the Company does not have (i) a board of directors of which a majority consists of "independent" directors under the listing standards of a national stock exchange, (ii) an audit committee composed entirely of independent directors and a written audit committee charter meeting a national stock exchange's requirements, (iii) a nominating/corporate governance committee composed entirely of independent directors and a written nominating/corporate governance committee charter meeting a national stock exchange's requirements, (iv) a compensation committee composed entirely of independent directors and a written compensation committee charter meeting the requirements of a national stock exchange, and (v) independent audits of the Company's internal controls.

**The Company is an "Emerging Growth Company" Under the JOBS Act:** As of the date of this Offering Circular, the Company qualifies as an "emerging growth company" under the JOBS Act of 2012. If the Company were to become a public company (e.g., following a registered offering of its securities) and continued to qualify as an emerging growth company, it would be able to take advantage of certain exemptions from the reporting requirements under the Exchange Act and exemptions from certain investor protection measures under the Sarbanes Oxley Act of 2002. Using these exemptions could benefit the Company by reducing compliance costs but could also mean that Investors receive less information and fewer protections than they would otherwise. However, these exemptions - and the status of the Company as an "emerging growth company" in the first place - will not be relevant unless and until the Company becomes a public reporting company.

The Company has elected to delay complying with any new or revised financial accounting standard until the date that a company that is not an "issuer" (as defined under Section 2(a) of the Sarbanes-Oxley Act of 2002) is required to comply with such new or revised accounting standard, if such standard also applies to companies that are not issuers. As a result, owners of Class A Investor Shares might not receive the same disclosures as if the Company had not made this election.

For example, because we are an emerging growth company, you will not be able to depend on any attestation from our independent registered public accounting firm as to our internal control over financial reporting for the foreseeable future. Our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act until the later of the year following our first annual report required to be filed with the Commission or the date we are no longer an "emerging growth company" as defined in the JOBS Act. Accordingly, you will not be able to depend on any attestation concerning our internal control over financial reporting from our independent registered public accounting firm for the foreseeable future.

*Page 9*

 

**Breaches of Security:** It is possible that our Platform, systems or the systems of third-party service providers could be "hacked," leading to the theft or disclosure of confidential information Investors provide to us. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched, the Company, General Partner and our service providers may be unable to anticipate these techniques or to implement adequate defensive measures.

**Unanticipated changes in our tax laws that may impact us, the enactment of new tax legislation, or exposure to additional income tax liabilities could affect our profitability:** We are obligated to comply with income tax laws in the regions where we operate, including recent changes like the Inflation Reduction Act. These evolving tax regulations could impact our financial health. We also face potential tax audits that may result in additional tax assessments, with uncertain outcomes. Changes to our effective tax rate, driven by shifts in our operational structure, could have significant effects on our financial well-being.

 *Dilution* 

The price of Class A Investor Shares was determined by our General Partner (see "*Price of Class A Investor Shares*"). The Company sells shares to raise capital for the purchase and construction of Projects and to issue Loans. As new Investors purchase Class A Investor Shares (or other classes of stock, see "*Other Concurrent Offerings*"), existing Investors may be temporarily diluted until new Projects are acquired and/or constructed and new Loans are originated and contribute to monthly cash flow. Cash in treasury may be invested into Company Investments to optimize yield and minimize the dilution impact. Such Company Investments will not earn as high of a return as we expect to earn on our investments in Projects and Loans.

Additionally, we may in the future offer additional classes and/or series of Investor Shares (such as in the Reg D Offering) or other securities convertible into or exchangeable for such class or series of Investor Shares. Although no assurances can be given that we will consummate a financing, in the event we do, or in the event we sell additional classes and/or series of Investor Shares (such as in the Reg D Offering) or other securities convertible into shares of our Class A Investor Shares in the future, additional and substantial dilution will occur. In addition, investors purchasing Class A Investor Shares or other securities in the future could have rights superior to Class A Investor Shares Investors in this Offering. Subsequent offerings at a lower price (a "down round") could result in additional dilution.

 *Plan of Distribution and Selling Securityholders*

The Company is offering to sell up to $50,000,000 of Class A Investor Shares to the public. This Offering is being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of the Offering. Further, the acceptance of subscriptions, whether via the Platform or otherwise, may be briefly paused at times to allow us to effectively and accurately process and settle subscriptions that have been received.

The Offering will commence as soon as this offering statement is "qualified" by the SEC and will end on the sooner of (i) a date determined by the Company, or (ii) the date the Offering is required to terminate by law.

Only the Company is offering securities in this Offering. None of our existing officers, directors, or stockholders are offering or selling any of their securities of the Company in this Offering.

The Company is not using an underwriter or broker to sell the Class A Investor Shares and is not paying commissions. Class A Investor Shares will be offered and sold only through the Platform.

This is a "best efforts - no minimum" offering. This means that the Offering does not have a minimum threshold amount that we must raise before we can have a closing. Even if a very small number of Class A Investor Shares are sold, the Company does not plan to return funds to Investors.

*Page 10*

 

The Company reserves the right to reject any subscription to purchase Class A Investor Shares in this Offering in whole or in part and for any reason (or no reason). If the Company rejects an investment, it will promptly return all the Investor's money without interest or deduction.

Anyone can buy Class A Investor Shares. The General Partner does not intend to limit investment to people with a certain income level or net worth, although there are limits on how much non-accredited investors may invest in this Offering (see "*Limit on the Amount a Non-Accredited Investor Can Invest*").

After the Offering has been "qualified" by the SEC, the General Partner intends to advertise the Offering using the Platform and through other means, including public advertisements, social media and audio-visual materials, in each case, only as we authorize and in compliance with the rules and regulations of Regulation A. Although these materials will not contain information that conflicts with the information in this Offering Circular and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to the Class A Investor Shares, the advertising materials will not give a complete understanding of this Offering, the Company, or the Class A Investor Shares and are not to be considered part of this Offering Circular.

The Offering is made only by means of this Offering Circular and prospective Investors must read and rely on the information provided in this Offering Circular in connection with their decision to invest in Class A Investor Shares.

 

  *Other Concurrent Offerings*

In addition to this Regulation A offering, the Company may conduct concurrent private offerings of securities under Rule 506(c) of Regulation D of the Securities Act of 1933. These private offerings (the "<u>Reg D Offerings</u>") will be open exclusively to verified accredited investors and may be offered through general solicitation and advertising, in compliance with applicable securities laws. Each of these classes of Company shares ("<u>Reg D Shares")</u> offered to investors participating in these private offerings (the "<u>Reg D Investors</u>") shall participate in distributions with the Investors on a *pari passu* basis.

Securities sold pursuant to Regulation D will not be registered with the SEC and will be subject to transfer restrictions. The Regulation D offering will sell different classes of stock in the Company, but other terms of investment (including the price for a share and fees paid to the General Partner) will be identical across the offerings with one exception: while Investors are subject to a 5% marketing reimbursement back to the General Partner, Reg D Investors will instead pay a similar expense to broker-dealers and registered investment advisors.

Proceeds from the Regulation D offering will be combined with proceeds from this Offering and used by the Company for the same common purpose (see "*Use of Proceeds*").

 *Use of Proceeds*

We expect to use all of the net proceeds of this Offering, after marketing expenses, to acquire, develop and construct Projects and to issue Loans. Proceeds waiting to be invested into Projects and Loans may be invested into Company Investments like government bonds or money market accounts. The Company expects to use Offering proceeds to fund new Projects and Loans. For more information regarding our investment strategy, see *"Description of Business-Investment Strategy"*. For more information regarding current Projects and Loans, see *"Description of Property"*.

We expect to pay for operating expenses at the Company with cash flow from the Projects and Loans, but if the Projects and Loans have not earned enough revenue to pay for any given operating expense, the General Partner may use the proceeds from this Offering to pay such operating expense. The types of operating expenses that the Company expects to pay are described in "*Our Operating Costs and Expenses*".

The capital raised in this Offering will not be used to compensate officers or directors because the Company has no employees. However, Offering proceeds may be used to pay fees owed to the General Partner and its affiliates (see "*Compensation of General Partner*"). The Company does not expect to pay fees to the General Partner from the proceeds of the Offering. Fees are instead expected to be paid with revenue produced by the Projects, Loans and Company Investments. However, it is possible that the revenue would be insufficient to pay management fees, at which time, fees may be paid for from the proceeds of this Offering.

*Page 11*

 

The General Partner may make short term advances to the Company to make payments on an as-needed basis. The General Partner has also secured a loan on behalf of the Company. We do not anticipate any additional sources of capital apart from funds from operations, the advances, funds generated through this Offering (and other concurrent offerings) and the loan to fund the Projects and Loans and to cover marketing expenses.

It is important to note that no capital will be allocated to any Project or Loan until it has received formal approval from the Investment Committee and has been reported in accordance with the appropriate procedures (see "*Investment Committee*").

We might invest in Projects or Loans using the General Partner's capital before we have raised enough capital from Investors. In that case, we will replace the General Partner's capital with capital from Investors as soon as we raise it. To the extent the General Partner or its affiliates invest capital, they will do so on the same price and terms as other Investors (see "*Compensation of General Partner"*).

The table below sets forth our estimated use of proceeds from this Offering assuming we sell $50.0 million in Class A Investor Shares. This is a "best effort" offering. This Offering does not have a minimum to close. The Company is not paying commissions to underwriters, brokers, or anyone else in connection with the sale or distribution of the Class A Investor Shares. In some cases, retirement custodians, investment advisers, and other intermediaries will offer to invest on behalf of their clients. In such cases, the custodian, adviser, or intermediary will be paid a fee from their client's invested funds. In such cases, the client (rather than the Company) is paying those fees.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; ***Maximum Offering***  | &nbsp;&nbsp; ***Maximum Offering***  |  | &nbsp;&nbsp; ***10% of Maximum***  |  | &nbsp;&nbsp; ***25% of Maximum***  |  | &nbsp;&nbsp; ***50% of Maximum***  |
|  | &nbsp;&nbsp; ***Amount (1)*** | &nbsp;&nbsp; ***Amount (1)*** |  | &nbsp;&nbsp; ***Amount*** |  | &nbsp;&nbsp; ***Amount*** |  | &nbsp;&nbsp; ***Amount*** |
| &nbsp;&nbsp; <br> Gross Offering Proceeds | &nbsp;&nbsp; <br> $ | &nbsp;&nbsp; 50000000 |  | &nbsp;&nbsp; 5000000 |  | &nbsp;&nbsp; 12500000 |  | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; Less Marketing Expenses (1) | &nbsp;&nbsp; $ | &nbsp;&nbsp; 2500000 |  | &nbsp;&nbsp; 250000 |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;625000  |  | &nbsp;&nbsp; <br> 1250000 |
| &nbsp;&nbsp; <br> Net Proceeds from this Offering | &nbsp;&nbsp; $ | &nbsp;&nbsp; 47500000 |  | &nbsp;&nbsp; 4750000 |  | &nbsp;&nbsp; 11875000 |  | &nbsp;&nbsp; 23750000 |
| &nbsp;&nbsp; Estimated Amount Available for Projects and Loans | &nbsp;&nbsp; $ | &nbsp;&nbsp; 47500000 |  | &nbsp;&nbsp; 4750000 |  | &nbsp;&nbsp; 11875000 |  | &nbsp;&nbsp; 23750000 |
| &nbsp;&nbsp; <br> **TOTALS** | &nbsp;&nbsp; $ | &nbsp;&nbsp; 50000000 |  | &nbsp;&nbsp; 5000000 |  | &nbsp;&nbsp; 12500000 |  | &nbsp;&nbsp; 25000000 |
| &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* | &nbsp;&nbsp; *(1) The Company will reimburse the General Partner in an amount up to 5% of proceeds from this Offering to pay for organization and offering expenses, including marketing expenses. Any such amounts in excess of such 5% will be paid, without reimbursement, by the General Partner.* |

---

The Company reserves the right to change the above use of proceeds without notice if the General Partner believes it is in the best interests of the Company.

 *description of business*

 *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 12*

 *Company Overview*

Energea Portfolio 5 LATAM 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 August 7, 2023. The Company and its day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>" or "<u>Energea Global</u>"). The Company was created to invest in the acquisition, development, and operations of solar energy projects in LATAM (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>"). As of the date of this Offering Circular, we have not yet begun operations other than those associated with general start-up and organizational matters. We currently do not have any Projects and we have not received payments on the one (1) Loan we have made and therefore we have not generated any revenue (see "*Description of Property*").

The primary sources of revenue for the Company will come 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*").

We expect that Projects will be owned by special-purpose entity (each a "<u>SPE</u>"). We anticipate that each SPE will be organized in the country where the Project is located.

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 will be based solely on the cash flows projected from executed Power Purchase Agreement (see "*Summary of Supporting Contracts*"), with no residual value assumed for the Project. We believe that 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 will source most of its Projects from other companies who specialize in developing solar projects in LATAM ("<u>Development Companies</u>"). The Company's relationship with Development Companies may take several different forms. A Development Company might: (i) identify a potential project and permit, engineer and construct it, (ii) provide operations and maintenance support for a Project after it is built or (iii) sell a Project to us and exit entirely.

*Page 13*

 

Development Companies are compensated for their work and their risk. As of the date of this Offering Circular, the General Partner does not own a Development Company in LATAM and as of the date hereof, and in the future, the Company expects to acquire 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 and seeks to identify Projects that we believe represent the greatest opportunity for 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 Colombia, Panama, Chile, Uruguay and Costa Rica. Our preference would be to invest in Projects with credible Customers, albeit adjusted for the context of LATAM economies.

We expect to invest primarily 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 local-level policies that enable the development of renewable energy projects.

· *Right to Site*: We expect that some Projects to be 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, and more specifically, the SPE, 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 Power Purchase Agreement with the Customer. For Projects on remote real estate, the SPE will either purchase or lease the property to ensure adequate Site Access is obtained.

· *Operation and Maintenance*: The SPEs 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 14*

 

· *Country-Level Policies and Environmental Commodities*: Some countries in LATAM 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 "DG" in the Colombian context). The Company will seek to optimize those country-level policies with the belief that it will 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 the applicable contracts named above in *Rights to Site* and *Connecting Projects to the Electric Grid* have been negotiated and executed.

 

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

 *Loans*

The Company intends to provide Loans to Borrowers in LATAM or with U.S. companies that do business in LATAM. Borrowers will usually be Development Companies or single-purpose entities which own solar projects. These Loans will be designed to finance the development of new solar energy projects while relying on the credit of existing projects or other collateral that rests 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 this Offering, the General Partner may lend some or all of it to Borrowers each month. Each disbursement will be amortized on a separate amortization schedule which adheres to the terms and conditions of the Loan Agreement (see "*Summary of Supporting Contracts*").

· *Collateral*: The Loans will be 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 will use 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 will begin to make payments to our Borrower for energy produced by the Projects. In some cases, payments from the customers to our Borrower will be made directly to a segregated account controlled by the Company. As a condition to close a Loan, the Borrower will grant the Company controlling rights to the trust account and/or collateralized assets, in the event of a default, the General Partner can easily step into the Borrower's cash flow to prevent revenue leakage during a default event. We believe the Company will be 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 expect to mitigate risks associated with project delays and underperformance which could impair the Borrower. Close scrutiny of underlying projects during due diligence and loan servicing will also ensure an efficient step-in during a default scenario.

 *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 will be 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 Offering Circular, the Investment Committee consists of the members outlined in the table below:

*Page 15*

 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Name*** | &nbsp;&nbsp; ***Title*** | &nbsp;&nbsp; ***Due Diligence Responsibility***  |
| &nbsp;&nbsp; Arthur Issa / <br> Daniel Chavez | &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. |
| &nbsp;&nbsp; Paulo Vieira | &nbsp;&nbsp; Director of Operations & Maintenance | &nbsp;&nbsp; Confirms cost and strategy for operating and maintaining Project investments. |

---

 *Specific Market Analysis* 

The General Partner is actively evaluating several solar markets across LATAM, with a particular focus on distributed generation opportunities that align with the Company's investment strategy. These include a range of Projects-from rooftop and behind-the-meter systems to larger installations up to 10 MW-that deliver power directly to large commercial and industrial users, utilities, or end customers through structured "community solar" programs ("<u>DG</u>"). As demand grows across the region for affordable, clean, and resilient power, we believe that the DG segment presents a compelling opportunity to deploy capital efficiently while maintaining high standards for risk management and yield.

LATAM presents a diverse landscape for DG solar investment, shaped by strong solar irradiance, evolving regulatory support, rising electricity demand, and a growing private-sector appetite for decarbonization. The General Partner is currently prioritizing markets such as Colombia, Chile, Panama, and select Caribbean nations-each offering different catalysts for DG development. While the opportunity set is broad, the General Partner follows a deliberate, memo-driven process and will publish a formal market analysis prior to making any investments-either in Projects or Loans-in any new market. These memos include thorough evaluations of the local regulatory environment, counterparty risk, solar economics, financing conditions, and alignment with the Company's core investment objectives.

Colombia is the first approved market in our portfolio due to what we believe to be a combination of compelling policy support and strong fundamentals in the DG space. With a grid historically reliant on hydropower and increasingly exposed to climate-driven variability, Colombia is actively diversifying its energy mix. The regulatory foundation, including Law 1715, has enabled solar development through favorable net billing, tax incentives, and long-term power purchase agreements. The DG market, in particular, is supported by rising demand from large energy users seeking reliability and cost savings - whether through on-site installations, private PPAs, or community-based solar participation. We believe these conditions make Colombia an ideal starting point for the Company.

We believe that Chile also presents a mature DG opportunity set, with some of the best solar irradiance in the world and a transparent, liberalized energy sector. The market supports both net billing and merchant DG models, with promising potential in commercial-scale systems and hybrid storage applications. We believe that Panama, while more modest in scale, offers a stable macroeconomic backdrop, dollarized currency, and recent regulatory advances in net metering and renewable incentives that support commercial solar uptake. Select Caribbean markets - such as the Dominican Republic, Jamaica, and Barbados - are pursuing aggressive clean energy transition plans, and DG projects in those countries are expected to offer high avoided-cost economics in diesel-dependent grids, often backed by multilateral climate finance.

*Page 16*

While the General Partner continues to explore these markets, investment activity will be limited to jurisdictions where a full market memo has been completed, reviewed, and approved. These memos serve as the foundation for all subsequent Project or Loan originations, ensuring that every investment is grounded in analysis and aligned with the Company's strategic mandate.

The following table highlights the first approved market-Colombia-along with its corresponding Investment Committee memo which details the General Partner's analysis and due diligence of the market:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Location*** | &nbsp;&nbsp; ***Product*** | &nbsp;&nbsp; ***Target Investment***  | &nbsp;&nbsp; ***Market Analysis*** |
| &nbsp;&nbsp; Colombia | &nbsp;&nbsp; Helios Loan\* | &nbsp;&nbsp; $50,000,000\*  | &nbsp;&nbsp; [Exhibit 99.1](ex991.htm) |

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*\* The Helios Loan is a revolving Loan and this amount represents the aggregate amount of loans which may be made under the Helios Loan. The Company has the right but not the obligation to fund amounts under the Helios Loan.*

 *Competition*

Our net income will depend, in large part, on our ability to source, acquire and manage investments with attractive risk-adjusted yields. We expect to compete with many other entities engaged in renewable energy in the LATAM 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 that 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 investments 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 the Projects that we have targeted for acquisition.

Although we believe that 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 will come from our Projects and the interest portion that we will receive from Borrowers on our Loans as well as the interest we may earn from any Company Investments. The Company expects to generate cash flow by opportunistically selling Projects, assigning Loans to other parties, and collecting Liquidated Damages from contractors.

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; Power Purchase Agreement or Loan Agreement |
| &nbsp;&nbsp; Step 2 - Identify the Performance Obligations | &nbsp;&nbsp; Delivery of electricity from solar plant or the issuance of debt |
| &nbsp;&nbsp; Step 3 - Determine the Transaction Price | &nbsp;&nbsp; Amount contractually signed with Customer or Borrower |
| &nbsp;&nbsp; Step 4 - Allocate the Transaction Price | &nbsp;&nbsp; Obligation is satisfied by transferring control of the electricity produced to the Customer |
| &nbsp;&nbsp; Step 5 - Recognize Revenue | &nbsp;&nbsp; At a point in time when the Customer or Borrower is invoiced |

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*Page 17*

 *Our Operating Costs and Expenses*

The Company expects to incur a variety of costs and expenses, including:

· banking fees;

· legal expenses;

· payments to the General Partner for fees;

· fees to wire money from LATAM countries 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;

· U.S. taxes;

· LATAM taxes.

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

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

· lease payments to landowners;

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

· utilities;

· on-site security;

· payments to the third party that manages customer electric bill credits;

· taxes paid to LATAM governments;

· banking fees;

· trust fees;

· project insurance.

To date, the Company has paid $34,705.89 in expenses.

 *U.S. and Colombia Taxes* 

This Offering Circular 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 this 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.

*Page 18*

 

It is impractical to comment on all aspects of federal, state, 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 certain federal income tax consequences of acquiring Class A Investor Shares. This summary is based on the current tax laws of Colombia, 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.

 *Colombia Taxes*

Interest and other income received by the Company from sources within Colombia, including payments under Loans or other credit arrangements, may be subject to Colombian withholding tax. Under current law, interest paid to non-resident lenders is generally subject to a withholding tax rate of 15%, subject to exceptions or reductions under applicable tax treaties or special regimes. Capital gains realized by the Company on the sale or disposition of certain Colombian assets may also be subject to Colombian income or capital gains tax at a rate of 10%, depending on the nature and situs of the asset, and whether any treaty relief is available.

Dividends distributed by Colombian entities to the Company may be subject to Colombian dividend withholding tax at a rate of 10% if paid from profits previously taxed at the corporate level, or at a higher grossed-up rate if paid from untaxed profits. Value-added tax ("<u>VAT</u>") is generally not imposed on interest or loan principal payments, but certain services provided in Colombia may be subject to VAT, currently at a standard rate of 19%, depending on the location and nature of the service.

The tax treatment of the Company's income from Colombia will depend in part on the nature of its investments, the characterization of such income under Colombian law, and the Company's ability to avoid creating a taxable presence in Colombia. Investors should be aware that Colombian tax laws are subject to change and may be interpreted or applied in a manner that results in adverse tax consequences to the Company or the Investors. Investors are urged to consult their own tax advisors regarding the Colombian tax consequences of an investment in the Company in light of their particular circumstances.

Please note that any investment in any other LATAM countries may have different tax effects than those described herein with respect to Colombia.

 *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.

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.

*Page 19*

 

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*

The income of the Company will consist primarily of cash available for distribution ("<u>CAFD</u>") received from the SPE in the form of a dividend. Because the SPEs 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 LATAM. Taxes imposed in LATAM 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>").

 *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.

*Page 20*

  *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 SPEs to enter into six (6) main contracts for each Project:

· *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.

· *Power Purchase Agreements*: In all cases, the SPEs will sell electricity produced by the Projects to Customers pursuant to a contract we refer to as a "<u>Power Purchase Agreement</u>" or a "<u>PPA</u>".

· *Purchase and Sale Agreements for Environmental Commodities*: In some cases, the SPEs will sell environmental commodities produced by the Projects to third parties pursuant to a contract we refer to as an "<u>Purchase and Sale Agreement for Environmental Commodities</u>".

*Page 21*

 

· *Construction Contracts:* To build the Projects, the SPE 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 SPE will then hire a third party to operate and maintain the Projects pursuant to a contract we refer to as a "<u>Project Maintenance Contract</u>".

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.

· *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.

 *Past Performance*

The Company is presenting its first offering circular for qualification by the SEC. As this is the Company's initial offering, no funds have been raised and no shares have been issued to date except those issued to the General Partner for investments made into the Company to cover start-up costs and to fund expenses associated with the first Loan.

 *Material Legal Proceedings* 

As of the date of this Offering Circular, neither the Company, nor any of the Company's SPEs are currently involved in any material legal proceedings.

 *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 this 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 to be employed by the General Partner:

* *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. 

*Page 22*

 

* *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. 

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

*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. Many of the Projects are on Customer's rooftops where they enjoy some level of protection. Loans are less exposed to theft and damage losses.

 

* *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.

* *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. However, the Company may be unable to
 capture liquidated damages from contractors, which would result in lost
 revenue for the Company. 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 Projects and Loans will come from long-term
 Purchase Power Agreements and Loans. There is a risk that an entity could
 default on the Purchase Power Agreement or Loan.

* *Mitigating Strategy:*
 Energea Global carefully evaluates the credit risk of the Customers and
 Borrowers. Most of the contracts with the Company or SPEs will be with
 large utility companies, large corporations and U.S. municipalities,
 which we believe mitigates risk.

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

* *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* 

As of the date of this Offering Circular, the Company does not own any Projects and has made one (1) Loan (but the Company has not funded any portion of such Loan and has not received any payments thereunder) and therefore has no revenue.

*Page 23*

 *Loans Issued* 

As of the date of this Offering Circular, 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 date hereof*** | &nbsp;&nbsp; ***Memo*** |
| &nbsp;&nbsp; Helios Colombia S.A. E.S.P, and Energía de la Alta S.A. E.S.P | &nbsp;&nbsp; 01/23/2025 | &nbsp;&nbsp; $50,000,000\* | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; [Exhibit 99.2](ex992.htm) |
| &nbsp;&nbsp; **Total**  |  |  | &nbsp;&nbsp; **$0.00** |  |

---

*\*The Helios Loan is a revolving Loan and this amount represents the aggregate amount of loans which may be made under the Helios Loan. The Company has the right but not the obligation to fund amounts under the Helios Loan.*

 *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 Offering Circular. 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*"). Unless otherwise indicated, the latest results discussed below are as of December 31, 2024.

 *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.

 *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:

· 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

*Page 24*

 

&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*

We believe that LATAM presents a compelling and evolving opportunity for investment in distributed solar energy. Driven by rising electricity demand, high commercial energy costs, improving regulatory frameworks, and strong solar resource availability, the region is increasingly embracing decentralized clean energy solutions. Many LATAM countries face grid reliability challenges, fuel price volatility, and a dependence on large-scale hydro or fossil fuel imports-factors that we believe underscore the need for a diversified and resilient power infrastructure. In this context, distributed solar generation has emerged as a practical and cost-effective solution, particularly for C&I consumers seeking energy savings, reliability, and long-term price stability.

Over the past several years, regulatory support for distributed energy resources has expanded across certain LATAM countries, including net metering frameworks, streamlined interconnection policies, and renewable energy targets. Financing activity has also increased, with development banks, multilaterals, and climate-focused private capital backing clean energy deployment at various scales. Technological advances in solar and battery storage, coupled with declining equipment costs, have further improved project economics, especially in middle-income countries with high utility rates and exposure to climate-related grid instability.

While regulatory maturity and credit quality vary across jurisdictions, a number of jurisdictions-such as Colombia, Chile, Panama, and select Caribbean nations-appear to be demonstrating clear momentum in enabling private-sector investment in distributed solar assets. We believe that as policy clarity improves and offtake demand grows, these jurisdictions are expected to continue expanding their distributed energy footprints. The General Partner believes LATAM represents an attractive region for disciplined, impact-aligned capital deployment, particularly through structured investments in distributed solar assets serving large energy users under long-term arrangements.

 *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. To date, the Company has not made a profit, although it has had distributable cash flow. 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.

*Page 25*

 

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 will discount 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 extended internal rate of return ("<u>XIRR</u>") 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 date, the Company has not made a profit, although it has had distributable cash flow. 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.

 *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 date, the Company has not generated any distributable cash flow.

To the extent the Company has distributable cash flow but has no current or accumulated earning and profit, such distributions will be 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.

*Page 26*

 *Past Operating Results*

The Company was organized under the Delaware Limited Liability Company Act on August 7, 2023 and on June 17, 2025, the Company converted into a Delaware limited partnership pursuant to the Delaware Revised Uniform Partnership Act. As of the date of this Offering Circular, we do not own any Projects and have not made any disbursements under the one (1) Loan we have made and as a result, we have no revenue.

We intend to use the proceeds of this Offering to build, acquire, and operate Projects, issue Loans to Borrowers and make Company Investments.

Apart from our efforts to raise money from the sale of Class A Investor Shares in this Offering, we are not aware of any trends or any demands, commitments, events, or uncertainties that will result in or that are reasonably likely to result in the our liquidity increasing or decreasing in any material way.

Our only Loan issued to date was to Helios Colombia S.A. E.S.P, a Colombian utility company and Energía de la Alta S.A. E.S.P to (collectively, "<u>Helios</u>" and such Loan the "<u>Helios Loan</u>"). The Helios Loan is a revolving loan which provides the Company with discretion as to whether or not to advance funds to Helios. Any revolving loans will be made in USD and Colombian pesos and the interest on the Colombia peso portion of any revolving loan will be 18% per annum, and the interest on the USD portion of any revolving loan will be 15% per annum. The Helios Loan is secured and provides the Company with certain additional rights upon the occurrence and continuance of a default by Helios. As of the date hereof, the Company has not funded any portion of the Helios Loan.

 *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 the date of this Offering Circular, neither the Company nor the Projects currently have any loans.

 *Liquidity and Capital Resources* 

Other than investments made by the General Partner used to fund formation and operating expenses (such as in connection with the execution and delivery of the agreements setting forth the terms of the Helios Loan) , the Company has received no investments. The Company has no capital commitments and the Company has no immediately available sources of liquidity other than the proceeds of the Offering.

 *Method of Accounting*

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

 *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.

*Page 27*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2024, 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.*

  *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 3 funds formed to acquire and operate solar power projects: the Company, Energea Portfolio 2 LP, and Energea Portfolio 3 Africa 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 any 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.

 

*Page 28*

 

*<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.

 

*<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.

*Page 29*

 

*<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.

*<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 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.

 

*Page 30*

 

*<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.

*<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 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 3 Africa LP ("<u>Portfolio 3</u>"), which was formed to acquire and operate projects located in Africa.

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

*Page 31*

Each of Portfolio 2, Portfolio 3 and Portfolio 4 is conducting an offering under Regulation A. The current status of their current and prior offerings, as of December 31, 2024 is below:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; ***Energea Portfolio 2 LP*** | &nbsp;&nbsp; ***Energea Portfolio 3 Africa LP*** | &nbsp;&nbsp; ***Energea Portfolio 4 USA LP*** |
| &nbsp;&nbsp; Date of Initial Qualification | &nbsp;&nbsp; 08/13/2020 | &nbsp;&nbsp; 08/2/2021 | &nbsp;&nbsp; 07/01/2021 |
| &nbsp;&nbsp; Date of Current Qualification  | &nbsp;&nbsp; 06/06/2024 | &nbsp;&nbsp; 06/17/2024 | &nbsp;&nbsp; 06/26/24 |
| &nbsp;&nbsp; Offering Amount Raised Through 12/31/24 | &nbsp;&nbsp; $22061519.49 | &nbsp;&nbsp; $5152094.63 | &nbsp;&nbsp; $4753234.65 |
| &nbsp;&nbsp; Solar Projects Owned | &nbsp;&nbsp; Thirteen | &nbsp;&nbsp; Sixteen | &nbsp;&nbsp; Four |
| &nbsp;&nbsp; Current Maximum Offering Amount | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 |

---

 *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 this Offering to the general public.<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 |
| &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>") | &nbsp;&nbsp; Ongoing as services are rendered according to contract | &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>|

---

*Page 32*

 *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.

 *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, 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fee Type**  | &nbsp;&nbsp; **Fees Paid to General Partner in 2024** | &nbsp;&nbsp; **Fees Paid Since Inception** |
| &nbsp;&nbsp; Reimbursement of Marketing Expenses | &nbsp;&nbsp; -  | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Asset Management Fee  | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Origination Fees  | &nbsp;&nbsp; -  | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Ancillary Services  | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Interest on Loans  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; **-** | &nbsp;&nbsp; **-** |

---

 *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.

 *Security Ownership of General Partner and Certain Securityholders* 

As of the date hereof, the individuals named below own Class A Investor Shares and such indviduals, 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 the date hereof, 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 (1)(2)*** | &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; 169150 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 100% |
| &nbsp;&nbsp; Michael Silvestrini | &nbsp;&nbsp; 69934(3) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 41.33% |
| &nbsp;&nbsp; Christopher Sattler | &nbsp;&nbsp; 54553(3) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 32.24% |
| &nbsp;&nbsp; All directors and executive officers of our General Partner as a group (2 persons) | &nbsp;&nbsp; 0 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 73.57% |
|  | &nbsp;&nbsp; - |  | &nbsp;&nbsp; - |

---

*(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 41.33% and 32.24% of the shares of Energea Global LLC, respectively. (As of December 31, 2024)*

*Page 33*

 

  *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 Offering Circular, the Company has entered into transactions with related parties in one circumstance:

· *Credit Advance:* The Company entered into several credit advances from the General Partner to accelerate the availability of capital needed to make certain small payments. These amounts are recorded as do-to/do-from transactions and no interest is charged to the Company for these advances.

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.

 *Securities Being Offered: the Class A Investor Shares*

 *Description of Securities*

The Company is offering up to $50,000,000 of Class A Investor Shares. All of the rights and obligations associated with the Class A Investor Shares are set forth in:

· The LP Agreement, which can be found [here;](lpagmt.htm) and

· The Authorizing Resolution, which can be found [here](authresolution.htm).

 

*Page 34*

  *Price of Class A Investor Shares*

The fixed price of Class A Investor Shares was determined by calculating the Net Asset Value ("<u>NAV</u>") of the Company and dividing the NAV by the total number of outstanding shares. The NAV is calculated as the Net Present Value ("<u>NPV</u>") of the Estimated Net Operating Income ("<u>Estimated NOI</u>") of the Company.

The Estimated NOI calculation begins with an estimation of cash flow. Cash flow comes from distributions from Projects, interest payments from Loans and interest earned from Company Investments. To estimate Project cash flow, we estimate monthly energy produced by each Project using predictive software called PVsyst. PVsyst is a vital tool in the solar industry for designing and simulating the performance of photovoltaic systems. Its comprehensive features enable precise predictions of solar power generation ("<u>kWh</u>"), considering a wide range of variables and site-specific conditions. To estimate monthly revenue for each Project, the energy rate described in the Power Purchase Agreement ("<u>Energy Rate</u>") is multiplied by kWh throughout the term of the Power Purchase Agreement. We then deduct the expected Project Operating Expenses to determine the cash available for distribution to the Company from the Projects (see "*Our Operating Costs and Expenses - Project operating expenses*"). In addition, to the cash available for distribution from the Projects, in determining the Estimated NOI, we add any anticipated interest payments from Loans and Company Investments.

We then deduct all of the expected operating expenses at the Company level (see *"Our Operating Costs and Expenses - Company Operating Expenses"*) from the revenue. These expenses are fairly easy to estimate as they are either consistent and predictable (like a bank fee) or fixed by contract (like a Project Maintenance Contract). By subtracting the estimated operating costs and expenses from the estimated revenue, we establish a monthly Estimated NOI. We then use an XIRR calculation to compute the NPV of that Estimated NOI using the Company's IRR as the discount rate in the NPV equation. For example, if the Estimated NOI would result in a 12% IRR, we use 12% as the discount rate when calculating the NPV of the Estimated NOI.

Therefore, the NPV of the Estimated NOI using the IRR as the discount rate establishes the NPV of the Company. When we divided the NPV of the Company by the number of outstanding Class A Investor Shares, we arrive at a price per share.

 *Voting Rights*

Investors will have no right to vote or otherwise participate in the management of the Company. Instead, the Company will be managed by the General Partner exclusively.

 *Limited Partnership Agreement*

The LP Agreement establishes Energea Global LLC, a Delaware limited liability company, as the General Partner.

 *Summary of LP Agreement and Authorizing Resolution*

The following summarizes some of the key provisions of the LP Agreement and the Authorizing Resolution. This summary is qualified in its entirety by the LP Agreement itself, a copy of which can be found [here](lpagmt.htm), and by the Authorizing Resolution itself, a copy of which can be found [here](authresolution.htm).

 *Formation and Ownership*

The Company was formed in Delaware on August 7, 2023, pursuant to the Delaware Limited Liability Company Act. On June 17, 2025, the Company converted from a Delaware limited liability company to a Delaware limited partnership, pursuant to the Delaware Revised Uniform Partnership Act (the "<u>Delaware LP Act</u>").

Under the LP Agreement, ownership interests in the Company are referred to as "<u>Share</u>", while the owners, are referred to as "<u>Limited Partners</u>".

*Page 35*

  *Shares and Ownership*

The General Partner adopted the Authorizing Resolution to create the "<u>Class A Investor Shares</u>". Any Investor who buys Class A Investor Shares in the Offering will be a "<u>Limited Partner</u>" under the LP Agreement.

The interests in the Company are denominated by 2,501,000,000 "Shares". 2,000,000,000 of these Shares are designated as either Class B Shares, Class C Shares, Class D Shares or Class I Shares, with the exact amount of each such class being determined by the General Partner. In accordance with the Partnership Agreement, the General Partner may reclassify any unsold existing class of Investor Shares into one or more classes by adopting one or more authorizing resolutions.

The Class A Investor Shares will, for the most part, be owned by Investors and are the subject of this Offering. The General Partner currently owns [169,150] Class A Investor Shares. By adopting other authorizing resolutions, the General Partner may create, offer, and sell other classes of Investor Shares in the future, which could have rights superior to the rights of the Class A Investor Shares.

  *Management*

The General Partner has complete discretion over all aspects of the business conducted by the Company. For example, the General Partner may (i) create classes of Shares with such terms and conditions as the General Partner may determine in its sole discretion; (ii) issue Shares to any person for such consideration as the General Partner maybe determine in its sole discretion, and admit such persons to the Company as Limited Partners; (iii) engage the services of third parties to perform services on behalf of the Company; (iv) enter into one or more joint ventures; (v) purchase, lease, sell, or otherwise dispose of real estate and other assets including Projects or Loans, in the ordinary course of business or otherwise; (vi) enter into leases and any other contracts of any kind; (vii) incur indebtedness on behalf of the Company, whether to banks or other lenders; (viii) determine the amount of the Company's distributable cash (as described herein), and, subject to any authorizing resolutions, the timing and amount of distributions to Limited Partners; (ix) determine the information to be provided to the Limited Partners; (x) grant mortgages, liens, and other encumbrances on the Company's assets; (xi) make all elections under the Code and the provisions of State and local tax laws; (xiii) file a petition in bankruptcy; (xiv) discontinue the business of the Company; and (xv) dissolve the Company.

 

Investors who purchase Class A Investor Shares will not have any right to vote on any issue other than certain amendments to the LP Agreement, or to remove the General Partner.

The General Partner can be removed for "cause" under a procedure set forth in Section 5.06 of the LP Agreement.

The term "cause" includes:

· An uncured breach of the LP Agreement by the General Partner; or

· The bankruptcy of the General Partner; or

· Certain misconduct on the part of the General Partner, if the individual responsible for the misconduct is not terminated.

A vote to remove the General Partner for cause must be approved by Limited Partners owning at least seventy-five percent (75%) of the issued and outstanding Class A Investor Shares and the Reg D Shares, voting together as a single class (the Class A Investor Shares and the Reg D Shares being collectively referred to herein as the "<u>Investor Shares</u>"). Whether "cause" exists would then be decided in arbitration proceedings conducted under the rules of the American Arbitration Association, rather than in a court proceeding.

These provisions are binding on every person who acquires Class A Investor Shares, including those who acquire Class A Investor Shares from a third party, i.e., not from the Company.

*Page 36*

  *Exculpation and Indemnification of General Partner*

The LP Agreement protects the General Partner and its employees and affiliates from lawsuits brought by Investors. For example, it provides that the General Partner will not be liable to the Company for mistakes, errors in judgment, or other acts or omissions (failures to act) as long as the act or omission was not the result of the General Partner's fraud or willful misconduct under the LP Agreement. This limitation on the liability of the General Partner and other parties is referred to as "exculpation."

The LP Agreement also requires the Company to indemnify (reimburse) the General Partner, its affiliates, and certain other parties from losses, liabilities, and expenses they incur in performing their duties. For example, if a third party sues the General Partner on a matter related to the Company's business, the Company would be required to indemnify the General Partner for any losses or expenses it incurs in connection with the lawsuit, including attorneys' fees. However, if it is judicially determined that such General Partner is not entitled to be exculpated under the standard described in the preceding paragraph by the LP Agreement, the General Partner shall promptly reimburse the Company for any reimbursed or advanced expenses.

 

Notwithstanding the foregoing, no exculpation or indemnification is permitted to the extent such exculpation or indemnification would be inconsistent with the requirements of federal or state securities laws or other applicable law.

The detailed rules for exculpation and indemnification are set forth in section 6.02 of the LP Agreement.

 *Obligation to Contribute Capital*

Once an Investor pays for his, her, or its Class A Investor Shares, the Investor will have no obligation to make further contributions to the Company (except for the return of distributions under certain circumstances as required by Sections 17-607 and 17-804 of the Delaware LP Act, as described in more detail under "*Liability To Make Additional Contributions*" below.

 *Personal Liability*

No Investor will be personally liable for any of the debts or obligations of the Company.

 *Distributions*

The manner in which the Company will distribute its available cash is described in "*Securities Being Offered - Calculating Distributions*".

 *Transfers and First Right of Refusal*

In general, Investors may freely transfer their Class A Investor Shares. However, if an Investor wants to sell Class A Investor Shares, the Investor may only offer the Class A Investor Shares to the General Partner via the Platform. The General Partner generally has a first right of refusal to purchase Class A Investor Shares pursuant to Article 8 of the LP Agreement. See "*Risk Factors-No Market for the Class A Investor Shares; Limits on Transferability*."

 *Death, Disability, Etc.*

If an Investor who is a human being (as opposed to an Investor that is a legal entity) should die or become incapacitated, the Investor or his, her or its successors will continue to own the Investor's Class A Investor Shares.

 *Fees to General Partner and Affiliates*

The Company will pay certain management fees and other fees to the General Partner, as summarized in "*Compensation of General Partner*".

*Page 37*

  *Mandatory Redemptions*

The General Partner may require an Investor to sell his, her, or its Class A Investor Shares back to the Company:

· If the Investor is an entity governed by the Employee Retirement Income Security Act of 1974, Code section 4975, or any similar Federal, State, or local law, and the General Partner determines that all or any portion of the assets of the Company would, in the absence of the redemption, more likely than not be treated as "plan assets" or otherwise become subject to such laws.

· If the General Partner determines that the Investor has engaged in certain misconduct described in the LP Agreement.

If an Investor's Class A Investor Shares are purchased by the Company as provided above, the price will be equal to 90% of the then-current share price of such Class A Investor Shares as published on the Platform.

The purchase price will be paid by wire transfer or other immediately available funds.

  *"Drag-Along" Right*

If the General Partner wants to sell the business conducted by the Company, it may affect the transaction as a sale of the Project owned by the Company or as a sale of all the Shares in the Company. In the latter case, Investors will be required to sell their Class A Investor Shares as directed by the General Partner, receiving the same amount they would have received had the transaction been structured as a sale of assets.

 *Electronic Delivery*

All documents, including all tax-related documents, will be transmitted by the Company to Investors via email and/or through the Platform.

 *Amendment*

The General Partner may amend the LP Agreement unilaterally (that is, without the consent of anyone else) for a variety of purposes, including to:

· Cure ambiguities or inconsistencies in the LP Agreement;

· Add to its own obligations or responsibilities;

· Conform to this Offering Circular;

· Comply with any law;

· Ensure that the Company isn't treated as an "investment company" within the meaning of the Investment Company Act of 1940;

· Do anything else that could not reasonably be expected to have a material adverse effect on Investors.

 

An amendment that has, or could reasonably be expected to have, a material adverse effect on Investors, requires the consent of the General Partner and Investors holding a majority of the Class A Investor Shares.

An amendment that would require an Investor to make additional capital contributions, delete or modify any amendments listed in Section 11.03 of the LP Agreement or impose personal liability on an Investor requires the consent of the General Partner and each affected Investor.

*Page 38*

  *Information Rights*

Within a reasonable period after the end of each fiscal year of the Company, the General Partner will provide Investors with (i) a statement showing in reasonable detail the computation of the amount distributed, and the manner in which it was distributed (ii) a balance sheet of the Company, (iii) a statement of income and expenses, and (iv) such additional information as may be required by law. The financial statements of the Company need not be audited by an independent certified public accounting firm unless the General Partner so elects or the law so requires. While the Company currently maintains audited financial statements, under the LP Agreement, the Company is not required to maintain audited financial statements unless the General Partner so elects or the law so requires.

As a "tier 2" issuer under Regulation A, the Company will also be required to provide investors with additional information on an ongoing basis, including annual audited financial statements, annual reports filed on SEC Form 1-K, semiannual reports filed on SEC Form 1-SA, special financial reports filed on SEC Form 1-K, and current reports on SEC Form 1-U. If, however, our Class A Investor Shares are held "of record" by fewer than 300 persons, these reporting obligations could be terminated.

A Member's right to see additional information or inspect the books and records of the Company is limited by the LP Agreement.

 *Distributions in Liquidation*

Distributions made in liquidation of the Company will be made in the manner described "*Calculating Distributions*", depending on whether the distributions consist of ordinary operating cash flow or net capital proceeds.

 *Preemptive Rights*

The holders of the Class A Investor Shares will not have preemptive rights. That means that if the Company decides to issue securities in the future, the holders of the Class A Investor Shares will not have any special right to buy those securities.

 *Liability to Make Additional Contributions*

Once an Investor pays for his, her, or its Class A Investor Shares, the Investor will have no obligation to make further contributions to the Company (except for the return of distributions under certain circumstances as required by Sections 17-607 and 17-804 of the Delaware LP Act).

Under Section 17-607 of the Delaware LP Act, a limited partnership may not make a distribution to a partner if, after the distribution, all liabilities of the limited partnership, other than liabilities to partners on account of their partnership interests and liabilities for which the recourse of creditors is limited to specific property of the limited partnership, would exceed the fair value of the assets of the limited partnership. The Delaware LP Act provides that a partner who receives a distribution and knew at the time of the distribution that the distribution was in violation of Section 17-607 of the Delaware LP Act shall be liable to the limited partnership for the amount of the distribution for three years.

Under Section 17-804 of the Delaware LP Act, a limited partnership is required to distribute its assets: (i) first to creditors, to the extent otherwise permitted by law, in satisfaction of the limited partnership's liabilities other than liabilities for which payment has been made and distributions to partners and former partners; (ii) unless otherwise provided in its limited partnership agreement, to partners and former partners in satisfaction of liability for distributions under the Delaware LP Act; and (iii) unless otherwise provided in its limited partnership agreement, to partners first for the return of their contributions and second respecting their partnership interests, in the portions in which they share in distributions. The Delaware LP Act provides that a member who receives a distribution and knew at the time of the distribution that the distribution was in violation of Section 17-804 of the Delaware LP Act shall be liable to the limited partnership for the amount of the distribution for three years.

 *Withholding*

In some situations, the General Partner might be required by law to withhold taxes and/or other amounts from distributions made to Investors. The amount we withhold will still be treated as part of the distribution. For example, if we distribute $100 to an Investor and are required to withhold $10 in taxes, for our purposes the Investor will be treated as having received a distribution of $100 even though only $90 was deposited in the Investor's bank account.

*Page 39*

 

At this time, all Investors are U.S. persons for all federal tax purposes. To the extent at any point in the future any Investors may be non U.S. persons, the distributions to Investors may subject to additional tax withholding and other reporting requirements.

  *No Guarantee*

The Company can only distribute as much cash flow as the Company has available for distributions (see "*Distributions*"). There is no guarantee that the Projects will generate enough cash flow, after paying expenses, to distribute enough to pay a positive return to Investors or even to return all their invested capital.

 *Redemption Plan*

Investors should note that the General Partner may, in its sole discretion, amend, suspend, or terminate the Redemption Plan at any time without prior notice for any reason, and the General Partner reserves the right to reject any Redemption Request at any time for any reason.

Our Class A Investor Shares are currently not listed on a national securities exchange or included for quotation on a national securities market, and currently there is no intention to list our Class A Investor Shares. While Investors should view an investment in the Company as long-term, we are adopting a redemption plan ("<u>Redemption Plan</u>") whereby an Investor has the opportunity to obtain liquidity.

At any time after sixty (60) days following the purchase of Class A Investor Shares, an Investor may request redemption of their Class A Investor Shares in accordance with the Company's Redemption Plan as set forth herein.

In order to submit a redemption request ("<u>Redemption Request</u>") Investors must (1) submit a time-stamped request via the Platform, (2) have no more than one outstanding request at any given time, and (3) request that the Company redeem no more than $50,000 worth of Class A Investor Shares per request. In addition, the Redemption Plan is subject to certain liquidity limitations, which may fluctuate depending on the liquidity of the Company. We reserve the right to reject any Redemption Request at any time to protect our operations and our non-redeemed Investors, to prevent an undue burden on our liquidity, or for any other reason, including, what we deem to be a pattern of excessive, abusive or short-term trading.

As calculated below, the redemption price ("<u>Redemption Price</u>") may be reduced by a discount based on the time of the Redemption Request, rounded down to the nearest cent. The Redemption Price will be equal to (i) the current price of the Class A Investor Shares in effect at the time the Redemption Request is made, reduced by (ii) the aggregate sum of distributions, if any, with record dates during the period between the Redemption Request date and the redemption date. The current price of the Class A Investor Shares is published on the Platform, and Investors will be informed of the estimated Redemption Price at the time a Redemption Request is submitted, subject to the adjustment for distributions described above.

Based on the time when an Investor submits a Redemption Request, the Redemption Prices are set forth below:

---

| | |
|:---|:---|
| ***Holding Period from Date of Settlement*** | ***Redemption Price (as percentage of per share redemption price)(1)***  |
| Settlement date to 60 days | No Redemptions  |
| 60 days to 3 years | 95.0% (2) |
| More than 3 years | 100.0% (3) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) The Redemption Price will be the per share price for our Class A Investor Shares in effect as of the time the Redemption Request is made (i) reduced by any distributions, if any, with record dates during the period between the Redemption Request date and the redemption date and (ii) rounded down to the nearest $0.01.*

*(2) For Class A Investor Shares held between 60 days and three (3) years, the Redemption Price includes a fixed 5.0% discount based on the per share price for our Class A Investor Shares in effect at the time of the Redemption Request.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3) There is no discount to redemptions of Class A Investor Shares held at least three (3) years.*

*Page 40*

 

Investors may withdraw their Redemption Request at any time before the redemption is paid. If we agree to honor a Redemption Request, such Redemption Request will be paid within 90 days.

In light of the SEC's current guidance on redemption plans, we generally intend to limit redemptions in any calendar quarter to Class A Investor Shares whose aggregate value is 5.00% of the NAV of all of our outstanding Class A Investor Shares on the last business day of the preceding quarter, with excess capacity carried over to later calendar quarters in that calendar year, up to a maximum of 20.00% of the NAV of all of our Class A Investor Shares outstanding during any calendar year. Notwithstanding the foregoing, we are not obligated to redeem Class A Investor Shares under the Redemption Plan.

We cannot guarantee that the funds, if any, set aside for the Redemption Plan will be sufficient to accommodate all Redemption Requests. In the event our General Partner determines, in its sole discretion, that we do not have sufficient funds available to redeem all of the Class A Investor Shares for which Redemption Requests have been submitted, such pending Redemption Requests will be honored on a first in first out basis, if at all. In the event that not all Redemption Requests are being honored in a given quarter, due to reaching the 5.00% quarterly limit or otherwise, the Redemption Requests not fully honored will carry over to the first business day of the next quarter and Investors will not need to submit a new Redemption Request the following quarter. Investors will be notified within 10 days of submitting a Redemption Request whether their request for Redemption has been accepted or denied.

We intend to limit Investors to one (1) Redemption Request outstanding at any given time, meaning that, if an Investor desires to request more or less Class A Investor Shares be redeemed, such Investor must first withdraw the first Redemption Request. For Investors who hold Class A Investor Shares with more than one record date, Redemption Requests will be applied to such Class A Investor Shares in the order in which they settled, on a first in first out basis - meaning, those Class A Investor Shares that have been continuously held for the longest amount of time will be redeemed first. In addition, we intend to limit Redemption Requests to $50,000 worth of Class A Investor Shares per Redemption Request.

In addition, our General Partner may, in its sole discretion, amend, suspend, or terminate the Redemption Plan at any time without prior notice, including to protect our operations and our non-redeemed Investors, to prevent an undue burden on our liquidity, following any material decrease in our NAV, or for any other reason. In the event that we suspend our Redemption Plan, we expect that we will reject any outstanding Redemption Requests and do not intend to accept any new Redemption Requests. In the event that we amend, suspend or terminate our Redemption Plan, we will file an Offering Circular supplement and/or Form 1-U, as appropriate, and post such information on the Platform to disclose such action. Therefore, you may not have the opportunity to make a Redemption Request prior to any potential termination of our Redemption Plan.

 *Rights of Common Shares*

Investors will own the majority of the Class A Investor Shares while the General Partner will own all the Common Shares. The General Partner currently owns [169,150] Class A Investor Shares as described herein. The principal rights associated with the Common Shares are as follows:

· *Distributions:* As the holder of the Common Shares, the General Partner will be entitled to the distributions of the Carried Interest.

· *Voting Rights:* The Common Shares will have no voting rights *per se*. However, the General Partner, in its capacity as the general partner of the Company, will control the Company.

· *Obligation to Contribute* Capital: Holders of the Common Shares will have no obligation to contribute capital to the Company.

· *Redemptions:* Holders of the Common Shares will have no right to have Common Shares redeemed.

*Page 41*

  *Rights of Reg D Shares*

 

The Company has four classes of Reg D Shares reserved for issuance to Reg D Investors in accordance with a private placement offering under Regulation D. The principal rights associated with the Reg D Shares are as follows:

* *Distributions:* As the holder of the Reg D Shares,
 Reg D Investors will be entitled to receive distributions with Investors
 on a pari passu basis.

* *Voting Rights:* The Reg D Shares will have no voting
 rights*.*

* *Obligation to Contribute* Capital: Reg D Investors
 will have no obligation to contribute capital to the Company.

 

* *Redemptions:* Reg D Shares will have the same
 redemption rights as Class A Investor Shares.

 *How To Invest*

To buy Class A Investor Shares, go to the Platform and follow the instructions. You will be asked for certain information about yourself, including:

· Your name and address

· Your email address

· Your social security number (for tax reporting purposes)

· Whether you are an "accredited investor"

· If you not an accredited investor, your income and net worth

You will also be asked to sign an Investment Agreement, a copy of which is available [here](investmentagmt.htm).

To the extent you wish to participate in the Offering by automatically investing on a periodic basis, you will be asked to sign an Auto-Invest Agreement, a copy of which is available [here](autoinvestagmt.htm).

To the extent you wish to participate in the Offering by electing to use the amount of distributions that you receive to purchase additional Class A Investor Shares, you will be asked to sign an Auto-Reinvestment Agreement, a copy of which is provided [here](autoreinvestagmt.htm).

 

The minimum investment is $100. You will pay for your Class A Investor Shares using one of the options described on the Platform.

The information you submit, including your signed Investment Agreement, is called your "subscription." The General Partner will review your subscription and decide whether to accept it. The General Partner has the right to accept or reject subscriptions in our sole discretion, for any reason or for no reason.

When you invest, your money will be held in an escrow account with a third party until your subscription is reviewed and the General Partner decides whether to accept it. When and if the General Partner confirms that your subscription is complete and decided to accept your subscription, the General Partner will release your money from the escrow account to the Company.

Once the General Partner has accepted your subscription, you will be notified by email and the investment process will be complete. The General Partner will also notify you by email if it does not accept your subscription, although it might not explain why.

You will not be issued a paper certificate representing your Class A Investor Shares.

Anyone can buy Class A Investor Shares. The General Partner does not intend to limit investment to people with a certain income level or net worth, although there are limits on how much non-accredited investors may invest in this Offering.

*Page 42*

  *Limit On The Amount A Non-accredited Investor Can Invest*

As long as an Investor is at least 18 years old, they can invest in this Offering. But if the Investor not an "accredited" investor, the amount they can invest is limited by law.

Under 17 CFR §230.501, a regulation issued by the SEC, the term "accredited investor" means:

· A natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;

· A natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;

· A trust with assets in excess of $5 million, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person;

· A business in which all the equity owners are accredited investors;

· An employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million;

· A bank, insurance company, registered investment company, business development company, or small business investment company;

· A charitable organization, corporation, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets exceeding $5 million; or

· A director, executive officer, or general partner of the company selling the securities, or any director, executive officer, or general partner of a general partner of that issuer.

 

If the Investor falls within any of those categories, then the Investor can invest any amount permitted on the Platform. If the Investor does not fall within any of those categories, then the most they can invest in this Offering is the greater of:

· 10% of their annual income; or

· 10% of their net worth.

These limits are imposed by law, not by the Company.

The Company will determine whether an Investor is accredited when he, she, or it creates an account on the Platform.

 *Additional Information*

We have filed with the SEC an offering statement under the Securities Act on Form 1-A regarding this Offering. This Offering Circular, which is part of the offering statement, does not contain all the information set forth in the offering statement and the exhibits related thereto filed with the SEC, reference to which is hereby made. Upon the qualification of the offering statement, we will be subject to the informational reporting requirements that are applicable to Tier 2 companies whose securities are qualified pursuant to Regulation A, and accordingly, we will file annual reports, semi-annual reports, and other information with the SEC. The SEC maintains a website at *<u>www.sec.gov</u>* that contains reports, information statements and other information regarding issuers that file with the SEC.

*Page 43*

You may review these filings on our website and may also request a copy of these filings at no cost, by contacting us at:

ENERGEA PORTFOLIO 5 LATAM LP

52 Main Street

Chester, CT 06412

<u>www.energea.com</u>

(860)-316-7466

So long as we remain subject to the periodic reporting requirements of Regulation A, within 120 days after the end of each fiscal year we will file on the SEC's EDGAR website an annual report on Form 1-K. The annual report will contain audited financial statements and certain other financial and narrative information that we are required to provide to investors.

We also maintain a website at *<u>www.energea.com</u>,* where there may be additional information about our business, but the contents of that site are not incorporated by reference in or otherwise a part of this Offering Circular.

 *Legal matters*

Certain legal matters with respect to the Class A Investor Shares will be passed upon by the law firm of McCarter & English, LLP headquartered in Newark, New Jersey.

 *EXPERTS*

The Company's financial statements for the fiscal years ended December 31, 2024 and December 31, 2023 incorporated by reference in this Offering Circular have been audited by Whittlesey PC, an independent registered public accounting firm, as stated in its report appearing herein. The financial statements have been included in reliance upon that firm's report on its authority as an expert in accounting and auditing.

 *Index to Financial Statements*

The Financial Statements included herein represent are current as of the date of the Auditor's Report. Certain information, including the expansion of the capitalization of the Company, have occurred since the Financial Statements were issued and are therefore not reflected therein.

---

| | |
|:---|:---|
| ***Section*** | ***Page*** |
| [Independent Auditors Report](#_Independent_Auditors_Report_1) | F-1 |
| [Balance Sheets](#_Balance_Sheets) | F-2 |
| [Statements of Operations](#_Statements_of_Operations) | F-3 |
| [Statements of Changes in Members' Equity](#_Statements_in_the) | F-4 |
| [Statements of Cash Flows](#_Statements_of_Cash) | F-5 |
| [Notes to Consolidated Financial Statements](#_Notes_to_Consolidated) | F-6 - F-8 |

---

*Page 44*

 *Independent Auditors Report*

*F-1*

![A white background with black and white clouds AI-generated content may be incorrect.](image002.jpg)

To the Members of

Energea Portfolio 5 LATAM LLC

***Opinion***

We have audited the accompanying consolidated financial statements of Energea Portfolio 5 LATAM LLC (the "Company"), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, changes in 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 the Company as of December 31, 2024 and 2023, 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 Consolidated 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 Consolidated 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 Consolidated 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.

*Page 45*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 audits, significant audit findings, and certain internal control related matters that we identified during the audits.

![Text Description automatically generated](image003.jpg)

Hartford, Connecticut

June 20, 2025

*Page 46*

 

  *Balance Sheets*

*F-2*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp; Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | &nbsp;&nbsp; $1310  | &nbsp;&nbsp; $9883  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;&nbsp;&nbsp;&nbsp;&nbsp;1724  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883  |
| &nbsp;&nbsp; Other noncurrent assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from related entity | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23206  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other non 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;23206  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp; $24930  | &nbsp;&nbsp; $30313  |
| &nbsp;&nbsp; **Liabilities and members' equity** |  |  |
| &nbsp;&nbsp; Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | &nbsp;&nbsp; $22674  | &nbsp;&nbsp; $-  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;22674  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Members' equity | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and members' equity | &nbsp;&nbsp; $24930  | &nbsp;&nbsp; $30313  |

---

*Page 47*

 

  *Statements of Operations*

*F-3*

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp; Revenue | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp; Portfolio operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750  |
| &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;22294  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;2501  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;35139  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5557  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss 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;&nbsp;&nbsp;&nbsp;&nbsp;(35139) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5557) |
| &nbsp;&nbsp; Other income/(expense): |  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Realized foreign currency gain | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1  |
| &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;(2532) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240  | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net 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;(34732) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5497) |

---

*Page 48*

 

  *Statements in the Changes in Members' Equity*

*F-4*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Common Shares | &nbsp;&nbsp; Common Shares | &nbsp;&nbsp; Investor Shares | &nbsp;&nbsp; Investor Shares | &nbsp;&nbsp; Accumulated Other Comprehensive Income/(Loss) | &nbsp;&nbsp; Total Members' Equity |
|  | &nbsp;&nbsp; Shares | &nbsp;&nbsp; Amount  | &nbsp;&nbsp; Shares | &nbsp;&nbsp; Amount  | &nbsp;&nbsp; Accumulated Other Comprehensive Income/(Loss) | &nbsp;&nbsp; Total Members' Equity |
| &nbsp;&nbsp; Members' equity, August 07, 2023 (Inception) | &nbsp;&nbsp; - | &nbsp;&nbsp; $-  | &nbsp;&nbsp; -  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp; Issuance of common shares | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 34950  | &nbsp;&nbsp; 34950  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 34950  |
| &nbsp;&nbsp; Unrealized foreign currency exchange gain | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 860  | &nbsp;&nbsp; 860  |
| &nbsp;&nbsp; Net loss | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (5497) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (5497) |
| &nbsp;&nbsp; Members' equity, December 31, 2023 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 34950  | &nbsp;&nbsp; 29453  | &nbsp;&nbsp; 860  | &nbsp;&nbsp; 30313  |
| &nbsp;&nbsp; Issuance of common shares | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 10750  | &nbsp;&nbsp; 10750  | &nbsp;&nbsp; -  | &nbsp;&nbsp; 10750  |
| &nbsp;&nbsp; Cumulative translation adjustment | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (120) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (120) |
| &nbsp;&nbsp; Unrealized foreign currency exchange loss | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; (3955) | &nbsp;&nbsp; (3955) |
| &nbsp;&nbsp; Net loss | &nbsp;&nbsp; -  | &nbsp;&nbsp; -  | &nbsp;&nbsp; - | &nbsp;&nbsp; (34732) | &nbsp;&nbsp; -  | &nbsp;&nbsp; (34732) |
| &nbsp;&nbsp; Members' equity, December 31, 2024 | &nbsp;&nbsp; 1000000  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; 45700 | &nbsp;&nbsp; $5351  | &nbsp;&nbsp; $(3095) | &nbsp;&nbsp; $2256  |

---

*Page 49*

 

  *Statements of Cash Flows*

*F-5*

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2023 |
| &nbsp;&nbsp; **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss | &nbsp;&nbsp; $(34732) | &nbsp;&nbsp; $(5497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22680  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due 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;&nbsp;&nbsp;&nbsp;&nbsp;(5718) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related entity | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;(18220) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25422) |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34950  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34950  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355  |
| &nbsp;&nbsp; Change in in 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;&nbsp;&nbsp;&nbsp;&nbsp;(8573) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp; Cash at the end of the period | &nbsp;&nbsp; $1310  | &nbsp;&nbsp; $9883  |

---

*Page 50*

 

  *Notes to Consolidated Financial Statements*

*F-6*

December 31, 2024 and 2023

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

<u>Business organization and operations</u>

Energea Portfolio 5 LATAM LLC is a Delaware Limited Liability Corporation formed on August 7, 2023 to invest in the acquisition and construction of solar energy projects and/or to lend money to Development Companies in South America, Central America and the Caribbean. The consolidated financial statements include the accounts of Energea Portfolio 5 LATAM LLC and its wholly owned Colombian subsidiary Energea Colombia S.A.S. The Company and its day-to-day operations are managed by Energea Global LLC ("<u>General Partner</u>"). The Company works in close cooperation with stakeholders, project hosts, industry partners and capital providers to produce best-in-class results.

The Company's activities consist principally of organization and pursuit costs, raising capital, securing investors and project development activity. The Company's activities are subject to significant risks and uncertainties, including the inability to secure funding to develop its portfolio. The Company's operations are funded by the issuance of membership interests and debt. There can be no assurance that any of these strategies will be achieved on terms attractive to the Company. The Company anticipates it will initiate a Regulation A Offering for the purpose of raising capital to fund ongoing project development activities in early 2025. The Company will be offering to sell interests designated as Investor Shares to the public up to $75,000,000. The initial price of the existing Investor Shares was $1.00 per share. The Company anticipates making its first investment in a project in 2025.

<u>Basis of presentation</u>

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). All intercompany transactions have been eliminated in consolidation.

<u>Use of estimates</u>

The preparation of the 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 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>Capitalization and investment in project assets</u>

A project has four basic phases: (i) development, (ii) financing, (iii) engineering and construction and (iv) operations and maintenance. During the development phase, milestones are created to ensure that a project is financially viable. Project viability is obtained when it becomes probable that costs incurred will generate future economic benefits sufficient to recover those costs.

Examples of milestones required for a viable project include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The identification, selection and acquisition of sufficient area required for a project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The confirmation of a regional electricity market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The confirmation of acceptable electricity resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The confirmation of the potential to interconnect to the electric transmission grid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The determination of limited environmental sensitivity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The confirmation of local community receptivity and limited potential for organized opposition.

*Page 51*

 

All project costs are expensed during the development phase. Once the milestones for development are achieved, a project will be moved from the development phase into the engineering and construction phases. Costs incurred in these phases are capitalized as incurred, included within construction in progress ("CIP"), and not depreciated until placed into commercial service. Once a project is placed into commercial service, all accumulated costs will be reclassified from CIP to property and equipment and become subject to depreciation or amortization over a specified estimated life.

 

<u>Revenue recognition</u>

Our Revenue Recognition Policy follows ASC-606 which will be 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>Income taxes</u>

On December 31, 2024 and 2023, no provision for federal income taxes has been made in the consolidated financial statements since the Company is wholly owned by the General Partner and therefore is disregarded for federal and state income tax purposes. As such, all income tax attributes of the Company are passed through to the General Partner to report on its income tax return.

The Company also evaluated and concluded that there are no uncertain tax positions that would require recognition in the consolidated financial statements. Interest on any income tax liability is reported as interest expense and penalties on any income tax liability are reported as income taxes. The Company's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analysis of tax laws, regulations and interpretations thereof, as well as other factors.

<u>Comprehensive Income/(Loss)</u>

GAAP requires the reporting of "comprehensive income/(loss)" within general purpose consolidated financial statements. Comprehensive income/(loss) is comprised of two components, net income/(loss) and comprehensive income/(loss). For the year ended December 31, 2024 and 2023, the Company had foreign currency exchange gain and losses relating to currency translation from Colombian pesos to U.S. dollar reported as other comprehensive gain and losses.

<u>Foreign Currency Exchange Transactions</u>

Purchases of products and services for the Colombian subsidiaries are transacted in the local currency, Colombian pesos ("<u>COP</u>")*,* and are recorded in U.S. dollars and translated at historical exchange rates prevailing at the time of the transaction. Balances are translated into U.S. dollars using the exchange rates at the respective balance sheet date. Realized exchange gains and losses are included in foreign currency exchange income/(loss) on the accompanying consolidated statements of operations and comprehensive income/(loss). Unrealized exchange gains and losses are included in other comprehensive loss on the accompanying consolidated statements of operations and comprehensive loss. Unrealized translation (losses)/gains for the year ended December 31, 2024 and 2023 were $3,095 and $860, respectively. Realized translation gains for the years ended December 31, 2024 and 2023 were $699 and $1, 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.

*Page 52*

 

<u>Subsequent events</u>

In connection with the preparation of the consolidated financial statements, the Company monitored and evaluated subsequent events as of December 31 2024, through June 20, 2025, the date on which the consolidated financial statements were available to be issued. There are no material subsequent events that require recognition or disclosure in the consolidated financial statements.

**Note 2 - Related Party Transactions**

*F-7*

The Company has transactions between related companies from time to time. At December 31, 2024 and 2023, the Company had $23,206 and $20,430, respectively, receivable from a company with common ownership, which is included due from related parties on the accompanying consolidated balance sheets.

**Note 3 - Members' Equity**

*F-8*

<u>Common Shares</u>

The Company authorized 1,000,000 common shares, which as of December 31, 2024 and 2023, 1,000,000 are issued and outstanding. The shares represent membership interests in the Company.

<u>Investor Shares</u>

The Company authorized 500,000,000 Class A Investor Shares, which as of December 31, 2024 and 2023, 45,700 and 34,950, respectively, are issued and outstanding. The investor shares represent membership interests in the Company.

*Page 53*

 *Glossary of Certain Defined Terms*

---

| | |
|:---|:---|
| &nbsp;&nbsp; 3.8% NITT | &nbsp;&nbsp; A 3.8% Net Investment Income Tax on certain investment income of individuals, trusts, and estates under Section 1411 of the Code |
| &nbsp;&nbsp; Adjusted NOI | &nbsp;&nbsp; Adjusted Net Operating Income |
| &nbsp;&nbsp; Advisers Act | &nbsp;&nbsp; *Investment Advisers Act of 1940, as amended.* |
| &nbsp;&nbsp; Ancillary Services | &nbsp;&nbsp; Support services like operations, maintenance, and credit management provided to solar projects. |
| &nbsp;&nbsp; Authorizing Resolution | &nbsp;&nbsp; The authorization adopted by the General Partner pursuant to the LP Agreement that created the Class A Investor Shares. |
| &nbsp;&nbsp; Blue Sky Laws | &nbsp;&nbsp; State securities regulations. |
| &nbsp;&nbsp; Borrower | &nbsp;&nbsp; A party that repays the Company for a Loan through principal and interest payments. |
| &nbsp;&nbsp; C&I | &nbsp;&nbsp; Commercial and industrial offtakers |
| &nbsp;&nbsp; CAFD | &nbsp;&nbsp; Cash available for distribution. |
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; CFCs | &nbsp;&nbsp; Controlled foreign corporations  |
| &nbsp;&nbsp; Class A Investor Shares | &nbsp;&nbsp; The limited partnership interests in the Company being offered to Investors in this Offering. |
| &nbsp;&nbsp; Code | &nbsp;&nbsp; The Internal Revenue Code of 1986, as amended (i.e., the federal tax code). |
| &nbsp;&nbsp; Collateral Agreements | &nbsp;&nbsp; A collection of agreements and instruments designed to secure obligations under a primary financing arrangement between a borrower and a lender. |
| &nbsp;&nbsp; Company | &nbsp;&nbsp; Energea Portfolio 5 Colombia LP, a Delaware limited partnership, which is offering to sell Class A Investor Shares in this Offering. |
| &nbsp;&nbsp; Company Investments | &nbsp;&nbsp; Cash-on-hand investments generating returns, such as interest from savings accounts. |
| &nbsp;&nbsp; Construction Contract | &nbsp;&nbsp; The contract whereby the Company or SPE will hire a third party to provide to provide engineering, procurement, and construction services for a Project. |
| &nbsp;&nbsp; COP | &nbsp;&nbsp; Colombian Peso |
| &nbsp;&nbsp; Customer | &nbsp;&nbsp; Collectively refers to entities purchasing electricity or utility services from the Company's renewable energy projects, as well as borrowers of Loans. This includes entities under long-term Power Purchase Agreements ("PPAs"), utility service contracts, and those receiving financing for renewable energy project development. |
| &nbsp;&nbsp; Deferred Fees | &nbsp;&nbsp; Fees postponed by the General Partner due to cash flow considerations, to be charged later at their discretion. |
| &nbsp;&nbsp; Delaware LP Act | &nbsp;&nbsp; Governs the formation and operation of Delaware limited partnerships. |
| &nbsp;&nbsp; DERMS | &nbsp;&nbsp; Distributed Energy Resource Management Systems. |
| &nbsp;&nbsp; Development Company | &nbsp;&nbsp; A company focused on acquiring and/or developing solar power projects. |
| &nbsp;&nbsp; DG | &nbsp;&nbsp; Distributed generation, where power is produced locally and delivered directly to users through systems like rooftop or community solar. |
| &nbsp;&nbsp; Energea Global | &nbsp;&nbsp; Energea Global LLC, a Delaware limited liability company, which is owned by Michael Silvestrini and Chris Sattler and serves as the General Partner. |
| &nbsp;&nbsp; Energea Colombia SAS | &nbsp;&nbsp; A wholly-owned subsidiary of Energea Portfolio 5 LATAM LP |
| &nbsp;&nbsp; Energy Rate | &nbsp;&nbsp; The price per kWh |
| &nbsp;&nbsp; Estimated NOI | &nbsp;&nbsp; Estimated Net Operating Income. |

---

*Page 54*

 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Exchange Act | &nbsp;&nbsp; The Securities Exchange Act of 1934. |
| &nbsp;&nbsp; Fees | &nbsp;&nbsp; Compensation paid to the General Partner. |
| &nbsp;&nbsp; FINRA | &nbsp;&nbsp; Financial Industry Regulatory Authority, Inc. |
| &nbsp;&nbsp; Form 1-U | &nbsp;&nbsp; SEC form used to report significant events or changes by companies under Regulation A. |
| &nbsp;&nbsp; General Partner | &nbsp;&nbsp; Energea Global LLC, a Delaware limited liability company. |
| &nbsp;&nbsp; GILTI | &nbsp;&nbsp; General Intangible Low-Tax Income, a federal U.S. tax on profits made by companies outside the United States. |
| &nbsp;&nbsp; Helios | &nbsp;&nbsp; Helios Colombia S.A. E.S.P and Energía de la Alta S.A. E.S.P, a Colombian utility company. |
| &nbsp;&nbsp; Helios Loan | &nbsp;&nbsp; A revolving loan issued to Helios, with the option for the Company to advance funds under specified terms. |
| &nbsp;&nbsp; HSEC | &nbsp;&nbsp; Health, Safety, Environment and Community |
| &nbsp;&nbsp; Interconnection | &nbsp;&nbsp; Permission to connect a project to the electric grid. |
| &nbsp;&nbsp; Investment Agreements | &nbsp;&nbsp; Contracts signed to purchase or reinvest in Class A Investor Shares. |
| &nbsp;&nbsp; Investment Committee (IC) | &nbsp;&nbsp; A multi-disciplinary committee of experienced renewable energy executives of the General Partner which decides which Projects the Company will invest in. |
| &nbsp;&nbsp; Investor | &nbsp;&nbsp; Anyone who purchases Class A Investor Shares in the Offering. |
| &nbsp;&nbsp; IPPs | &nbsp;&nbsp; Independent Power Producers |
| &nbsp;&nbsp; IRR | &nbsp;&nbsp; Internal rate of return. |
| &nbsp;&nbsp; JOBS Act | &nbsp;&nbsp; *Jumpstart Our Business Startups Act of 2012* |
| &nbsp;&nbsp; kWh | &nbsp;&nbsp; *A single, billable unit of energy generated by a Project* |
| &nbsp;&nbsp; LATAM | &nbsp;&nbsp; Latin America |
| &nbsp;&nbsp; Latin America | &nbsp;&nbsp; Central America, South America and/or the Caribbean |
| &nbsp;&nbsp; Limited Partners | &nbsp;&nbsp; *Owners of Investor Shares* |
| &nbsp;&nbsp; LP Agreement | &nbsp;&nbsp; The Company's Limited Partnership Agreement dated June 17, 2025. |
| &nbsp;&nbsp; Loan | &nbsp;&nbsp; Money lent to Development Companies |
| &nbsp;&nbsp; Loan Agreement | &nbsp;&nbsp; Company provides loans directly to Customers, secured by Project assets such as off-taker contracts or PPAs. |
| &nbsp;&nbsp; MSMEs | &nbsp;&nbsp; Micro, small, or medium-sized enterprises |
| &nbsp;&nbsp; MTR | &nbsp;&nbsp; Minimum Technical Requirement. |
| &nbsp;&nbsp; NAV | &nbsp;&nbsp; Net Asset Value |
| &nbsp;&nbsp; NOI | &nbsp;&nbsp; Net Operating Income. |
| &nbsp;&nbsp; NPV | &nbsp;&nbsp; Net Present Value |
| &nbsp;&nbsp; Offering | &nbsp;&nbsp; The offering of Class A Investor Shares to the public pursuant to this Offering Circular. |
| &nbsp;&nbsp; Offering Circular | &nbsp;&nbsp; The Offering Circular you are reading right now, which includes information about the Company and the Offering. |
| &nbsp;&nbsp; O&M | &nbsp;&nbsp; Operations and Maintenance |

---

*Page 55*

 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Partners | &nbsp;&nbsp; The General Partner and the Limited Partners, collectively.  |
| &nbsp;&nbsp; Platform | &nbsp;&nbsp; The General Partner's website: www.energea.com  |
| &nbsp;&nbsp; Portfolio 2 | &nbsp;&nbsp; Energea Portfolio 2 LP |
| &nbsp;&nbsp; Portfolio 3 | &nbsp;&nbsp; Energea Portfolio 3 Africa LP |
| &nbsp;&nbsp; Portfolio 4 | &nbsp;&nbsp; Energea Portfolio 4 USA LP |
| &nbsp;&nbsp; Power Purchase Agreement  | &nbsp;&nbsp; A contract where the SPEs sell electricity generated by the projects directly to customers. |
| &nbsp;&nbsp; PPA | &nbsp;&nbsp; Power Purchase Agreement |
| &nbsp;&nbsp; Preferred Equity Investors | &nbsp;&nbsp; Holders of Class A and Reg D Shares entitled to cash distributions after expenses.  |
| &nbsp;&nbsp; Preferred Return | &nbsp;&nbsp; A 7% per year preferred return to Class A Investors before the General Partner earns a Carried Interest. |
| &nbsp;&nbsp; Project Maintenance Contract | &nbsp;&nbsp; A contract with a third party engaged by the SPE to operate and maintain the projects after construction. |
| &nbsp;&nbsp; Project | &nbsp;&nbsp; A solar power product in which the Company invests. |
| &nbsp;&nbsp; Purchase and Sale Agreement | &nbsp;&nbsp; A contract used by the Company to acquire Project rights from a Development Company. |
| &nbsp;&nbsp; Purchase and Sale Agreements for Environmental Commodities | &nbsp;&nbsp; A contract used when SPEs sell environmental commodities (e.g., renewable energy credits) produced by the projects to customers. |
| &nbsp;&nbsp; Redemption Plan | &nbsp;&nbsp; The redemption plan whereby Investors may request redemption of their Class A Investor Shares following 60 days after purchase. |
| &nbsp;&nbsp; Redemption Price | &nbsp;&nbsp; The price at which Redemption Requests will be processed, based on the current price per Class A Investor Shares at the time the Redemption Request is made, reduced by the aggregate sum of distributions, if any, with record dates during the period between the Redemption Request date and the redemption date, and subject to a discount based on the time the Redemption Request is submitted. |
| &nbsp;&nbsp; Redemption Request | &nbsp;&nbsp; A request for redemption submitted through the Platform for up to $50,000 in Class A Investor Shares. |
| &nbsp;&nbsp; Reg D Investors | &nbsp;&nbsp; Accredited investors participating in Reg D Offerings. |
| &nbsp;&nbsp; Reg D Offerings | &nbsp;&nbsp; Private securities offerings under Rule 506(c), open only to accredited investors.  |
| &nbsp;&nbsp; Reg D Shares | &nbsp;&nbsp; Shares issued in Reg D Offerings. |
| &nbsp;&nbsp; Regulations | &nbsp;&nbsp; Regulations issued under the Code by the Internal Revenue Service. |
| &nbsp;&nbsp; Regulation A | &nbsp;&nbsp; Regulation A of the Securities Act of 1933 is an exemption from registration requirements for public offerings. |
| &nbsp;&nbsp; SEC | &nbsp;&nbsp; The U.S. Securities and Exchange Commission. |
| &nbsp;&nbsp; Securities Act | &nbsp;&nbsp; The Securities Act of 1933, as amended. |
| &nbsp;&nbsp; Shares | &nbsp;&nbsp; Ownership interest in the Company. |
| &nbsp;&nbsp; Site Access | &nbsp;&nbsp; The Company's legal right to enter a property to build and maintain a solar project. |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; Special-Purpose Entity |
| &nbsp;&nbsp; Trust Agreement | &nbsp;&nbsp; Financing managed through trusts. |
| &nbsp;&nbsp; USD | &nbsp;&nbsp; The currency of the United States called dollars. |
| &nbsp;&nbsp; U.S. GAAP | &nbsp;&nbsp; United States Generally Accepted Accounting Principles. |
| &nbsp;&nbsp; U.S. Holder | &nbsp;&nbsp; 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. |
| &nbsp;&nbsp; VAT | &nbsp;&nbsp; Value Added Tax |
| &nbsp;&nbsp; XIRR | &nbsp;&nbsp; Extended internal rate of return  |

---

*Page 56*

 

  *PART III - Exhibits*

 *Index to Exhibits and Description of Exhibits*

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Exhibit No.*** | &nbsp;&nbsp; ***Description of Exhibit*** |
| &nbsp;&nbsp; 2.1\* | &nbsp;&nbsp; [Certificate of Formation of the Company filed with the Delaware Secretary of State on August 7, 2023](certofformation.htm) |
| &nbsp;&nbsp; 2.2\* | &nbsp;&nbsp; [Limited Liability Company Agreement of the Company dated August 12, 2023](llcagmt.htm) |
| &nbsp;&nbsp; 2.3\* | &nbsp;&nbsp; [Certificate of Amendment of Certificate of Formation filed with the Delaware Secretary of State on December 3, 2024](certofformamdmt.htm) |
| &nbsp;&nbsp; 2.4\* | &nbsp;&nbsp; [Certificate of Conversion from LLC to LP, filed June 17, 2025](certofconversion.htm) |
| &nbsp;&nbsp; 2.5\* | &nbsp;&nbsp; [Limited Partnership Agreement of the Company dated June 17, 2025](lpagmt.htm) |
| &nbsp;&nbsp; 2.6\* | &nbsp;&nbsp; [Authorizing Resolution of the Company dated June 17, 2025](authresolution.htm) |
| &nbsp;&nbsp; 3.1\* | &nbsp;&nbsp; [Redemption Plan](redemptionplan.htm) |
| &nbsp;&nbsp; 4.1\* | &nbsp;&nbsp; [Form of Investment Agreement](investmentagmt.htm) |
| &nbsp;&nbsp; 4.2\* | &nbsp;&nbsp; [Form of Auto-Invest Agreement](autoinvestagmt.htm) |
| &nbsp;&nbsp; 4.3\* | &nbsp;&nbsp; [Form of Auto-Reinvestment Agreement](autoreinvestagmt.htm) |
| &nbsp;&nbsp; 11.1\* | &nbsp;&nbsp; [Consent of Independent Auditor (Whittlesey PC) dated June 19, 2025](consentofauditor.htm) |
| &nbsp;&nbsp; 11.2 | &nbsp;&nbsp; Consent of McCarter & English LLP (included in Exhibit 12) |
| &nbsp;&nbsp; 12\* | &nbsp;&nbsp; [Legal opinion of McCarter & English, LLP](legalopinion.htm) |
| &nbsp;&nbsp; 99.1\* | &nbsp;&nbsp; [Colombia Market Investment Committee Memo dated June 18, 2025](ex991.htm) |
| &nbsp;&nbsp; 99.2\* | &nbsp;&nbsp; [Helios Borrower Investment Committee Memo dated July 18, 2024](ex992.htm) |

---

*\* Filed herewith*

*Page 57*

  *Signatures*

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Chester, State of Connecticut, on June 20, 2025.

<u>Energea Portfolio 5 LATAM LP</u>

By: Energea Global LLC

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

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

This offering statement has been signed by the following person in the capacities and on the date 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: June 20, 2025

*Page 58*

## Ex1A-2A

STATE OF DELAWARE <br> CERTIFICATE OF CONVERSION <br> FROM A LIMITED LIABILITY COMPANY TO A <br> LIMITED PARTNERSHIP PURSUANT TO <br> SECTION 17-217 OF THE LIMITED PARTNERSHIP ACT

1.) The jurisdiction where Energea Portfolio 5 LATAM LLC (the "<u>Limited Liability Company</u>") was first formed is Delaware.

2.) The jurisdiction of the Limited Liability Company immediately prior to filing this Certificate of Conversion is Delaware.

3.) The date the Limited Liability Company was first formed is August 7, 2023.

4.) The name of the Limited Liability Company immediately prior to filing this Certificate of Conversion is Energea Portfolio 5 LATAM LLC.

5.) The name of the Limited Partnership as set forth in the Certificate of Limited Partnership is Energea Portfolio 5 LATAM LP.

IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 17<sup>th</sup> day of June, A.D. 2025.

Energea Global LLC, its General Partner

By:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael Silvestrini

Title: Managing Partner

**STATE OF DELAWARE <br> CERTIFICATE OF LIMITED PARTNERSHIP**

· **The Undersigned,** desiring to form a limited partnership pursuant to the Delaware Revised Uniform Limited Partnership Act, 6 Delaware Code, Chapter 17, does hereby certify as follows:

· **First:** The name of the limited partnership is Energea Portfolio 5 LATAM LP.

· **Second:** The address of its registered office in the State of Delaware is

1013 Centre Road Suite 403-A in the city of Wilmington, County of New Castle, <br> Zip Code 19805.

![](image006.jpg)The name of the Registered Agent at such address is American Incorporators Ltd.

· **Third:** The name and mailing address of each general partner is as follows:

Energea Global LLC

52 Main Street Chester, CT 06412

· **In Witness Whereof,** the undersigned has executed this Certificate of Limited Partnership as of 17<sup>th</sup> day of June, A.D. 2025.

**Energea Global LLC**

**By:** 

Name: Michael Silvestrini

Title: Managing Partner

## Ex1A-2A

State of Delaware

Secretary of State

Division of Corporations

Delivered 02:52 PM 08/07/2023

FILED 02:52 PM 08/07/2023

SR 20233182638 - File Number 7608990

Certificate of Formation

Of

Energea Portfolio 5 Colombia LLC

**FIRST:** The name of the limited liability company is Energea Portfolio 5 Colombia LLC.

**SECOND:** The address of its registered office in the State of Delaware is 1013 Centre Rd. Suite 403-A in the City of Wilmington, County of New Castle, 19805. The name of its Registered Agent at such address is American Incorporators Ltd.

**THIRD:** The purpose of the limited liability company shall be to engage in any lawful act or activity for which a limited liability company may be formed under the Limited Liability Company law of the State of Delaware.

**FOURTH:** The limited liability company shall have perpetual existence.

**FIFTH:** Management of the limited liability company is vested in the member(s) in accordance with their ownership interests, unless this is varied by the operating agreement. A limited liability company member may not assign, either wholly or partially, the right to participate in management without the written consent of all limited liability company member(s) or as permitted by the operating agreement. From this day hence, the undersigned has fulfilled the duties of Organizer and relinquishes all further duties to the initial Member(s) of Energea Portfolio 5 Colombia LLC. The initial member(s) of the limited liability company shall be:

Energea Global LLC

62 Clementel Drive

Durham, CT 06422

**SIXTH:** The name and mailing address of the person forming this limited liability company at the instruction of its member(s) is as follows:

Laura Kash

1013 Centre Road, Suite 403

Wilmington, DE 19805

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of Energea Portfolio 5 Colombia LLC on August 7, 2023.

**<u>/s/ Laura Kash</u>**

Laura Kash

Organizer

## Ex1A-2A

Energea Portfolio 5 LATAM LP

AUTHORIZING RESOLUTION

Class A Investor

June 17, 2025

Prior to the date hereof, the Company elected to statutorily convert from a limited liability company organized under the laws of the State of Delaware to a limited partnership organized under the laws of the State of Delaware. In connection with such conversion, each then issued and outstanding class A investor share was automatically converted into one issued and outstanding Class A Investor Share (as defined below) and this Authorizing Resolution amends and restates that the authorizing resolution creating the class A investor shares to reflect changes made to the Offering Circular since its initial filing and to reflect the creation of the Class B Investor Shares, Class C Investor Shares, Class D Investor Shares and Class I Investor Shares (collectively, the "<u>Reg D Investor Shares</u>") under authority granted under the Partnership Agreement and the authorizing resolution creating the class A investor shares.

The undersigned, being the General Partner of Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>"), hereby adopts the following resolutions as an "<u>Authorizing Resolution</u>" pursuant to Section 3.02 of the Limited Partnership Agreement dated June 17, 2025 (the "<u>Partnership Agreement</u>"):

1. **Definitions**. Capitalized terms that are not otherwise defined in this Authorizing Resolution shall have the meanings given to them in the Partnership Agreement.

2. **Authorization of Class**. The Company shall have the authority to issue up to 500,000,000 Investor Shares, all of which are designated as "<u>Class A Investor Shares</u>" having no par value with the rights, preferences, powers, privileges and restrictions, qualifications and limitations set forth herein. The Class A Investor Shares shall rank pari passu with the Reg D Investor Shares.

3. **Distributions**.

3.1. <u>Definitions</u>. The following definitions shall apply for purposes of this <u>Section 3</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. "<u>Actual IRR</u>" means the actual IRR of the Projects, Loans and/or Company Investment based on the Estimated NOI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. "<u>Adjusted NOI</u>" means the Estimated NOI multiplied by the Adjustment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. "<u>Adjustment Percentage</u>" means, for that percentage which, when multiplied by the Distributable Cash Flow, would yield an IRR of seven percent (7%) rather than the Actual IRR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4. "<u>Capital Contribution</u>" means (i) for a Holder who acquired his, her, or its Class A Investor Shares directly from the Company, the amount paid for such Class A Investor Shares and (ii) for a Holder who acquired his, her, or its Class A Investor Shares from another person, the amount paid by the person who originally purchased such Class A Investor Shares from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5. "<u>Capital Transaction</u>" means any sale, refinancing, or other transaction involving one or more Projects that is customarily considered as capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6. "<u>Company Investment</u>" means an investment made by the Company (other than an investment into a Project).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7. "<u>Distributable Cash Flow</u>" means (i) the sum of (A) all interest payments received by the Company from any Loans or Company Investments and (B) the cash flow from received by the Company from Projects and (C) penalties paid by contractors to the Company in the event that the agreement with such contractor requires it make penalty payments to the Company less (ii) all expenses of the Company incurred in connection with the operation and business of the Company (including but not limited to debt service and the fees and charges payable to the General Partner and its affiliates) as well as any reserves established for future needs as the General Partner shall determine. For purposes of clarity it is acknowledged and agreed that any repayment of principal of any Loans or any Company Investments shall not constitute Distributable Cash Flow and the General Partner may utilize the amount received from any repayments of principal of Loans and Company Investments for any purpose or activities permitted under the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8. "<u>Estimated NOI</u>" means, for (i) any Loan and/or Company Investment, the projected monthly interest payments receivable from such Loan and/or Company Investment and (ii) any Project, the projected monthly cash flows of such Project, both positive (returns) and negatives (investments) over its anticipated life, as, in each case, such projected cash flows may change from time to time in the discretion of the General Partner. For purposes of clarity it is acknowledged and agreed that any repayment of principal of any Loans or any Company Investments shall not constitute Distributable Cash Flow and the General Partner may utilize the amount received from any repayments of principal of Company Loans and Company Investments for any purpose or activities permitted under the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9. "<u>Holder</u>" means a Limited Partner who owns any Class A Investor Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10. "<u>Investor IRR</u>" means, for any Holder, the IRR calculated on the Capital Contribution of such Holder (or such Holder's predecessor(s) in interest), measured from the date such Holder was admitted to the Company (provided that for these purposes, the Company may assume that each Holder admitted to the Company during a month was admitted on the last day of such month) and taking into account all distributions made with respect to such Holder (or such Holder's predecessor(s) in interest).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11. "<u>IRR</u>" means internal rate of return calculated using Microsoft Excel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12. "<u>Loan</u>" means any loans made by the Company to any person or entity that will be used for the creation, development, operation or working capital of a solar energy project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13. "<u>Net Capital Proceeds</u>" means the proceeds from any Capital Transaction minus (i) the expenses the Company and its subsidiaries incur with respect to the Capital Transaction, (ii) any repayments of debt made in connection with the Capital Transaction, (iii) brokerage commissions, and (iv) other costs customarily taken into account in calculating net proceeds, and after establishing such reserves against future needs as the General Partner shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14. "<u>Project</u>" means a solar energy project owned by the Company, directly or indirectly through a subsidiary; provided that for purposes of clarity, Projects shall include any entities in which the Company owns an equity interest even if it is not a controlling equity interest.

3.2. <u>Distributions of Distributable Cash Flow</u>. Within thirty (30) days after the end of each calendar month, the Company shall (if determined by the General Partner in its sole and absolute discretion) distribute Distributable Cash Flow as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. First, an amount equal to the lesser of the Distributable Cash Flow for such month or the Adjusted NOI for such month shall be distributed to the Holders and the holders of Reg D Investor Shares (the "<u>Reg D Holders</u>") on a pari passu basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. Second, if for any previous month the Distributable Cash Flow was less than the Adjusted NOI, an amount equal to the aggregate shortfall, plus interest calculated at an annual rate of seven percent (7%), compounded monthly, shall be distributed to the Holders and the Reg D Holders on a pari passu basis, to the extent not previously distributed to the Holders and the Reg D Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. Third, any remaining Distributable Cash Flow shall be distributed eighty (80%) percent to the Holders and the Reg D Holders on a *pari passu* basis and twenty (20%) percent to the holders of the Common Shares.

3.3. <u>Distributions of Net Capital Proceeds</u>. Within ninety (90) days after a Capital Transaction, the Company shall (if determined by the General Partner) distribute the Net Capital Proceeds from such Capital Transaction as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. First, the Holders and the Reg D Holders on a pari passu basis shall receive the lesser of (i) all of the Net Capital Proceeds, or (ii) the amount required for each Holder and Reg D Holder to achieve an Investor IRR of seven percent (7%) with respect to the Project in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. Second, any remaining Net Capital Proceeds shall be distributed eighty (80%) percent to the Holders and the Reg D Holders on a pari passu basis and twenty (20%) percent to the holders of the Common Shares.

3.4. <u>Special Rule for Under-Performing Projects</u>. If the Company has disposed of a Project and Holders and the Reg D Holders did not achieve an Investor IRR of at least seven percent (7%) from a Capital Transaction, then the General Partner shall adjust distributions from remaining Projects, Loans and/or Company Investments to make up the shortfall, if possible.

3.5. <u>Distributions Among Holders</u>. Unless otherwise indicated, any distributions to be made to the Holders and the Reg D Holders as a group, or to the holders of Common Shares as a group, shall be made pro rata based on the number of shares owned. However, the General Partner may adjust the amount distributed to each Holder if the Class A Investor Shares owned by such Holder were not outstanding during the entire period to which the distribution relates.

3.6. <u>Calculations</u>. All calculations required by this <u>Section 3</u> shall be made by an accounting firm selected by the General Partner, and, in the absence of fraud, its calculation shall be final and not subject to dispute.

4. **Price**. The initial issuance of each Class A Investor Shares was offered to the public for One Dollar ($1.00) for each Class A Investor Share. After this initial issuance and after the date hereof, the price per Class A Investor Shares was and will be increased or decreased by the General Partner based on changes in the net present value as more fully described in the Offering Circular.

5. **Manner of Offering**. The Class A Investor Shares were and shall be offered to the public in an offering under Tier 2 of Regulation A issued by the Securities and Exchange Commission. However, Class A Investor Shares may also be offered and sold publicly or privately in other offerings as determined by the General Partner.

6. **Right to Request Purchase of Shares**.

6.1. <u>In General</u>. Subject to the provisions of this <u>Section 6</u>, by giving notice to the Company, a Holder who has owned his, her, or its Class A Investor Shares may request that the Company purchase, or arrange for the purchase, of all or any number of the Class A Investor Shares owned by such Holder. If such notice does not otherwise provide, it shall be deemed to be a request for the sale of all, but not less than all, of the Class A Investor Shares owned by such Holder. If such notice is received by the fifteenth (15th) day of a calendar month, the Company shall use commercially reasonable efforts to arrange for such purchase by the end of such month; if such notice is after the fifteenth (15th) day of a month, the Company shall use commercially reasonable efforts to arrange for such purchase by the end of the following month. The provisions of Section 8.02 of the Partnership Agreement shall not apply to any transfer of Class A Investor Shares pursuant to this <u>Section 6</u>.

6.2. <u>Limitations</u>. In seeking to accommodate a request made pursuant to <u>Section 6.1</u>, the Company shall not be required to (i) purchase the Class A Investor Shares for its own account, (ii) borrow money or dispose of assets to fund such purchase, or (iii) take any other action that would, in the sole discretion of the Company, be adverse to the interests of the Company or its other Partners.

6.3. <u>Legal Limitation</u>. The Company shall not be obligated to seek to arrange for the purchase of Class A Investor Shares that the Company would not legally be permitted to redeem under Delaware law.

6.4. <u>Priority</u>. The Company shall consider requests made pursuant to <u>Section 6.1</u> and Section 6.1 of the Authorizing Resolution creating the Reg D Investor Shares dated as of the date hereof in the order in which such requests are received.

6.5. <u>Failure to Purchase</u>. If the Company is unable to purchase or arrange for the purchase of Class A Investor Shares as provided in this <u>Section 6.1</u> by the dates specified in <u>Section 6.1</u>, the Holder may either rescind his, her, or its request or maintain the request for the following month.

6.6. <u>Price</u>. Unless otherwise agreed in writing between the selling Holder and the buyer, the price per share of Class A Investor Shares purchased and sold pursuant to this <u>Section 6</u> shall be the then current net present value of the Company, as more fully described in the Offering Circular.

7. <u>Redemption Plans</u>. The Company may adopt a redemption plan, or any other similar plan adopted by the Company (a "<u>Redemption Plan</u>") with respect to the Class A Investor Shares. To the extent such Redemption Plan may be established for the Class A Investor Shares, any Holder's desire to transfer any Class A Investor Shares, unless otherwise determined by the General Partner, shall comply with the terms and conditions of the Redemption Plan prior to instituting any request pursuant to <u>Section 6</u>.

8. <u>Amendment of Rights</u>. The Company shall not amend, alter or repeal the preferences, special rights, or other powers of the Class A Investor Shares so as to affect adversely the Class A Investor Shares vis-à-vis the Common Shares or any other series of Investor Shares, without the consent of the holders of a majority of the then-outstanding Class A Investor Shares with each Class A Investor Share having one vote per Class A Investor Share.

9. <u>Other Classes</u>. The Company may issue one or more series of Investor Shares with rights superior to those of the Class A Investor Shares, provided that Shares of such series may not be owned by the General Partner or its affiliates. Without limiting the preceding sentence, the Company may issue a series of Investor Shares whose holders have the right to receive distributions before any distributions are made to the holders of the Class A Investor Shares.

10. <u>Preemptive Rights</u>. Holders shall have no preemptive rights or other rights to subscribe or purchase additional securities of the Company.

[Signature Page to follow]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Energea Global, LLC its General Partner

By _______________________________<br> Michael Silvestrini, Manager

By _______________________________<br> Chris Sattler, Manager

## Ex1A-2A

State of Delaware

Secretary of State

Division of Corporations

Delivered 01:05 PM 12/03/2024

FILED 01:05 PM 12/03/2024

SR 20244370489 - File Number 7608990

STATE OF DELAWARE

CERTIFICATE OF AMENDMENT

OF CERTIFICATE OF FORMATION

The undersigned authorized person, desiring to amend the limited liability company formation pursuant to Section 18-202 of the Limited Liability Company Act of the State of Delaware, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the limited liability company is<u> </u>

<u>Energea</u> <u>Portfolio 5 Colombia LLC</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Certificate of Formation of the limited liability company is hereby amended as follows:

![](image007.jpg)

The name of the limited liability company is: Energea Portfolio 5 LATAM LLC

![](image008.jpg)

By: <u>/s/ Cassandra Sifford</u>

Authorized Person

Name: <u>Cassandra</u> <u>Sifford</u>

Print or Type

## Ex1A-2B

Energea Portfolio 5 Colombia LLC

LIMITED LIABILITY COMPANY AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is an Agreement, entered into effective on August 12, 2023, by and among Energea Portfolio 5 Colombia LLC, a Delaware limited liability company (the "<u>Company</u>"), Energea Global LLC, a Delaware limited liability company ("<u>Energea Global</u>"), and the persons admitted to the Company as members by the Manager following the date of this Agreement (the "<u>Investor Members</u>" or sometimes the "<u>Members</u>").

**Background**

I. The Company was formed on August 7, 2023.

II. The Members own all of the limited liability company interests of the Company and wish to set forth their understandings concerning the ownership and operation of the Company in this Agreement, which they intend to be the "limited liability company agreement" of the Company within the meaning of 6 Del. C. §18-101(7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, acknowledging the receipt of adequate consideration and intending to be legally bound, the parties agree as follows:

1. **ARTICLE ONE: CONTINUATION OF LIMITED LIABILITY COMPANY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. **Continuation of Limited Liability Company**. The Company has been formed in accordance with and pursuant to the Delaware Limited Liability Company Act (the "<u>Act</u>") for the purpose set for the below. The rights and obligations of the Members to one another and to third parties shall be governed by the Act except that, in accordance with 6 Del. C. 18-1101(b), conflicts between provisions of the Act and provisions in this Agreement shall be resolved in favor of the provisions in this Agreement except where the provisions of the Act may not be varied by contract as a matter of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. **Name**. The name of the Company shall be "Energea Portfolio 5 Colombia LLC" and all of its business shall be conducted under that name or such other name(s) as may be designated by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. **Purpose**. The purpose of the Company shall be to invest in solar energy projects in Colombia, as described more fully in the Offering Statement of the Company filed with the Securities and Exchange Commission (the "SEC") in connection with the Company's offering of securities under 17 CFR §230.251 *et seq* (the "<u>Offering Circular</u>"), and engage in any other business in which limited liability companies may legally engage under the Act. In carrying on its business, the Company may enter into contracts, incur indebtedness, sell, lease, or encumber any or all of its property, engage the services of others, enter into joint ventures, and take any other actions the Manager deems advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. **Fiscal Year**. The fiscal and taxable year of the Company shall be the calendar year, or such other period as the Manager determines.

2. **ARTICLE TWO: CONTRIBUTIONS AND LOANS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. **Initial Contributions**. The Manager has not contributed any capital to the Company. Each Investor Member will contribute to the capital of the Company the amount specified in his, her, or its Investment Agreement. The capital contributions of Members are referred to in this Agreement as "<u>Capital Contributions</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **Other Required Contributions**. No Member shall be obligated to contribute any capital to the Company beyond the Capital Contributions described in section 2.1. Without limitation, no such Member shall, upon dissolution of the Company or otherwise, be required to restore any deficit in such Member's capital account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1. **In General**. The Manager or its affiliates may, but shall not be required to, lend money to the Company in the Manager's sole discretion. No other Member may lend money to the Company without the prior written consent of the Manager. Subject to applicable state laws regarding maximum allowable rates of interest, loans made by any Member to the Company ("<u>Member Loans</u>") shall bear interest at the higher of (i) the prime rate of interest designated in the Wall Street Journal on any date within ten (10) days of the date of the loan, plus four (4) percentage points; or (ii) the minimum rate necessary to avoid "imputed interest" under section 7872 or other applicable provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Such loans shall be payable on demand and shall be evidenced by one or more promissory notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2. **Repayment of Loans**. After payment of (i) current and past-due debt service on liabilities of the Company other than Member Loans, and (ii) all operating expenses of the Company, the Company shall pay the current and past-due debt service on any outstanding Member Loans before distributing any amount to any Member pursuant to Article Four. Such loans shall be repaid *pro rata*, paying all past-due interest first, then all past-due principal, then all current interest, and then all current principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. **Other Provisions on Capital Contributions**. Except as otherwise provided in this Agreement or by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1. No Member shall be required to contribute any additional capital to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. No Member may withdraw any part of his, her, or its capital from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. No Member shall be required to make any loans to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. Loans by a Member to the Company shall not be considered a contribution of capital, shall not increase the capital account of the lending Member, and shall not result in the adjustment of the number of Shares owned by a Member, and the repayment of such loans by the Company shall not decrease the capital accounts of the Members making the loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5. No interest shall be paid on any initial or additional capital contributed to the Company by any Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.6. Under any circumstance requiring a return of all or any portion of a capital contribution, no Member shall have the right to receive property other than cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.7. No Member shall be liable to any other Member for the return of his, her, or its capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. **No Third Party Beneficiaries**. Any obligation or right of the Members to contribute capital under the terms of this Agreement does not confer any rights or benefits to or upon any person who is not a party to this Agreement.

3. **ARTICLE THREE: SHARES AND CAPITAL ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. **Limited Liability Company Interests**. The limited liability company interests of the Company shall consist of Twenty Million (20,000,000) "<u>Shares</u>" consisting of 1,000,000 "<u>Common Shares</u>," all of which shall be owned by the Manager, and 19,000,000 Investor Shares (the "<u>Investor Shares</u>"), all of which shall be owned by the Investor Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. **Classes of Investor Shares**. The Manager may divide the Investor Shares into one or more classes. The number of Shares of each such class of Investor Shares, and the rights and preferences of each such class, shall be as set forth in the resolution or resolutions of the Manager creating such class, referencing this section 3.2 (each, an "<u>Authorizing Resolution</u>"). Without limitation, the Manager may establish, with respect to each class of Investor Shares, its voting powers, conversion rights or obligations, redemption rights or obligations, preferences as to distributions, and other matters. The Authorizing Resolution providing for issuance of any class of Investor Shares may provide that such class shall be superior or rank equally or be junior to the Investor Shares of any other class except to the extent prohibited by the terms of the Authorizing Resolution establishing another class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. **Share Splits and Consolidations**. The Manager may at any time increase or decrease the authorized and/or outstanding number of Shares of any class or series, including Common Shares, provided that any increase or decrease in the number of Shares outstanding shall be made *pro rata* with respect to all Members owning the outstanding Shares of such class or series. The Manager shall promptly notify all of the Members of any such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. **Certificates**. The Shares of the Company shall not be evidenced by written certificates unless the Manager determines otherwise. If the Manager determines to issues certificates representing Shares, the certificates shall be subject to such rules and restrictions as the Manager may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. **Registry of Shares**. The Company shall keep or cause to be kept on behalf of the Company a register of the Members of the Company. The Company may, but shall not be required to, appoint a transfer agent registered with the Securities and Exchange as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. **Capital Accounts**. A capital account shall be established and maintained for each Member. Each Member's capital account shall initially be credited with the amount of his, her, or its Capital Contribution. Thereafter, the capital account of a Member shall be increased by the amount of any additional contributions of the Member and the amount of income or gain allocated to the Member, and decreased by the amount of any distributions to the Member and the amount of loss or deduction allocated to the Member, including expenditures of the Company described in section 705(a)(2)(B) of the Code. Unless otherwise specifically provided herein, the capital accounts of the Members shall be adjusted and maintained in accordance with Code section 704 and the regulations thereunder.

4. **ARTICLE FOUR: DISTRIBUTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. **In General**. The Manager may, in its sole discretion, make and pay distributions of cash or other assets of the Company to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. **Special Rules Governing Distributions**. Except as otherwise provided in this Agreement or in an Authorizing Resolution establishing a class of Investor Shares (i) any distributions of the Company not expressly payable to the holders of a class of Investor Shares shall be payable to the holders of the Common Shares, (ii) any distributions made to the holders of any class of Investor Shares as a group shall be divided *pro rata* among such holders based on their respective ownership of the Shares of such class, and (iii) no Member shall have any right to distributions except as may be authorized by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. **Items Taken Into Account**. In determining the amount and timing of distributions, the Manager may take into account the following items of income and expense, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. The net rental income from properties owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. The net proceeds from the sale or refinancing of property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3. Cash distributions from, and capital contributions to, entities in which the Company owns an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4. Debt service on indebtedness of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5. Capital expenditures of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6. Amounts added to and released from reserve accounts established by the Manager in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.7. Fees paid to the Manager and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.8. Fees paid to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.9. The net income and/or expenses from the Company's electricity supply and other contracts with its customers and other third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.10. All of the other operating expenses of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. **Tax Withholding**. To the extent the Company is required to pay over any amount to any federal, state, local or foreign governmental authority with respect to distributions or allocations to any Member, the amount withheld shall be deemed to be a distribution in the amount of the withholding to that Member. If the amount paid over was not withheld from an actual distribution (i) the Company shall be entitled to withhold such amounts from subsequent distributions, and (ii) if no such subsequent distributions are anticipated for six (6) months, the Member shall , at the request of the Company, promptly reimburse the Company for the amount paid over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. **Manner of Distribution**. All distributions to the Members will be made as Automated Clearing House (ACH) deposits into an account designated by each Member. If a Member does not authorize the Company to make such ACH distributions into a designated Member account, distributions to such Member will be made by check and mailed to such Member after deduction by the Company from each check of a Fifty Dollar ($50) processing fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. **Other Rules Governing Distributions**. No distribution prohibited by 6 Del. C. §18-607 or not specifically authorized under this Agreement shall be made by the Company to any Member in his or its capacity as a Member. A Member who receives a distribution prohibited by 6 Del. C. §18-607 shall be liable as provided therein.

5. **ARTICLE FIVE: MANAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **Management by Manager**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. **In General**. The business and affairs of the Company shall be directed, managed, and controlled by a single manager (the "<u>Manager</u>"). Energea Global shall serve as the Manager of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. **Powers of Manager**. The Manager shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of the Company, to make all decisions regarding those matters, to execute any contracts or other instruments on behalf of the Company, and to perform any and all other acts or activities customary or incidental to the management of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3. **Examples of Manager's Authority**. Without limiting the grant of authority set forth in section 5.1.2, the Manager shall have the power to (i) create classes of Investor Shares with such terms and conditions as the Manager may determine in its sole discretion; (ii) issue Shares to any person for such consideration as the Manager maybe determine in its sole discretion, and admit such persons to the Company as Investor Members; (iii) engage the services of third parties to perform services on behalf of the Company; (iv) enter into one or more joint ventures; (v) purchase, lease, sell, or otherwise dispose of real estate and other assets, in the ordinary course of business or otherwise; (vi) enter into leases and any other contracts of any kind; (vii) incur indebtedness on behalf of the Company, whether to banks or other lenders; (viii) determine the amount of the Company's Available Cash and the timing and amount of distributions to Members; (ix) determine the information to be provided to the Members; (x) grant mortgages, liens, and other encumbrances on the Company's assets; (xi) make all elections under the Code and the provisions of State and local tax laws; (xiii) file a petition in bankruptcy; (xiv) discontinue the business of the Company; and (xv) dissolve the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4. **Restrictions on Members**. Except as expressly provided otherwise in this Agreement, Members who are not also the Manager shall not be entitled to participate in the management or control of the Company, nor shall any such Member hold himself out as having such authority. Unless authorized to do so by the Manager, no attorney-in-fact, employee or other agent of the Company shall have any power or authority to bind the Company in any way, to pledge its credit or to render it liable pecuniarily for any purpose. No Member shall have any power or authority to bind the Company unless the Member has been authorized by the Manager in writing to act as an agent of the Company in accordance with the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5. **Authorizing Resolutions**. Notwithstanding the foregoing provisions of this section 5.1, an Authorizing Resolution may limit the authority of the Manager and/or confer voting rights on Investor Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6. **Reliance by Third Parties**. Anyone dealing with the Company shall be entitled to assume that the Manager and any officer authorized by the Manager to act on behalf of and in the name of the Company has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any contracts on behalf of the Company, and shall be entitled to deal with the Manager or any officer as if it were the Company's sole party in interest, both legally and beneficially. No Member shall assert, vis-à-vis a third party, that such third party should not have relied on the apparent authority of the Manager or any officer authorized by the Manager to act on behalf of and in the name of the Company, nor shall anyone dealing with the Manager or any of its officers or representatives be obligated to investigate the authority of such person in a given instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **Standard of Care**. The Manager shall conduct the Company's business using its business judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. **Time Commitment**. The Manager shall devote such time to the business and affairs of the Company as the Manager may determine in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. **Reimbursement of Formation Expenses**. The Company shall reimburse the Manager and its affiliates, without interest, for the actual out-of-pocket expenses they incur in connection with the formation of the Company and the Manager, the offering of Investor Shares, and the admission of investors in the Company, including, without limitation, travel, legal, accounting, filing, advertising, and all other expenses incurred in connection with the offer and sale of interests in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. **Compensation of Manager and its Affiliates**. The Manager and its affiliates shall be entitled to the compensation described in the Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. **Removal of Manager**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1. **In General**. The Manager may be removed by by the affirmative vote of Investor Members holding seventy five percent (75%) of the total number of Investor Shares then issued and outstanding (a "<u>Super Majority Vote</u>"), but only if the Investor Members have "cause" to remove the Manager, as defined in section 5.6.3 and follow the procedure set forth in section 5.6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2. **Procedure**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notice and Response**. An Investor Member who wishes to remove the Manager and believes there is "cause" for doing so within the meaning of section 5.6.3 shall notify the Manager, referencing this section 5.6 and setting forth in detail the reasons for his, her, or its belief. Within thirty (30) days after receiving such a notice, the Manager shall respond by acknowledging the receipt of the notice and (i) stating that the Manager does not believe there is merit in the Investor Member's allegations, (ii) explaining why the Manager does not believe "cause" exists for removal, or (iii) stating that while "cause" may exist for removal, the Manager does not believe removal would be in the best interest in the Fund. If the Manager fails to respond, the Manager shall be deemed to have stated that it does not believe there is merit in the Investor Member's allegations. In the event the Investor Member communicates with any third party concerning his request for removal, including any other Investor Member but not including his, her, or its own legal counsel, he, she, or it shall include a copy of the Manager's response. The failure of the Manager to include in its response any defense, facts, or arguments shall not preclude the Manager from including such defense, facts, or arguments in subsequent communications or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Vote**. After following the procedure described in section 5.6.2(a), Investor Members owning at least twenty five percent (25%) of the Investor Shares then issued and outstanding (the "<u>Dissident Members</u>") may call for a vote of the Investor Members. The Manager and a single representative chosen by the Dissident Members shall cooperate in sending to all Investor Members a package of materials bearing on whether "cause" exists under section 5.6.3 and whether it is in the best interest of the Company to remove the Manager, and a vote shall be taken by electronic means, with responses due within thirty (30) days. The failure of the Manager or the Dissident Members to include in this package any defense, facts, or arguments shall not preclude them from including such defense, facts, or arguments in subsequent communications or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Arbitration**. In the event of a Super Majority Vote to remove the Manager within the thirty (30) day period described in section 5.6.2(b), then the question as to whether "cause" exists to remove the Manager shall be referred to a single arbitrator in arbitration proceedings held in Wilmington, Delaware in conformance with the then-current rules and procedures of the American Arbitration Association. The removal of the Manager shall not become effective until the arbitrator determines that "cause" exists; the decision of the arbitrator shall be binding and non-appealable. In the event there is no Super Majority Vote to remove the Manager within the thirty (30) day period described in section 5.6.2(b), then the Manager shall not be removed and no subsequent proceding to remove the Manager shall be held with respect to substantially similar grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.3. **Cause Defined**. For purposes of this section 5.6, "cause" shall be deemed to exist if any only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Uncured Breach**. The Manager breaches any material provision of this Agreement and the breach continues for more than (30) days after the Manager has received written notice, or, in the case of a breach that cannot be cured within thirty (30) days, the Manager fails to begin curing the breach within thirty (30) days or the breach remains uncured for ninety (90) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Bankrupty**. The Manager makes a general assignment for the benefit of its creditors; or is adjudicated a bankrupt; or files a voluntary petition in bankruptcy; or files a petition or answer seeking reorganization or an arrangement with creditors, or to take advantage of any insolvency, readjustment of loan, dissolution or liquidation law or statute; or an order, judgment, or decree is entered without the Manager's consent appointing a receiver, trustee or liquidator for the Manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Bad Acts**. The Manager engages in willful misconduct or acts with reckless disregard to its obligations, in each case causing material harm to the Company, or engages in bad faith in activities that are beneficial to itself and cause material harm to the Company, and the individual responsible for such actions is not terminated within thirty (30) days after the Manager becomes aware of such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.4. **No Effect on Sponsor**. The removal of the Manager shall not affect the interests of the Sponsor in the Common Stock.

6. **ARTICLE SIX: OTHER BUSINESSES; INDEMNIFICATION; CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. **Other Businesses**. Each Member and Manager may engage in any business whatsoever, including a business that is competitive with the business of the Company, and the other Members shall have no interest in such businesses and no claims on account of such businesses, whether such claims arise under the doctrine of "corporate opportunity," an alleged fiduciary obligation owed to the Company or its members, or otherwise. Without limiting the preceding sentence, the Members acknowledge that the Manager and/or its affiliates intend to sponsor, manage, invest in, and otherwise be associated with other entities and business investing in the same assets classe(es) as the Company, some of which could be competitive with the Company. No Member shall have any claim against the Manager or its affiliates on account of such other entities or businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. **Exculpation and Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1. **Exculpation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Covered Persons**. As used in this section 6.2, the term "<u>Covered Person</u>" means (i) the Manager and its affiliates, (ii) the members, managers, officers, employees, and agents of the Manager and its affiliates, and (iii) the officers, employees, and agents of the Company, including a Representative, each acting within the scope of his, her, or its authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Standard of Care**. No Covered Person shall be liable to the Company for any loss, damage or claim incurred by reason of any action taken or omitted to be taken by such Covered Person, including actions taken or omitted to be taken in the good-faith business judgment of such Covered Person, so long as such action or omission does not constitute fraud or willful misconduct by such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Good Faith Reliance**. A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports, or statements (including financial statements and information) of the following persons: (i) another Covered Person; (ii) any attorney, independent accountant, appraiser, or other expert or professional employed or engaged by or on behalf of the Company; or (iii) any other person selected in good faith by or on behalf of the Company, in each case as to matters that such relying Covered Person reasonably believes to be within such other person's professional or expert competence. The preceding sentence shall in no way limit any person's right to rely on information to the extent provided in the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2. **Liabilities and Duties of Covered Persons**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Limitation of Liability**. This Agreement is not intended to, and does not, create or impose any fiduciary duty on any Covered Person. Furthermore, each Member and the Company hereby waives any and all fiduciary duties that, absent such waiver, may be implied by applicable law, and in doing so, acknowledges and agrees that the duties and obligation of each Covered Person to each other and to the Company are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Members to replace such other duties and liabilities of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Duties**. Whenever a Covered Person is permitted or required to make a decision, the Covered Person shall be entitled to consider only such interests and factors as such Covered Person desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other person. Whenever in this Agreement a Covered Person is permitted or required to make a decision in such Covered Person's "good faith," the Covered Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Agreement or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Indemnification**. To the fullest extent permitted by the Act, as the same now exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Act permitted the Company to provide prior to such amendment, substitution or replacement), the Company shall indemnify, hold harmless, defend, pay and reimburse any Covered Person against any and all losses, claims, damages, judgments, fines or liabilities, including reasonable legal fees or other expenses incurred in investigating or defending against such losses, claims, damages, judgments, fines or liabilities, and any amounts expended in settlement of any claims (collectively, "<u>Losses</u>") to which such Covered Person may become subject by reason of any act or omission or alleged act or omission performed or omitted to be performed by such Covered Person on behalf of the Company in connection with the business of the Company; provided, that (i) such Covered Person acted in good faith and in a manner believed by such Covered Person to be in, or not opposed to, the best interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe his conduct was unlawful, and (ii) such Covered Person's conduct did not constitute fraud or willful misconduct, in either case as determined by a final, nonappealable order of a court of competent jurisdiction. In connection with the foregoing, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Covered Person did not act in good faith or, with respect to any criminal proceeding, had reasonable cause to believe that such Covered Person's conduct was unlawful, or that the Covered Person's conduct constituted fraud or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Reimbursement**. The Company shall promptly reimburse (and/or advance to the extent reasonably required) each Covered Person for reasonable legal or other expenses (as incurred) of such Covered Person in connection with investigating, preparing to defend or defending any claim, lawsuit or other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this section 6.2.3; provided, that if it is finally judicially determined that such Covered Person is not entitled to the indemnification provided by this section 6.2.3, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Entitlement to Indemnity**. The indemnification provided by this section 6.2.3 shall not be deemed exclusive of any other rights to indemnification to which those seeking indemnification may be entitled under any agreement or otherwise. The provisions of this section 6.2.3 shall continue to afford protection to each Covered Person regardless whether such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification under this section 6.2.3 and shall inure to the benefit of the executors, administrators, and legal representative of such Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Insurance**. To the extent available on commercially reasonable terms, the Company may purchase, at its expense, insurance to cover Losses covered by the foregoing indemnification provisions and to otherwise cover Losses for any breach or alleged breach by any Covered Person of such Covered Person's duties in such amount and with such deductibles as the Manager may determine; provided, that the failure to obtain such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions contained herein, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any Covered Person recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person shall, to the extent that such recovery is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect of such Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Funding of Indemnification Obligation**. Any indemnification by the Company pursuant to this section 6.2.3 shall be provided out of and to the extent of Company assets only, and no Member shall have personal liability on account thereof or shall be required to make additional capital contributions to help satisfy such indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Savings Clause**. If this section 6.2.3 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Covered Person pursuant to this section 6.2.3 to the fullest extent permitted by any applicable portion of this section 6.3 that shall not have been invalidated and to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.4. **Amendment**. The provisions of this section 6.2 shall be a contract between the Company, on the one hand, and each Covered Person who served in such capacity at any time while this section is in effect, on the other hand, pursuant to which the Company and each such Covered Person intend to be legally bound. No amendment, modification or repeal of this section that adversely affects the rights of a Covered Person to indemnification for Losses incurred or relating to a state of facts existing prior to such amendment, modification or repeal shall apply in such a way as to eliminate or reduce such Covered Person's entitlement to indemnification for such Losses without the Covered Person's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.5. **Survival**. The provisions of this section 6.2 shall survive the dissolution, liquidation, winding up, and termination of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. **Confidentiality**. For as long as he, she, or it owns an interest in the Company and at all times thereafter, no Investor Member shall divulge to any person or entity, or use for his or its own benefit or the benefit of any person, any information of the Company of a confidential or proprietary nature, including, but not limited to (i) financial information; (ii) designs, drawings, plans, and specifications; (iii) the business methods, systems, or practices used by the Company; and (iii) the identity of the Company's Members, customers, or suppliers. The foregoing shall not apply to information that is in the public domain or that an Investor Member is required to disclose by legal process.

7. **ARTICLE SEVEN: BANK ACCOUNTS; BOOKS OF ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. **Bank Accounts**. Funds of the Company may be deposited in accounts at banks or other institutions selected by the Manager. Withdrawals from any such account or accounts shall be made in the Company's name upon the signature of such persons as the Manager may designate. Funds in any such account shall not be commingled with the funds of any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. **Books and Records of Account**. The Company shall keep at its principal offices books and records of account of the Company which shall reflect a full and accurate record of each transaction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. **Annual Financial Statements and Reports**. Within a reasonable period after the close of each fiscal year, the Company shall furnish to each Member with respect to such fiscal year (i) a statement showing in reasonable detail the computation of the amount distributed under section 4.1, and the manner in which it was distributed (ii) a balance sheet of the Company, (iii) a statement of income and expenses, and (iv) such additional information as may be required by law. The financial statements of the Company need not be audited by an independent certified public accounting firm unless the Manager so elects or the law so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. **Right of Inspection**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1. **In General**. If a Member wishes additional information or to inspect the books and records of the Company for a *bona fide* purpose, the following procedure shall be followed: (i) such Member shall notify the Manager, setting forth in reasonable detail the information requested and the reason for the request; (ii) within sixty (60) days after such a request, the Manager shall respond to the request by either providing the information requested or scheduling a date (not more than 90 days after the initial request) for the Member to inspect the Company's records; (iii) any inspection of the Company's records shall be at the sole cost and expense of the requesting Member; and (iv) the requesting Member shall reimburse the Company for any reasonable costs incurred by the Company in responding to the Member's request and making information available to the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2. **Bona Fide Purpose**. The Manager shall not be required to respond to a request for information or to inspect the books and records of the Company if the Manager believes such request is made to harass the Company or the Manager, to seek confidential information about the Company, or for any other purpose other than a *bona fide* purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3. **Representative**. An inspection of the Company's books and records may be conducted by an authorized representative of a Member, provided such authorized representative is an attorney or a licensed certified public accountant and is reasonably satisfactory to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.4. **Restrictions**. The following restrictions shall apply to any request for information or to inspect the books and records of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member shall have a right to a list of the Investor Members or any information regarding the Investor Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before providing additional information or allowing a Member to inspect the Company's records, the Manager may require such Member to execute a confidentiality agreement satisfactory to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Member shall have the right to any trade secrets of the Company or any other information the Manager deems highly sensitive and confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Member may review the books and records of the Company more than once during any twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any review of the Company's books and records shall be scheduled in a manner to minimize disruption to the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A representative of the Company may be present at any inspection of the Company's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If more than one Member has asked to review the Company's books and records, the Manager may require the requesting Members to consolidate their request and appoint a single representative to conduct such review on behalf of all requested Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Manager may impose additional reasonable restrictions for the purpose of protecting the Company and the Members.

8. **ARTICLE EIGHT: TRANSFERS OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1. **In General**. Except as provided in section 8.1.2, section 8.1.3 or the terms of an Authorizing Resolution, Investor Shares may generally be transferred without the consent of the Company or the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2. **First Right of Refusal**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. In the event an Investor Member (the "<u>Selling Member</u>") receives an offer from a third party to acquire all or a portion of his, her, or its Investor Shares (the "<u>Transfer Shares</u>"), then he, she, or it shall notify the Manager, specifying the Investor Shares to be purchased, the purchase price, the approximate closing date, the form of consideration, and such other terms and conditions of the proposed transaction that have been agreed with the proposed purchaser (the "<u>Sales Notice</u>"). Within thirty (30) days after receipt of the Sales Notice the Manager shall notify the Selling Member whether the Manager (or a person designated by the Manager) elects to purchase the entire Transfer Shares on the terms set forth in the Sales Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Special Rules**. The following rules shall apply for purposes of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Manager elects not to purchase the Transfer Shares, or fails to respond to the Sales Notice within the thirty (30) day period described above, the Selling Member may proceed with the sale to the proposed purchaser, subject to section 8.1.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Manager elects to purchase the Transfer Shares, it shall do so within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Manager elects not to purchase the Transfer Shares, or fails to respond to the Sales Notice within the thirty (30) day period described above, and the Selling Member and the purchaser subsequently agree to a reduction of the purchase price, a change in the consideration from cash or readily tradeable securities to deferred payment obligations or nontradeable securities, or any other material change to the terms set forth in the Sales Notice, such agreement between the Selling Member and the purchaser shall be treated as a new offer and shall again be subject to this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If the Manager elects to purchase the Transfer Shares in accordance with this section, such election shall have the same binding effect as the then-current agreement between the Selling Member and the proposed purchaser. Thus, for example, if the Selling Member and the purchaser have entered into a non-binding letter of intent but have not entered into a binding definitive agreement, the election of the Manager shall have the effect of a non-binding letter of intent with the Selling Member. Conversely, if the Selling Member and the purchaser have entered into a binding definitive agreement, the election of the Manager shall have the effect of a binding definitive agreement. If the Selling Member and the Manager are deemed by this subsection to have entered into only a non-binding letter of intent, neither shall be bound to consummate a transaction if they are unable to agree to the terms of a binding agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3. **Conditions of Transfer**. A transfer of Investor Shares shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transferor has notified the Manager of the proposed transfer at least thirty (30) business days in advance, describing the the terms and conditions of the proposed transfer and any other information reasonably requested by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transferee has executed a copy of this Agreement, agreeing to be bound by all of its terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A fully executed and acknowledged written transfer agreement between the Transferor and the transferee has been filed with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All costs and expenses incurred by the Company in connection with the transfer are paid by the transferor to the Company, without regard to whether the proposed transfer is consummated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager determines, and such determination is confirmed by an opinion of counsel satisfactory to the Manager stating, that (i) the transfer does not violate the Securities Act of 1933 or any applicable state securities laws, (ii) the transfer will not require the Company or the Manager to register as an investment company under the Investment Company Act of 1940, (iii) the transfer will not require the Manager or any affiliate that is not registered under the Investment Advisers Act of 1940 to register as an investment adviser, (iv) the transfer would not pose a material risk that (A) all or any portion of the assets of the Company would constitute "plan assets" under ERISA, (B) the Company would be subject to the provisions of ERISA, section 4975 of the Code or any applicable similar law, or (C) the Manager would become a fiduciary pursuant to ERISA or the applicable provisions of any similar law or otherwise, and (v) the transfer will not violate the applicable laws of any state or the applicable rules and regulations of any governmental authority; *provided*, that the delivery of such opinion may be waived, in whole or in part, at the sole discretion of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4. **Admission of Transferee**. Any permitted transferee of Shares shall be admitted to the Company as a Member on the date agreed by the transferor, the transferee, and the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.5. **Exempt Transfers**. The following transactions shall be exempt from the provisions of section 8.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A transfer to or for the benefit of any spouse, child or grandchild of an Investor Member, or to a trust for their exclusive benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The sale of all or substantially all of the interests of the Company (including pursuant to a merger or consolidation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*provided*, *however*, that in the case of a transfer pursuant to section 8.1.5(a), (i) the transferred Shares shall remain subject to this Agreement, (ii) the transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement, and (iii) the transferred Shares shall not thereafter be transferred further in reliance on section 8.1.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6. **Application to Certain Entities**. In the case of an Investor Member that is a Special Purpose Entity, the restrictions set forth in section 8.1 shall apply to indirect transfers of interests in the Company by transfers of interests in such entity (whether by transfer of an existing interest or the issuance of new interests), as well as to direct transfers. A "<u>Special Purpose Entity</u>" means (i) an entity formed or availed of principally for the purpose of acquiring or holding an interest in the Company, and (ii) any entity if the purchase price of its interest in the Company represents at least seventy percent (70%) of its capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.7. **Other Transfers Void**. Transfers in contravention of this section shall be null, void and of no force or effect whatsoever, and the Members agree that any such transfer may and should be enjoined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. **Death, Insolvency, Etc**. Neither the death, disability, bankruptcy, or insolvency of a Member, nor the occurrence of any other voluntary or involuntary event with respect to a Member, shall give the Company or any Member the right to purchase such Member's Shares, nor give the Member himself (or his heirs, assigns, or representatives) the right to sell such Shares to the Company or any other Member. Instead, such Member or his heirs, assigns, or legal representatives shall remain a Member subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. **Incorporation**. If the Manager determines that the business of the Company should be conducted in a corporation rather than in a limited liability company, whether for tax or other reasons, each Member shall cooperate in transferring the business to a newly-formed corporation and shall execute such agreements as the Manager may reasonably determine are necessary or appropriate, consistent with the terms of the this Agreement. In such event each Member shall receive stock in the newly-formed corporation equivalent to his or its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. **Drag-Along Right**. In the event the Manager approves a sale or other disposition of all of the interests in the Company, then, upon notice of the sale or other disposition, each Member shall execute such documents or instruments as may be requested by the Manager to effectuate such sale or other disposition and shall otherwise cooperate with the Manager. The following rules shall apply to any such sale or other disposition: (i) each Investor Member shall represent that he, she, or it owns his or its Shares free and clear of all liens and other encumbrances, that he, she, or it has the power to enter into the transaction, and whether he, she, or it is a U.S. person, but shall not be required to make any other representations or warranties; (ii) each Investor Member shall grant to the Manager a power of attorney to act on behalf of such Investor Member in connection with such sale or other disposition; and (iii) each Investor Member shall receive, as consideration for such sale or other disposition, the same amount he, she, or it would have received had all or substantially all of the assets of the Company been sold and the net proceeds distributed in liquidation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. **Waiver of Appraisal Rights**. Each Member hereby waives any contractual appraisal rights such Member may otherwise have pursuant to 6 Del. C. §18-210 or otherwise, as well as any "dissenter's rights."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. **Mandatory Redemptions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1. **Based on ERISA Considerations**. The Manager may, at any time, cause the Company to purchase all or any portion of the Investor Shares owned by a Member whose assets are governed by Title I of the Employee Retirement Income Security Act of 1974, Code section 4975, or any similar Federal, State, or local law, if the Manager determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as "plan assets" or otherwise become subject to such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2. **Based on Other Bona Fide Business Reasons**. The Manager may, at any time, cause the Company to purchase all of the Investor Shares owned by a Member if the Manager determines that (i) such Member made a material misrepresentation to the Company; (ii) legal or regulatory proceedings are commenced or threatened against the Company or any of its members arising from or relating to the Member's interest in the Company; (iii) the Manager believes that such Member's ownership has caused or will cause the Company to violate any law or regulation; (iv) such Member has violated any of his, her, or its obligations to the Company or to the other Members; or (ii) such Member is engaged in, or has engaged in conduct (including but not limited to criminal conduct) that (A) brings the Company, or threatens to bring the Company, into disrepute, or (B) is adverse and fundamentally unfair to the interests of the Company or the other Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3. **Purchase Price and Payment**. In the case of any purchase of Investor Shares described in this section 8.6:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purchase Price**. The purchase price of the Shares shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the purchase occurs on or before December 31, 2021, the amount the Member paid for the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the purchase occurs within six (6) months after the Member purchased the Shares, the amount the Member paid for the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the purchase occurs after December 31, 2021 and more than six (6) months after the Member purchased the Shares from the Company and the Company's offering of Investor Shares under 17 CFR §230.251 *et seq* is still effective, the price at which Investor Shares are then being offered by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In all other cases, a price determined in the sole discretion of the Manager that the Manager believes is equal to the fair market value of the Investor Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Payment**. The purchase price shall be paid by wire transfer or other immediately-available funds at closing, which shall be held within within sixty (60) days following written notice from the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. **Withdrawal**. An Investor Member may withdraw from the Company by giving at least ninety (90) days notice to the Manager. The withdrawing Investor Member shall be entitled to no distributions or payments from Company on account of his, her, or its withdrawal, nor shall he, she, or it be indemnified against liabilities of Company. For purposes of this section, an Investor Member who transfers a Class A Interest pursuant to (i) a transfer permitted under section 8.1, or (ii) an involuntary transfer by operation of law, shall not be treated as thereby withdrawing from Company.

9. **ARTICLE NINE: DISSOLUTION AND LIQUIDATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **Dissolution**. The Company shall be dissolved upon the first to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. Within twelve (12) months following the sale of all or substantially all of the assets of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. The entry of a decree of a judicial dissolution pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. **Liquidation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. **Generally**. If the Company is dissolved, the Company's assets shall be liquidated and no further business shall be conducted by the Company except for such action as shall be necessary to wind-up its affairs and distribute its assets to the Members pursuant to the provisions of this Article Nine. Upon such dissolution, the Manager shall have full authority to wind-up the affairs of the Company and to make final distribution as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. **Distribution of Assets**. After liquidation of the Company, the assets of the Company shall be distributed as set forth in Article Two.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3. **Distributions In Kind**. The assets of the Company shall be liquidated as promptly as possible so as to permit distributions in cash, but such liquidation shall be made in an orderly manner so as to avoid undue losses attendant upon liquidation. In the event that in the Manager' opinion complete liquidation of the assets of the Company within a reasonable period of time proves impractical, assets of the Company other than cash may be distributed to the Members in kind but only after all cash and cash-equivalents have first been distributed and after the Pre-Distribution Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4. **Statement of Account**. Each Member shall be furnished with a statement prepared by the Company's accountants, which shall set forth the assets and liabilities of the Company as of the date of complete liquidation, and the capital account of each Member immediately prior to any distribution in liquidation.

10. **ARTICLE TEN: POWER OF ATTORNEY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. **In General**. The Manager shall at all times during the term of the Company have a special and limited power of attorney as the attorney-in-fact for each Investor Member, with power and authority to act in the name and on behalf of each such Investor Member, to execute, acknowledge, and swear to in the execution, acknowledgement and filing of documents which are not inconsistent with the provisions of this Agreement and which may include, by way of illustration but not by limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. This Agreement and any amendment of this Agreement authorized under section 11.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. Any other instrument or document that may be required to be filed by the Company under the laws of any state or by any governmental agency or which the Manager shall deem it advisable to file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. Any instrument or document that may be required to effect the continuation of the Company, the admission of new Members, or the dissolution and termination of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4. Any and all other instruments as the Manager may deem necessary or desirable to effect the purposes of this Agreement and carry out fully its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. **Terms of Power of Attorney**. The special and limited power of attorney of the Manager (i) is a special power of attorney coupled with the interest of the Manager in the Company, and its assets, is irrevocable, shall survive the death, incapacity, termination or dissolution of the granting Investor Member, and is limited to those matters herein set forth; (ii) may be exercised by the Manger by an through one or more of the officers of the Manager for each of the Investor Members by the signature of the Manager acting as attorney-in-fact for all of the Investor Members, together with a list of all Investor Members executing such instrument by their attorney-in-fact or by such other method as may be required or requested in connection with the recording or filing of any instrument or other document so executed; and (iii) shall survive an assignment by an Investor Member of all or any portion of his, her or its Interestor Shares except that, where the assignee of the Investor Shares owned by the Investor Member has been approved by the Manager for admission to the Company, the special power of attorney shall survive such assignment for the sole purpose of enabling the Manager to execute, acknowledge and file any instrument or document necessary to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. **Notice to Investor Members**. The Manager shall promptly furnish to each Investor Member a copy of any amendment to this Agreement executed by the Manger pursuant to a power of attorney from such Investor Member.

11. **ARTICLE ELEVEN: AMENDMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. **Amendments Not Requiring Consent**. The Manager may amend this Agreement without the consent of any Member to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. The correction of typographical errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. A change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. The admission, substitution, withdrawal, or removal of Members in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. Intentionally Omitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.5. An amendment that cures ambiguities or inconsistencies in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.6. An amendment that adds to its own obligations or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.7. A change in the fiscal year or taxable year of the Company and any other changes that the Manager determines to be necessary or appropriate as a result of a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.8. A change the Manager determines to be necessary or appropriate to prevent the Company from being treated as an "investment company" within the meaning of the Investment Company Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.9. A change to facilitate the trading of Shares, including changes required by law or by the rules of a securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.10. A change the Manager determines to be necessary or appropriate to satisfy any requirements or guidelines contained in any opinion, directive, order, ruling, or regulation of any federal or state agency or judicial authority or contained in any Federal or State statute, including but not limited to "no-action letters" issued by the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.11. A change that the Manager determines to be necessary or appropriate to prevent the Company from being subject to the Employee Retirement Income Security Act of 1974;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.12. A change the Manager determines to be necessary or appropriate to reflect an investment by the Company in any corporation, partnership, joint venture, limited liability company or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.13. An amendment that conforms to the Offering Circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.14. Any amendments expressly permitted in this Agreement to be made by the Manager acting alone; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.15. Any other amendment that does not have, and could not reasonably be expected to have, an adverse effect on the Investor Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. **Amendments Requiring Majority Consent**. Any amendment that has, or could reasonably be expected to have, an adverse effect on the Investor Members, other than amendments described in section 11.3, shall require the consent of the Manager and Investor Members holding a majority of the Investor Shares or, if an amendment affects only one class of Investor Shares, then the Investor Members holding a majority of the Investor Shares of that Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. **Amendments Requiring Unanimous Consent**. The following amendments shall require the consent of the Manager and each affected Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.1. An amendment deleting or modifying any of the amendments already listed in this section 11.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.2. An amendment that would require any Investor Member to make additional Capital Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.3. An amendment that would impose personal liability on any Investor Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. **Procedure for Obtaining Consent**. If the Manager proposes to make an amendment to this Agreement that requires the consent of Investor Members, the Manager shall notify each affected Investor Member (who may be all Investor Members, or only Investor Members holding a given class of Investor Shares) in writing, specifying the proposed amendment and the reason(s) why the Manager believe the amendment is in the best interest of the Company. At the written request of Investor Members holding at least Twenty Percent (20%) of the Investor Shares entitled to vote on the amendment, the Manager shall hold an in-person or electronic meeting (*e.g.*, a webinar) to explain and discuss the amendment. Voting may be through paper or electronic ballots. If the Manager proposes an amendment that is not approved by the Investor Members within ninety (90) days from proposal, the Manager shall not again propose that amendment for at least six (6) months.

12. **ARTICLE TWELVE: MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. **Notices**. Any notice or document required or permitted to be given under this Agreement may be given by a party or by its legal counsel and shall be deemed to be given by electronic mail with transmission acknowledgment, to the principal business address of the Company, if to the Company or the Manager, to the email address of an Investor Member povided by such Investor Member, or such other address or addresses as the parties may designate from time to time by notice satisfactory under this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. **Electronic Delivery**. Each Member hereby agrees that all communications with the Company, including all tax forms, shall be via electronic delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. **Governing Law**. This Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. Each Member hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Agreement shall be prosecuted in such courts, except as provided in section 5.6.2, (iii) agrees that any such court shall have in personam jurisdiction over such Member, (iv) consents to service of process by notice sent by regular mail to the address on file with the Company and/or by any means authorized by Delaware law, and (v) if such Member is not otherwise subject to service of process in Delaware, agrees to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. **Waiver of Jury Trial**. EACH MEMBER ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH MEMBER IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT. However, the foregoing waiver of trial by jury does not apply to claims arising under the Federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. **Signatures**. This Agreement may be signed (i) in counterparts, each of which shall be deemed to be a fully-executed original; and (ii) electronically, *e.g.*, via DocuSign. An original signature transmitted by facsimile or email shall be deemed to be original for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. **No Third Party Beneficiaries**. Except as otherwise specifically provided in this Agreement, this Agreement is made for the sole benefit of the parties. No other persons shall have any rights or remedies by reason of this Agreement against any of the parties or shall be considered to be third party beneficiaries of this Agreement in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. **Binding Effect**. This Agreement shall inure to the benefit of the respective heirs, legal representatives and permitted assigns of each party, and shall be binding upon the heirs, legal representatives, successors and assigns of each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. **Titles and Captions**. All article, section and paragraph titles and captions contained in this Agreement are for convenience only and are not deemed a part of the context hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. **Pronouns and Plurals**. All pronouns and any variations thereof are deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or persons may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. **Execution by Investor Members**. It is anticipated that this Agreement will be executed by Investor Members through the execution of a separate Investment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. **Legal Representation**. The Company and the Manager have been represented by Lex Nova Law LLC in connection with the preparation of this Agreement. Each Investor Member (i) represents that such Member has not been represented by Lex Nova Law LLC in connection with the preparation of this Agreement, (ii) agrees that Lex Nova Law LLC may represent the Company and/or the Manager in the event of a dispute involving such Investor Member, and (iii) acknowledges that such Investor Member has been advised to seek separate counsel in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. **Days**. Any period of days mandated under this Agreement shall be determined by reference to calendar days, not business days, except that any payments, notices, or other performance falling due on a Saturday, Sunday, or federal government holiday shall be considered timely if paid, given, or performed on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. **Relationship to Investment Agreement**. In the case of an Investor Member, this Agreement governs such Investor Member's ownership of Investor Shares and the operation of the Company, while the Investment Agreement governs such Investor Member's purchase of Investor Shares. In the event of a conflict between the two agreements, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. **Entire Agreement**. This Agreement constitutes the entire agreement among the parties with respect to its subject matter and supersedes all prior agreements and understandings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 5 COLOMBIA LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: Energea Global, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Silvestrini, Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chris Sattler, Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 GLOBAL LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Silvestrini, Manager

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chris Sattler, Manager

## Ex1A-2B

&nbsp;&nbsp; <br> **LIMITED PARTNERSHIP AGREEMENT**<br> **OF**<br> **ENERGEA PORTFOLIO 5 LATAM LP,**<br> **a Delaware Limited Partnership**<br> **___________**<br>**June 17, 2025**<br>

**LIMITED PARTNERSHIP AGREEMENT**

**OF**

**Energea Portfolio 5 LATAM LP**

This Limited Partnership Agreement (as amended from time to time in accordance with its terms, this "<u>Agreement</u>") is entered on June 17, 2025, by and among Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>"), Energea Global LLC, a Delaware limited liability company ("<u>Energea Global</u>" or the "<u>General Partner</u>"), and the persons currently holding Class A Investor Shares (as hereinafter defined) and the persons admitted to the Company as limited partners by the General Partner following the date of this Agreement (collectively "<u>Limited Partners</u>").

**Introduction**

WHEREAS, the Company was formed on August 7, 2023 as a Delaware limited liability company and the Company elected to be classified as a C-corporation for federal income tax purposes;

WHEREAS, on December 3, 2024, the Company filed a Certificate of Amendment with the Secretary of State of Delaware changing the Company name from Energea Portfolio 5 Colombia LLC to Energea Portfolio 5 LATAM LLC;

WHEREAS, on June 17, 2025, the General Partner (in its then current capacity as the manager of the Company) determined that it was advisable and in the Company's best interest to convert the Company from a limited liability company to a limited partnership pursuant to and under the Delaware Limited Liability Company Act (as amended) (the "<u>LLC Act</u>") and the Act (as hereinafter defined) (the "<u>Conversion</u>") and in connection therewith (i) the Company maintained its election to be classified for federal income tax purposes as a C-corporation and (ii) the Limited Liability Company Agreement (the "<u>OA</u>") was superseded and replaced by this Agreement pursuant to the authority granted to the General Partner (in its then current capacity as the manager of the Company) under the OA;

WHEREAS, in connection with the Conversion (i) each outstanding common share automatically converted into one (1) Common Share (as hereinafter defined) and (ii) each outstanding class A investor share (the "<u>LLC Class A Investor Shares</u>") automatically converted into one (1) Class A Investor Share (having the rights set forth in the Authorizing Resolution attached hereto as <u>Exhibit A</u> (the "<u>Class A Authorizing Resolution</u>");

WHEREAS, the a portion of the unissued Class A Investor Shares (as hereinafter defined) will be offered to the public pursuant to an Offering Statement on Form 1-A (as the same may be amended, the "<u>Offering Circular</u>") which the Company will file on or about the date hereof and thereafter the Company will attempt to have such Offering qualified by the Securities and Exchange Commission (the "<u>SEC</u>");

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

**Article I. CONTINUATION OF LIMITED PARTNERSHIP**

1.01 **Continuation of Limited Partnership**. The Company was formed in accordance with and pursuant to the LLC Act and connection with the Conversion, the Company became a Delaware limited partnership under the Delaware Revised Uniform Limited Partnership Act (6 Del. C. § 17-101 et seq.), as the same may be hereafter amended from time to time (the "<u>Act</u>") which is organized for the purposes set for the below. The rights and obligations of the General Partner and the Limited Partners to one another and to third parties shall be governed by the Act except that, in accordance with 6 Del. C. § 17-1101(c), conflicts between provisions of the Act and provisions in this Agreement shall be resolved in favor of the provisions in this Agreement except where the provisions of the Act may not be varied by contract as a matter of law.

1.02 **Name**. The name of the Company shall be "Energea Portfolio 5 LATAM LP" and all of its business shall be conducted under that name or such other name(s) as may be designated by the General Partner.

1.03 **Purpose**. The Company may engage in any other business in which limited partnerships may legally engage under the Act, including but not limited to investing in solar energy projects in Latin America, making loans to entities and making other investments. In carrying on its business, the Company may enter into contracts, incur indebtedness, sell, lease, or encumber any or all of its property, engage the services of others, enter into joint ventures, and take any other actions the General Partner deems advisable.

1.04 **Fiscal Year**. The fiscal and taxable year of the Company shall be the calendar year, or such other period as the General Partner determines.

**Article II. CONTRIBUTIONS AND LOANS**

2.01 **Initial Contributions**. The General Partner has not contributed any capital to the Company. Each Limited Partner will contribute to the capital of the Company the amount specified in his, her, or its applicable investment agreement in connection with the transactions to be described in the Offering Circular. The capital contributions of General Partner (if any) or any Limited Partner (collectively, the "<u>Partners</u>") to the Company are referred to in this Agreement as "<u>Capital Contributions</u>."

2.02 **Other Required Contributions**. No Partner shall be obligated to contribute any capital to the Company beyond the Capital Contributions described in <u>Section 2.01</u>.

2.03 **Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. The General Partner or its affiliates may, but shall not be required to, lend money to the Company in the General Partner's sole discretion. No Limited Partner may lend money to the Company without the prior written consent of the General Partner. Subject to applicable state laws regarding maximum allowable rates of interest, loans made by any a Partner to the Company ("<u>Partner Loans</u>") shall bear interest at the higher of (i) the prime rate of interest designated in the Wall Street Journal on any date within ten (10) days of the date of the loan, plus four (4) percentage points; or (ii) the minimum rate necessary to avoid "imputed interest" under section 7872 or other applicable provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). Partner Loans shall be payable on demand and shall be evidenced by one or more promissory notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Repayment of Loans (Priority)**. After payment of (i) current and past-due debt service on liabilities of the Company other than Partner Loans, and (ii) all operating expenses of the Company, the Company shall pay the current and past-due debt service on any outstanding Partner Loans before distributing any amount to any Partner pursuant to <u>Article Four</u>. All Partner Loans shall be repaid *pro rata*, paying all past-due interest first, then all past-due principal, then all current interest, and then all current principal.

2.04 **Other Provisions on Capital Contributions**. Except as otherwise provided in this Agreement or by 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;(a) No Partner shall be required to contribute any additional capital to the Company after payment of the Capital Contribution described in <u>Section 2.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Partner may withdraw any part of his, her, or its capital from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Partner shall be required to make any loans to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Partner Loans shall not be considered a contribution of capital and shall not result in the adjustment of the number of Shares (as hereinafter defined) owned by a Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No interest shall be paid on any initial or additional Capital Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Under any circumstance requiring a return of all or any portion of a Capital Contribution, no Partner shall have the right to receive property other than cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Partner shall be liable to any other Partner for the return of his, her, or its Capital Contributions.

2.05 **No Third Party Beneficiaries**. Any obligation or right of the Partner to contribute capital under the terms of this Agreement does not confer any rights or benefits to or upon any person who is not a party to this Agreement.

**Article III. SHARES**

3.01 **Limited Partnership Interests**. The existing partnership interests of the Company consist of Two Billion Five Hundred and One Million (2,501,000,000) (such partnership interests are hereinafter referred to as the "<u>Shares</u>"). As of the date hereof: (i) 1,000,000 of the Shares are designated as "<u>Common Shares</u>" all of which are owned by the General Partner and (ii) 2,500,000,000 Shares are designated as "<u>Investors Shares</u>" and 500,000,000 of the Investor Shares are designated as Class A Investor Shares (having the rights, powers and preferences set forth in the Authorizing Resolution attached hereto as <u>Exhibit A</u>), a portion of which is issued and outstanding and currently owned by the Limited Partners as shown in the records of the Company, and 2,000,000,000 of the Investor Shares shall be designated as Class B Investor Shares, Class C Investor Shares, Class D Investor Shares and Class I Investor Shares (having the rights, powers and preferences set forth in the Authorizing Resolution attached hereto as <u>Exhibit B</u>), none of which are outstanding as of the date hereof*.*

3.02 **Classes of Investor Shares**. In the event that any Investor Shares are not sold either (i) pursuant to investment agreements as described in the Offering Circular or (ii) pursuant to the Company's expected offering to accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), the General Partner may determine remove any rights, powers and preferences of such unsold Investor Shares. The General Partner may divide any Investor Shares which are not outstanding into one or more classes. The number of Shares of each such class of Investor Shares, and the rights and preferences of each such class, shall be as set forth in the resolution or resolutions of the General Partner creating such class, referencing this <u>Section 3.02</u> (each, an "<u>Authorizing Resolution</u>"). Without limitation of the generality of the foregoing, the General Partner may establish, with respect to each class of Investor Shares, its voting powers, conversion rights or obligations, redemption rights or obligations, preferences as to distributions, and other matters. The Authorizing Resolution providing for issuance of any class of Investor Shares may provide that such class shall be superior or rank equally or be junior to the then outstanding Investor Shares of any other class except to the extent prohibited by the terms of the Authorizing Resolution establishing another class.

3.03 **Share Splits and Consolidations**. The General Partner may at any time increase or decrease the authorized and/or outstanding number of Shares of any class or series, including Common Shares, provided that any increase or decrease in the number of Shares outstanding shall be made *pro rata* with respect to all Partners owning the outstanding Shares of such class or series. The General Partner shall promptly notify all of the Partners of any such transaction.

3.04 **Certificates**. The Shares shall not be evidenced by written certificates unless the General Partner determines otherwise. If the General Partner determines to issue certificates representing Shares, the certificates shall be subject to such rules and restrictions as the General Partner may determine.

3.05 **UCC**. If determined by the General Partner, all Shares shall be "securities" governed by Article 8 of the Uniform Commercial Code in any jurisdiction (a) that has adopted revisions to Article 8 of the Uniform Commercial Code substantially consistent with 1994 Revisions to Article 8 adapted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and (b) whose law may be applicable, from time to time, to the issues of perfection, the effect of perfection or non-perfection, and the priority of a security interest in Shares.

3.06 **Intentionally Omitted**.

3.07 **Registry of Shares**. The Company shall keep or cause to be kept on behalf of the Company a register of the Partners. The Company may, but shall not be required to, appoint a transfer agent registered with the securities exchange on which any Shares are registered.

**Article IV. DISTRIBUTIONS**

4.01 **In General**. The General Partner may, in its sole discretion, make and pay distributions of cash or other assets of the Company to the Partners.

4.02 **Special Rules Governing Distributions**. Except as otherwise provided in this Agreement or in an Authorizing Resolution (i) any distributions of the Company not expressly payable to the holders of a class of Investor Shares shall be payable to the holders of the Common Shares, (ii) any distributions made to the holders of any class of Investor Shares as a group shall be made *pro rata* among such holders based on their respective ownership of the Shares of such class, and (iii) no Partner shall have any right to distributions except as may be authorized by the General Partner unless otherwise provided in an Authorizing Resolution.

4.03 **Items Taken Into Account**. In determining the amount and timing of distributions, the General Partner may take into account the following items of income and expense, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Revenue from solar projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Revenue from operations and maintenance contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest paid on loans made by the Company or investments made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made to landowners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The cost of utilities, security, insurance, and software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Expenses associated with operating and maintaining solar power projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The net proceeds from the sale or refinancing of property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The cost of 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;(i) Debt service payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Cash distributions from, and capital contributions to, entities in which the Company owns an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Amounts added to and released from reserve accounts established by the General Partner in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Fees paid to the General Partner and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Fees paid to third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all of the other operating expenses of the Company.

4.04 **Tax Withholding**. To the extent the Company is required to pay over any amount to any federal, state, local or foreign governmental authority with respect to distributions or allocations to any Partner, the amount withheld shall be deemed to be a distribution in the amount of the withholding to that Partner. If the amount paid over was not withheld from an actual distribution (i) the Company shall be entitled to withhold such amounts from subsequent distributions, and (ii) if no such subsequent distributions are anticipated for six (6) months, the Partner shall , at the request of the Company, promptly reimburse the Company for the amount paid over.

4.05 **Manner of Distribution**. Unless otherwise provided herein, all distributions to the Partners will be made as Automated Clearing House (ACH) deposits into an account designated by each Partner. If a Partner does not authorize the Company to make such ACH distributions into a designated Partner account, distributions to such Partner will be made by check and mailed to such Partner after deduction by the Company from each check of a Fifty Dollar ($50) processing fee.

4.06 **Other Rules Governing Distributions**. No distribution prohibited by 6 Del. C. §17-607, 6 Del. C. § 17-804 or not specifically authorized under this Agreement shall be made by the Company to any Partner in his or its capacity as a Partner. A Partner who receives a distribution prohibited by 6 Del. C. § 17-607 or 6 Del. C. § 17-804 shall be liable as provided therein.

**Article V. MANAGEMENT**

5.01 **Management by General Partner**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. The business and affairs of the Company shall be directed, managed, and controlled by the General Partner. Energea Global shall serve as the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Powers of General Partner**. The General Partner shall have full and complete authority, power and discretion to manage and control the business, affairs and properties of the Company, to make all decisions regarding those matters, to execute any contracts or other instruments on behalf of the Company, and to perform any and all other acts or activities customary or incidental to the management of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Examples of General Partner's Authority**. Without limiting the grant of authority set forth in <u>Section 5.01(b)</u>, the General Partner shall have the power to (i) create classes of Investor Shares with such terms and conditions as the General Partner may determine in its sole discretion; (ii) issue Shares to any person for such consideration as the General Partner maybe determine in its sole discretion, and admit such persons to the Company as Limited Partners; (iii) engage the services of third parties to perform services on behalf of the Company; (iv) enter into one or more joint ventures; (v) purchase, lease, sell, or otherwise dispose of real estate and other assets, in the ordinary course of business or otherwise; (vi) enter into leases and any other contracts of any kind; (vii) incur indebtedness on behalf of the Company, whether to banks or other lenders; (viii) determine the amount of the Company's available cash and the timing and amount of distributions to Partners (except as otherwise set forth in an Authorizing Resolution); (ix) determine the information to be provided to the Partners in accordance with this Agreement; (x) grant mortgages, liens, and other encumbrances on the Company's assets; (xi) make all elections under the Code and the provisions of State and local tax laws; (xiii) file a petition in bankruptcy; (xiv) discontinue the business of the Company; (xv) make investments in other persons or entities in the form of debt or equity, (xvi) make investments or (xvii) dissolve the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Restrictions on Limited Partners**. Except as expressly provided otherwise in this Agreement, Limited Partners shall not be entitled to participate in the management or control of the Company, nor shall any Limited Partner hold himself, herself or itself out as having such authority and unless otherwise set forth in an Authorizing Resolution, each Investor Share shall have one vote per share. Unless authorized to do so by the General Partner, no attorney-in-fact, employee or other agent of the Company shall have any power or authority to bind the Company in any way, to pledge its credit or to render it liable pecuniarily for any purpose. No Limited Partner shall have any power or authority to bind the Company unless such Limited Partner has been authorized by the General Partner in writing to act as an agent of the Company in accordance with the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Authorizing Resolutions**. Notwithstanding the foregoing provisions of this <u>Section 5.01</u>, an Authorizing Resolution may limit the authority of the General Partner and/or confer voting rights on any Limited Partner(s) or class or series of Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Reliance by Third Parties**. Anyone dealing with the Company shall be entitled to assume that the General Partner and any officer authorized by the General Partner to act on behalf of and in the name of the Company has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company and to enter into any contracts on behalf of the Company, and shall be entitled to deal with the General Partner or any officer as if it were the Company's sole party in interest, both legally and beneficially. No Limited Partner shall assert, vis-à-vis a third party, that such third party should not have relied on the apparent authority of the General Partner or any officer authorized by the General Partner to act on behalf of and in the name of the Company, nor shall anyone dealing with the General Partner or any of its officers or representatives be obligated to investigate the authority of such person in a given instance.

5.02 **Standard of Care**. The General Partner shall conduct the Company's business using its business judgment but without creating or imposing any type of fiduciary duty on the General Partner, as more fully described in <u>Section 6.02(b)</u>.

5.03 **Time Commitment**. The General Partner shall devote such time to the business and affairs of the Company as the General Partner may determine in its sole and absolute discretion.

5.04 **Reimbursement of Expenses**. The Company shall reimburse the General Partner and its affiliates, without interest, for the actual out-of-pocket expenses they incur in connection with the offering of any Investor Shares, and the admission of investors in the Company, including, without limitation, travel, legal, accounting, filing, advertising, and all other expenses incurred in connection with the offer and sale of interests in the Company.

5.05 **Compensation of General Partner and its Affiliates**. The General Partner and its affiliates shall be entitled to the compensation and/or expense reimbursement (in addition to that described in <u>Section 5.04</u>) to be described in the Offering Circular.

5.06 **Removal of General Partner**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. The General Partner may be removed by the affirmative vote of Limited Partners holding seventy-five percent (75%) of the total number of Investor Shares then issued and outstanding (a "<u>Super Majority Vote</u>"), but only if the Limited Partners have Cause (as hereinafter defined) to remove the General Partner, as defined in <u>Section 5.06(c)</u> and follow the procedure set forth in <u>Section 5.06(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Procedure**.

(i) **Notice and Response**. A Limited Partner who wishes to remove the General Partner and believes there is Cause for doing so within the meaning of <u>Section 5.06(c)</u> shall notify the General Partner, referencing this <u>Section 5.06</u> and setting forth in detail the reasons for his, her, or its belief. Within thirty (30) days after receiving such a notice, the General Partner shall respond by acknowledging the receipt of the notice and (i) stating that the General Partner does not believe there is merit in the Limited Partner's allegations, (ii) explaining why the General Partner does not believe Cause exists for removal, or (iii) stating that while Cause may exist for removal, the General Partner does not believe removal would be in the best interest in the Company. If the General Partner fails to respond, the General Partner shall be deemed to have stated that it does not believe there is merit in the Limited Partner's allegations. In the event the Limited Partner communicates with any third party concerning his request for removal, including any other Limited Partner but not including his, her, or its own legal counsel, he, she, or it shall include a copy of the General Partner's response. The failure of the General Partner to include in its response any defense, facts, or arguments shall not preclude the General Partner from including such defense, facts, or arguments in subsequent communications or proceedings.

(ii) **Vote**. After following the procedure described in <u>Section 5.06(b)(i)</u>, the Limited Partners owning at least twenty-five percent (25%) of the Investor Shares then issued and outstanding (the "<u>Dissident Limited Partners</u>") may call for a vote of the Limited Partners. The General Partner and a single representative chosen by the Dissident Limited Partners shall cooperate in sending to all Limited Partners a package of materials bearing on whether Cause exists under <u>Section 5.06(c)</u> and whether it is in the best interest of the Company to remove the General Partner, and a vote of the Limited Partners shall be taken by electronic means, with responses due within thirty (30) days. The failure of the General Partners or the Dissident Limited Partners to include in this package any defense, facts, or arguments shall not preclude them from including such defense, facts, or arguments in subsequent communications or proceedings.

(iii) **Arbitration**. In the event of a Super Majority Vote to remove the General Partner within the thirty (30) day period described in <u>Section 5.06(b)(ii)</u>, then the question as to whether Cause exists to remove the General Partner shall be referred to a single arbitrator in arbitration proceedings held in Wilmington, Delaware in conformance with the then-current rules and procedures of the American Arbitration Association. The removal of the General Partner shall not become effective until the arbitrator determines that Cause exists and the decision of the arbitrator shall be binding and non-appealable. In the event there is no Super Majority Vote to remove the General Partner within the thirty (30) day period described in <u>Section 5.06(b)(ii)</u>, then the General Partner shall not be removed and no subsequent proceeding to remove the General Partner shall be held with respect to substantially similar grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Cause Defined**. For purposes of this <u>Section 5.06</u>, "<u>Cause</u>" shall be deemed to exist if any only if:

(i) **Uncured Breach**. The General Partner breaches any material provision of this Agreement and the breach continues for more than (30) days after the General Partner has received written notice, or, in the case of a breach that cannot be cured within thirty (30) days, the General Partner fails to begin curing the breach within thirty (30) days or the breach remains uncured for ninety (90) days;

(ii) **Bankruptcy**. The General Partner makes a general assignment for the benefit of its creditors; or is adjudicated a bankrupt; or files a voluntary petition in bankruptcy; or files a petition or answer seeking reorganization or an arrangement with creditors, or to take advantage of any insolvency, readjustment of loan, dissolution or liquidation law or statute; or an order, judgment, or decree is entered without the General Partner's consent appointing a receiver, trustee or liquidator for the General Partner;

(iii) **Bad Acts**. The General Partner engages in willful misconduct or acts with reckless disregard to its obligations, in each case causing material harm to the Company, or engages in bad faith in activities that are beneficial to itself and cause material harm to the Company, and the individual responsible for such actions is not terminated within thirty (30) days after the General becomes aware of such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Effect on Common Shares**. The removal of the General Partner shall not affect the interests of the General Partner in its Common Shares.

5.07 **Removal of General Partner by Lender.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. The General Partner may, on behalf of the Company, enter into an agreement with a lender that allows the lender to remove the General Partner in the event of a default under the loan and replace the General Partner with a person designated by the lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Effect on Ownership**. The removal of the General Partner pursuant to this <u>Section 5.07</u> shall not, of itself, affect the General Partner's ownership of Common Shares.

5.08 **Election of New General Partner Following Removal**. If the General Partner has been removed in accordance with this Agreement, a new general partner of the Partnership shall be elected by a Super Majority Vote.

**Article VI. OTHER BUSINESSES; INDEMNIFICATION; CONFIDENTIALITY**

6.01 **Other Businesses**. Each Partner (including the General Partner) may engage in any business whatsoever, including a business that is competitive with the business of the Company, and the other Partners shall have no interest in such businesses and no claims on account of such businesses, whether such claims arise under any the doctrine applicable to partnerships which is substantially similar or analogous to "corporate opportunity," an alleged fiduciary obligation owed to the Company or the Partners, or otherwise. Without limiting the preceding sentence, the Limited Partners acknowledge that the General Partner and/or its affiliates do and intend to sponsor, manage, invest in, and otherwise be associated with other entities and business investing in the same assets classe(es) as the Company, some of which could be competitive with the Company. No Limited Partner shall have any claim against the General Partner or its affiliates on account of such other entities or businesses.

6.02 **Exculpation and Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Exculpation**.

(i) **Covered Persons**. As used in this <u>Section 6.02</u>, the term "<u>Covered Person</u>" means (i) the General Partner and its affiliates, (ii) the members, managers, officers, employees, and agents of the General Partner and its affiliates, and (iii) the officers, employees, and agents of the Company, including any representative of the Company, each acting within the scope of his, her, or its authority.

(ii) **Standard of Care**. No Covered Person shall be liable to the Company for any loss, damage or claim incurred by reason of any action taken or omitted to be taken by such Covered Person, including actions taken or omitted to be taken in the good-faith business judgment of such Covered Person, so long as such action or omission does not constitute fraud or willful misconduct by such Covered Person.

(iii) **Good Faith Reliance**. A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports, or statements (including financial statements and information) of the following persons: (i) another Covered Person; (ii) any attorney, independent accountant, appraiser, or other expert or professional employed or engaged by or on behalf of the Company; or (iii) any other person selected in good faith by or on behalf of the Company, in each case as to matters that such relying Covered Person reasonably believes to be within such other person's professional or expert competence. The preceding sentence shall in no way limit any person's right to rely on information to the extent provided in the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Liabilities and Duties of Covered Persons**.

(i) **Limitation of Liability**. This Agreement is not intended to, and does not, create or impose any fiduciary duty on any Covered Person. Furthermore, each Partner and the Company hereby waives any and all fiduciary duties that, absent such waiver, may be implied by applicable law, and in doing so, acknowledges and agrees that the duties and obligation of each Covered Person to each other and to the Company are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Covered Person otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Covered Person.

(ii) **Duties**. Whenever a Covered Person is permitted or required to make a decision, the Covered Person shall be entitled to consider only such interests and factors as such Covered Person desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other person. Whenever in this Agreement a Covered Person is permitted or required to make a decision in such Covered Person's "good faith," the Covered Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Agreement or any other applicable 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;(c) **Indemnification**.

(i) **Generally**. To the fullest extent permitted by the Act, as the same now exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Act permitted the Company to provide prior to such amendment, substitution or replacement), the Company shall indemnify, hold harmless, defend, pay and reimburse any Covered Person against any and all losses, claims, damages, judgments, fines or liabilities, including reasonable legal fees or other expenses incurred in investigating or defending against such losses, claims, damages, judgments, fines or liabilities, and any amounts expended in settlement of any claims (collectively, "<u>Losses</u>") to which such Covered Person may become subject by reason of any act or omission or alleged act or omission performed or omitted to be performed by such Covered Person on behalf of the Company in connection with the business of the Company; provided, that (i) such Covered Person acted in good faith and in a manner believed by such Covered Person to be in, or not opposed to, the best interests of the Company and, with respect to any criminal proceeding, had no reasonable cause to believe his conduct was unlawful, and (ii) such Covered Person's conduct did not constitute fraud or willful misconduct, in either case as determined by a final, nonappealable order of a court of competent jurisdiction. In connection with the foregoing, the termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Covered Person did not act in good faith or, with respect to any criminal proceeding, had reasonable cause to believe that such Covered Person's conduct was unlawful, or that the Covered Person's conduct constituted fraud or willful misconduct.

(ii) **Reimbursement**. The Company shall promptly reimburse (and/or advance to the extent reasonably required) each Covered Person for reasonable legal or other expenses (as incurred) of such Covered Person in connection with investigating, preparing to defend or defending any claim, lawsuit or other proceeding relating to any Losses for which such Covered Person may be indemnified pursuant to this <u>Section 6.02(c)</u>; provided, that if it is finally judicially determined that such Covered Person is not entitled to the indemnification provided by this <u>Section 6.02(c)</u>, then such Covered Person shall promptly reimburse the Company for any reimbursed or advanced expenses.

(iii) **Entitlement to Indemnity**. The indemnification provided by this <u>Section 6.02(c)</u> shall not be deemed exclusive of any other rights to indemnification to which those seeking indemnification may be entitled under any agreement or otherwise. The provisions of this <u>Section 6.02(c)</u> shall continue to afford protection to each Covered Person regardless whether such Covered Person remains in the position or capacity pursuant to which such Covered Person became entitled to indemnification under this <u>Section 6.02(c)</u> and shall inure to the benefit of the executors, administrators, and legal representative of such Covered Person.

(iv) **Insurance**. To the extent available on commercially reasonable terms, the Company may purchase, at its expense, insurance to cover Losses covered by the foregoing indemnification provisions and to otherwise cover Losses for any breach or alleged breach by any Covered Person of such Covered Person's duties in such amount and with such deductibles as the General Partner may determine; provided, that the failure to obtain such insurance shall not affect the right to indemnification of any Covered Person under the indemnification provisions contained herein, including the right to be reimbursed or advanced expenses or otherwise indemnified for Losses hereunder. If any Covered Person recovers any amounts in respect of any Losses from any insurance coverage, then such Covered Person shall, to the extent that such recovery is duplicative, reimburse the Company for any amounts previously paid to such Covered Person by the Company in respect of such Losses.

(v) **Funding of Indemnification Obligation**. Any indemnification by the Company pursuant to this <u>Section 6.02(c)</u> shall be provided out of and to the extent of Company assets only, and no Partner shall have personal liability on account thereof or shall be required to make additional capital contributions to help satisfy such indemnification obligation.

(vi) **Savings Clause**. If this <u>Section 6.02(c)</u> or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Covered Person pursuant to this <u>Section 6.02(c)</u> to the fullest extent permitted by any applicable portion of this <u>Section 6.02(c)</u> that shall not have been invalidated and to the fullest extent permitted by applicable law.

(vii) **Permissive Indemnification**. The Company may provide indemnification and advancement of expenses to any other persons either performing services on its behalf or on behalf of any of its subsidiaries or any entity that owns a solar project invested in by the Company, on the terms and conditions approved by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Amendment**. The provisions of this <u>Section 6.02(c)</u> shall be a contract between the Company, on the one hand, and each Covered Person who served in such capacity at any time while this section is in effect, on the other hand, pursuant to which the Company and each such Covered Person intend to be legally bound. No amendment, modification or repeal of this <u>Section 6.02</u> that adversely affects the rights of a Covered Person to indemnification for Losses incurred or relating to a state of facts existing prior to such amendment, modification or repeal shall apply in such a way as to eliminate or reduce such Covered Person's entitlement to indemnification for such Losses without the Covered Person's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Survival**. The provisions of this <u>Section 6.02</u> shall survive the dissolution, liquidation, winding up, and termination of the Company.

6.03 **Confidentiality**. For as long as he, she, or it owns an interest in the Company and at all times thereafter, no Limited Partner shall divulge to any person or entity, or use for his or its own benefit or the benefit of any person, any information of the Company of a confidential or proprietary nature, including, but not limited to (i) financial information; (ii) designs, drawings, plans, and specifications; (iii) the business methods, systems, or practices used by the Company; and (iii) the identity of the Partners, customers, or suppliers. The foregoing shall not apply to information that is in the public domain or that a Limited Partner is required to disclose by legal process.

**Article VII. BANK ACCOUNTS; BOOKS OF ACCOUNT**

7.01 **Bank Accounts**. Funds of the Company may be deposited in accounts at banks or other institutions selected by the General Partner. Withdrawals from any such account or accounts shall be made in the Company's name upon the signature of such persons as the General Partner may designate. Funds in any such account shall not be commingled with the funds of any Partner.

7.02 **Books and Records of Account**. The Company shall keep at its principal offices books and records of account of the Company which shall reflect a full and accurate record of each transaction of the Company.

7.03 **Annual Financial Statements and Reports**. Within a reasonable period after the close of each fiscal year, the Company shall furnish to each Partner with respect to such fiscal year (i) a statement showing in reasonable detail the computation of the amount distributed under <u>Section 4.01</u> or any Authorizing Resolution, and the manner in which it was distributed (ii) a balance sheet of the Company, (iii) a statement of income and expenses, and (iv) such additional information as may be required by law. The financial statements of the Company need not be audited by an independent certified public accounting firm unless the General Partner so elects or the law so requires.

7.04 **Right of Inspection**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. If a Limited Partner wishes additional information or to inspect the books and records of the Company for a *bona fide* purpose, the following procedure shall be followed: (i) such Limited Partner shall notify the General Partner, setting forth in reasonable detail the information requested and the reason for the request; (ii) within sixty (60) days after such a request, the General Partner shall respond to the request by either providing the information requested or scheduling a date (not more than 90 days after the initial request) for the Limited Partner to inspect the Company's records; (iii) any inspection of the Company's records shall be at the sole cost and expense of the requesting Limited Partner; and (iv) the requesting Limited Partner shall reimburse the Company for any reasonable costs incurred by the Company in responding to the Limited Partner's request and making information available to the Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Bona Fide Purpose**. The General Partner shall not be required to respond to a request for information or to inspect the books and records of the Company if the General Partner believes such request is made to harass the Company or the General Partner, to seek confidential information about the Company, or for any other purpose other than a *bona fide* purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Representative**. An inspection of the Company's books and records may be conducted by an authorized representative of a Limited Partner, provided such authorized representative is an attorney or a licensed certified public accountant and is reasonably satisfactory to the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Restrictions**. The following restrictions shall apply to any request for information or to inspect the books and records of the Company:

(i) No Limited Partner shall have a right to a list of the Limited Partners or any information regarding the Limited Partners.

(ii) Before providing information or allowing a representative of a Limited Partner to inspect the Company's records, the General Partner may require such representative to execute a confidentiality agreement satisfactory to the General Partner.

(iii) No Limited Partner shall have the right to any trade secrets of the Company or any other information the General Partner deems highly sensitive and confidential.

(iv) No Limited Partner may review the books and records of the Company more than once during any twelve (12) month period.

(v) Any review of the Company's books and records shall be scheduled in a manner to minimize disruption to the Company's business.

(vi) A representative of the Company may be present at any inspection of the Company's books and records.

(vii) If more than one Limited Partner has asked to review the Company's books and records, the General Partner may require the requesting Limited Partners to consolidate their requests and appoint a single representative to conduct such review on behalf of all requesting Limited Partners.

(viii) The General Partner may impose additional reasonable restrictions for the purpose of protecting the Company and the Partners.

**Article VIII. TRANSFERS OF SHARES**

8.01 **In General**. Except as provided in <u>Section 8.02</u>, <u>Section 8.03</u> or the terms of an Authorizing Resolution, Investor Shares may generally be transferred without the consent of the Company or the General Partner.

8.02 **First Right of Refusal**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General**. In the event a Limited Partner (the "<u>Selling LP</u>") receives an offer from a third party to acquire all or a portion of his, her, or its Investor Shares (the "<u>Transfer Shares</u>"), then he, she, or it shall notify the General Partner, specifying the Investor Shares to be purchased, the purchase price, the approximate closing date, the form of consideration, and such other terms and conditions of the proposed transaction that have been agreed with the proposed purchaser (the "<u>Sales Notice</u>"). Within thirty (30) days after receipt of the Sales Notice the General Partner shall notify the Selling LP whether the General Partner (or a person designated by the General Partner) elects to purchase the entire Transfer Shares on the terms set forth in the Sales Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Special Rules**. The following rules shall apply for purposes of this <u>Section 8.02</u>:

(i) If the General Partner elects not to purchase the Transfer Shares, or fails to respond to the Sales Notice within the thirty (30) day period described above, the Selling LP may proceed with the sale to the proposed transfer, subject to the remaining terms of this <u>Section 8.02</u>.

(ii) Subject to <u>Section 8.02(b)(iv)</u>, if the General Partner elects to purchase the Transfer Shares, it shall do so within thirty (30) days. If the Company cannot for any reason pay for the Transfer Shares in the same form of non-cash consideration, the Company may pay the cash value equivalent thereof.

(iii) If the General Partner elects not to purchase the Transfer Shares, or fails to respond to the Sales Notice within the thirty (30) day period described above, and the Selling LP and the purchaser subsequently agree to a reduction of the purchase price, a change in the consideration from cash or readily tradeable securities to deferred payment obligations or nontradeable securities, or any other material change to the terms set forth in the Sales Notice, such agreement between the Selling LP and the purchaser shall be treated as a new offer and shall again be subject to this section.

(iv) If the General Partner elects to purchase the Transfer Shares in accordance with this <u>Section 8.02</u>, such election shall have the same binding effect as the then-current agreement between the Selling LP and the proposed purchaser. Thus, for example, if the Selling LP and the purchaser have entered into a non-binding letter of intent but have not entered into a binding definitive agreement, the election of the General Partner shall have the effect of a non-binding letter of intent with the Selling LP. Conversely, if the Selling LP and the purchaser have entered into a binding definitive agreement, the election of the General Partner shall have the effect of a binding definitive agreement. If the Selling LP and the General Partner are deemed by this <u>Section 8.02(b)(iv)</u> to have entered into only a non-binding letter of intent, neither shall be bound to consummate a transaction if they are unable to agree to the terms of a binding agreement.

8.03 **Conditions of Transfer**. A transfer of Investor Shares shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transferring Limited Partner has notified the General Partner of the proposed transfer at least thirty (30) business days in advance, describing the terms and conditions of the proposed transfer and any other information reasonably requested by the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transferee has executed a copy of this Agreement, agreeing to be bound by all of its terms and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A fully executed and acknowledged written transfer agreement between the transferring Limited Partner and the transferee has been filed with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All costs and expenses incurred by the Company in connection with the transfer are paid by the transferor to the Company, without regard to whether the proposed transfer is consummated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The General Partner determines, and such determination is confirmed by an opinion of counsel satisfactory to the General Partner stating, that (i) the transfer does not violate the Securities Act or any applicable state securities laws, (ii) the transfer will not require the Company or the General Partner to register as an investment company under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), (iii) the transfer will not require any affiliate of the General Partner that is not registered under the Investment Advisers Act of 1940, as amended, to register as an investment adviser, (iv) the transfer would not pose a material risk that (A) all or any portion of the assets of the Company would constitute "plan assets" under the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), (B) the Company would be subject to the provisions of ERISA, section 4975 of the Code or any applicable similar law, or (C) the General Partner would become a fiduciary pursuant to ERISA or the applicable provisions of any similar law or otherwise, and (v) the transfer will not violate the applicable laws of any state or the applicable rules and regulations of any governmental authority; *provided*, that the delivery of such opinion may be waived, in whole or in part, at the sole discretion of the General Partner.

8.04 **Admission of Transferee**. Any permitted transferee of Investor Shares shall be admitted to the Company as a Limited Partner on the date agreed by the transferor, the transferee, and the General Partner.

8.05 **Exempt Transfers**. The following transactions shall be exempt from the provisions of <u>Section 8.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A transfer to or for the benefit of any spouse, child or grandchild of a Limited Partner, or to a trust for their exclusive 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;(b) A transfer to any person in accordance with the Company's policy attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any transfer pursuant to an effective registration statement filed by the Company under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A transfer pursuant to <u>Section 8.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the dissolution of a Partner that is an entity, transfers to its equity holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The sale of all or substantially all of the Shares (including pursuant to a merger or consolidation);

*provided*, *however*, that in the case of a transfer pursuant to <u>Section 8.05(a)</u>, <u>(b)</u>, <u>(d)</u> and <u>(e)</u>, the transferred Investor Shares shall remain subject to this Agreement.

8.06 **Intentionally Omitted**.

8.07 **Other Transfers Void**. Transfers in contravention of this section shall be null, void and of no force or effect whatsoever, and the Partners agree that any such transfer may and should be enjoined.

8.08 **Death, Insolvency, Etc**. Neither the death, disability, bankruptcy, or insolvency of a Partner, nor the occurrence of any other voluntary or involuntary event with respect to a Partner, shall give the Company or any Partner the right to purchase such Partner's Shares, nor give such Partner (or such Partner's heirs, assigns, or representatives) the right to sell such Shares to the Company or any other Partner. Instead, such Partner or such Partner's heirs, assigns, or legal representatives shall remain a Partner subject to the terms and conditions of this Agreement.

8.09 **Intentionally Omitted**.

8.10 **Drag-Along Right**. In the event the General Partner approves a sale or other disposition of all of the Shares, then, upon notice of the sale or other disposition, each Partner shall execute such documents or instruments as may be requested by the General Partner to effectuate such sale or other disposition and shall otherwise cooperate with the General Partner. The following rules shall apply to any such sale or other disposition under this <u>Section 8.10</u>: (i) each Limited Partner shall represent that he, she, or it owns his or its Investor Shares free and clear of all liens and other encumbrances, that he, she, or it has the power to enter into the transaction, and whether he, she, or it is a U.S. person, but shall not be required to make any other representations or warranties; (ii) each Limited Partner shall grant to the General Partner a power of attorney to act on behalf of such Limited Partner in connection with such sale or other disposition; and (iii) each Limited Partner shall receive, as consideration for such sale or other disposition, the same amount he, she, or it would have received had all or substantially all of the assets of the Company been sold and the net proceeds distributed in liquidation of the Company.

8.11 **Waiver of Appraisal Rights**. Each Partner hereby waives any appraisal rights such Partner may otherwise have pursuant to 6 Del. C. § 17-212 or otherwise, as well as any "dissenter's rights.

8.12 **Redemptions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Based on ERISA Considerations**. The General Partner may, at any time, cause the Company to purchase all or any portion of the Investor Shares owned by a Limited Partner whose assets are governed by Title I of the ERISA, Code section 4975, or any similar Federal, State, or local law, if the General Partner determines that all or any portion of the assets of the Company would, in the absence of such purchase, more likely than not be treated as "plan assets" or otherwise become subject to such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Based on Other Bona Fide Business Reasons**. The General Partner may, at any time, cause the Company to purchase all of the Investor Shares owned by a Limited Partner if the General Partner determines that (i) such Limited Partner made a material misrepresentation to the Company; (ii) legal or regulatory proceedings are commenced or threatened against the Company or any of the Partners arising from or relating to the Investor Shares of such Limited Partner; (iii) the General Partner believes that such Limited Partner's ownership has caused or will cause the Company to violate any law or regulation; (iv) such Limited Partner has violated any of his, her, or its obligations to the Company or to the other Partners; or (ii) such Limited Partner is engaged in, or has engaged in conduct (including but not limited to criminal conduct) that (A) brings the Company, or threatens to bring the Company, into disrepute, or (B) is adverse and fundamentally unfair to the interests of the Company or the other Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchase Price and Payment**. Unless otherwise agreed in writing between the selling Limited Partner and the Company, the price of Investor Shares purchased and sold pursuant to this <u>Section 8.12</u> shall be ninety percent (90%) of the then-current value of such Investor Shares as determined by the Company in accordance with its financial model to be described in the Offering Circular. The purchase price shall be paid by wire transfer or other immediately available funds at closing, which shall be held within sixty (60) days following written notice from the General Partner.

8.13 **Withdrawal**. A Limited Partner may withdraw from the Company by giving at least ninety (90) days' notice to the General Partner. The withdrawing Limited Partner shall be entitled to no distributions or payments from Company on account of his, her, or its withdrawal, nor shall he, she, or it be indemnified against liabilities of Company, unless otherwise provided herein.. For purposes of this <u>Section 8.13</u>, an Limited Partner who transfers Investor Shares pursuant to (i) a transfer permitted under <u>Article 8</u>, or (ii) an involuntary transfer by operation of law, shall not be treated as thereby withdrawing from Company.

8.14 **Pledge of Shares by the General Partner**. The General Partner may (but shall not be required to) pledge all or any portion of its Common Shares and/or any Investor Shares held by the Limited Partners as security for a loan made to the Company, and transfer such Common Shares and/or Investor Shares to the lender in the event of a default under the loan.

**Article IX. DISSOLUTION AND LIQUIDATION**

9.01 **Dissolution**. The Company shall be dissolved upon the first to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within twelve (12) months following the sale of all or substantially all of the assets of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The determination of the General Partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The entry of a decree of a judicial dissolution pursuant to the Act.

9.02 **Liquidation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Generally**. If the Company is dissolved, the Company's assets shall be liquidated and no further business shall be conducted by the Company except for such action as shall be necessary to wind-up its affairs and distribute its assets to the Partners pursuant to the provisions of Sections 3.3 (with respect to any liquidating distribution consisting of operating cash flow) and 3.4 (with respect to distributions consisting of net capital proceeds) of <u>Exhibit A</u> and <u>Exhibit B</u>. Upon such dissolution, the General Partner shall have full authority to wind-up the affairs of the Company and to make final distribution as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Distribution of Assets**. After liquidation of the Company, the assets of the Company shall be distributed as set forth in <u>Article Two</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Distributions In Kind**. The assets of the Company shall be liquidated as promptly as possible so as to permit distributions in cash, but such liquidation shall be made in an orderly manner so as to avoid undue losses attendant upon liquidation. In the event that in the General Partner's opinion complete liquidation of the assets of the Company within a reasonable period of time proves impractical, assets of the Company other than cash may be distributed to the Partner in kind but only after all cash and cash-equivalents have first been distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Statement of Account**. Each Partner shall be furnished with a statement prepared by the Company's accountants, which shall set forth the assets and liabilities of the Company as of the date of complete liquidation.

9.03 **Termination.** Upon compliance with <u>Section 9.02</u>, the Company shall cease to be such, and the General Partner shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware a certificate of cancellation of the Company. The provisions of this Agreement shall remain in full force and effect during the period of winding up and until the filing of such certificate of cancellation of the Company with the Secretary of State of the State of Delaware.

**Article X. POWER OF ATTORNEY**

10.01 **In General**. The General Partner shall at all times during the term of the Company have a special and limited power of attorney as the attorney-in-fact for each Limited Partner, with power and authority to act in the name and on behalf of each such Limited Partner, to execute, acknowledge, and swear to in the execution, acknowledgement and filing of documents which are not inconsistent with the provisions of this Agreement and which may include, by way of illustration but not by limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and any amendment of this Agreement authorized under <u>Section 11.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any other instrument or document that may be required to be filed by the Company under the laws of any state or by any governmental agency or which the General Partner shall deem it advisable to file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any instrument or document that may be required to effect the continuation of the Company, the admission of new Partners, or the dissolution and termination of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any and all other instruments as the General Partner may deem necessary or desirable to effect the purposes of this Agreement and carry out fully its provisions.

10.02 **Terms of Power of Attorney**. The special and limited power of attorney of the General Partner (i) is a special power of attorney coupled with the interest of the General Partner in the Company, and its assets, is irrevocable, shall survive the death, incapacity, termination or dissolution of the granting Limited Partner, and is limited to those matters herein set forth; (ii) may be exercised by the General Partner by and through one or more of the officers of the General Partner for each of the Limited Partners by the signature of the General Partner acting as attorney-in-fact for all of the Limited Partners, together with a list of all Limited Partners executing such instrument by their attorney-in-fact or by such other method as may be required or requested in connection with the recording or filing of any instrument or other document so executed; and (iii) shall survive an assignment by a Limited Partner of all or any portion of his, her or its Investor Shares except that, where the assignee of the Investor Shares owned by the Limited Partner has been approved by the General Partner for admission to the Company, the special power of attorney shall survive such assignment for the sole purpose of enabling the General Partner to execute, acknowledge and file any instrument or document necessary to effect such substitution.

10.03 **Notice to Limited Partners**. The General Partner shall promptly furnish to each Limited Partner a copy of any amendment to this Agreement executed by the Limited Partner pursuant to a power of attorney from such Limited Partner.

**Article XI. AMENDMENTS**

11.01 **Amendments Not Requiring Consent**. The General Partner may amend this Agreement without the consent of any Limited Partner to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The correction of typographical errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The admission, substitution, withdrawal, or removal of Partners in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An amendment that cures ambiguities or inconsistencies in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An amendment that adds to its own obligations or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A change in the fiscal year or taxable year of the Company and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A change the General Partner determines to be necessary or appropriate to prevent the Company from being treated as an "investment company" within the meaning of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A change to facilitate the trading of Shares, including changes required by law or by the rules of a securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A change the General Partner determines to be necessary or appropriate to satisfy any requirements or guidelines contained in any opinion, directive, order, ruling, or regulation of any federal or state agency or judicial authority or contained in any Federal or State statute, including but not limited to "no-action letters" issued by the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A change that the General Partner determines to be necessary or appropriate to prevent the Company from being subject to the ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) A change the General determines to be necessary or appropriate to reflect an investment by the Company in any corporation, partnership, joint venture, limited liability company or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An amendment that conforms to the Offering Circular, as the same may be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any amendments expressly permitted in this Agreement to be made by the General Partner acting alone (including but not limited to amendments to create any class of Investor Shares and the rights associated with such Investor Shares (which may be senior to the rights of any Investor Shares) or increasing the number of authorized Shares in total or of any class or series of Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Any other amendment that does not have, and could not reasonably be expected to have, a material adverse effect on the Limited Partners.

11.02 **Amendments Requiring Majority Consent**. Any amendment that has, or could reasonably be expected to have, a material and disproportionate adverse effect on the Limited Partners holding any class of Investor Shares as compared to any other class of shares, other than amendments described in <u>Section 11.03</u>, shall require the consent of the General Partner and Limited Partners holding a majority of such materially and disproportionately effected class of Investor Shares.

11.03 **Amendments Requiring Unanimous Consent**. The following amendments shall require the consent of the General Partner and each affected Limited Partner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amendment deleting or modifying any of the amendments already listed in this <u>Section 11.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment that would require any Limited Partner to make additional Capital Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment that would impose personal liability on any Limited Partner.

11.04 **Procedure for Obtaining Consent**. If the General Partner proposes to make an amendment to this Agreement that requires the consent of Limited Partners, the General Partner shall notify each affected Limited Partner (who may be all Limited Partners, or only Limited Partners holding a given series or class of Investor Shares) in writing, specifying the proposed amendment and the reason(s) why the General Partner believes the amendment is in the best interest of the Company. At the written request of Limited Partners holding at least twenty percent (20%) of the Investor Shares entitled to vote on the amendment, the General Partner shall hold an in-person or electronic meeting (*e.g.*, a webinar) to explain and discuss the amendment. Voting may be through paper or electronic ballots. If the General Partner proposes an amendment that is not approved by the Limited Partners within ninety (90) days from proposal, the General Partner shall not again propose that amendment for at least six (6) months.

**Article XII. MISCELLANEOUS**

12.01 **Notices**. Any notice or document required or permitted to be given under this Agreement may be given by a party or by its legal counsel and shall be deemed to be given by electronic mail with transmission acknowledgment, to the principal business address of the Company, if to the Company or the General Partner, to the email address of a Limited Partner provided by such Limited Partner, or such other address or addresses as the parties may designate from time to time by notice satisfactory under this <u>Section 12.01</u>.

12.02 **Electronic Delivery**. Each Partner hereby agrees that all communications with the Company, including all tax forms (if any), shall be via electronic delivery.

12.03 **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;(a) **In General.** This Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. Each Partner hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Agreement shall be prosecuted in such courts, except as provided in <u>Section 5.06</u>, (iii) agrees that any such court shall have in personam jurisdiction over such Partner, (iv) consents to service of process by notice sent by regular mail to the address on file with the Company and/or by any means authorized by Delaware law, and (v) if such Partner is not otherwise subject to service of process in Delaware, agrees to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Exception**. The exclusive forum selection provisions in <u>Section 12.03(a)</u> shall not apply to the extent prohibited by the Securities Act or the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Waiver of Jury Trial**. EACH PARTNER ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH PARTNER IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT. However, the foregoing waiver of trial by jury does not apply to claims arising under the Federal securities laws.

12.04 **Signatures**. This Agreement may be signed (i) in counterparts, each of which shall be deemed to be a fully-executed original; and (ii) electronically, *e.g.*, via DocuSign. An original signature transmitted by facsimile or email shall be deemed to be original for purposes of this Agreement.

12.05 **No Third Party Beneficiaries**. Except as otherwise specifically provided in this Agreement (including, without limitation, <u>Section 12.10</u>), this Agreement is made for the sole benefit of the parties. Except as set forth in <u>Section 12.10</u>, no other persons shall have any rights or remedies by reason of this Agreement against any of the parties or shall be considered to be third party beneficiaries of this Agreement in any way.

12.06 **Binding Effect**. This Agreement shall inure to the benefit of the respective heirs, legal representatives and permitted assigns of each party, and shall be binding upon the heirs, legal representatives, successors and assigns of each party.

12.07 **Titles and Captions**. All article, section and paragraph titles and captions contained in this Agreement are for convenience only and are not deemed a part of the context hereof.

12.08 **Pronouns and Plurals**. All pronouns and any variations thereof are deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or persons may require.

12.09 **Execution by Limited Partners**. It is anticipated that this Agreement will be executed by Limited Partners through the execution of an Investment Agreement.

12.10 **Legal Representation**. Each Limited Partner hereby agrees and acknowledges that: (a) McCarter & English, LLP ("<u>McCarter & English</u>") has been retained as legal counsel by the General Partner in connection with the preparation of this Agreement and the General Partner and the transactions to be described in the Offering Circular and in such capacity has provided legal services to the Company and the General Partner; (b) McCarter & English is not representing and will not represent the Limited Partners in connection with this Agreement, the transactions to be described in the Offering Circular, any offering of Investor Shares, the management and operation of the Company or any dispute that may arise between the Limited Partners on the one hand and the Company and/or the General Partner on the other hand (the "<u>Company Legal Matters</u>"); (c) each Limited Partner should, if it wishes counsel on a Company Legal Matter, retain its own independent counsel with respect thereto and, except as otherwise specifically provided by this Agreement, will pay all fees and expenses of such independent counsel; and (d) each Limited Partner agrees that McCarter & English may represent the Company, the General Partner and/or any of their affiliates in connection with any and all Company Legal Matters that are or in the future may become adverse to one or more Limited Partners, including disputes and litigation, and waives any potential or actual conflict of interest, including the right to disqualify McCarter & English from such representation, that could arise by virtue of the fact that a Limited Partner is or becomes a client of McCarter & English.

12.11 **Days**. Any period of days mandated under this Agreement shall be determined by reference to calendar days, not business days, except that any payments, notices, or other performance falling due on a Saturday, Sunday, or federal government holiday shall be considered timely if paid, given, or performed on the next succeeding business day.

12.12 **Relationship to Investment Agreement**. In the case of a Limited Partner, this Agreement governs such Limited Partnership's ownership of Investor Shares and the operation of the Company, while the Investment Agreement governs such Limited Partner's purchase of Investor Shares. In the event of a conflict between the two agreements, this Agreement shall control.

12.13 **Entire Agreement**. This Agreement constitutes the entire agreement among the parties with respect to its subject matter and supersedes all prior agreements and understandings.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Energea Global, LLC its General Partner

By _______________________________<br> Michael Silvestrini, Manager

By _______________________________<br> Chris Sattler, Manager

<u>Exhibit A</u>

Class A Authorizing Resolution

(See attached.)

<u>Exhibit B</u>

Reg D Authorizing Resolution

(See attached.)

<u>Exhibit C</u>

Beneficiary Agreement

(See attached.)

## Ex1A-3

**Energea Portfolio 5 LATAM LP**

**REDEMPTION PLAN**

The Class A Investor Shares of Energea Portfolio 5 LATAM LP (the "Company") are currently not listed on a national securities exchange or included for quotation on a national securities market, and currently there is no intention to list the Class A Investor Shares. Despite the illiquid nature of the assets expected to be held by the Company, Energea Global LLC (the "Manager") believes it is best to provide the opportunity for liquidity in the event holders of Class A Investor Shares ("Investors") need it. Pursuant to this Redemption Plan (the "Redemption Plan"), Investors may request in writing that all or a portion of their Class A Investor Shares be redeemed by the Company in accordance with the procedures outlined in this Redemption Plan. Upon such request, the Company may, subject to the conditions and limitations described below, redeem the Class A Investor Shares presented for cash to the extent, among other matters, there are sufficient funds available for the redemption.

***Procedures for Redemption***

At any time after sixty (60) days following the purchase of Class A Investor Shares, an Investor may request redemption of their Class A Investor Shares in accordance with the Redemption Plan as set forth herein. In order to submit a redemption request (a "Redemption Request") Investors must (1) submit a time-stamped request via the Manager's website, <u>www.energea.com</u> (the "Platform"), (2) have no more than one outstanding request at any given time, and (3) request that the Company redeem no more than $50,000 worth of Class A Investor Shares per request. In addition, the Redemption Plan is subject to certain liquidity limitations, which may fluctuate depending on the liquidity of the Company. The Company reserves the right to reject any Redemption Request at any time to protect its operations and non-redeemed Investors, to prevent an undue burden on its liquidity, or for any other reason, including, what the Company deems to be a pattern of excessive, abusive or short-term trading.

As calculated below, the redemption price ("Redemption Price") may be reduced by a discount based on the time of the Redemption Request, rounded down to the nearest cent. The Redemption Price will be equal to (i) the current price of the Class A Investor Shares in effect at the time the Redemption Request is made, reduced by (ii) the aggregate sum of distributions, if any, with record dates during the period between the Redemption Request date and the redemption date.

Investors may withdraw their Redemption Request at any time before the redemption is paid. If the Company agrees to honor a Redemption Request, such Redemption Request will be paid within 90 days.

***Redemption Price***

Based on the time when an Investor submits a Redemption Request, the Redemption Prices are set forth below:

---

| | |
|:---|:---|
| **Holding Period from Date of Settlement** | **Redemption Price (as percentage of**<br> **per share redemption price)(1)** |
| Settlement date to 60 days | No Redemptions |
| 60 days to 3 years | 95.0 %(2) |
| More than 3 years | 100.0 %(3) |

---

(1) The Redemption Price will be the per share price for Class A Investor Shares in effect as of the time the Redemption Request is made (i) reduced by any distributions, if any, with record dates during the period between the Redemption Request date and the redemption date and (ii) rounded down to the nearest $0.01.

(2) For Class A Investor Shares held between 60 days and three (3) years, the Redemption Price includes a fixed 5.0% discount based on the per share price for Class A Investor Shares in effect at the time of the Redemption Request.

(3) There is no discount to redemptions of Class A Investor Shares held at least three (3) years.

***Limitations on Redemption***

In light of the Securities and Exchange Commission's current guidance on redemption plans, the Company generally intends to limit redemptions in any calendar quarter to Class A Investor Shares whose aggregate value is 5.00% of the NAV of all of the Company's outstanding Class A Investor Shares on the last business day of the preceding quarter, with excess capacity carried over to later calendar quarters in that calendar year, up to a maximum of 20.00% of the NAV of all of the Company's Class A Investor Shares outstanding during any calendar year. Notwithstanding the foregoing, the Company is not obligated to redeem Class A Investor Shares under the Redemption Plan.

The Company cannot guarantee that the funds, if any, set aside for the Redemption Plan will be sufficient to accommodate all Redemption Requests. In the event the Manager determines, in its sole discretion, that the Company does not have sufficient funds available to redeem all of the Class A Investor Shares for which Redemption Requests have been submitted, such pending Redemption Requests will be honored on a first in first out basis, if at all. In the event that not all Redemption Requests are being honored in a given quarter, due to reaching the 5.00% quarterly limit or otherwise, the Redemption Requests not fully honored will carry over to the first business day of the next quarter and Investors will not need to submit a new Redemption Request the following quarter. Investors will be notified within 10 days of submitting a Redemption Request whether their request for Redemption has been accepted or denied.

The Company intends to limit Investors to one (1) Redemption Request outstanding at any given time, meaning that, if an Investor desires to request more or less Class A Investor Shares be redeemed, such Investor must first withdraw the first Redemption Request. For Investors who hold Class A Investor Shares with more than one record date, Redemption Requests will be applied to such Class A Investor Shares in the order in which they settled, on a first in first out basis - meaning, those Class A Investor Shares that have been continuously held for the longest amount of time will be redeemed first. In addition, the Company intends to limit Redemption Requests to $50,000 worth of Class A Investor Shares per Redemption Request.

***Amendment, Suspension or Termination of the Plan***

In addition, the Manager may, in its sole discretion, amend, suspend, or terminate the Redemption Plan at any time without prior notice, including to protect the Company's operations and non-redeemed Investors, to prevent an undue burden on the Company's liquidity, following any material decrease in the Company's NAV, or for any other reason. In the event that the Company suspends its Redemption Plan, the Company expects that it will reject any outstanding Redemption Requests and will not intend to accept any new Redemption Requests. In the event that the Company amends, suspends or terminates its Redemption Plan, the Company will file an offering circular supplement and/or Form 1-U, as appropriate, and post such information on the Platform to disclose such action. Therefore, Investors may not have the opportunity to make a Redemption Request prior to any potential termination of the Redemption Plan.

## Ex1A-4

**Energea Portfolio 5 LATAM LP**

**AUTO-REINVESTMENT AGREEMENT**

This Auto-Reinvestment Agreement (this "<u>Agreement</u>") is entered into on ________________, by and between Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>") and the investor identified on the Investor Information Sheet attached ("<u>Purchaser</u>" or "<u>you</u>").

I. The Company is offering for sale Class A Investor Shares pursuant to an Offering Circular filed on Form 1-A with the United States Securities and Exchange Commission on ________ (the "<u>Disclosure Document</u>").

II. If you have not previously invested in the Company and if you invest in the Company you will be a limited partner of the Company and bound by the Company's Limited Partnership Agreement dated June 17, 2025 (the "<u>Partnership Agreement</u>").

III. The Purchaser either (i) desires to make an initial purchase of Class A Investor Shares and desires to purchase additional Class A Investor Shares using proceeds of distributions received from Company on a periodic basis after the date hereof on the terms and conditions set forth herein, or (ii) purchased Class A Investor Shares pursuant to an investment agreement and now desires to purchase additional Class A investor Shares using proceeds of distributions received from Company on a periodic basis hereafter on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, acknowledging the receipt of adequate consideration and intending to be legally bound, the parties hereby agree as follows:

1. **Defined Terms**. Capitalized terms that are not otherwise defined in this Agreement have the meanings given to them in the Disclosure Document. We refer to your Class A Investor Shares subscribed for hereunder as the "<u>Shares</u>."

2. **Initial Purchase of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. **Initial Purchase of Shares**. Subject to the terms and conditions of this Agreement and if your proposed initial subscription is accepted by the Company in its sole discretion, the Company hereby agrees to sell to the Purchaser, and the Purchaser hereby agrees to purchase from the Company, that number of Shares set forth on the Investor Information Sheet under the heading "Initial Investment", for the price set forth on the Investor Information Sheet under the heading "Initial Investment" (the "<u>Initial Purchase</u>"). The Purchaser will be admitted as a Limited Partner at the time this Agreement is accepted and executed by the General Partner and the payment for your Shares in the Initial Purchase is received by the Company and the Purchaser hereby irrevocably agrees to be bound by the Partnership Agreement as a Limited Partner and to perform all obligations contained in the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **No Right to Cancel**. The Purchaser does not have the right to cancel its subscription with respect to the Initial Purchase or change its mind. Once the Purchaser signs this Agreement, the Purchaser is obligated to purchase the Shares in the Initial Purchase if the Purchaser's subscription in the Initial Purchase is accepted by the Company, no matter what.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **Our Right to Reject Initial Purchase.** In contrast, the Company has the right to reject the Purchaser's subscription in the Initial Purchase for any reason or for no reason, in its sole discretion. If the Company rejects the Purchaser's subscription in the Initial Purchase, any subscription by the Purchaser to purchase additional Shares under <u>Section 3</u> will be rejected as well and any money you have given to the Company will be returned to the Purchaser. This Agreement will be deemed to be accepted by, and will be binding against, the Company only upon its execution and delivery to of this Agreement to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. Notwithstanding anything herein to the contrary, this <u>Section 2</u> shall not apply in the event that the Purchaser has already purchased Shares pursuant to an investment agreement which was accepted by the Company.

3. **Purchase of Additional Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Subject to the terms and conditions of this Agreement, the Purchaser hereby agrees the Purchaser hereby agrees to use a portion of the amount of the distributions from the Company to purchase additional Shares (the "<u>Additional Shares</u>") on the terms and conditions set forth herein (purchases made with such distributions being the "<u>Auto-Reinvestments</u>"). The percentage of distributions paid to the Purchaser which Purchaser elects to use to make Auto- Reinvestments shall be:

________ % of the Purchaser's distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. **Price of Additional Shares**. The price of Additional Shares to be purchased by Purchaser hereunder shall be the same price at which Class A Investor Shares are then being offered in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. **Opt Out**. The Purchaser may cancel or pause the Auto-Reinvestments from the Purchaser's online Energea account settings (hhtp://www.energea.com/users/aut-invest), or by giving the Company at least (30) calendar days' notice (via email).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. **Termination Upon Conclusion of Offering**. By law, Purchaser will no longer be permitted to make Auto-Reinvestments after the Offering is terminated. Notwithstanding anything herein to the contrary, Purchaser acknowledges and agrees that the Company may cutback or reduce the amount of any Auto-Reinvestment if and to the extent that such reduction is necessary so that the Company does not issue more Class A Investor Shares than it is authorized to issue (it being acknowledged and agreed that multiple persons may also enter into similar agreements providing for additional investment and or automatic reinvestment into Class A Investor Shares and that any cutbacks which may be necessary due to such agreements, shall be made by the Company in its sole and absolute discretion and shall not be required to be pro-rata). Any cutbacks made of the number of Shares which Purchaser may purchase hereunder, shall not be considered a breach of this Agreement.

4. **Limit On The Amount A Non-Accredited Investor Can Invest**. As discussed in the Disclosure Document (see the section captioned "Limit On The Amount A Non-Accredited Investor Can Invest "), the law limits how much an investor who is not "accredited" within the meaning of 17 CFR §230.501(a) may invest in the Offering. These limits apply to *all* Shares purchased by Purchaser, including additional purchases under this Agreement. Purchaser shall be responsible to comply with the limits set forth herein (if applicable) and Purchaser shall limit their purchases hereunder accordingly.

5. **Purchaser Promises**. Purchaser makes the following promises, which are true and correct as of the date hereof and which by acceptance of any Shares after the date hereof, are and will be true and correct as of the date and purchase of any Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **Accuracy of Information**. All of the information Purchaser has given to the Company, whether in this Investment Agreement or otherwise, is accurate and the Company may rely on it. If any of the information Purchaser has given to the Company changes, either before or after any purchase of Shares or the Company accepts Purchaser's Initial Purchase, Purchaser will notify the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **Risks**. Purchaser understands all the risks of investing, including the risk that Purchaser could lose all Purchaser's money. Without limiting that statement, Purchaser has reviewed and understands all the risks listed in the Disclosure Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. **No Representations**. None of the Company, the General Partner or any of their respective representatives have made any promises or representations to Purchaser, except the information in the Disclosure Document. None of the Company, the General Partner or any of their respective representatives have guaranteed any financial outcome of Purchaser's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. **Opportunity to Ask Questions**. Purchaser has had the opportunity to ask questions about the Company and the investment. All such questions have been answered to Purchaser's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. **Legal Power to Sign and Invest**. Purchaser has the legal power, capacity and authority to sign this Agreement and purchase the Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. **No Government Approval**. Purchaser understands that no state or federal authority has reviewed this Agreement or the Shares or made any finding relating to the value or fairness of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. **No Transfer**. Purchaser understands that under the terms of the Partnership Agreement, the Shares may not be transferred without complying with the terms of the Partnership Agreement (which includes a right of first refusal in favor of the Company on certain transfers of Shares). Also, securities laws limit transfer of the Shares. Finally, there is currently no market for the Shares, meaning it might be hard to find a buyer. As a result, Purchaser is prepared to hold the Shares indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. **No Advice**. The Company has not provided Purchaser with any investment, financial, or tax advice. Instead, the Company has advised Purchaser to consult with his, her or its legal and financial advisors and tax experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. **Tax Treatment**. The Company has not promised Purchaser any particular tax outcome from buying or holding the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. **Acting on Own Behalf**. Purchaser is acting on his, her, or its own behalf in purchasing the Shares, not on behalf of anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. **Investment Purpose**. Purchaser is purchasing the Shares solely as an investment, not with an intent to re-sell or "distribute" any part of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. **Anti-Money Laundering Laws**.

5.12.1.Purchaser's investment will not, by itself, cause the Company to be in violation of any "anti-money laundering" laws, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, and the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.

5.12.2.If Purchaser is a natural person, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under "anti-money laundering" laws, and Purchaser is not on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by the Office of Foreign Assets Control of the United States Department of Treasury ("<u>OFAC</u>"), nor is Purchaser a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

5.12.3.If Purchaser is an entity, to the best of Purchaser's knowledge based upon appropriate diligence and investigation, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under applicable law. Purchaser has received representations from each of its owners such that it has formed a reasonable belief that it knows the true identity of each of the ultimate investors in Purchaser. To the best of Purchaser's knowledge, none of its ultimate investors are on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by OFAC, nor is any such ultimate investor a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13. **Additional Information**. At the Company's request, Purchaser will provide further documentation verifying the source of the money used to purchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14. **Disclosure**. Purchaser understands that the Company may release confidential information about Purchaser to government authorities if the Company determines, in its sole discretion after consultation with its lawyers, that releasing such information is in the best interest of the Company or if the Company is required to do so by such government authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15. **Additional Documents**. Purchaser will execute any additional documents the Company requests if the Company reasonably believes those documents are necessary or appropriate and explains why.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16. **No Violations**. Purchaser's purchase of the Shares will not violate any law or conflict with any contract to which Purchaser is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17. **Enforceability**. This Investment Agreement is enforceable against Purchaser in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18. **No Inconsistent Statements**. No person has made any oral or written statements or representations to Purchaser that are inconsistent with the information in this Agreement and the Disclosure Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19. **Financial Forecasts**. Purchaser understands that any financial forecasts or projections are based on estimates and assumptions the Company believes to be reasonable but are highly speculative. Given the industry, our actual results may vary from any forecasts or projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20. **Notification**. If Purchaser discovers at any time that any of the promises in this <u>Section 5</u> are untrue, Purchaser will notify the Company right away.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21. **Legality in Non-U.S. Jurisdictions**. If Purchaser is not a citizen or resident of the United States, Purchaser represents that the offering of Shares conducted by the Company, and Purchaser's purchase of Shares, are lawful under the laws of the jurisdiction where Purchaser is a citizen and/or resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22. **Knowledge**. Purchaser has enough knowledge, skill, and experience in business, financial, and investment matters to evaluate the merits and risks of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23. **Financial Wherewithal**. Purchaser can afford this investment, even if Purchaser loses his, her or its money. Purchaser doesn't rely on this money for his, her or its current needs, like rent or utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24. **Individuals**. If Purchaser is a natural person (not an entity), Purchaser is a citizen or permanent resident (green card) of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25. **Entity Purchasers**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.1.**Good Standing**. Purchaser is validly existing and in good standing under the laws of the jurisdiction where it was organized and has full entity power and authority to conduct its business as presently conducted and as proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.2.**Other Jurisdictions**. Purchaser is qualified to do business in every other jurisdiction where the failure to qualify would have a material adverse effect on Purchaser**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.3.**Authorization**. The execution and delivery by Purchaser of this Agreement, Purchaser's performance of its obligations hereunder, the consummation by Purchaser of the transactions contemplated hereby, and the purchase of the Shares, have been duly authorized by all necessary entity action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.4.**Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.5.**Information to Purchasers**. Purchaser has not provided any information concerning the Company or its business to any actual or prospective investor, except the Disclosure Document, this Agreement, and other written information that the Company has approved in writing in advance**.**

6. **Confidentiality**. The information the Company has provided to Purchaser about the Company, including information in the Disclosure Document, is confidential. Purchaser will not reveal such information to anyone or use such information for Purchaser's own benefit, except to purchase the Shares.

7. **Re-Purchase of Shares**. If the Company determines that Purchaser has provided the Company with inaccurate information or otherwise violated Purchaser's obligations, or if required by any applicable law or regulation related to terrorism, money laundering, and similar activities, the Company may (but shall not be required to) repurchase the Shares for an amount equal to the amount Purchaser paid for them less the amount of any distributions received from the Company.

8. **Governing Law**. This Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. Purchaser hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Agreement shall be prosecuted in such courts, (iii) agrees that any such court shall have in personam jurisdiction over Purchaser, and (iv) consents to service of process by notice sent in accordance with <u>Section 11</u> and/or by any means authorized by Delaware law, and (v) agrees that if the Purchaser is not otherwise subject to service of process in Delaware, to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

9. **Execution of Partnership Agreement**. If the Company accepts the Purchaser's Initial Purchase, then the Purchaser's execution of this Agreement will also serve as the Purchaser's execution of the Partnership Agreement, just as if the Purchaser had signed a paper copy of the Partnership Agreement.

10. **Consent to Electronic Delivery**. Purchaser agrees that the Company may deliver all notices, tax reports and other documents and information to Purchaser by email or another electronic delivery method the Company may choose pursuant to the email address set forth on the Investor Information Statement. Purchaser agrees to tell the Company right away if Purchaser changes his, her or its email address or home mailing address so the Company can send information to the new address.

11. **Notices**. All notices under this Agreement will be electronic. Purchaser will contact the Company by email at info@energea.com. The Company will contact Purchaser by email at the email address on the Investor Information Sheet. Either party may change his, her, or its email address by notifying the other (by email). Any notice will be considered to have been received on the day it was sent by email, unless the recipient can demonstrate that the email wasn't delivered to the recipient's inbox.

12. **Limitations on Damages**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. THE COMPANY WILL NOT BE LIABLE TO PURCHASER FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF PURCHASER NOTIFIES THE COMPANY THAT PURCHASER MIGHT INCUR THOSE DAMAGES. This means that at most, Purchaser can sue the Company for the amount of his, her, or its investment. Purchaser can't sue us the Company anything else. However, the foregoing limitation of damages does not apply to claims arising under the Federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Purchaser further agrees that neither the Company, the General Partner nor any of their respective affiliates, nor their respective managers, officers, directors, members, equity holders, employees or other applicable representatives (collectively, the "<u>Covered Persons</u>"), will incur any liability (a) in respect of any action taken upon any information provided to the Company by Purchaser or for relying on any notice, consent, request, instructions or other instrument believed, in good faith, to be genuine or to be signed by properly authorized persons on behalf of Purchaser, including any document transmitted by email or (b) for adhering to applicable anti-money laundering obligations whether now or later in effect.

13. **Indemnification**. To the extent permitted by law, Purchaser agrees that Purchaser will indemnify and hold harmless the Covered Persons from and against any and all direct and indirect losses, damages, liabilities, costs or expenses (including reasonable attorneys' and accountants' fees and disbursements), whether incurred in an action between the parties hereto or otherwise, and including without limitation any liability which results directly or indirectly from the Company, the General Partner and their respective Affiliates becoming subject to ERISA or Section 4975 of the Code (collectively, "<u>Losses</u>") which the Covered Persons may incur by reason of or in connection with this Agreement or any information Purchaser provided or provides to the Company and the transactions contemplated thereby, including any misrepresentation made by Purchaser or any of Purchaser's agents, any breach of any declaration, promise representation or warranty of Purchaser, Purchaser's failure to fulfill any covenants or agreements under this Agreement, its or its governing body, or their reliance on email or other instructions, or the assertion of Purchaser's lack of proper authorization from Purchaser's beneficial owners (if applicable) to execute and perform the obligations under this Agreement. Purchaser also agrees that it will indemnify and hold harmless the Covered Persons from and against any and all Losses that they or any one of them, may incur by reason of, or in connection with, the failure by the Purchaser to comply with any applicable law, rule or regulation having application to the Covered Persons.

14. **Waiver of Jury Rights**. IN ANY DISPUTE WITH THE COMPANY, PURCHASER AGREES TO WAIVE PURCHASER'S RIGHT TO A TRIAL BY JURY. This means that any dispute will be heard by a judge, not a jury. However, the foregoing waiver of trial by jury does not apply to claims arising under the Federal securities laws.

15. **Survival**. The representations, warranties and agreements contained in this Agreement will survive the execution of this Agreement by the Purchaser and effectiveness of this Agreement in accordance with its terms.

16. **Miscellaneous Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. **No Transfer**. Purchaser may not transfer his, her, or its rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. **Headings**. The headings used in this Agreement (*e.g.*, the word "Headings" in this paragraph), are used only for convenience and have no legal significance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. **No Other Agreements**. As of the date hereof, this Investment Agreement, the Partnership Agreement, and the Shares are the only agreements between the Company and the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4. **Relationship with Partnership Agreement**. This Agreement governs Purchaser's purchase of the Shares, while the Partnership Agreement governs Purchaser's ownership of the Shares and the operation of the Company. In the event of a conflict between the two agreements, the Partnership Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5. **Electronic Signature**. This Agreement will be signed electronically, rather than physically.

[Signature Page to follow]

**INVESTOR INFORMATION SHEET**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> *Name of Purchaser* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *Initial Investment* <br>*Number of Class A Investor Shares Initial Purchase* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Price Per Investor Share* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *SSN (EIN for businesses)*<br>| &nbsp;&nbsp; <br> _______________________________<br>_______________________________ |
| &nbsp;&nbsp; <br> *Jurisdiction of Formation*<br> *(If You Are An Entity)*<br>| &nbsp;&nbsp; <br>_______________________________ |
| &nbsp;&nbsp; <br> *Mailing Address* | &nbsp;&nbsp; <br> _______________________________<br> Street 1<br> _______________________________<br> Street 2<br> _______________________________<br> City<br> _______________________________<br> State and Zip Code<br> _______________________________<br> Country |

---

**PURCHASER SIGNATURE PAGE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Purchaser has signed this Agreement on the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Title (Only if Purchaser is an Entity)

ACCEPTED

**ENERGEA PORTFOLIO 5 LATAM LP**

&nbsp;&nbsp;&nbsp;&nbsp;By: Energea Global LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As General Partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Silvestrini, Manager

## Ex1A-4

**Energea Portfolio 5 LATAM LP**

**INVESTMENT AGREEMENT**

This is an Investment Agreement (this "<u>Investment Agreement</u>"), is being delivered by the purchase identified on the Investor Information Statement attached hereto as <u>Exhibit A</u> (the "<u>Purchaser</u>") to Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>").

**Background**

I. The Company is offering for sale Class A Investor Shares pursuant to an Offering Circular filed on Form 1-A with the United States Securities and Exchange Commission on ________ (the "<u>Disclosure Document</u>").

II. If the Purchaser's proposed purchase of Shares (as hereinafter defined) is accepted by the Company, the Purchaser shall become a limited partner under and bound by that certain Limited Partnership Agreement dated June 17, 2025 (the "<u>Partnership Agreement</u>").

1. **Defined Terms**. Capitalized terms that are not otherwise defined in this Investment Agreement have the meanings given to them in the Disclosure Document.

2. **Purchase of Shares**. Subject to the terms and conditions of this Investment Agreement and if the Purchaser's proposed subscription is accepted by the Company in its sole discretion, the Company hereby agrees to sell to the Purchaser, and the Purchaser hereby agrees to purchase from the Company, that number of Class A Investor Shares set forth on the Investor Information Sheet, for the price set forth on the Investor Information Sheet. We refer to your Class A Investor Shares subscribed for hereunder as the "<u>Shares</u>." The Purchaser will be admitted as a Limited Partner at the time this Investment Agreement is accepted and executed by the General Partner and the payment for your Shares is received by the Company and the Purchaser hereby irrevocably agrees to be bound by the Partnership Agreement as a Limited Partner and to perform all obligations contained in the Partnership Agreement.

3. **No Right to Cancel**. The Purchaser does not have the right to cancel the Purchaser's subscription or change its mind. Once the Purchaser signs this Investment Agreement, the Purchaser is obligated to purchase the Shares if the Purchaser's subscription is accepted by the Company, no matter what.

4. **Our Right to Reject Investment**. In contrast, the Company has the right to reject the Purchaser's subscription for any reason or for no reason, in the Company's sole discretion. If the Company rejects the Purchaser's subscription, any money the Purchaser has given the Company will be returned to the Purchaser. This Investment Agreement will be deemed to be accepted by, and will be binding against, the Company only upon its execution and delivery to the Purchaser of this Agreement.

5. **Purchaser Promises**. The Purchaser promises that:

5.1. **Accuracy of Information**. All of the information the Purchaser has given to the Company, whether in this Investment Agreement or otherwise, is accurate and the Company may rely on it. If any of the information the Purchaser has given to the Company changes either before or after the Company accepts the Purchaser's subscription, the Purchaser will notify the Company immediately.

5.2. **Risks**. The Purchaser understands all the risks of investing, including the risk that the Purchaser could lose all its money. Without limiting that statement, the Purchaser has reviewed and understands all the risks listed in the Disclosure Document.

5.3. **No Representations**. None of the Company, the General Partner or any of their respective representatives have made any promises or representations to the Purchaser, except the information in the Disclosure Document. None of the Company, the General Partner or any of their respective representatives have guaranteed any financial outcome of the Purchaser's investment.

5.4. **Opportunity to Ask Questions**. The Purchaser had the opportunity to ask questions about the Company and the investment. All the Purchaser's questions have been answered to its satisfaction.

5.5. **Legal Power to Sign and Invest**. The Purchaser has the legal power, capacity and authority to sign this Investment Agreement and purchase the Shares pursuant to this Agreement.

5.6. **No Government Approval**. The Purchaser understands that no state or federal authority has reviewed this Investment Agreement or the Shares or made any finding relating to the value or fairness of the investment.

5.7. **No Transfer**. The Purchaser understands that under the terms of the Partnership Agreement, the Shares may not be transferred without complying with the terms of the Partnership Agreement (which includes a right of first refusal in favor of the Company on certain transfers of Shares). Also, securities laws limit transfer of the Shares. Finally, there is currently no market for the Shares, meaning it might be hard to find a buyer. As a result, the Purchaser should be prepared to hold the Shares indefinitely.

5.8. **No Advice**. The Company has not provided the Purchaser with any investment, financial, or tax advice. Instead, the Company has advised the Purchaser to consult with its own legal and financial advisors and tax experts.

5.9. **Tax Treatment**. The Company has not promised the Purchaser any particular tax outcome from buying or holding the Shares.

5.10. **Acting on Own Behalf**. The Purchaser is acting on its own behalf in purchasing the Shares, not on behalf of anyone else.

5.11. **Investment Purpose**. The Purchaser is purchasing the Shares solely as an investment, not with an intent to re-sell or "distribute" any part of them.

5.12. **Anti-Money Laundering Laws**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.1. The Purchaser's investment will not, by itself, cause the Company to be in violation of any "anti-money laundering" laws, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, and the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.2. If the Purchaser is a natural person, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under "anti-money laundering" laws, and the Purchaser is not on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by the Office of Foreign Assets Control of the United States Department of Treasury ("<u>OFAC</u>"), nor is the Purchaser a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.3. If the Purchaser is an entity, to the best of Purchaser's knowledge based upon appropriate diligence and investigation, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under applicable law. Purchaser has received representations from each of its owners such that it has formed a reasonable belief that it knows the true identity of each of the ultimate investors in Purchaser. To the best of Purchaser's knowledge, none of its ultimate investors are on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by OFAC, nor is any such ultimate investor a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

5.13. **Additional Information**. At the Company's request, the Purchaser will provide further documentation verifying the source of the money used to purchase the Shares.

5.14. **Disclosure**. The Purchaser understands that the Company may release confidential information about the Purchaser to government authorities if the Company determines, in its sole discretion after consultation with its lawyer, that releasing such information is in the best interest of the Company or if the Company is required to do so by such government authorities.

5.15. **Additional Documents**. The Purchaser will execute any additional documents the Company requests if the Company reasonably believes those documents are necessary or appropriate and explains why.

5.16. **No Violations**. The Purchaser's purchase of the Shares will not violate any law or conflict with any contract to which the Purchaser is a party.

5.17. **Enforceability**. This Investment Agreement is enforceable against the Purchaser in accordance with its terms.

5.18. **No Inconsistent Statements**. No person has made any oral or written statements or representations to the Purchaser that are inconsistent with the information in this Investment Agreement and the Disclosure Document.

5.19. **Financial Forecasts**. The Purchaser understands that any financial forecasts or projections are based on estimates and assumptions the Company believes to be reasonable but are highly speculative and as such, given the industry, the Company's actual results may vary from any forecasts or projections.

5.20. **Notification**. If the Purchaser discovers at any time that any of the promises in this <u>Section 5</u> are untrue, the Purchaser will notify the Company right away.

5.21. **Legality in Non-U.S. Jurisdictions**. If the Purchaser is not a citizen or resident of the United States, the Purchaser represents that the offering of Shares conducted by the Company, and the Purchaser's purchase of Shares, are lawful under the laws of the jurisdiction where the Purchaser is a citizen and/or resident.

5.22. **Knowledge**. The Purchaser has enough knowledge, skill, and experience in business, financial, and investment matters to evaluate the merits and risks of the investment.

5.23. **Financial Wherewithal**. The Purchaser can afford this investment, even if the Purchaser loses it money. The Purchaser does not rely on this money for its current needs, like rent or utilities.

5.24. **Individuals**. If the Purchaser is a natural person (not an entity), you are a citizen or permanent resident (green card) of the United States.

5.25. **Entity Purchasers**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.1. **Good Standing**. Purchaser is validly existing and in good standing under the laws of the jurisdiction where it was organized and has full entity power and authority to conduct its business as presently conducted and as proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.2. **Other Jurisdictions**. Purchaser is qualified to do business in every other jurisdiction where the failure to qualify would have a material adverse effect on Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.3. **Authorization**. The execution and delivery by Purchaser of this Investment Agreement, Purchaser's performance of its obligations hereunder, the consummation by Purchaser of the transactions contemplated hereby, and the purchase of the Shares, have been duly authorized by all necessary entity action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.4. **Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.5. **Information to Purchasers**. Purchaser has not provided any information concerning the Company or its business to any actual or prospective investor, except the Disclosure Document, this Investment Agreement, and other written information that the Company has approved in writing in advance.

6. **Confidentiality**. The information the Company has provided to the Purchaser about the Company, including the information in the Disclosure Document, is confidential. The Purchaser will not reveal such information to anyone or use such information for the Purchaser's own benefit, except to purchase the Shares.

7. **Re-Purchase of Shares**. If the Company determines that the Purchaser has provided the Company with inaccurate information or otherwise violated the Purchaser's obligations, or if required by any applicable law or regulation related to terrorism, money laundering, and similar activities, the Company may (but shall not be required to) repurchase your Shares for an amount equal to the amount the Purchaser paid for them less the amount of any distributions received from the Company.

8. **Governing Law**. This Investment Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. The Purchaser hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Investment Agreement shall be prosecuted in such courts, (iii) agrees that any such court shall have in personam jurisdiction over you, (iv) consents to service of process by notice sent in accordance with <u>Section 11</u> and/or by any means authorized by Delaware law, and (v) agrees that if the Purchaser is not otherwise subject to service of process in Delaware, to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

9. **Execution of Partnership Agreement**. If the Company accepts the Purchaser's subscription, then the Purchaser's execution of this Investment Agreement will also serve as the Purchaser's execution of the Partnership Agreement, just as if the Purchaser had signed a paper copy of the Partnership Agreement.

10. **Consent to Electronic Delivery**. The Purchaser agrees that the Company may deliver all notices, tax reports and other documents and information to the Purchaser by email or another electronic delivery method the Company may choose pursuant to the email address set forth on the Investor Information Statement. The Purchaser agrees to tell the Company right away if the Purchaser changes its email address or home mailing address so the Company can send information to the new address.

11. **Notices**. All notices under this Agreement will be electronic. The Purchaser will contact the Company by email at **info@energea.com**. The Company will contact the Purchaser by email at the email address on the Investor Information Sheet. Either of the Company or the Purchaser may change its email address by notifying the other (by email). Any notice will be considered to have been received on the day it was sent by email, unless the recipient can demonstrate that the email wasn't delivered to the recipient's inbox.

12. **Limitations on Damages**.

12.1. THE COMPANY WILL NOT BE LIABLE TO THE PURCHASER FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF THE PURCHASER NOTIFIES THE COMPANY, THE PURCHASER MIGHT INCUR THOSE DAMAGES. This means that at most, the Purchaser can sue the Company for is the amount of the Purchaser's investment. The Purchaser can't sue the Company for anything else. However, the foregoing limitation of damages does not apply to claims arising under federal securities laws.

12.2. The Purchaser further agrees that neither the Company, the General Partner nor any of their respective affiliates, nor their respective managers, officers, directors, members, equity holders, employees or other applicable representatives (collectively, the "<u>Covered Persons</u>"), will incur any liability (a) in respect of any action taken upon any information provided to the Company by the Purchaser or for relying on any notice, consent, request, instructions or other instrument believed, in good faith, to be genuine or to be signed by properly authorized persons on behalf of the Purchaser, including any document transmitted by email or (b) for adhering to applicable anti-money laundering obligations whether now or later in effect.

13. **Indemnification**. To the extent permitted by law, the Purchaser agrees that the Purchaser will indemnify and hold harmless the Covered Persons from and against any and all direct and indirect losses, damages, liabilities, costs or expenses (including reasonable attorneys' and accountants' fees and disbursements), whether incurred in an action between the parties hereto or otherwise, and including without limitation any liability which results directly or indirectly from the Company, the General Partner and their respective Affiliates becoming subject to ERISA or Section 4975 of the Code (collectively, "<u>Losses</u>") which the Covered Persons may incur by reason of or in connection with this Investment Agreement or any information the Purchaser provided or provides to the Company and the transactions contemplated thereby, including any misrepresentation made by the Purchaser or any of the Purchaser's agents, any breach of any declaration, promise representation or warranty of the Purchaser, the Purchaser's failure to fulfill any covenants or agreements under this Investment Agreement, its or its governing body, or their reliance on email or other instructions, or the assertion of the Purchaser's lack of proper authorization from its beneficial owners (if applicable) to execute and perform the obligations under this Investment Agreement. The Purchaser also agrees that it will indemnify and hold harmless the Covered Persons from and against any and all Losses that they or any one of them, may incur by reason of, or in connection with, the failure by the Purchaser to comply with any applicable law, rule or regulation having application to the Covered Persons.

14. **Waiver of Jury Rights**. IN ANY DISPUTE WITH THE COMPANY, THE PURCHASER AGREES TO WAIVE THE PURCHASER'S RIGHT TO A TRIAL BY JURY. This means that any dispute will be heard by a judge, not a jury. However, the foregoing waiver of trial by jury does not apply to claims arising under the Federal securities laws.

15. **Survival**. The representations, warranties and agreements contained in this Agreement will survive the execution of this Agreement by the Purchaser and effectiveness of this Agreement in accordance with its terms.

16. **Miscellaneous Provisions**.

16.1. **No Transfer**. The Purchaser may not transfer its rights or obligations under this Agreement.

16.2. **Headings**. The headings used in this Investment Agreement (*e.g.*, the word "Headings" in this paragraph), are used only for convenience and have no legal significance.

16.3. **No Other Agreements**. As of the date hereof, this Investment Agreement, the Partnership Agreement, and the Shares are the only agreements between the Company and the Purchaser.

16.4. **Relationship with Partnership Agreement**. This Investment Agreement governs Purchaser's purchase of the Shares, while the Partnership Agreement governs Purchaser's ownership of the Shares and the operation of the Company. In the event of a conflict between the two agreements, the Partnership Agreement shall control.

16.5. **Electronic Signature**. This Investment Agreement will be signed electronically, rather than physically.

**INVESTOR INFORMATION SHEET**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> *Name of Purchaser* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Number of Class A Investor Shares*  | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Price Per Investor Share* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *Total Investment*  | &nbsp;&nbsp; __________________________________<br>|
| &nbsp;&nbsp; <br> *SSN (EIN for businesses)*<br>| &nbsp;&nbsp; <br> _______________________________<br>_______________________________ |
| &nbsp;&nbsp; <br> *Jurisdiction of Formation*<br> *(If You Are An Entity)*<br>| &nbsp;&nbsp; <br>_______________________________ |
| &nbsp;&nbsp; <br> *Mailing Address* | &nbsp;&nbsp; <br> _______________________________<br> Street 1<br> _______________________________<br> Street 2<br> _______________________________<br> City<br> _______________________________<br> State and Zip Code<br> _______________________________<br> Country |
| &nbsp;&nbsp; <br> *Email Address*<br>| &nbsp;&nbsp; <br> ________________________________ |

---

[*Signatures on the Applicable Investor Signature Page that Follows*]

**INVESTOR SIGNATURE PAGE**

IN WITNESS WHEREOF, the undersigned has executed this Investment Agreement effective on the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Read and Approved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Signature

**ACCEPTED**

ENERGEA PORTFOLIO 5 LATAM LP

&nbsp;&nbsp;&nbsp;&nbsp;By: Energea Global LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Manager

&nbsp;&nbsp;&nbsp;&nbsp;By:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Silvestrini, Manager

## Ex1A-4

**Energea Portfolio 5 LATAM LP**

**AUTO-INVEST AGREEMENT**

This Auto-Invest Agreement (this "<u>Agreement</u>") is entered into on ________________, by and between Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>") and the investor identified on the Investor Information Sheet attached ("<u>Purchaser</u>" or "<u>you</u>").

I. The Company is offering for sale Class A Investor Shares pursuant to an Offering Circular filed on Form 1-A with the United States Securities and Exchange Commission on ________ (the "<u>Disclosure Document</u>").

II. If you have not previously invested in the Company and if you invest in the Company you will be a limited partner of the Company and bound by the Company's Limited Partnership Agreement dated June 17, 2025 (the "<u>Partnership Agreement</u>").

III. The Purchaser either (i) desires to make an initial purchase of Class A Investor Shares and desires to purchase additional Class A Investor Shares on a periodic basis after the date hereof, on the terms and conditions set forth herein, or (ii) purchased Class A Investor Shares pursuant to an investment agreement and now desires to purchase additional Class A investor Shares on a periodic basis hereafter, on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, acknowledging the receipt of adequate consideration and intending to be legally bound, the parties hereby agree as follows:

1. **Defined Terms**. Capitalized terms that are not otherwise defined in this Agreement have the meanings given to them in the Disclosure Document. We refer to your Class A Investor Shares subscribed for hereunder as the "<u>Shares</u>."

2. **Initial Purchase of Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. **Initial Purchase of Shares**. Subject to the terms and conditions of this Agreement and if your proposed initial subscription is accepted by the Company in its sole discretion, the Company hereby agrees to sell to the Purchaser, and the Purchaser hereby agrees to purchase from the Company, that number of Shares set forth on the Investor Information Sheet under the heading Initial Investment, for the price set forth on the Investor Information Sheet under the heading Initial Investment (the "<u>Initial Purchase</u>"). The Purchaser will be admitted as a Limited Partner at the time this Agreement is accepted and executed by the General Partner and the payment for your Shares in the Initial Purchase is received by the Company and the Purchaser hereby irrevocably agrees to be bound by the Partnership Agreement as a Limited Partner and to perform all obligations contained in the Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. **No Right to Cancel**. The Purchaser does not have the right to cancel its subscription with respect to the Initial Purchase or change its mind. Once the Purchaser signs this Agreement, the Purchaser is obligated to purchase the Shares in the Initial Purchase if the Purchaser's subscription in the Initial Purchase is accepted by the Company, no matter what.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. **Our Right to Reject Initial Purchase**. In contrast, the Company has the right to reject the Purchaser's subscription in the Initial Purchase for any reason or for no reason, in its sole discretion. If the Company rejects the Purchaser's subscription in the Initial Purchase, any subscription by the Purchaser to purchase additional Shares under <u>Section 3</u> will be rejected as well and any money you have given to the Company will be returned to the Purchaser. This Agreement will be deemed to be accepted by, and will be binding against, the Company only upon its execution and delivery of this Agreement to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. Notwithstanding anything herein to the contrary, this <u>Section 2</u> shall not apply in the event that the Purchaser has already purchased Shares pursuant to an investment agreement which was accepted by the Company

3. **Purchase of Additional Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. **Additional Purchases.** Subject to the terms and conditions of this Agreement, the Purchaser hereby agrees to purchase additional Shares (the "<u>Additional Shares</u>") for the amounts and at the intervals set forth on the Investor Information Sheet under the heading Additional Investments (purchases made at such intervals being the "<u>Auto-Investments</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. **Price of Additional Shares**. The price of Additional Shares to be purchased by Purchaser hereunder shall be the same price at which Class A Investor Shares are then being offered in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. **Opt Out**. The Purchaser may cancel or pause the Auto-Investments from the Purchaser's online Energea account settings (hhtp://www.energea.com/users/aut-invest), or by giving the Company at least (30) calendar days' notice (via email).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. **Termination Upon Conclusion of Offering**. By law, Purchaser will no longer be permitted to make Auto Investments after the Offering is terminated. Notwithstanding anything herein to the contrary, Purchaser acknowledges and agrees that the Company may cutback or reduce the amount of any Auto Investment if and to the extent that such reduction is necessary so that the Company does not issue more Class A Investor Shares than it is authorized to issue (it being acknowledged and agreed that multiple persons may also enter into similar agreements providing for additional investment and or automatic reinvestment into Class A Investor Shares and that any cutbacks which may be necessary due to such agreements, shall be made by the Company in its sole and absolute discretion and shall not be required to be pro-rata). Any cutbacks made of the number of Shares which Purchaser may purchase hereunder, shall not be considered a breach of this Agreement.

4. **Limit On The Amount A Non-Accredited Investor Can Invest**. As discussed in the Disclosure Document (see the section captioned "Limit On The Amount A Non-Accredited Investor Can Invest"), the law limits how much an investor who is not "accredited" within the meaning of 17 CFR §230.501(a) may invest in the Offering. These limits apply to *all* Shares purchased by Purchaser, including additional purchases under this Agreement. Purchaser shall be responsible to comply with the limits set forth herein (if applicable) and Purchaser shall limit their purchases hereunder accordingly.

5. **Purchaser Promises**. Purchaser makes the following promises, which are true and correct as of the date hereof and which by acceptance of any Shares after the date hereof, are and will be true and correct as of the date and purchase of any Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. **Accuracy of Information**. All of the information Purchaser has given to the Company, whether in this Investment Agreement or otherwise, is accurate and the Company may rely on it. If any of the information Purchaser has given to the Company changes, either before or after any purchase of Shares or the Company accepts Purchaser's Initial Purchase, Purchaser will notify the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. **Risks**. Purchaser understands all the risks of investing, including the risk that Purchaser could lose all Purchaser's money. Without limiting that statement, Purchaser has reviewed and understands all the risks listed in the Disclosure Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. **No Representations**. None of the Company, the General Partner or any of their respective representatives have made any promises or representations to Purchaser, except the information in the Disclosure Document. None of the Company, the General Partner or any of their respective representatives have guaranteed any financial outcome of Purchaser's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. **Opportunity to Ask Questions**. Purchaser has had the opportunity to ask questions about the Company and the investment. All such questions have been answered to Purchaser's satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. **Legal Power to Sign and Invest**. Purchaser has the legal power, capacity and authority to sign this Agreement and purchase the Shares pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. **No Government Approval**. Purchaser understands that no state or federal authority has reviewed this Agreement or the Shares or made any finding relating to the value or fairness of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. **No Transfer**. Purchaser understands that under the terms of the Partnership Agreement, the Shares may not be transferred without complying with the terms of the Partnership Agreement (which includes a right of first refusal in favor of the Company on certain transfers of Shares). Also, securities laws limit transfer of the Shares. Finally, there is currently no market for the Shares, meaning it might be hard to find a buyer. As a result, Purchaser is prepared to hold the Shares indefinitely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. **No Advice**. The Company has not provided Purchaser with any investment, financial, or tax advice. Instead, the Company has advised Purchaser to consult with his, her or its legal and financial advisors and tax experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. **Tax Treatment**. The Company has not promised Purchaser any particular tax outcome from buying or holding the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. **Acting on Own Behalf**. Purchaser is acting on his, her, or its own behalf in purchasing the Shares, not on behalf of anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. **Investment Purpose**. Purchaser is purchasing the Shares solely as an investment, not with an intent to re-sell or "distribute" any part of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. **Anti-Money Laundering Laws**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12.1. Purchaser's investment will not, by itself, cause the Company to be in violation of any "anti-money laundering" laws, including, without limitation, the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986, and the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.

5.12.2.If Purchaser is a natural person, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under "anti-money laundering" laws, and Purchaser is not on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by the Office of Foreign Assets Control of the United States Department of Treasury ("<u>OFAC</u>"), nor is Purchaser a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

5.12.3.If Purchaser is an entity, to the best of Purchaser's knowledge based upon appropriate diligence and investigation, none of the money used to purchase the Shares was derived from or related to any activity that is illegal under applicable law. Purchaser has received representations from each of its owners such that it has formed a reasonable belief that it knows the true identity of each of the ultimate investors in Purchaser. To the best of Purchaser's knowledge, none of its ultimate investors are on any list of "Specially Designated Nationals" or known or suspected terrorists that has been generated by OFAC, nor is any such ultimate investor a citizen or resident of any country that is subject to embargo or trade sanctions enforced by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13. **Additional Information**. At the Company's request, Purchaser will provide further documentation verifying the source of the money used to purchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14. **Disclosure**. Purchaser understands that the Company may release confidential information about Purchaser to government authorities if the Company determines, in its sole discretion after consultation with its lawyers, that releasing such information is in the best interest of the Company or if the Company is required to do so by such government authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15. **Additional Documents**. Purchaser will execute any additional documents the Company requests if the Company reasonably believes those documents are necessary or appropriate and explains why.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16. **No Violations**. Purchaser's purchase of the Shares will not violate any law or conflict with any contract to which Purchaser is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17. **Enforceability**. This Investment Agreement is enforceable against Purchaser in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18. **No Inconsistent Statements**. No person has made any oral or written statements or representations to Purchaser that are inconsistent with the information in this Agreement and the Disclosure Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19. **Financial Forecasts**. Purchaser understands that any financial forecasts or projections are based on estimates and assumptions the Company believes to be reasonable but are highly speculative. Given the industry, our actual results may vary from any forecasts or projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20. **Notification**. If Purchaser discovers at any time that any of the promises in this Section 5 are untrue, Purchaser will notify the Company right away.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21. **Legality in Non-U.S. Jurisdictions**. If Purchaser is not a citizen or resident of the United States, Purchaser represents that the offering of Shares conducted by the Company, and Purchaser's purchase of Shares, are lawful under the laws of the jurisdiction where Purchaser is a citizen and/or resident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22. **Knowledge**. Purchaser has enough knowledge, skill, and experience in business, financial, and investment matters to evaluate the merits and risks of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23. **Financial Wherewithal**. Purchaser can afford this investment, even if Purchaser loses his, her or its money. Purchaser doesn't rely on this money for his, her or its current needs, like rent or utilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24. **Individuals**. If Purchaser is a natural person (not an entity), Purchaser is a citizen or permanent resident (green card) of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25. **Entity Purchasers**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.1.**Good Standing**. Purchaser is validly existing and in good standing under the laws of the jurisdiction where it was organized and has full entity power and authority to conduct its business as presently conducted and as proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.2.**Other Jurisdictions**. Purchaser is qualified to do business in every other jurisdiction where the failure to qualify would have a material adverse effect on Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.3.**Authorization**. The execution and delivery by Purchaser of this Agreement, Purchaser's performance of its obligations hereunder, the consummation by Purchaser of the transactions contemplated hereby, and the purchase of the Shares, have been duly authorized by all necessary entity action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.4.**Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.5.**Information to Purchasers**. Purchaser has not provided any information concerning the Company or its business to any actual or prospective investor, except the Disclosure Document, this Agreement, and other written information that the Company has approved in writing in advance.

6. **Confidentiality**. The information the Company has provided to Purchaser about the Company, including information in the Disclosure Document, is confidential. Purchaser will not reveal such information to anyone or use such information for Purchaser's own benefit, except to purchase the Shares.

7. **Re-Purchase of Shares**. If the Company determines that Purchaser has provided the Company with inaccurate information or otherwise violated Purchaser's obligations, or if required by any applicable law or regulation related to terrorism, money laundering, and similar activities, the Company may (but shall not be required to) repurchase the Shares for an amount equal to the amount Purchaser paid for them less the amount of any distributions received from the Company.

8. **Governing Law**. This Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. Purchaser hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Agreement shall be prosecuted in such courts, (iii) agrees that any such court shall have in personam jurisdiction over Purchaser, and (iv) consents to service of process by notice sent in accordance with <u>Section 11</u> and/or by any means authorized by Delaware law, and (v) agrees that if the Purchaser is not otherwise subject to service of process in Delaware, to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

9. **Execution of Partnership Agreement**. If the Company accepts the Purchaser's Initial Purchase, then the Purchaser's execution of this Agreement will also serve as the Purchaser's execution of the Partnership Agreement, just as if the Purchaser had signed a paper copy of the Partnership Agreement.

10. **Consent to Electronic Delivery**. Purchaser agrees that the Company may deliver all notices, tax reports and other documents and information to Purchaser by email or another electronic delivery method the Company may choose pursuant to the email address set forth on the Investor Information Statement. Purchaser agrees to tell the Company right away if Purchaser changes his, her or its email address or home mailing address so the Company can send information to the new address.

11. **Notices**. All notices under this Agreement will be electronic. Purchaser will contact the Company by email at info@energea.com. The Company will contact Purchaser by email at the email address on the Investor Information Sheet. Either party may change his, her, or its email address by notifying the other (by email). Any notice will be considered to have been received on the day it was sent by email, unless the recipient can demonstrate that the email wasn't delivered to the recipient's inbox.

12. **Limitations on Damages**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. THE COMPANY WILL NOT BE LIABLE TO PURCHASER FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF PURCHASER NOTIFIES THE COMPANY THAT PURCHASER MIGHT INCUR THOSE DAMAGES. This means that at most, Purchaser can sue the Company for the amount of his, her, or its investment. Purchaser can't sue us the Company anything else. However, the foregoing limitation of damages does not apply to claims arising under the Federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Purchaser further agrees that neither the Company, the General Partner nor any of their respective affiliates, nor their respective managers, officers, directors, members, equity holders, employees or other applicable representatives (collectively, the "<u>Covered Persons</u>"), will incur any liability (a) in respect of any action taken upon any information provided to the Company by Purchaser or for relying on any notice, consent, request, instructions or other instrument believed, in good faith, to be genuine or to be signed by properly authorized persons on behalf of Purchaser, including any document transmitted by email or (b) for adhering to applicable anti-money laundering obligations whether now or later in effect.

13. **Indemnification**. To the extent permitted by law, Purchaser agrees that Purchaser will indemnify and hold harmless the Covered Persons from and against any and all direct and indirect losses, damages, liabilities, costs or expenses (including reasonable attorneys' and accountants' fees and disbursements), whether incurred in an action between the parties hereto or otherwise, and including without limitation any liability which results directly or indirectly from the Company, the General Partner and their respective Affiliates becoming subject to ERISA or Section 4975 of the Code (collectively, "<u>Losses</u>") which the Covered Persons may incur by reason of or in connection with this Agreement or any information Purchaser provided or provides to the Company and the transactions contemplated thereby, including any misrepresentation made by Purchaser or any of Purchaser's agents, any breach of any declaration, promise representation or warranty of Purchaser, Purchaser's failure to fulfill any covenants or agreements under this Agreement, its or its governing body, or their reliance on email or other instructions, or the assertion of Purchaser's lack of proper authorization from Purchaser's beneficial owners (if applicable) to execute and perform the obligations under this Agreement. Purchaser also agrees that it will indemnify and hold harmless the Covered Persons from and against any and all Losses that they or any one of them, may incur by reason of, or in connection with, the failure by the Purchaser to comply with any applicable law, rule or regulation having application to the Covered Persons.

14. **Waiver of Jury Rights**. IN ANY DISPUTE WITH THE COMPANY, PURCHASER AGREES TO WAIVE PURCHASER'S RIGHT TO A TRIAL BY JURY. This means that any dispute will be heard by a judge, not a jury. However, the foregoing waiver of trial by jury does not apply to claims arising under the Federal securities laws.

15. **Survival**. The representations, warranties and agreements contained in this Agreement will survive the execution of this Agreement by the Purchaser and effectiveness of this Agreement in accordance with its terms.

16. **Miscellaneous Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. **No Transfer**. Purchaser may not transfer his, her, or its rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. **Headings**. The headings used in this Agreement (*e.g.*, the word "Headings" in this paragraph), are used only for convenience and have no legal significance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. **No Other Agreements**. As of the date hereof, this Investment Agreement, the Partnership Agreement, and the Shares are the only agreements between the Company and the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4. **Relationship with Partnership Agreement**. This Agreement governs Purchaser's purchase of the Shares, while the Partnership Agreement governs Purchaser's ownership of the Shares and the operation of the Company. In the event of a conflict between the two agreements, the Partnership Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5. **Electronic Signature**. This Agreement will be signed electronically, rather than physically.

[Signature Page to follow]

**INVESTOR INFORMATION SHEET**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> *Name of Purchaser* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *Initial Investment* <br>*Number of Class A Investor Shares Initial Purchase* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Price Per Investor Share* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *Additional Investments*<br>*Date of Monthly Investment (additional investment)* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Dollar Amount of Monthly Investment (additional investment)* | &nbsp;&nbsp; <br> _______________________________ |
| &nbsp;&nbsp; <br> *Date of First Monthly Investment (additional investment)* | &nbsp;&nbsp; <br> _______________________________ |
| &nbsp;&nbsp; <br> *Period (additional investment)* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *SSN (EIN for businesses)*<br>| &nbsp;&nbsp; <br> _______________________________<br>_______________________________ |
| &nbsp;&nbsp; <br> *Jurisdiction of Formation*<br> *(If You Are An Entity)*<br>| &nbsp;&nbsp; <br>_______________________________ |
| &nbsp;&nbsp; <br> *Mailing Address* | &nbsp;&nbsp; <br> _______________________________<br> Street 1<br> _______________________________<br> Street 2<br> _______________________________<br> City<br> _______________________________<br> State and Zip Code<br> _______________________________<br> Country |
| &nbsp;&nbsp; <br> *Email Address*<br>| &nbsp;&nbsp; <br> ________________________________ |

---

**PURCHASER SIGNATURE PAGE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Purchaser has signed this Agreement on the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Signature (Only for Joint Accounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Title (Only if Purchaser is an Entity)

ACCEPTED

**ENERGEA PORTFOLIO 5 LATAM LP**

&nbsp;&nbsp;&nbsp;&nbsp;By: Energea Global LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As General Partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By _________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Silvestrini, Manager

## Ex1A-11

![](image004.jpg)

<u>Consent of Independent Accountants</u>

We hereby consent to the incorporation by reference in this Regulation A Offering Statement on Form 1-A of Energea Portfolio 5 LATAM LLC of our report dated June 19, 2025, relating to the financial statements as of and for the year ended December 31, 2024.

![](image005.jpg)

Certified Public Accountants Hartford, Connecticut

June 19, 2025

## Ex1A-12

June 20, 2025

&nbsp;&nbsp; Energea Portfolio 5 LATAM LP<br> 52 Main Street<br> Chester, CT 06412<br>

*Re: <u>Securities Qualified under Offering Statement on Form 1-A</u>* 

We have acted as counsel to Energea Portfolio 5 LATAM LP, a Delaware limited partnership (the "<u>Company</u>"), in connection with the Company's June 20, 2025 filing with the U.S. Securities and Exchange Commission of the Company's Offering Statement on Form 1-A (as amended or supplemented, the "<u>Offering Statement</u>") pursuant to Rule 252 of Regulation A under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), relating to the qualification of the Offering Statement and the offering by the Company of up to $50,000,000 of the Company's Class A Investor Shares ("<u>Class A Investor Shares</u>") representing limited partnership interests of the Company.

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following (collectively, the "<u>Offering Documents</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Limited Partnership Agreement of the Company, as amended to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Certificate of Limited Partnership of the Company, as amended to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Authorizing Resolution authorizing the Class A Investor Shares (the "<u>Authorizing Resolution</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's forms of investment agreements, attached as Exhibits 4.1, 4.2 and 4.3 to the Offering Statement (the "<u>Investment Agreements</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Offering Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Resolutions of Energea Global LLC dated as of June 20, 2025 approving the Offering Statement and the transactions contemplated thereby.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below. In rendering our opinion, we have relied upon the representations of the Company contained in the Offering Documents and certificates of public officials and officers of the Company, with respect to all factual matters set forth therein. We have made no independent examination of factual matters set forth in the Offering Documents, certificates of public official or representations made in any such document for the purpose of rendering this opinion. We have not attempted to independently verify such facts.

In particular, we have not reviewed any document (other than the Offering Documents) that is referred to or incorporated by reference into the documents reviewed by us. We have assumed that (i) the enforceability of any such document or instrument referred to or incorporated into the terms of any Offering Documents and (ii) there exists no provision in any document or instrument that we have not reviewed that is inconsistent with or that would otherwise alter the opinions stated herein.

In our examination, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. In our examination, we have assumed and have not verified (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures (other than persons signing on behalf of the Company); (iii) the authenticity of all documents, certificates and instruments submitted to us as originals; (iv) the conformity with the originals of all documents supplied to us as copies; (v) the authenticity of the originals of such copies; (vi) the accuracy and completeness of all corporate records and documents made available to us by the Company; (vii) that the foregoing documents, in the form submitted to us for our review, have not been altered or amended in any respect material to our opinion stated herein; and (viii) that at or prior to the time of the issuance and delivery of any of the Class A Investor Shares, (a) the Offering Statement will have become qualified and such qualification shall not have been terminated or rescinded, (b) no stop order of the Commission will have been issued, (c) the Offering Statement and any required supplements will have been delivered to each purchaser of the Class A Investor Shares as required in accordance with applicable law, and (d) the Company will receive consideration for the issuance of the Class A Investor Shares as described in the Offering Statement.

For purposes of the opinion set forth below, we have assumed that no event occurs that (i) causes the number of authorized shares of Class A Investor Shares available for issuance by the Company to be less than the aggregate of the maximum number of then unissued Class A Investor Shares and (ii) the issuances of any Class A Investor Shares under those Investment Agreements which allow for either (a) automatic investment in Class A Investor Shares on monthly basis or (b) automatic reinvestment of distributions in Class A Investor Shares, will not obligate the Company to issue more than the authorized number of Class A Investor Shares.

Our opinions expressed below are subject to the qualification that we express no opinion as to the applicability of, compliance with, or effect of any laws except the Delaware Uniform Revised Limited Partnership Act (including the statutory provisions and reported judicial decisions interpreting the foregoing). We do not find it necessary for the purpose of this opinion to cover, and accordingly we express no opinion as to the application of the securities or blue sky laws of the various states.

Based on the foregoing qualifications, limitations and assumptions, we are of the opinion that, the Class A Investor Shares being sold pursuant to the Offering Statement are duly authorized and will be, when issued in the manner described in the Offering Statement and the applicable Investment Agreement, against payment therefor, legally and validly issued and holders of the Class A Investor Shares will have no obligation to make any further payments for the purchase of the Class A Investor Shares or contributions to the Company solely by reason of their ownership of the Class A Investor Shares.

We hereby consent to the inclusion of this opinion as Exhibit 12.1 to the Offering Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

Very truly yours,

McCarter & English, LLP

## Add

**Colombia's Solar Market Analysis**

**Market Investment Committee Memo**

**Chester, USA**

**June 18, 2025**

*This IC Memo includes projections and forward-looking information that represent Energea Global'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.*

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

**Executive Summary**

Colombia presents a compelling opportunity for Energea Portfolio 5 LATAM LP to launch its investment strategy with a strong foundation in a market that exhibits both structural readiness and economic need for distributed solar solutions. The country combines high solar, expensive electricity prices and significant gaps in energy infrastructure to set the stage for profitable Project and Loan opportunities. Colombia is well positioned to support the Company's capital deployment model.

The market is underdeveloped but advancing quickly, supported by recent legal reforms, improved investor protections, and a surge in private sector demand for cost-saving, reliable energy sources. the General Partner's investment thesis centers on distributed generation ("<u>DG</u>") projects ranging from rooftop systems to ground-mount arrays up to 10MW, particularly those backed by long-term offtake agreements with creditworthy corporate, utility, or government customers. Colombia's reliance on hydropower and vulnerability to climatic shifts further strengthens the case for solar as a complementary, dispatchable, and increasingly cheaper form of generation. Given Colombia's macroeconomic conditions and regulatory landscape, we believe our Projects and Borrowers can offer competitively priced electricity while leveraging USD-based capital to deliver attractive returns to the Company and its shareholders.

This investment aligns with the Company's broader strategy to pursue markets where energy prices are elevated, infrastructure gaps exist, and institutional protections for foreign capital are in place. Colombia's readiness for near-term project deployment and the growing maturity of local counterparties directly supports these goals.

**Macroeconomic and Political Overview**

Colombia is one of the largest and most stable economies in LATAM, with a diversified GDP led by energy, agriculture, services, and manufacturing. Its central bank has maintained credible inflation targeting, and the peso has stabilized after prior currency shocks. Industrial energy demand is on the rise, driven by a rebound in domestic manufacturing, supply chain nearshoring, and export diversification.

While President Gustavo Petro's administration has floated reforms in the power sector, none have disrupted the commercial DG market. Distributed solar is viewed as complementary to public infrastructure and offers relief from high utility costs, particularly during hydrological stress. Importantly, most DG projects fall outside the scope of centralized market regulation or state procurement channels. Investors face minimal exposure to political volatility at the federal level due to the decentralized and private nature of DG development.

Colombia maintains a robust network of trade and investment treaties, including agreements with the U.S. These frameworks provide dispute resolution pathways, FX transfer guarantees, and non-discriminatory treatment of foreign investors. Institutional strength, particularly in the financial and legal sectors, supports efficient project execution and contract enforcement.

**Distributed Solar Market Opportunity**

Colombia's solar resource profile enables consistent daily energy production and cost predictability. Distributed solar remains vastly underpenetrated despite soaring commercial power prices, which often exceed $0.18-$0.22/kWh USD for mid-sized commercial users. These tariffs are frequently indexed to hydro supply and commodity prices, creating cost instability for business customers. Solar generation offers a hedge against both hydro volatility and grid unreliability.

The Company's DG strategy targets projects below 10MW to bypass utility-scale permitting thresholds, allowing for streamlined interconnection and permitting. Commercial customers-particularly in logistics, food processing, retail, and agriculture-are actively seeking on-site or behind-the-meter solutions to manage energy costs. Energea Global has identified opportunities to structure multi-site community solar projects for municipal and industrial loads with high consumption during daylight hours.

Installation costs are competitive due to favorable labor costs, local EPC capacity, and improving equipment logistics. This, combined with elevated tariffs, creates a favorable spread between the levelized cost of electricity ("<u>LCOE</u>") and Customer offtake rates, even under conservative pricing assumptions. Colombia's DG market offers both volume and price arbitrage, with limited competition from incumbent utilities or national developers.

Emerging credit markets, along with interest from regional Development Finance Institutions ("<u>DFIs</u>") and development banks, signal increasing comfort with the DG asset class. Access to long-tenor Customer contracts and declining interconnection hurdles are accelerating timelines for project execution.

**Policy, Legal and Regulatory Framework**

Colombia's regulatory approach to DG has matured significantly. The Energy Transition Law includes useful tax incentives, but these are secondary to the legal and contractual frameworks that protect project finance structures. *Fiducia mercantil* (trust) instruments and commercial arbitration norms allow the Company to replicate the secured structures used in other markets. Investors can isolate Project cash flows and enforce Borrower collateral without judicial intervention.

CREG and UPME have clarified technical standards, interconnection procedures, and third-party energy service models. DG projects under 10MW enjoy relatively clear permitting paths, and net billing is allowed for qualified facilities. Commercial PPAs are widely accepted and enforceable under Colombian civil and contract law. FX transfer regulations remain flexible, and the Company may utilize USD-denominated or inflation-indexed COP contracts, depending on Customer/Borrower profile.

Legal risk is further reduced by Colombia's history of honoring private contracts and its membership in international arbitration forums. The Company's Colombian counsel has reviewed multiple PPA and lease precedents and confirmed strong enforceability standards for DG solar contracts.

**Investment Thesis and Financial Considerations**

Domestic financing is Colombia is very expensive, with real borrowing costs exceeding 20% in some cases within the solar segment. This dynamic allows the Company to offer Loans at relatively high interest rates. To reduce the FX exposure on those returns of interest, we will split the amortization to be calculated partially in USD and partially in COP. It's worth noting thw the COP had remaining quite stable against the USD for the past few years.

Modeled projects show levelized offtake rates of $0.15-$0.18/kWh, delivering project IRRs in the mid-teens. Creditworthy offtakers reduce default risk, and Colombia's legal environment supports enforceable collections.

The Company will underwrite Projects and Loans using the diligence framework developed by the General Partner, with emphasis on credit evaluation, technical vetting and FX risk management. Energea Global will utilize a combination of secured Loans and Project equity to allocate capital to strategic positions.

Colombia's competitive cost environment, mature legal system, and bankable tariff conditions offer favorable entry economics compared to other LATAM markets.

**Risks and Mitigation**

* **Regulatory:** DG projects are not subject to centralized auctions or state
 procurement. Permitting regimes are evolving but clear for projects under
 10MW. Deep legal and regulatory analysis ensures compliance with regional
 statutes.

* **FX:** USD
 or inflation-adjusted COP PPAs help mitigate exposure. FX hedging tools
 are available locally, and Energea Global will underwrite currency risk
 conservatively.

* **Legal:** Trust
 structures ensure enforceability of payments. Arbitration clauses and
 cross-default protections provide legal recourse.

* **Execution:** Select
 only Development Companies with demonstrated expertise and sound
 businesses. Technical milestones tied to funding disbursements. The
 General Partner plays a significant capacity building role with our
 Development Company partners. We aspire to absolute alignment to fiercely
 compete against other market participants. 

* **Credit:** Offtaker
 credit scoring and collateral thresholds. Parental guarantees where
 appropriate.

**Recommendation**

Colombia should be approved as the first eligible market under Energea Global Portfolio 5 LATAM LP. The country's DG sector offers a compelling mix of high tariffs, clear legal protections, rapid deployment potential, and virtually no reliance on government incentives. These features align squarely with the LATAM thesis: unlocking value in underserved distributed energy markets through efficient USD capital deployment.

Energea Global is prepared to deploy its standardized documentation, local advisory network, and underwriting model to scale in Colombia. The General Partner recommends IC approval based on deep due diligence and near-term execution readiness.

<u>Signatures</u>:

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br>**________________________________**<br> Mike Silvestrini<br> Partner | &nbsp;&nbsp; <br>**________________________________**<br> Daniel Chavez<br> Financial Analyst <br>|
| &nbsp;&nbsp; <br>________________________________<br> Juan Carvajales<br> Senior Portfolio Manager  | &nbsp;&nbsp; <br>________________________________<br> Dave Rutty<br> Director of Construction<br>|
| &nbsp;&nbsp; <br>**________________________________**<br> Isabella Mendonça<br> General Counsel | &nbsp;&nbsp; <br>________________________________<br> Francielle Assis<br> HR & HSEC Legal Manager<br>|
| &nbsp;&nbsp; <br>________________________________<br> Julio Cezar dos Santos de Morais<br> Electrical Engineer<br>| &nbsp;&nbsp; <br>________________________________<br> Paulo Vieira<br> Director of Operations & Maintenance <br>|

---

## Add

*Helios Energía S.A.S. E.S.P. Borrower Investment Committee Memo Chester, USA July 18, 2024*

*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.*

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

**Executive Summary**

Helios Energía S.A.S. E.S.P. ("<u>Helios</u>") is a regulated public utility company in Colombia focused on delivering off-grid solar power to rural areas designated as *Zonas No Interconectadas* ("<u>ZNI</u>"). As of May 2025, Helios manages over 20,000 active, government-subsidized subscribers across 9 departments (states), operating under the SISFV (*Sistema Individual Solar Fotovoltaico*) framework, which offers fixed CAPEX and OPEX tariff reimbursements for qualifying power utility subscribers.

Energea is evaluating a long-term, secured credit facility of up to $100 million USD to support Helios's subscriber growth and stabilize working capital flows. The facility is structured as a phased loan, with disbursements issued as individual sub-loans-either Working Capital Advances or Engineering, Procurement, and Construction ("<u>EPC</u>") Advances-each bearing fixed interest rates and amortizing on a monthly basis. Repayment is split evenly between USD (15% fixed interest) and COP (18% fixed interest).

The facility is governed by a Loan Agreement dated January, 2025 (the "<u>Loan Agreement</u>") and made fully effective through Addendum No. 1 in June, 2025 ("<u>Addendum No. 1</u>"). All collections and repayments will be routed through a Colombian fiduciary Trust that centralizes revenue inflows and enforces the Company's senior repayment priority. The Company retains full control over Minimum Technical Requirements ("<u>MTR</u>"), loan compliance, and corporate governance matters, including step-in rights in the event of default, accounting configuration our appointed Chief Operations Officer.

The Investment Committee is asked to approve disbursements under the Loan, subject to ongoing Borrower compliance and covenant testing. Once authorized by this Investment Committee, future disbursements will not require additional authorization beyond those required to comply with the Loan Agreement.

**1. Overview of the Borrower**

Founded in 2016, Helios operates within Colombia's special electricity regime for non-interconnected zones, where traditional grid extension is not economically viable. Its operations are centered on deploying and maintaining stand-alone solar systems for residential use, with tariffs regulated under the SISFV framework. Existing subscribers, installed under public tenders, generate OPEX-based subsidies (where the government pays Helios for the cost of maintaining the projects plus a profit margin). However, new systems financed through private capital-such as through this facility-will entitle Helios to both OPEX and CAPEX (where the government reimburses Helios for the cost of installing a project) over a 15-year recovery period.

Helios maintains in-house capabilities for system design, deployment, billing, and post-installation maintenance. Field service, compliance monitoring, and customer management are coordinated using the company's proprietary SG Helios software platform. Operational coverage spans 19 municipalities across Colombia, including territories in the northern Caribbean, Amazon, and Pacific regions. The company is headquartered in Barranquilla, Atlántico.

Helios is jointly owned by five Colombian entities: Lumiere del Caribe S.A.S., Lux Kapital S.A.S., BJ Acciones S.A.S., Iconos S.A.S., and Inversiones Financieras de Colombia S.A.S. Each shareholder has pledged its equity under Colombia's *Garantía Mobiliaria* (non-possessory lien framework) in favor of the Company. As part of the Addendum No. 1, Helios appointed Juan Pablo Ballestas Juliao as its Chief Operations Officer with irrevocable power of attorney and full decision-making authority over all loan-related matters.

**2. Loan Structure and Security**

The Loan is structured to disburse Working Capital Advances and EPC Advances monthly, each documented as a standalone sub-loan with a 15-year term. EPC tranches benefit from a six-month interest-only period before monthly amortization begins. The facility remains open for disbursements during a four-year Borrowing Period, unless earlier terminated due to an Event of Default.

All sub-loans payments are calculated partially in USD and partially in COP, at fixed interest rates of 15 and 18 percent, respectively. If Moody's downgrades Colombia's long-term issuer rating to Ba1 or below-aligning with the BB+ speculative-grade ratings already assigned by Fitch and S&P-all future disbursements will shift to a 75% USD / 25% COP repayment profile to reduce currency exposure and sovereign risk.

Collateral includes equity pledges, registered liens over receivables and movable assets, and the right to all project-related revenue. Upon activation of the Trust, all collections from government subsidies and subscriber payments will be administered centrally and directed toward debt service with first-priority status in favor of the Company. The Trust Agreement, while a post-closing deliverable, is a condition for future disbursements.

Addendum No. 1 introduced enhanced enforcement provisions, including a three-month debt service reserve requirement funded from the first disbursement, a strict 1.4x minimum DSCR covenant calculated on actual cash inflows to the Trust, and technical eligibility standards through Energea's MTR policy. Any deviation from approved specifications without Energea Global's written consent constitutes a material breach.

Governance controls embedded in the agreement restrict the Borrower and its shareholders from altering bylaws or key corporate appointments without prior approval from Energea Global. Full lender step-in rights apply in the event of default or covenant violation.

**3. Development Strategy and Key Partnerships**

Helios focuses on developing SISFV-compliant solar electrification projects in priority regions designated under the national *Plan Indicativo de Expansión de Cobertura* ("<u>PIEC</u>"), which guides the Colombian government's off-grid electrification mandate. The company currently operates nearly 50 percent of all individual SISFV solar systems in the country and is frequently approached by government agencies, municipalities, and developers to assume operational control over underperforming or delegated portfolios.

The internal development process begins with community-level site characterization, followed by engagement with the Ministry of Mines and Energy ("<u>MINMINAS</u>"), the Institute for Planning and Promotion of Energy Solutions ("<u>IPSE</u>"), and local planning offices. Once regulatory approval is secured, Helios undertakes all project design, equipment specification, budgeting, and subsidy eligibility filings directly.

Construction is contracted to ESCO Energía S.A.S. under fixed-price arrangements, with Helios retaining direct control of environmental compliance and technical validation. Castelar S.A.S. and Fayad Lemaitre Legal provide regulatory and utility law counsel throughout project implementation. Cadence S.A.S. advises on financial structuring, DSCR modeling, and loan compliance documentation. All development decisions are tied to the long-term servicing of subscribers, registration in the SSPD's official registry (RUPS), and qualification under Colombia's public utility law.

Helios's stated objective is to scale to over 100,000 subscribers by 2030. This growth will come from both Company-backed Loans and plowing back organic revenue growth. The Loan Agreement restricts distributions of profit to the shareholders without consent from Energea Global.

**4. Financial Overview**

Helios's 2024 audited financials show a revenue base of COP 29.4 billion, with operating profit of COP 11.3 billion and net income of COP 4.2 billion. The company's EBITDA margin rose to 21.9 percent, up from 10.4 percent in 2023, and its net margin and return on equity stood at 14.4 percent and 17.3 percent, respectively.

While the company reported solid net earnings, it also experienced negative cash flow from operations of COP 8.5 billion, primarily due to growing government receivables and collection delays. Working capital was concentrated in accounts receivable totaling COP 33.6 billion, primarily subsidy-related. The year-end cash balance was COP 76 million, a decline from COP 3.2 billion the year prior.

The General Partner receives Monthly Financial Reports ("<u>MFRs</u>") from Helios and Financial Certificates that test cash-based DSCR compliance. The May 2025 MFR indicated improved collections relative to Q1 but showed aging subsidy receivables concentrated in departments such as La Guajira and Putumayo.

The company's statutory auditor issued an opinion on the 2024 financials and confirmed full compliance with tax obligations and Colombian public utility accounting under IFRS for SMEs (*Normas Internacionales de Información Financiera para Pequeñas y Medianas Entidades*).

**5. Governance and Compliance**

The governance structure mandated under Addendum No. 1 centers on the formal designation of Juan Pablo Ballestas Juliao as Operational Assigned Manager, with irrevocable POA authority over Loan performance, project decisions, and Trust-related activity. Shareholders are prohibited from altering governance structures or impairing the Company's rights without prior written consent.

As a public utility, Helios is regulated by the *Superintendencia de Servicios Públicos Domiciliarios* ("<u>SSPD</u>") and the Superintendence of Companies ("<u>Supersociedades</u>"), and must maintain active registration in the *Registro Único de Prestadores de Servicios Públicos* ("<u>RUPS</u>"). It is also subject to technical compliance under RETIE and must demonstrate adherence to service continuity, quality, and customer protection standards, including PQR (*peticiones, quejas y reclamos*) response performance.

Energea Global's reporting oversight is maintained through monthly MFRs, covenant compliance testing, and documentation aligned with Schedule 10 of the Loan Agreement. Once activated, the fiduciary trust will enforce all compliance requirements contractually and operationally.

**6. Risk Assessment and Mitigation**

The Company's exposure in this transaction is shaped by delays in subsidy disbursements, technical execution challenges in ZNI environments, and the Borrower's ability to maintain covenant compliance. Each of these risks is mitigated through layered legal and structural protections.

Sovereign payment risk is addressed through a three-month debt service reserve, and Helios is contractually required to pursue reimbursement enforcement through the *Derecho de Petición* and *Tutela* legal mechanisms if delays persist. Technical execution risk is mitigated by requiring MTR-compliant equipment, fixed-price EPC contracts, and documented construction plans. DSCR is tested monthly on a trailing 12-month basis, calculated solely on actual cash receipts to the Trust. Non-compliance suspends further disbursements until cured.

Governance and legal risks are addressed through irrevocable POA assignment, board restrictions, and enforceability of security rights. Regulatory risks are managed through legal counsel, statutory audits, and recurring filings with SSPD, MINMINAS, and *Supersociedades*.

**7. Expected Impact**

The Loan is expected to significantly expand Helios's ability to execute new solar deployments in Colombia's most underserved territories. By unlocking SISFV CAPEX reimbursements, the facility increases Helios's revenue per subscriber and enables long-term financial sustainability through amortizing cost recovery. It also accelerates the Borrower's transition from a legacy OPEX-only operator to a fully integrated developer, builder, and regulated utility investor under SISFV.

Helios's target of reaching 100,000 active subscribers by 2030 will be supported through both privately financed deployments and delegated roles in regional electrification projects. The resulting growth in monthly recoverable revenue is expected to improve debt service capacity, drive economies of scale in procurement, and reduce unit-level installation costs over time.

For the Company, this transaction offers secured exposure to government-backed cash flows under a legally defined regulatory regime. The government funding to pay Helios under these policies is visibly available in cash. The deal structure incorporates legal enforceability, reserve protections, and cash-based DSCR testing-all embedded in a fiduciary trust framework that provides first-priority repayment and step-in access in the event of default.

The investment also contributes to Energea's broader impact objectives by enabling electrification in indigenous and remote communities, notably under programs such as Energía Wayuu, while aligning with Colombia's national PIEC and SISFV expansion goals. The Loan strengthens Helios's governance, financial transparency, and institutional readiness for future refinancing or exit opportunities.

**8. Approval**

The Investment Committee is asked to approve the continued phased deployment of up to $100 million USD under the Helios Loan and Security Agreement, as amended and restated by Addendum No. 1. This approval supports monthly disbursements under the following conditions:

The Borrower must maintain compliance with all financial, technical, and reporting covenants, including the debt service reserve requirement and minimum 1.4x DSCR tested on a cash basis. No EPC Advance shall be made without Energea's written approval of system specifications in accordance with the MTR policy. Energea must also receive all required certifications through the Trust and validate that post-closing obligations-most notably Trust activation-have been fulfilled.

All rights to enforce step-in, control collateral, and restrict shareholder actions remain intact throughout the Borrowing Period. This approval authorizes continued disbursements at Energea's sole discretion, based on updated financial performance, Trust inflows, and Borrower covenant compliance.

<u>Signatures</u>:

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**________________________________**<br> Mike Silvestrini<br> Partner | &nbsp;&nbsp; <br>**________________________________**<br> Arthur Issa<br> Financial Analyst <br>|
| &nbsp;&nbsp; <br>________________________________<br> Juan Carvajales<br> Senior Portfolio Manager  | &nbsp;&nbsp; <br>________________________________<br> Dave Rutty<br> Director of Construction<br>|
| &nbsp;&nbsp; <br>**________________________________**<br> Isabella Mendonça<br> General Counsel | &nbsp;&nbsp; <br>________________________________<br> Francielle Assis<br> HR & HSEC Legal Manager<br>|
| &nbsp;&nbsp; <br>________________________________<br> Julio Cezar dos Santos de Morais<br> Electrical Engineer<br>| &nbsp;&nbsp; <br>________________________________<br> Paulo Vieira<br> Director of Operations & Maintenance <br>|

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### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Energea Portfolio 5 Colombia LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2023

**CIK:** 0001993443

**I.R.S. Employer Identification Number:** 93-2777221

**Primary Standard Industrial Classification Code:** 4911

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 52 Main Street, —, Chester, CT 06412

**Company Phone:** 8603167466

**Person to contact:** Kathy Koser

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount    |
|:---|:---|
| Cash and Cash Equivalents                | $1310.00  |
| Investment Securities                    | $0.00     |
| Accounts and Notes Receivable            | $23620.00 |
| Property, Plant and Equipment (PP&E)     | $0.00     |
| Total Assets                             | $24930.00 |
| Accounts Payable and Accrued Liabilities | $22674.00 |
| Long-Term Debt                           | $0.00     |
| Total Liabilities                        | $22674.00 |
| Total Stockholders' Equity               | $2256.00  |
| Total Liabilities and Equity             | $24930.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $0.00      |
| Costs and Expenses Applicable to Revenues | $34732.00  |
| Depreciation and Amortization             | $0.00      |
| Net Income                                | $-34732.00 |
| Earnings Per Share - Basic                | 0.00       |
| Earnings Per Share - Diluted              | 0.00       |

**Auditor Information**

| Metric          | Amount        |
|:---|:---|
| Name of Auditor | Whittlesey PC |

### Outstanding Securities

| Class                   |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Common Shares           |       1000000 | n/a     | n/a               |
| Class A Investor Shares |        169150 | n/a     | n/a               |
|  |             0 |  |  |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 50000000     |
| Number of securities outstanding                                | 169150       |
| Price per security                                              | $1.00        |
| Issuer's aggregate offering price                               | $50000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $50000000.00 |

**Anticipated Fees**

| Service Provider   | Name               | Fees      |
|:---|:---|:---|
| Auditor            | Whittlesey PC      | $10000.00 |
| Legal              | McCarter & English | $33000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories