# EDGAR Filing Document

**Accession Number:** 0001993443
**File Stem:** 0001993443-25-000005
**Filing Date:** 2025-7
**Character Count:** 596209
**Document Hash:** 37bb92a48c0fac7a95d7a8a528486193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001993443-25-000005.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001993443-25-000005

**CONFORMED SUBMISSION TYPE**: 1-A/A

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energea Portfolio 5 LATAM LP
- **CENTRAL INDEX KEY:** 0001993443
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC, GAS & SANITARY SERVICES [4900]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 932777221
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 1-A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12630
- **FILM NUMBER:** 251152729

**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 July 25, 2025**

**(Amendment No. 1)**

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

**Preliminary Offering Circular dated July 25, 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: July 25, 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 |

---

*Page ii*

 

**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; *14* |
| &nbsp;&nbsp; [*Loans*](#_Loans) | &nbsp;&nbsp; *15* |
| &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; 26 |
| &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; *32* |
| &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; 34 |
| &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; *35* |
| &nbsp;&nbsp; [*Management*](#_Management) | &nbsp;&nbsp; *36* |
| &nbsp;&nbsp; [*Exculpation and Indemnification of General Partner*](#_Exculpation_and_Indemnification) | &nbsp;&nbsp; *36* |
| &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; *37* |
| &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; *38* |
| &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; [Investment Agreements](#_Investment_Agreements) | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp; [How To Invest](#_How_To_Invest_2) | &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; **56** |
| &nbsp;&nbsp; [Index to Exhibits and Description of Exhibits](#_Index_to_Exhibits) | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp; [**Signatures**](#_Signatures_1) | &nbsp;&nbsp; **57** |

---

*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 (including the General Partner) 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.

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*

 

---

| | | |
|:---|:---|:---|
| &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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Location*** | &nbsp;&nbsp; ***Product*** | &nbsp;&nbsp; ***Target Investment***  | &nbsp;&nbsp; ***Market Analysis*** |
| &nbsp;&nbsp; Colombia | &nbsp;&nbsp; Helios Loan\* | &nbsp;&nbsp; $100,000,000\*  | &nbsp;&nbsp; [Exhibit 99.1](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/ex991.htm) |

---

*\* 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 |

---

*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; 01/22/2025 | &nbsp;&nbsp; $100,000,000\* | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; [Exhibit 99.2](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/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. |
| &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. |
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; When the distributions exceed the Preferred Return<br>| &nbsp;&nbsp; The General Partner will receive 20% of all distributed cash flow above the monthly amount necessary for Preferred Equity Investors to receive their Preferred Return. For more detail, see *"Carried Interest"* below<br>|
| &nbsp;&nbsp; Origination Fees | &nbsp;&nbsp; When Projects and Loans are originated  | &nbsp;&nbsp; The General Partner might originate and develop Projects and Loans that are acquired by the Company. If so, the General Partner shall be entitled to compensation that is no greater than 5.0% of the Project's cost or the Loan's outstanding balance. |
| &nbsp;&nbsp; O&M and Energy Sales Services ("<u>Ancillary Services</u>")<br>| &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>|

---

 *Deferment of Fees*

While the General Partner is not entitled to any compensation other than the Fees as described above, it may defer some or all of Fees at any time based on the General Partner's assessment of the cash flow at the Company. Some Fees may be deferred indefinitely at the discretion of the General Partner. To date, the General Partner has provided services without charging the full amount owed by the Company. As the Company and its cash flow stabilize, the General Partner may charge for deferred Fees ("<u>Deferred Fees</u>") - see "*Fees Paid to General Partner*" for more information.

*Page 32*

 *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 individuals, 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](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/lpagmt.htm); and

· The Authorizing Resolution, which can be found [here](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/authresolution.htm).

  *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.

 

*Page 34*

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](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/lpagmt.htm), and by the Authorizing Resolution itself, a copy of which can be found [here](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/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>".

  *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.

*Page 35*

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.

  *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."

*Page 36*

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*".

  *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.

*Page 37*

· 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.

  *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.

*Page 38*

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.

 

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.

*Page 39*

  *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.*

 

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.

*Page 40*

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.

 *Investment Agreements*

To purchase Class A Investor Shares, you are required to sign an investment agreement, the forms of which are attached hereto (*See* "*How to Invest*"). Each of the Investment Agreements enable Investors to make an initial purchase of Class A Investor Shares (to the extent the Investor is making a one-time purchase of the Class A Investor Shares). The Auto-Invest Agreement and the Auto-Reinvestment Agreement permit an Investor to make a one-time purchase of Class A Investor Shares and/or enable an Investor to elect to make additional purchases of Class A Investor Shares, pursuant to the terms of this Offering, on a periodic basis, by either (i) establishing with the Company, a plan for the Investor to automatically invest in the Offering on a periodic basis, subject to the terms of an Auto-Invest Agreement signed by the Investor and the Company or (ii) to reinvest the distributions the Investor receives from their Class A Investor Shares into the purchase of additional Class A Investor Shares, subject to the terms and conditions of the an Auto-Reinvestment Agreement, signed by the Investor and the Company.

*Page 41*

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.

 *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

July 25, 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 July 25, 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. |
| &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. |

---

*Page 54*

 

---

| | |
|:---|:---|
| &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 |
| &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. |

---

*Page 55*

 

---

| | |
|:---|:---|
| &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  |

---

 

  *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](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/certofformation.htm)  |
| &nbsp;&nbsp; 2.2\*\* | &nbsp;&nbsp; [Limited Liability Company Agreement of the Company dated August 12, 2023](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/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](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/certofformamdmt.htm) |
| &nbsp;&nbsp; 2.4\*\* | &nbsp;&nbsp; [Certificate of Conversion from LLC to LP, filed June 17, 2025](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/certofconversion.htm)  |
| &nbsp;&nbsp; 2.5\*\* | &nbsp;&nbsp; [Limited Partnership Agreement of the Company dated June 17, 2025](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/lpagmt.htm) |
| &nbsp;&nbsp; 2.6\*\* | &nbsp;&nbsp; [Authorizing Resolution of the Company dated June 17, 2025](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/authresolution.htm)  |
| &nbsp;&nbsp; 3.1\*\* | &nbsp;&nbsp; [Redemption Plan](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/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)](consentofauditor.htm)dated July 25, 2025 |
| &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](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/legalopinion.htm) |
| &nbsp;&nbsp; 99.1\*\* | &nbsp;&nbsp; [Colombia Market Investment Committee Memo dated June 18, 2025](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/ex991.htm) |
| &nbsp;&nbsp; 99.2\*\* | &nbsp;&nbsp; [Helios Borrower Investment Committee Memo dated July 18, 2024](https://www.sec.gov/Archives/edgar/data/1993443/000199344325000002/ex992.htm) |
| &nbsp;&nbsp; 99.3\* | &nbsp;&nbsp; [Helios Loan and Security Agreement, by and among Energea Portfolio 5 LATAM LLC and Helios Energia S.A. E.S.P.,](ex993.htm)dated January 22, 2025 |
| &nbsp;&nbsp; 99.4\* | &nbsp;&nbsp; [Addendum No. 1 to Helios Loan and Security Agreement,](ex994.htm)dated June 30, 2025 |

---

*\* Filed herewith*

*\*\*Filed Previously*

*Page 56*

  *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 July 25, 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: July 25, 2025

*Page 57*

## 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 July 25, 2025 (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 Company shall maintain and keep confidential such information that Purchaser provides to the Company in connection with this Investment Agreement.

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; *Check if an Accredited Investor:*<br>| &nbsp;&nbsp; ___ |
| &nbsp;&nbsp; *If Non-Accredited Investor:* <br>*Annual Income or Net Worth* <br> *(If You Are An Individual)* <br>*Or*<br>*Revenue or Net Assets for Most Recently Completed Fiscal Year* <br> *(If You Are An Entity)*<br>| &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 July 25, 2025 (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 (https://www.energea.com/users/auto-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. To the extent the Company determines that the investor has met or exceeded the maximum amount of Class A Investor Shares such investor is permitted purchase under applicable law, the Company (i) may terminate Auto-Investments made by the investor prior to such investor reaching its purchase limits as a non-accredited investor, or (ii) cutback those number of Class A Investor Shares purchased by such investor in excess of such limits.

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 Company shall maintain and keep confidential such information that Purchaser provides to the Company in connection with this Agreement.

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-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 July 25, 2025 (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 (https://www.energea.com/users/settings/dividend-reinvestment), 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. To the extent the Company determines that the investor has met or exceeded the maximum amount of Class A Investor Shares such investor is permitted purchase under applicable law, the Company (i) may terminate Auto-Investments made by the investor prior to such investor reaching its purchase limits as a non-accredited investor, or (ii) cutback those number of Class A Investor Shares purchased by such investor in excess of such limits.

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 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 Company shall maintain and keep confidential such information that Purchaser provides to the Company in connection with this Agreement.

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 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-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 July 25, 2025 relating to the financial statements as of and for the year ended December 31, 2024.

![](image005.jpg)

Certified Public Accountants

Hartford, Connecticut

July 25, 2025

## Add

**LOAN AND SECURITY AGREEMENT**

*Table of Contents*

[Preamble](#Preamble)

[Background](#Background)

1. [**Definitions**](#Definitions)

2. [**Advances**](#Advances)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. [Advance Requests](#Requests)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. [Advance Disbursements](#Disbursements)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. [Use of Advances](#Uses)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. [Interest](#Interest)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. [Repayment of Advances](#Repayments)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. [Payments](#Payments)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. [Prepayments](#Prepayments)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. [Duration](#Duration)

3. [**Deliveries and Conditions**](#Deliveries)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. [Conditions and Deliveries to the Effectiveness of this Agreement](#Condition1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. [Conditions and Deliveries for Advances](#Condition2)

4. [**Security Interest**](#Security)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. [First Priority Lien - Fiduciary Rights through Garantía Mobiliaria](#FirstPriorityLien)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. [Equity Pledge Agreement](#EquityPledgeAgreement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. [Asset Pledge Agreement - Helios and Subsidiaries](#AssetPledgeAgreement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. [Assignment of Accounts Receivable](#AssignmentOfAccountsReceivable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. [Perfection and Registration of Security Interests](#Perfection)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. [Enforcement of Security Interests](#EnforcementOfSecurityInterests)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. [Step-In Rights](#StepInRights)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. [Secured Promissory Note and Letter of Instructions](#SecuredPromissory)

5. [**Representations, Guarantees, and Covenants**](#Representations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. [Helios Representations](#HeliosRepresentations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. [Affirmative Covenants](#AffirmativeCovenants)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. [Negative Covenants](#NegativeCovenants)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. [Financial Covenants](#FinancialCovenants)

6. [**Rights and Remedies**](#Rights)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. [Rights and Actions Upon Default](#RightsAndActions)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. [Actions Upon Payment Default Due to Governmental Delays](#ActionsUponPaymentDefault)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. [Unconditional Nature of Obligations](#Unconditional)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. [Cure Periods](#CurePeriods)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. [Reinstatement of Obligations](#ReinstatementOfObligations)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. [Legal Claims and Reassignment of Collateral](#LegalClaims)

7. [Payments **Free and Clear of Taxes**](#Payments)

8. [**General Provisions**](#General)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. [Successors and Assigns](#Successors)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. [Notices](#Notices)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. [USA Patriot Act Notice](#USAPatriots)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. [Entire Agreement; Amendments](#EntireAgreement)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. [Waiver](#Waiver)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. [Indemnification](#Indemnification)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. [Attorneys' Fees](#AttorneyFees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. [Governing Law](#GoverningLaw)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9. [Arbitration/Consent to Jurisdiction](#Arbitration)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10. [Defenses](#Defenses)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11. [Waiver of Presentment](#WaiverOfPresentment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12. [Severability](#Severability)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13. [Counterparts](#Counterparts)

[Signature Page](#Signature)

Schedules:

[Schedule 1 - Advance Request Form](#S1)

[Schedule 2 - Approved EPC Contractors](#S2)

[Schedule 3 - Existing Subsidiaries](#S3)

[Schedule 4 - Existing Corporate Debt](#S4)

[Schedule 5 - Real Property and Collateral Ownership](#S5)

[Schedule 6 - Contracts and Obligations](#S6)

[Schedule 7 - Tax Liabilities](#S7)

[Schedule 8 - Project Information](#S8)

[Schedule 9 - Related Party Transactions](#S9)

[Schedule 10 - Permits and Approvals](#S10)

[Schedule 11 - Bank Accounts](#S11)

**LOAN AND SECURITY AGREEMENT**

**Preamble**

This LOAN AND SECURITY AGREEMENT, dated as of January [--], 2025 (this "Agreement"), is made by and among: Energea Portfolio 5 LATAM LLC, a Delaware limited liability company (hereinafter referred to as the "Energea"); and Helios Energía S.A. E.S.P., a Colombian utility services provider company (hereinafter referred to as the "Helios") (collectively referred to as the "Parties").

**Background**

Helios is a Colombian utility services provider company that specializes in providing solar energy services to households that are not connected to the energy grid in remote parts of Colombia. They sign up households who desire subsidized electricity ("<u>Subscribers</u>"), manage the construction of small solar and battery systems ("<u>Projects</u>"), manage customer service and maintain the installations on an ongoing basis ("<u>O&M</u>"). In exchange for these services, Helios is compensated directly by the Colombian government to recover the cost of installing and maintaining the solar systems, plus a profit.

Energea is a retail investment platform that raises capital and manages investments in renewable energy projects and companies.

Under the Agreement, Energea intends to make a series of 15-year loans to Helios so that it can install 40,000 additional Projects ("<u>Advances</u>"). As the Projects are completed, they will be registered with ***Superintendencia de Servicios Públicos Domiciliarios* ("<u>SSPD</u>")** and will entitle Helios to additional government payments. Helios will first use the cash flow from the Projects to service principle and interest owed to Energea, then use the remaining amount to sustain and grow their business.

To support its obligations under this Agreement, Helios will establish a trust under Colombian law, to be named "Fideicomiso Helios Energea" (the "<u>Trust</u>"). The Trust will act as a fiduciary entity represented by a trustee ("<u>Trustee</u>"), appointed in consultation with Energea. The Trust will receive and allocate Advances, and administer revenue generated from Projects, prioritizing repayment obligations to Energea.

For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Energea and Helios agree to the following terms and conditions:

**1 Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **"<u>Accounts Receivable</u>"** means any and all accounts receivable, including those of Helios and its Subsidiaries, all revenue from the Projects, whether due or to become due, and any other monetary rights or entitlements directly tied to the Projects, including future cash flows or contingent revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **"<u>Advances</u>" means each advance made by Energea to the Trust or Helios during the Borrowing Period under this Agreement, provided that the maximum aggregate principal amount of all Advances shall not exceed the Maximum Advance Aggregate Amount. "Advances" means all Advances collectively.** Advances include the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 "**<u>EPC Advances</u>**" has the meaning set forth in Section 2.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.2 "<u>Working Capital Advances</u>**" has the meaning set forth in 2.3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 "<u>Advance Maturity Date</u>" means the fifteenth anniversary of the date of each Advance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 "<u>Advance Request</u>" means the advance request in the form attached hereto as "Schedule 1 - Advance Request Form" and described in Section 2.1.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 "<u>Affiliate</u>" means, with reference to a specified Person: (a) any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person, or (b) any Person that is an officer, general partner, managing member, manager, or trustee of, or serves in a similar capacity with respect to, the specified Person, or for which the specified Person is an officer, partner, or trustee, or serves in a similar capacity.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 "<u>Anti-Corruption Laws</u>" means any applicable anti-bribery or anti-corruption laws, including without limitation: (a) the U.S. Foreign Corrupt Practices Act of 1977, (b) the Colombian Criminal Code (Law 599 of 2000), (c) the United Nations Convention against Corruption, ratified by Colombia through Law 970 of 2005, (d) other applicable international and Colombian anti-corruption laws, as amended.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 "<u>Anti-Money Laundering Laws</u>"** means any applicable Law related to terrorism financing or money laundering, including without limitation, (a) the U.S. Bank Secrecy Act of 1970, (b) the USA Patriot Act, (c) the Convention on Laundering, Detection, Seizure and Confiscation of the Products of a Crime, ratified and approved by Colombia through Law 1017 of 2006, (d) the International Convention for the Suppression of the Financing of Terrorism, ratified by Colombia through Law 808 of 2003, (e) the Inter-American Convention against Terrorism, ratified and approved by Colombia through Law 1108 of 2006, (f) the United Nations Convention against Transnational Organized Crime, ratified by Colombia through Law 800 of 2003, (g) the United Nations Convention against Illicit Traffic of Narcotic Drugs and Psychotropic Substances, ratified by Colombia through Law 67 of 1993, (h) the Colombian Criminal Code (Law 599 of 2000), (i) Law 793 of 2022 of Colombia, (j) Law 1121 of 2006 of Colombia and, (k) External Circular Letter 100-004 of October 7, 2009, as modified by External Circular Letter 100-000016 of December 24, 2020 issued by the Superintendency of Companies of Colombia, in each case as amended**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **"<u>Approved Accounts</u>**" means all bank accounts maintained by Helios and the Trust for operational, financial, and collateral-related transactions, including both domestic and foreign accounts. These accounts are listed in "Schedule 11 - Bank Accounts" and are subject to Energea's prior written approval. Approved Accounts include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.1 Helios Operational Accounts, including Foreign Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.2 Trust Accounts established for Collateral administration and other Trust-related financial activities once the Trust is established.

All existing and new accounts must be pre-approved by Energea in writing and added to "Schedule 11 - Bank Accounts". Approved Accounts must comply with the requirements of Section 5.2.11 of this Agreement and applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9 "<u>Approved EPC Contractor</u>" has the meaning set forth in "Schedule 2 - Approved EPC Contractors".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10 "<u>Asset Pledge Agreement</u>" (*Contrato de Garantía Mobiliaria Sobre Activos*) means a legally binding contract in which Helios pledges specific assets as collateral to secure the fulfillment of its obligations under this Agreement. The Asset Pledge Agreement establishes a first-priority, non-possessory security interest in favor of Energea and is governed by Colombian Law 1676 of 2013 (*Ley de Garantías Mobiliarias*) as attached hereto in <u>Exhibit A</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11 "<u>Borrowing Period</u>" means the period beginning on the date hereof and ending on the first to occur of (a) a Default or (b) the fourth anniversary of the date hereof unless otherwise extended by mutual agreement of the Parties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12 "<u>Business Day</u>" means any day that is not a Saturday, Sunday, or a public holiday on which banks are required to close in New York or Bogotá.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 *"**<u>Carta de Adherencia</u>**"* (Letter of Adherence) means a formal letter or document signed by a Subscriber, indicating their acceptance and adherence to the terms and conditions outlined in the *Contrato de Condiciones Uniformes*. The *Carta de Adherencia* is a legally binding document that serves as evidence of the Subscriber's agreement to receive services under the standardized terms established and publicly disclosed by Helios as the utility services provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14 "<u>Change of Control</u>" means a change in the beneficial ownership, directly or indirectly, of the majority voting equity in either Helios, the Trust or other materially adverse events related to control of Helios obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15 "<u>Collateral</u>" means the assets, rights, or properties pledged by Helios or Guarantors to secure their obligations under the Loan Agreement. These assets are provided as a guarantee to Energea to ensure repayment of the loan and fulfillment of related obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16 "<u>Contract</u>" means any agreement binding any party within this Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 **"*<u>Contrato de Condiciones Uniformes</u>*"** means a standardized agreement established and published by public utility services providers, including Helios, in compliance with Colombian Law 142 of 1994. This agreement outlines the rights and obligations of both the provider and its Subscribers for the continuous and uninterrupted provision of electricity utility services. The *Contrato de Condiciones Uniformes* is publicly accessible and serves as the binding framework for the utility services provider's relationship with its Subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 **"<u>COP Advance Portion</u>"** has the meaning set forth in Section 2.2.2 (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 **"<u>Corporate Debt</u>" means** any indebtedness incurred by Helios, including but not limited to, bonds, notes, debentures, loans, lines of credit, commercial paper, or any other form of borrowing, whether secured or unsecured, and any related interest, fees, or other obligations arising therefrom. Corporate Debt shall also include any obligations to repay borrowed funds, whether arising from direct loans, credit facilities, or the issuance of debt securities to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 **"<u>Cure Period</u>"** or **"<u>Cure Periods</u>"** means the applicable time period(s) set forth in Section 6.4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21 "<u>Default</u>" or "<u>Event of Default</u>" means the occurrence of any of the following events:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.1 **Non-Payment.** The failure to pay any amount due under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.2 **Non-Performance of Covenants.** The failure by Helios to perform or comply with any term, covenant, or condition of any Loan or the occurrence of a default in the performance of any provision contained in any Loan Document, which is not cured within the applicable Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.3 **Misrepresentation**. Any representation or warranty made or deemed made by Helios in any Loan Document or other written information provided to Energea is found to be materially inaccurate or untrue in any material respect when made or deemed made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.4 **Judgements.** A final judgment or judgments are entered against Helios 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;a) For monetary damages, regardless of the amount, provided that such judgment:

i. Is not bonded, discharged, or stayed pending appeal within sixty (60) days following its entry, and

ii. Could reasonably be expected to result in non-compliance with the DSCR and DSCCR covenants of 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;b) For injunctive relief that could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.5 **Bankruptcy or Insolvency.** The occurrence of any of the following with respect to Helios:

&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) Initiation of bankruptcy, insolvency, or similar proceedings; 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) Appointment of a receiver or custodian over Helios's assets; 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) Assignment for the benefit of creditors; 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;d) Admission of insolvency or inability to pay debts as they mature; 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;e) Dissolution, liquidation, or cessation of material operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.6 **Prolonged Bankruptcy Proceedings.** Any bankruptcy or insolvency proceeding is initiated against Helios and remains undismissed or unstayed for a period of sixty (60) days, or Helios consents to any order in such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.7 **Change of Control.** The occurrence of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.8 **Material Adverse Effect.** The occurrence of a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.9 **Collateral Defaults.** The occurrence of any of the following events related to the Collateral:

&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) **Enforcement Actions.** Any writ, levy, Lien (other than a Permitted Lien), seizure, replevin, attachment, execution, or similar process is issued or levied against a material portion of the Collateral; 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) **Collateral Mismanagement.** Any act or omission that jeopardizes Energea's priority or interest in the Collateral, including:

iii. Failure to register or maintain security interests as required under the Loan Documents.

iv. Unauthorized asset sales, transfers, or encumbrances affecting the Collateral.

&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) **Trustee Oversight Failures.** Failure by the Trustee to administer Collateral in accordance with the Trust Agreement, including:

i. Misallocation of funds in the Trust Account.

ii. Neglecting to provide timely reports or notifications related to Collateral performance or status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.10**Invalidity of Loan Documents.** This Agreement, any Loan Document, or any material provision thereof ceases to be in full force and effect, or any party (other than Energea) asserts such invalidity in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.11**Invalidity of Liens.** Any Lien created under the Loan Documents ceases to be a valid and perfected Lien with the required priority, or Helios asserts in writing that such Lien is not valid or perfected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.12**Trust Agreement Breaches.** Breach by any party to the Trust Agreement that materially affects Helios's obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.13**Unauthorized Instructions to Trustee**. Issuing instructions to the Trustee that conflict with the provisions of the Trust Agreement or this Loan Agreement, including, but not limited to, directing the Trustee to redirect funds from the Trust Account for purposes not authorized by Energea, or attempting to amend or terminate the Trust Agreement without obtaining the prior written consent of Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.14**Liquidation or Termination.** The liquidation, termination, or dissolution of Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.15**Reserve Shortfalls**. Failure to comply with the Reserve requirements set forth in Section 5.4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.16**Financial Reporting Non-Compliance**. Failure to deliver accurate, complete, and timely Financial Certificates or any other financial reports as required under Section 5.2.1 or related provisions, including omissions or material inaccuracies relating to DSCR, DSSCR or Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.17**Unauthorized Asset Dispositions**. Selling, transferring, or otherwise disposing of any material Collateral or assets without the prior written consent of Energea, except as expressly permitted under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.18**Project Operations Cease**. Ceasing operations of any Project that constitutes a material portion of Helios's revenue or Collateral without prior notice and approval from Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.19**Regulatory or Environmental Violations**. Failure to comply with applicable environmental or regulatory laws where such non-compliance could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.20**Failure to Address Government-Related Payment Delays.** Failure to comply with remedial actions for addressing payment delays attributable to Governmental Authorities, including but not limited to:

&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) Failing to submit a *Derecho de Petición* to the appropriate Governmental Authority within the timeframes required by law; 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) Failing to initiate a *Tutela* action to compel a payment or registration of a subscriber when no response to a *Derecho de Petición* is received within the legally prescribed period; 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)** Failing to provide Energea with notice of such actions within five (5) business days of a submittal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 **"*<u>Derecho de Petición</u>*"** means a constitutional right under Colombian law, allowing Helios to request information, services, or action from public authorities and receive a prompt and substantive response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 **"<u>Distribution</u>"** means the transfer of cash, dividends, distributions or other property to any of Helios's equity holders by reason of their ownership of Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24 "<u>DSCR</u>"** means the ratio, during a particular period, of (a) the total deposits from Government Payments and Subscriber Payments into the Trust Account, less operating costs of the Trust, to (b) the regularly scheduled principal and interest payments due from Helios under this loan agreement**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 **"<u>DSCCR</u>"** means the ratio, during a particular period, of (a) Helios's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) (calculated in accordance with IFRS), to (b) the regularly scheduled principal and interest payments due from Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 **"<u>Economic Rights</u>"** means any monetary entitlements, current or future, arising from Helios's operations, contracts, or agreements, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26.1 Revenue from governmental programs or subsidies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26.2 Dividends, profit-sharing arrangements, or equity-related payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26.3 Future or contingent cash flows tied to Projects or other operational activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27 "<u>Equity Pledge Agreement</u>" (*Contrato de Garantía Mobiliaria Sobre Activos*) means a legal agreement in which the owners of Helios (shareholders of Helios Energía S.A. E.S.P.) pledge their equity interests (shares) as collateral to secure the obligations of Helios under this Agreement. The Equity Pledge Agreement establishes a first-priority, non-possessory security interest in favor of Energea (the "Secured Creditor") and is governed by Colombian Law 1676 of 2013 and attached hereto as <u>Exhibit B</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 "**<u>Financial Certificate</u>**" means the certificate to be delivered by Helios certifying its compliance with the financial covenants in Section 3.2.9 and other financial information of Helios and/or its Subsidiaries as may be requested by Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 **"<u>First Working Capital Advance</u>"** has the meaning set forth in Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 "**<u>Foreign Accounts</u>**" means any bank accounts maintained by Helios or the Trust outside Colombia for transactions involving foreign currency, including the receipt of foreign funds, payments for imported equipment, and other cross-border obligations. Foreign Accounts include *Cuentas de Compensación* as defined under Colombian foreign exchange laws and are a subset of Approved Accounts. All Foreign Accounts must comply with Colombian foreign exchange laws and reporting requirements, including registration with the Banco de la República and the submission of required forms such as Formulario No. 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31 "*<u>Garantía Mobiliaria</u>*" means** a security interest governed under Colombian Law 1676 of 2013, *Ley de Garantías Mobiliarias* (Law on Secured Transactions for Movable Assets), allowing creditors to secure obligations against movable assets, including accounts receivable, inventory, and equipment, through a formal registration process in the *Registro de Garantías Mobiliarias*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 **"<u>Government Payments</u>"** means all payments owed to Helios in accordance with Resolution 40292 of 2022 (as amended) for the Projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33 "<u>Governmental Authorities</u>"** means any entity or body exercising executive, legislative, judicial, or administrative functions at the national, departmental, municipal, or district levels. These include, but are not limited to, government agencies, regulatory bodies, courts, tribunals, and other entities with the authority to enforce laws, regulations, or policies applicable to the parties involved in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 "**<u>IFRS</u>**" means international accounting standards as promulgated by the International Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 "**<u>Interest-Only Period</u>**" means the six (6) month period following the date of disbursement of any EPC Advance during which Helios is not obligated to make payments of principal. During the Interest-Only Period, Helios shall make regular monthly payments of interest at the rate specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 "**<u>Law</u>**" means all laws, statutes, ordinances, rules, regulations applicable to the Person, conduct, transaction, agreement or matter in question, including (a) all applicable statutory law, common law and equitable principles, (b) all provisions of constitutions, treaties, statutes, rules, regulations, orders and decrees of governmental authorities, (c) the Anti-Corruption Laws, and (d) the Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 "**<u>Legal Claim</u>**" means any action, lawsuit, claim, arbitration, suit, proceeding, inquiry or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 "**<u>Lien</u>**" means any charge, claim, pledge, lien, mortgage, community property interest, option, security interest, right of first refusal or similar restriction of any kind, in each case whether voluntary or involuntary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 **"<u>Loan</u>" means** the aggregate principal amount of all Advances issued to Helios under this Agreement, subject to the terms herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 **"<u>Loan Documents</u>"** means collectively this Agreement, the Secured Promissory Note and Letter of Instructions, the Equity Pledge Agreement, the Asset Pledge Agreement, the Trust Agreement, all Advance Requests, all Financial Certificates and any other document executed in connection with or pursuant to these documents, including, without limitation, those described in Section 3, whether produced as of the date hereof or subsequently, and as any of the foregoing may be amended, renewed, replaced, modified, or extended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.41 "<u>Material Adverse Effect</u>"** means, in the reasonable discretion of Energea, (i) a material impairment in the perfection or priority of Energea's security interest in the Collateral or in the aggregate value of such Collateral; (ii) a material adverse change in the business, operations, prospects, or condition (financial or otherwise) of Helios (taken as a whole); or (iii) a material impairment in the ability of Helios to repay any portion of the Obligations when due**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 "**<u>Maximum Aggregate Advance</u>**" means the total amount of Advances Helios can request under this Agreement, which in any case cannot exceed One-Hundred Million Dollars (USD $100,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 "**<u>OFAC</u>**" means Office of Foreign Assets Control of the U.S. Department of the Treasury, the governmental agency responsible for administering and enforcing economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC sanctions target foreign countries, regimes, entities, and individuals involved in activities such as terrorism, narcotics trafficking, proliferation of weapons of mass destruction, and other threats to national and international security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 "**<u>Obligations</u>**" shall mean the due and punctual performance of all of the obligations (including, without limitation, the payment of principal, interest and any other amounts owed under the Loan Documents and the performance of all other representations, warranties, agreements and covenants under the Loan Documents) under the Loan Documents or any renewals, extensions or modifications thereof or any increase in the Maximum Aggregate Advance or any individual Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 **"<u>Operational Assigned Manager</u>"** means the individual designated to oversee governance and operational decision-making for Helios and its Subsidiaries, with full authority to exercise corporate control over Helios's and its Subsidiaries' decision-making processes, including strategic, financial, and operational matters. For the purposes of this Agreement, the initial Operational Assigned Manager is Juan Pablo Ballestas Juliao. In the event that the initial Operational Assigned Manager is no longer able or available to fulfill this role, Helios shall promptly designate a successor Operational Assigned Manager, subject to Energea's prior written approval. The Operational Assigned Manager's authority includes oversight of corporate governance, policy implementation, and approval of any operational and financial decisions necessary to ensure compliance with this Agreement. This role does not extend to the Trust or any responsibilities managed by the Trustee, which shall remain under the exclusive governance of the Trustee as outlined in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 **"<u>Permitted Compensation Increase</u>**" means stipends payable to employees of Helios or any of its subsidiaries as of the date hereof, which do not exceed an amount of fifty-thousand dollars (USD $50,000) per month for all such employees in the aggregate. Any compensation increase above this amount may only be made with the prior written authorization of Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 **"<u>Permits</u>**" means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances, and similar rights obtained, or required to be obtained, as listed in "Schedule 10 - Permits and Approvals", to legally and adequately conduct the business and operations of Helios and its subsidiaries, as well as to legally and adequately develop Projects, from Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 "**<u>Person</u>**" means (i) any individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated association, government or political subdivision, (ii) any court, agency, or other Governmental Authority, or (iii) any other entity, body, organization, or group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 "**<u>Projects</u>**" means all solar projects owned and/or operated by Helios or its Subsidiaries including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49.1 **"<u>Government Projects</u>**" means solar energy projects financed or subsidized by government programs or agencies, including renewable energy initiatives, microgrid systems, and other installations in ZNI designated by government policy. These projects are subject to the terms, conditions, and oversight of the applicable Government Authorities and generate Government Payments as defined in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49.2 **"<u>Energea Projects</u>"** means solar energy projects developed, owned, or operated by Helios or its Subsidiaries that are financed, in whole or in part, through this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 **"*<u>Registro de Garantías Mobiliarias</u>*":** A public registry established under Colombian Law 1676 of 2013 (*Ley de Garantías Mobiliarias*) for the creation, perfection, priority, and enforcement of security interests over movable property. Registration in the RGM grants legal validity and priority to liens and pledges, ensuring enforceability against third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 "**<u>Related Party</u>**" means, with respect to any Person, any equity holder, officer, director, employee, member, manager, managing member, or Affiliate of such Person, or any individual related by blood, marriage, or adoption to any such individual, or any entity in which any of the foregoing owns or has any interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 "**<u>Related Party Transaction</u>**" means any transaction, arrangement, or relationship, or any series of similar transactions, arrangements, or relationships, in which (i) Helios or any of its subsidiaries is or will be a participant, and (ii) any Related Party of Helios or any of its subsidiaries has or will have a direct or indirect interest. This also includes any material amendment or modification to an existing Related Party Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 "**<u>Reserve</u>**" means the minimum cash balance held by the Trust during the Term of this Agreement, as described in Section 5.4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 "**<u>Reserve Shortfall</u>**" means The amount by which the balance in the Reserve Account falls below the Reserve Threshold as set forth in Section 5.4.3. A Reserve Shortfall occurs when Helios fails to maintain the Reserve Threshold or replenish the Reserve within the applicable Cure Period specified in Section 6.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 "**<u>Reserve Threshold</u>**" means the minimum aggregate balance that must be maintained in the Trust Account at all times, as calculated under Section 5.4.3(a). This is defined as the Service of Debt for the previous month multiplied by three.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 "**<u>Secured Promissory Note and Letter of Instructions</u>**" (*Pagaré con Carta de Instrucciones*) means the Secured Promissory Note and Letter of Instructions subscribed by Helios in the form attached hereto as <u>Exhibit C</u>, which evidences the obligations of Helios to repay the then outstanding Advances to Energea and any note issued in replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 **"<u>Service of the Debt</u>**" means all monthly interest and principal payments due under this Agreement for all Advances until the last Advance Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 "**<u>Step-In Assigned Manager</u>"** means the individual designated by Energea to assume control over Helios's operations, assets, and financial management upon activation of Step-In Rights as described in Section 4.7. For the purposes of this Agreement, the Step-In Assigned Manager is Michael Silvestrini or his assign. This role excludes authority over the Trust, which shall remain under the Trustee's governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 "**<u>Step-Up Interest Rate</u>**" means the incremental interest rate applied to the unpaid principal or interest of an Advance upon the occurrence of a Default, as described in Section 2.4.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 **"<u>Subscribers Payments</u>"** means any and all payments made by subscribers to Helios for energy services provided by Helios under *Contrato de Condiciones Uniformes*, which regulate the relationship between Helios, as a public utility services provider, and its users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 **"<u>Subsidiary</u>**" means, (i) as to any Person, a corporation, partnership, limited liability company, or other entity of which shares of stock or other ownership interests having ordinary voting power to elect a majority of the board of directors or other managers of such corporation, partnership, or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries (including any Affiliate), or both, by such Person and (ii) as to Helios, all the companies listed in "Schedule 3 - Existing Subsidiaries". Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 **"*<u>Superintendencia de Servicios Públicos Domiciliarios (SSPD)</u>*":** The Colombian regulatory authority overseeing public utility services, including electricity. The SSPD ensures compliance with legal and regulatory frameworks governing the provision of public services and oversees the registration and validation of subscriber agreements (*Contrato de Condiciones Uniformes*). For the purposes of this Agreement, registration with the SSPD formalizes the inclusion of new subscribers and ensures their eligibility for government-subsidized energy services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 "**<u>Taxes</u>**" means all (i) federal, state, local, foreign, or other taxes of any kind, including all income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, escheat, unclaimed property, customs duties, capital stock, ad valorem, value added, inventory, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, alternative or add-on minimum, or estimated tax, and including any interest, fines, penalty, or addition thereto, whether disputed or not; (ii) any liability for or in respect of the payment of any amount of a type described in clause (i) of this definition whether as a result of successor or transferee liability, joint and several liability, or by reason of being a member of an affiliated, combined, consolidated, unitary, or other group for any period for Tax purposes, or payable by reason of Contract assumption, operation of Law, or otherwise; and (iii) any liability for or in respect of the payment of any amount described in clauses (i) or (ii) of this definition as a result of any Tax sharing agreement, Tax indemnity agreement, or any other express or implied agreement to pay or indemnify any other Person whether by Contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 "**<u>Tax Returns</u>**" means any return, declaration, report, statement, information statement, or other document filed or required to be filed with respect to Taxes, including any claims for refunds of Taxes and any amendments or supplements of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.65 "<u>Term</u>" means** the period beginning on the Effective Date of this Agreement and ending upon the full satisfaction of all Obligations under the Loan Documents, unless earlier terminated in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66 "<u>Trustee</u>" means** Creditcorp Capital Fiduciaria S.A., the entity responsible for managing the Trust's financial and fiduciary responsibilities in accordance with the Trust Agreement and applicable laws**.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 "**<u>Trust</u>**" means Fideicomiso Helios Energea, the *Patrimonio Autónomo de Administración y Pagos* established by the Parties to receive and administer advances, collateral and payments under the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 **"<u>Trust Agreement</u>"** means the agreement to be executed between Helios and the Trustee upon the establishment of the Trust, governing the administration of the Trust including the allocation of Advances, the handling of Collateral, and all other fiduciary responsibilities as outlined in this Agreement or as may be mutually agreed by the Parties if not yet detailed in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.69 "*<u>Tutela</u>*" means a legal action in Colombia designed to protect constitutional fundamental rights when they are violated or threatened. It is an expedited and straightforward mechanism, intended for situations where no other legal remedies are sufficient or timely.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.70 "<u>USD</u>" means United States Dollars.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71 "<u>USD Advance Portion</u>"** has the meaning set forth in Section 2.2.2 (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 **"<u>ZNI</u>**" means *zonas no interconectadas*, or the regions of Colombia that lack access to the National Interconnected System of Energy (*Sistema Interconectado Nacional*, SIN), including, but not limited to, certain municipalities, townships, localities, and off-grid villages throughout Colombia.

**2 Advances**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Advance Requests**. Helios may, from time to time during the Borrowing Period, request Advances by submitting to Energea an Advance Request Form found in "Schedule 1 - Advance Request Form" as well as other supporting materials described below (each an "<u>Advance Request</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 For the First Working Capital Advance, Helios must provide:

&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) Evidence of all Corporate Debt, including payoff instructions and account details. The First Working Capital Advance will be used to pay off all outstanding Corporate Debt that Helios has acquired prior to this transaction;

&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 Financial Certificate; 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) Certification of compliance with Anti-Corruption Laws and Anti-Money Laundering Laws, confirming that no proceeds from the requested Advance will be used in violation of applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 For each subsequent Working Capital Advance, Helios must provide:

&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) Documentation confirming the intended use of funds;

&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 Financial Certificate; 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) Certification of compliance with Anti-Corruption Laws and Anti-Money Laundering Laws, confirming that no proceeds from the requested Advance will be used in violation of applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 For the first EPC Advance, Helios must provide:

&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) All Project documents including EPC agreements, project budgets, supplier invoices, construction schedules and payment schedules; 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;b) Certification of compliance with Anti-Corruption Laws and Anti-Money Laundering Laws, confirming that no proceeds from the requested Advance will be used in violation of applicable regulations;

&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 Financial Certificate; 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 other document reasonably requested by Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 For each subsequent EPC Advance, Helios must additionally provide:

&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) Copies of the *Cartas de Adherencia* signed by the subscribers associated with the projects to be financed by the requested Advance, indicating their acceptance of the terms outlined in the published *Contrato de Condiciones Uniformes*.

&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) Project Updates: A summary of project construction status, including details of completed projects and confirmation of SSPD registration for projects that have reached operational status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Advance Disbursements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Energea shall not be required to make any Advance hereunder unless Energea consents to the making of such Advance in its sole discretion. Within five (5) Business Days after receipt of an Advance Request, subject to the satisfaction of the applicable conditions set forth in Section 3.2 and consent by Energea, Energea shall disburse the Advance.

Notwithstanding the foregoing:

&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) Energea shall not be required to make any Advances after disbursements equal to the Maximum Aggregate Advance Amount or upon the occurrence of any Default; 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;b) Energea shall not be required to make any Advances after the expiration of the Borrowing Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 **Disbursement of Advances.** Each Advance shall be disbursed entirely in U.S. Dollars ("USD") to the Trust. For purposes of 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;a) Fifty percent (50%) of the Advance shall be referred to as the "USD Advance Portion" for principle and interest calculation purposes; 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;b) Fifty percent (50%) of the Advance shall be referred to as the "COP Advance Portion" for principle and interest calculation purposes.

Although both portions are initially disbursed in USD, the Trustee, acting in its fiduciary capacity and as permitted under Colombian foreign exchange regulations, shall monetize the entire Advance into Colombian Pesos ("<u>COP</u>") through an intermediary bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Following the disbursement of Advances into the Trust, the following process shall apply:

&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 Trustee shall initiate the monetization of the USD Advance Portion and the COP Advance Portion into COP immediately upon receipt of the funds in the Approved Account.

&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 equivalent COP amount for each portion shall be determined using the prevailing exchange rate on the date of monetization, as evidenced in the foreign exchange form filed with the Colombian Central Bank.

&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) Right of Offset: to the extent a Payment is due on any past Advances at the same time a new Advance is approved, Energea reserves the right to offset the total amount advanced by subtracting the Payment amount due from the approved Advance amount, it being understood by the Parties that the offset amount will not reduce the principle outstanding on the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 **Allocation of Funds**. All funds shall be managed and allocated by the Trustee in compliance with this Agreement and the Trust Agreement. The Trustee shall allocate the funds strictly in accordance with the utilization terms set forth in Section 2.3 and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Use of Advances.** The Trust shall ensure that the proceeds from each Advance are used solely for purposes specified in this Agreement and as further detailed in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 **EPC Advances** shall be used to pay invoices from Approved EPC Contractors for the construction of Projects. Upon written request from Energea, the Trust shall disburse EPC Advances directly to the Approved EPC contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 **Working Capital Advances** shall be used by Helios for general working capital. Upon written request from Energea, the Trust shall disburse Working Capital Advances directly to Helios with the exception of the First Working Capital Advance. The First Working Capital Advance shall be disbursed by the Trust to the financial institutions listed in "Schedule 4 - Existing Corporate Debt", which specifies all existing corporate debt owed by Helios. Helios shall provide Energea with payoff letters prior to the First Working Capital Advance and lien release confirmations within five (5) Business Days of the First Working Capital Advance. All subsequent Working Capital Advances shall be disbursed to Helios and used exclusively for operational expenses, including overhead, personnel costs, and other working capital needs directly associated with Project execution. Helios must submit detailed budgets and expenditure reports to Energea, ensuring that all funds are used in compliance with this Agreement and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 **Permitted Uses of Advances.** The permitted uses of Advances, regardless of category, include, but are not limited to:

&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) Expenses incurred by Helios in connection with the purchase of equipment necessary for each 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;b) Payments to contractors, engineers, and other consulting professionals engaged by Helios for the engineering, construction, and commissioning of each 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;c) Operating costs and overhead directly associated with Helios's management and execution of Project activities, including necessary personnel and Project 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;d) Expenses incurred in connection with subscriber acquisition for each Project, including but not limited to surveying prospective subscribers, engaging contractors for outreach and engagement, and costs related to the execution and management of utility services contracts for the provision of energy services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 **Prohibited Uses of Advances**. Helios shall not use or any portion of the Advances for:

&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) Activities that are not directly related to its ordinary business operations as described in the Background Section of 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;b) Transferring funds to any entity outside of Helios's corporate structure, unless such transfer is expressly permitted under 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;c) Any purpose that violates applicable laws or regulations, including Anti-Corruption Laws and Anti-Money Laundering Laws; 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) Compensation increases, distributions, or other transfers that are prohibited under Section 5.3.5 (Unauthorized Compensation Increases) and Section 5.3.6 (Distributions) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.5 Compliance with Permitted Uses and Documentation Requirements.

&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) Helios shall ensure that neither it nor any Subsidiary, Project, director, manager, officer, employee, or agent uses the proceeds from any Advance for any purpose not described in this Section 2.3 or in violation of any Anti-Corruption Laws or 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;b) Each Advance Request must be accompanied by documentation, including invoices and other supporting documents reasonably requested by Energea, confirming that the use of proceeds is limited to the purposes described in this Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.1 **Applicable Interest Rates.** Interest will accrue on the outstanding principal of each Advance from the date such Advance was made at a fixed rate of:

&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) 18% per annum for the COP Advance Portion; 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;b) 15% per annum for the USD Advance Portion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2 **Interest Calculation Methodology.** Interest will be calculated on the basis of the actual number of days elapsed over a year of 365 or 366 days, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3 **Payment of Interest.** For all Advances, accrued and unpaid interest shall be payable monthly on the first Business Day of each month, beginning on the first Business Day of the calendar month immediately following the date of disbursement of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4 **Maximum Permissible Interest Rates.** In no event shall the aggregate of all amounts deemed interest under this Agreement exceed the maximum rate permissible under applicable Law. If a court of competent jurisdiction determines that Energea has charged or received interest in excess of the maximum lawful rate, the interest rate shall automatically adjust to the maximum rate allowed by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5 **Energea's Options for Excess Interest.** Energea shall, at 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;a) promptly refund to Helios any interest received in excess of the maximum lawful rate; 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) apply such excess to reduce the outstanding principal balance of the Obligations.

The intent of this provision is to ensure that Helios shall not pay, and Energea shall not receive, interest exceeding the maximum rate permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.6 **Step-Up Interest Rate Upon Default.** Upon the occurrence of a Default, the applicable interest rate shall increase by 1% per month (the "Step-Up Interest Rate"), effective at the end of the month in which the Default occurs and shall accrue daily on each outstanding Advance.

&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 Step-Up Interest Rate shall remain in effect until the Default is remedied in full, as determined by Energea.

&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) Even if the Default is remedied, the Step-Up Interest Rate shall remain in effect for at least three full calendar months following the occurrence of the Default.

&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 accrued at the Step-Up Interest Rate shall be payable on demand, or as determined by Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Repayment of Advances:** Interest and principal payments for all Advances shall be made monthly, commencing on the first Business Day of the calendar month following the date of disbursement, unless otherwise specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 **Interest-Only Period:** EPC Advances shall include an interest-only period of six (6) months from the date of disbursement (the "Interest-Only Period"). During this period, Helios shall not be required to make payments of principal but shall make regular monthly payments of interest at the rate specified in this Agreement. Such payments shall be due on the first Business Day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 **Principal and Interest Payments:** Principal and interest payments for all EPC Advances shall commence on the first Business Day of the seventh calendar month following the date of disbursement. These payments shall be made monthly and calculated in accordance with the amortization schedule for each respective Advance. Principal and interest payments for all Working Capital Advances shall commence on the first Business Day of the calendar month following the date of disbursement. These payments shall be made monthly and calculated in accordance with the amortization schedule for each respective Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 **Default Trigger for Advances:** A Default shall occur if Helios fails to make any required monthly payment of interest during the Interest-Only Period or any required monthly payment of principal and interest within ten (10) days following the due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.4 **Independent Repayment Schedules:** Each Advance will be amortized separately and distinctly from each other Advance starting on the date of disbursement and continuing throughout the Term. Energea will provide a monthly report with each invoice detailing the amortization of each Advance and the interest and/or principle (whichever the case may be) due and payable for each calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.5 **Final Payment:** Any remaining unpaid principal or interest for an Advance shall be fully paid on the Advance Maturity Date applicable to such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Payments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 **Payment Schedule and Conditions.** Whenever any payment to be made under this Agreement is due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day. Any such extension shall be taken into account when calculating the amount of interest payable under this Agreement. All payments made by Helios to Energea under this Agreement shall be made:

&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) without set-off, counterclaim, or deduction.

&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) free and clear of all Taxes and any liabilities with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 **Payments for USD Advance Portion.** All payments of principal and interest for the USD Advance Portion shall be made in U.S. Dollars (USD) in immediately available funds to the account specified by Energea in writing.

Helios shall assume all risks and liabilities associated with foreign exchange variations from COP to USD between the date of the disbursement of the Advance and the date of payment. Energea shall not be responsible for or accept any reduced payments due to such variations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.3 **Payments for COP Advance Portion.** All payments of principal and interest for the COP Advance Portion shall be made in Colombian Pesos (COP) in immediately available funds to the account specified by Energea in writing.

Any foreign exchange variations from COP to USD between the date of the disbursement of the Advance and the date of payment shall be borne equally by Helios and Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.4 **Assignments and Payment Process**

&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) **Assignment of Economic Rights.** Within 5 Days of the formation of the Trust, Helios shall irrevocably assign all Accounts Receivable and Economic Rights to the Trust in accordance to the terms of 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;b) **Invoice Delivery.** On each payment date specified in this Agreement, Energea shall deliver an invoice to the Trust, specifying the amounts payable to satisfy Helios's obligations under 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;**c) Trust Account Payment Process**

i. Within five (5) Business Days of receiving the invoice, the Trustee shall transfer funds from the Trust to Energea to satisfy the invoice in full.

ii. If the funds available in the Trust Account are insufficient to pay the invoice in full, the Trustee shall promptly notify both Helios and Energea of the shortfall, providing a detailed explanation of the deficiency. Helios shall remain responsible for covering the shortfall.

&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) **Helios's Payment Obligations.** In the event of insufficient funds in the Trust, Helios shall be responsible for paying the remaining balance directly to Energea within eight (8) Business Days of receiving notice from the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Prepayments**. Helios may prepay any outstanding Advances in whole or in part at any time and from time to time without penalty; <u>provided</u> that concurrently with such prepayment of an Advance, Helios shall also pay all accrued and unpaid interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Duration**. This Agreement shall remain in force until Energea notifies Helios in writing that all amounts outstanding under the Loan Documents, including principal, interest, fees, and any other amounts due, have been indefeasibly paid and discharged in full.

3 **Deliveries and Conditions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Conditions and Deliveries to the Effectiveness of this Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 **Executed Loan Documents**. Helios shall have delivered to Energea duly executed copies of the Loan Documents executed by all parties thereto (other than Energea), including all agreements and instruments necessary to effectuate the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 **Authorization and Execution.** This Agreement, each other Loan Document, and the transactions contemplated herein shall have been authorized and executed by all necessary proceedings of Helios and any other Person party thereto (other than Energea).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 **Required Consents and Approvals.** All consents, approvals, and authorizations of any Governmental Authority or other Person necessary to consummate any of the transactions contemplated herein or by any other Loan Document shall have been obtained and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 **Lien Perfection.** Energea shall have received satisfactory evidence that all documents required by the Loan Documents or under applicable Law to create in favor of Energea a perfected first-priority Lien over the pledged securities of the Collateral, prior and superior to any other Person, are in proper form for filing, registration, and recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 **Representations and Warranties.** All representations and warranties of Helios and other parties (excluding Energea) in the Loan Documents shall be true and correct in all respects as of the date hereof (except to the extent they relate to a specific earlier date, in which case they shall be true and correct as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 **Termination of Existing Indebtedness.** Energea shall have received satisfactory evidence that all existing Indebtedness of Helios, its Subsidiaries, if applicable, has been either terminated, with all related Liens released or terminated, and all associated obligations fully and finally extinguished, or subordinated to Energea's interests to Energea's satisfaction, with such evidence provided by the Trust acting through its Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 **Absence of Material Legal Claims.** Energea shall be reasonably satisfied that no material Legal Claim is pending against Helios or its subsidiaries that could adversely affect the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 **Helios's Certificate of Compliance.** Energea shall have received a certificate signed by Helios certifying that the conditions described in Sections 3.1.6, 3.1.7 and 3.1.11. have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 **Good Standing Certificates.** Energea shall have received good standing certificates (*certificados de existencia y representación legal*) for Helios from its jurisdiction of formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 **Corporate Governance Adjustments.** Helios shall have conducted necessary corporate actions to adjust and amend its bylaws and any applicable corporate documents, in terms acceptable to Energea, to reflect the following (collectively, the "Step-In Corporate Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Operational Assigned Manager shall oversee governance and decision-making exclusively for Helios. This authority does not extend to the Trust, which is under the exclusive governance of the Trustee as specified in the Trust 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;b) Authorization for the board of directors of Helios to make decisions related to the performance of this Agreement and/or any Loan Document based on the affirmative vote of the Operational Assigned Manager. This excludes decisions related to the Trust, which fall solely under the Trustee's authority.

&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) Restriction on the shareholder assembly of Helios from modifying the bylaws or reversing any corporate actions or decisions taken hereunder without the affirmative vote of the Operational Assigned Manager. Such restrictions do not apply to the governance or operations of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 **Absence of Material Adverse Change.** Energea shall have received evidence satisfactory to it that there is no material adverse change in the financial condition, operations, or business prospects of Helios and/or its Subsidiaries (taken as a whole) since the date of execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 **Final Documentation and Conditions Precedent.** Helios shall have entered into final documentation related to the transactions contemplated by the Loan Documents, which must be satisfactory to Energea. The conditions precedent set forth therein shall also be satisfied to Energea's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Conditions and Deliveries for Advances.** Prior to the making of any Advance under this Agreement, the following conditions shall be satisfied to Energea's reasonable satisfaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 **Loan Documents in Effect.** Helios shall ensure that each Loan Document is in full force and effect at the time of such Advance, duly executed by all relevant parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 **Advance Request and Supporting Documentation.** Helios, as specified in Section 2.1, shall submit a completed Advance Request to Energea, along with all supporting documentation as described in this Agreement, including, without limitation, evidence of the intended use of proceeds as set forth in Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 **Representations and Warranties.** Helios shall certify that all representations and warranties of Helios and any other party (excluding Energea) in the Loan Documents are true and correct in all material respects as of the date of such Advance (except to the extent they specifically relate to an earlier date, in which case they shall be true and correct as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4 **Compliance with Covenants.** Helios shall ensure that all covenants and agreements of Helios and any other party (excluding Energea) under the Loan Documents, including reporting obligations, have been fully complied with as of the date of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5 **Absence of Defaults or Material Adverse Events.** Helios shall certify that no event which constitutes, or which with notice or lapse of time or both could reasonably be expected to constitute, a Default, an Event of Default, or a Material Adverse Effect has occurred and is continuing as of the date of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6 **Absence of Material Legal Claims.** Energea shall be reasonably satisfied that there are no material Legal Claims pending against Helios that could adversely affect the transactions contemplated under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7 **Additional Items Required by Energea.** Helios shall provide Energea with any additional items reasonably requested by Energea or its counsel, in form and substance satisfactory to Energea and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8 **Governmental Approvals.** Helios shall ensure that all approvals from any Governmental Authority (including, without limitation, any Colombian Governmental Authority) necessary for the effectiveness of this Agreement and the other Loan Documents remain in full force and effect as of the date of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.9 **Financial Certificate**. Prior to each Advance, Helios shall deliver Financial Certificates to Energea to certify the accuracy of all financial information relevant to the Advance. These certificates shall ensure that Energea receives a complete and accurate assessment of Helios's financial condition and the status of the Trust Account.

&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) Helios's Financial Certificate. Helios shall provide a Financial Certificate certifying that all financial information related to its operations, financial condition, and projected cash flows, as described therein, is true and correct immediately prior to and immediately after the making of such Advance on a pro forma basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.10 **Approved Account Compliance:** Helios shall provide evidence satisfactory to Energea that any Approved Account is fully registered with, and compliant with the reporting requirements of, the Banco de la República.

**4 Security Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **First Priority Lien** **- Fiduciary Rights through *Garantía Mobiliaria*.** Upon the establishment of the Trust and execution of the Trust Agreement, the Trust, acting through its Trustee, shall grant Energea a first-priority Lien over the fiduciary rights related to the Collateral and the Trust Account. This Lien shall be established in accordance with Colombian Laws, specifically under the *Ley de Garantías Mobiliarias,* and registered in the *Registro de Garantías Mobiliarias*. This Lien will remain in place as collateral for the Obligations until all Obligations are indefeasibly satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Equity Pledge Agreement.** The shareholders of Helios shall execute an Equity Pledge Agreement, substantially in the form attached hereto as Exhibit B, granting Energea a first-priority Lien over all shares and equity securities of Helios. This Lien shall be established through a *Garantía Mobiliaria* in accordance with Colombian Laws and registered in the *Registro de Garantías Mobiliarias* to ensure Energea's rights are legally protected and prioritized over other claims. The pledge shall remain indivisible and irrevocable, guaranteeing the full satisfaction of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Asset Pledge Agreement - Helios and Subsidiaries.** Helios and its Subsidiaries shall execute an Asset Pledge Agreement, granting Energea a first-priority Lien over all current and future tangible and intangible assets identified in "Schedule 5 - Real Property and Collateral Ownership" of the Loan Documents. The Lien shall be established under a *Garantía Mobiliaria* and perfected through registration in the *Registro de Garantías Mobiliarias*. This Lien will remain effective until all Obligations are indefeasibly satisfied in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Assignment of Accounts Receivable** **.** Helios shall irrevocably assign all current and future Accounts Receivable, including those of Helios, its Subsidiaries, to the Trust upon its establishment and the execution of the Trust Agreement. These receivables shall be managed by the Trustee and applied towards the repayment of Obligations. The terms and conditions for managing and utilizing these receivables shall be set forth in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Perfection and Registration of Security Interests.** All security interests granted herein, including fiduciary rights, equity pledges, asset pledges, and accounts receivable assignments, shall be perfected and registered in the Registry of Movable Guarantees in compliance with Colombian law. Helios shall take all necessary actions to maintain the validity, enforceability, and priority of these security interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Enforcement of Security Interests.** In the event of Default, Energea may enforce its security interests under the terms of the Loan Documents and applicable Colombian law. This includes direct payment, special enforcement, or judicial enforcement as permitted under Law 1676 of 2013. Energea may enforce these interests individually or collectively, at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Step-In Rights.** To safeguard Energea's investment and ensure the preservation and repayment of the Obligations, this Section establishes the rights and procedures for Energea to assume control over Helios's operations, assets, and financial interests (including Helios, its Subsidiaries, Projects, subsidies, and associated rights) in the event of an Event of Default. The Step-In Rights allow Energea to directly manage Helios's affairs or appoint a third-party manager to oversee these operations, ensuring continuity and protection of the Collateral until the Obligations are fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.1 **Scope of Step-In Rights.** If an Event of Default occurs and is continuing, Energea shall have the right to exercise the rights described in this Section 4.7 (the "Step-In Rights") over all of Helios's operations, assets, subsidies, and financial rights, including its Subsidiaries and Projects. Energea's Step-In Rights shall not extend to the governance or fiduciary responsibilities of the Trust which shall remain under the exclusive authority of the Trustee as shall be specified in the Trust Agreement.

Upon activation of the Step-In Rights, Energea may assume management, operational control, and financial decision-making authority for Helios and its related entities until the Obligations are paid in full. This includes the authority to directly manage Helios's assets, subsidies, and operations, or to appoint, activate, or engage a Step-In Assigned Manager-whether a new hire, an existing employee of Energea, or a third party-to perform these duties at Helios's cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.2 **Notice of Step-In Rights Activation.** If an Event of Default occurs and is continuing, Energea may send a notice to Helios informing of its intent to exercise the Step-In Rights (hereinafter referred to as the "<u>Effective Date of the Step-In Rights</u>"). Nothing in this Agreement shall obligate Energea to exercise the Step-In Rights, nor shall the exercise or non-exercise of the Step-In Rights limit or eliminate any other rights or remedies available to Energea under this Agreement or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.3 **Appointment of Step-In Assigned Manager.** From the Effective Date of the Step-In Rights, Helios and all its Subsidiaries and Projects shall recognize the Step-In Assigned Manager designated by Energea. Helios and its Subsidiaries shall immediately remove all current management or take all actions necessary under applicable Law to ensure that the authority of current management is subordinated to that of the Step-In Assigned Manager. This authority is exclusive to Helios and does not extend to the governance or fiduciary responsibilities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.4 **Powers of the Step-In Assigned Manager.** The Step-In Assigned Manager shall assume all functions and powers of the legal representatives and managers of Helios, its Subsidiaries and Projects as of the Effective Date of the Step-In Rights. The Step-In Assigned Manager shall have the authority to act as the legal representative of Helios and Subsidiaries and to take any actions necessary for their management and operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.5 **Cooperation with the Step-In Assigned Manager**. From the Effective Date of the Step-In Rights, Helios and its Subsidiaries shall disclose and deliver all documents and information requested by the Step-In Assigned Manager, including but not limited to financial, legal, technical, and accounting documents. Within three (3) Business Days of the Effective Date of the Step-In Rights, the shareholders of Helios, Subsidiaries, and their directors and managers shall be duly informed of the exercise of the Step-In Rights. Helios and its Subsidiaries shall not permit any Person to obstruct or impede the Step-In Assigned Manager in the management of their assets, operations, subsidies, or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.6 **Non-Involvement of Step-In Assigned Manager Before Activation.** The Step-In Assigned Manager shall not have any involvement in the administration or decision-making of Helios or its Subsidiaries prior to the Effective Date of the Step-In Rights. As of the Effective Date of the Step-In Rights, the legal representatives and directors of Helios and its Subsidiaries shall be subordinate to and comply with the orders of the Step-In Assigned Manager, who shall have the authority to take any actions necessary for the management and operation of Helios and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.7 **Limitation of Liability**. Neither Energea nor the Step-In Assigned Manager shall be liable to Helios or any of its Subsidiaries, its officers, directors, legal representatives, or employees for any actions taken after the exercise of the Step-In Rights, including without limitation:

&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) any diminution in the value of Helios's or any of its subsidiaries' 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;b) any loss or damage to the Collateral;

&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 diminution in the value of the Collateral; 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;d) any act or default of any carrier, warehouseman, bailee, or other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.8 **Step-In Advances ("<u>Step-In Advances</u>").** If an Event of Default occurs and is continuing, Energea shall have the right to exercise Step-In Rights, including assuming management, operational control, and financial decision-making authority for Helios and its related entities through the Step-In Assigned Manager.

In connection with the exercise of Step-In Rights, Energea and the Step-In Assigned Manager may incur costs and expenses necessary to ensure enforcement and continued operations. All such costs and expenses shall be treated as Working Capital Advances under this Agreement, subject to the terms applicable to such Advances, including repayment priority, interest accrual, and repayment terms as outlined in Section 2.1 Advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Secured Promissory Note and Letter of Instructions as Collateral:** As part of the Collateral securing Helios's obligations under this Agreement, Helios shall execute and deliver a Secured Promissory Note and Letter of Instructions, substantially in the form attached hereto as Exhibit C, which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.1 Serve as a legally binding, unconditional obligation for Helios to repay all amounts due under the Loan Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.2 Be governed by Colombian law, and grant Energea the right to complete any blanks in accordance with the attached Letter of Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.3 Be immediately enforceable and grant executive merit without further requirements upon default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.4 Include any costs, fees, or taxes associated with its judicial or extrajudicial enforcement as an obligation of Helios.

The execution and delivery of the Secured Promissory Note and Letter of Instructions shall be accompanied by all actions necessary to perfect and enforce the security interests granted therein, including, but not limited to, registering the Secured Promissory Note and Letter of Instructions with the appropriate Colombian authorities if required for enforceability, delivering the Secured Promissory Note and Letter of Instructions to Energea or its designated fiduciary for safekeeping, and incorporating the Secured Promissory Note and Letter of Instructions into the Trust's Collateral Management Plan. The Secured Promissory Note and Letter of Instructions shall constitute a first-priority security interest under Colombian law and shall not be subordinated to any other debt obligations of Helios unless explicitly agreed to in writing by Energea.

**5 Representations, Guarantees, and Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Helios Representations.** Helios represents and warrants to Energea that the statements contained in this Section 5.1 are true and correct as of the date hereof and as of the date of each Advance made hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 **Organization and Authority**

&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) **Helios**. Helios is a Colombian utility services provider company, duly organized, validly existing, and in good standing under the Laws of Colombia. Helios has the power and authority to:

i. conduct its business as presently conducted and as proposed (including completing the Projects).

ii. to enter into, deliver, and perform its obligations under the Loan Documents and to carry out the transactions contemplated therein.

&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 Trust.** Upon its establishment and the execution of the Trust Agreement, the Trust, acting through its Trustee, shall be duly established and validly existing under Colombian Laws. The Trust shall have the power and authority to:

i. hold, manage, and administer the Collateral in accordance with the Trust Agreement and Loan Documents;

ii. receive disbursements under the Advances, monetize such disbursements as required under Colombian foreign exchange regulations, and allocate funds in accordance with the Trust Agreement and this Agreement;

iii. oversee and manage the application of funds for Projects and Helios operations; and

iv. execute its obligations under the Loan Documents.

The Trust shall perform all these functions in compliance with applicable Colombian Laws and the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 **Subsidiaries and Subsidiaries.** This subsection provides representations about the Helios's existing Subsidiaries and affiliates, including Helios's capacity to form additional Subsidiaries in accordance with its operational and strategic objectives.

&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) **Existing Subsidiaries.** The Subsidiaries listed in "Schedule 3 - Existing Subsidiaries" (the "Existing Subsidiaries") are duly organized, validly existing, and in good standing under the Laws of their respective jurisdictions of formation. Each Subsidiary has the power and authority to conduct its business as presently conducted and as proposed, including holding subscribers, assets, and Projects as contemplated by 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;b) **Conditional Subsidiaries.** Helios has the authority to establish additional Subsidiaries as required to hold Projects, subscribers, and non-government-owned assets in alignment with its commercial and operational strategies. Helios represents and warrants that it has the capacity to form Subsidiaries as necessary to meet its obligations under this Agreement. Upon formation, such Subsidiaries will be duly organized, validly existing, and in good standing under applicable Laws. Helios will promptly notify Energea upon forming a Subsidiary and ensure compliance with all Loan Document obligations, including providing any related documentation reasonably requested by Energea.

&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) **Other Subsidiaries.** Other than the Subsidiaries set forth on "Schedule 3 - Existing Subsidiaries", Helios has no Subsidiaries and does not own or control, directly or indirectly, any shares of capital stock of any other corporation or any interest in any partnership, limited liability company, joint venture or other non-corporate business enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 **Legal and Operational Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **Authorization of Transactions.** The execution, delivery and performance by Helios of the applicable Loan Documents, and the consummation by Helios of the transactions contemplated hereby (if applicable) and thereby, have been or will be duly authorized by all necessary corporate bodies. The execution and delivery of the Loan Documents and the consummation of the transactions contemplated by such Loan Documents and the performance by Helios of its obligations under such Loan Documents, do not and will not result in or constitute

i. a violation of or a conflict with any provision of the by-laws of Helios's governing documents,

ii. a breach of, a loss of rights under, or constitute an event, occurrence, condition or act which is or, with the giving of notice, the lapse of time or the happening of any future event or condition, would become, a default under, any term or provision of any (A) material Contract or material Permit, or (B) Corporate Debt to which, in each case, Helios is a party or by which Helios is bound or

iii. a violation (A) in any material respect of, any applicable Law or (B) any order, judgment, writ, injunction, decree or award, in each case, binding upon or applicable to Helios, any of its subsidiaries, or any 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;b) **Governmental Approvals.** No consent, approval or authorization of, or declaration, filing or registration with, any Governmental Authority or Person is required to be made or obtained by a Helios in connection with the execution, delivery and performance of the Loan Documents and the consummation of the transactions contemplated by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) **Compliance with Laws.** Helios and its Subsidiaries are in compliance in all material respects with all applicable Laws. Helios has obtained all material Permits, consents, approvals, and authorizations, as listed in "Schedule 10 - Permits and Approvals", made all necessary declarations or filings, and given all required notices to all Governmental Authorities necessary to continue its operational 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;d) **Legal Claims.** There is no pending or, to Helios's knowledge, threatened Legal Claim against Helios, Subsidiaries, or Project (including any third parties involved with a Project) that would reasonably be expected to result in:

i. a material adverse effect on Helios's ability to comply with its obligations under this Agreement;

ii. non-compliance with the financial covenants in Section 5.4 (Financial Covenants), as reasonably determined by Energea; or

iii. a Default or Event of Default under this Agreement.

Neither Helios, nor any of its subsidiaries or Projects is subject to any outstanding judgment, order, or decree that would materially adversely affect its business, operations, or financial condition, or that would result in a Default or Event of Default under 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) **Contracts and Obligations.** Except as set forth on "Schedule 6 - Contracts and Obligations", neither Helios, nor any Project, nor any of their respective property or assets, is bound by or subject to any Contract. All Contracts listed on "Schedule 6 - Contracts and Obligations":

i. are in full force and effect; and

ii. represent the valid and binding obligations of each party thereto, except as limited by (A) applicable bankruptcy, insolvency, reorganization, moratorium, and other Laws of general application affecting the enforcement of creditors' rights generally; and (B) Laws governing the availability of specific performance, injunctive relief, or other equitable remedies.

Helios, or to Helios's best knowledge, any other party to a Contract listed on "Schedule 6 - Contracts and Obligations", is not in material breach of, material default under, or noncompliance with any such Contract. Neither Helios nor any of its Subsidiaries or Projects has received any claim or notice alleging material breach, material default, or noncompliance under any Contract listed on "Schedule 6 - Contracts and Obligations". Additionally, no event has occurred, whether individually or in combination with other events, that would reasonably be expected to result in a material breach or default under, the termination, acceleration, modification, or cancellation of, or noncompliance with any Contract listed on "Schedule 6 - Contracts and Obligations", with or without notice, lapse of time, or both.

True, correct, and complete copies of each Contract listed on "Schedule 6 - Contracts and Obligations", including all amendments and modifications, have been provided to Energea.

&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) **Environmental Compliance.** Neither Helios, its Subsidiaries, or Projects, to the best of Helios's knowledge, any previous owners or operators of its Projects or Subsidiaries, have ever used any property or asset owned by Helios, its subsidiaries, or its Projects for the disposal, production, storage, handling, treatment, release, or transport of hazardous waste or hazardous substances, except in compliance with applicable Laws. No property or asset owned by Helios, its subsidiaries, or its Projects has ever been designated or identified under any environmental protection Law as a hazardous waste or hazardous substance disposal site, or as a candidate for closure under such Laws. No Lien arising under any environmental protection Law has attached to the revenues, real property, or personal property owned by Helios, its subsidiaries, or its Projects. Furthermore, neither Helios nor its subsidiaries have received any summons, citation, notice, or directive from any Governmental Authority regarding any action or omission resulting in the release or improper disposal of hazardous waste or hazardous substances into the environment.

&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) **Sanctions Compliance**. Neither Helios nor any of its officers, agents, representatives, directors, partners, managers, or equity holders:

i. is a person named on the list of Specially Designated Nationals or Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time;

ii. is (A) an agency of the Governmental Authority of a country, (B) an organization controlled by a country, or (C) a Person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable to such Governmental Authority or Person; or

iii. derives any of its assets or operating income from investments in or transactions with any such country, agency, organization or person; and none of the proceeds from the Advances will be used to finance any operations, investments or activities in, or make any payments to, any such country, Governmental Authority or Person.

&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) **Defaults and Material Adverse Effects.** No Default, Event of Default, or Material Adverse Effect exists as of the date hereof. Furthermore, no event or condition has occurred or is reasonably likely to occur that would result in:

i. A Default under this Agreement or any related Loan Document;

ii. An Event of Default under this Agreement or any related Loan Document; or

iii. A Material Adverse Effect on Helios, Subsidiary, or Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 **Financial Condition and 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;a) Indebtedness and Liens.

i. Helios has no liabilities for Corporate Debt outside the Loan Documents, and none of its assets or those of the Subsidiaries are subject to Liens other than those disclosed in this Agreement.

ii. The Trust shall hold all Collateral free of encumbrances except for Energea's Liens.

&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) **Solvency and Capital Adequacy.** Helios is solvent, with sufficient assets to meet their respective obligations. The fair salable value of its assets (including goodwill, net of disposition costs) exceeds the fair value of its liabilities. Helios will not be left with unreasonably small capital after the transactions contemplated by this Agreement, and it is able to pay its debts (including trade debts) as they mature. The transfer of Collateral to the Trust shall not render Helios insolvent.

&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) **Financial Statements.** All financial statements delivered by Helios to Energea fairly present, in all material respects, the consolidated financial condition and results of operations of Helios. There has not been any material deterioration in the financial condition of Helios since the date of the most recent financial statements submitted to Energea.

&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) **Taxes.** Helios has timely filed all required income and other material Tax Returns and has timely paid, or made adequate provisions for the payment of, all Taxes owed by Helios or its Subsidiaries, except for any Taxes that are being diligently contested in good faith through appropriate proceedings and for which adequate reserves, calculated in accordance with IFRS, have been set aside. Helios is not aware of any Legal Claim regarding Taxes or adjustments proposed for any prior tax years that could reasonably be expected to result in additional Taxes becoming due and payable. Any contested Taxes or liabilities shall be disclosed in "Schedule 7 - Tax 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;e) **Real Property and Collateral Ownership.** As of the date hereof, the real property listed on "Schedule 5 - Real Property and Collateral Ownership" constitutes all of the real property that is owned, leased, subleased, or used by Helios. Helios has valid and legal title to all real property owned by it and possesses such title as is necessary or desirable for the conduct of its business. Helios also holds valid and legal title to all of its material personal property and assets.

With respect to any leased or subleased real property described on "Schedule 5 - Real Property and Collateral Ownership", Helios has a valid and enforceable leasehold estate or interest and enjoys peaceful and undisturbed possession of all such leased or subleased real property. Neither Helios nor any lessor or sublessor has exercised any option, right of first offer, or right of first refusal contained in any Lease, nor has any notice of such exercise been given.

All buildings, structures, fixtures, and other improvements included in the real property described on "Schedule 5 - Real Property and Collateral Ownership" (collectively, the "Improvements") are in compliance in all material respects with all applicable Laws, including those pertaining to health and safety, zoning, building, and construction requirements. The Improvements are, in all material respects, structurally sound, in good operating condition and repair (ordinary wear and tear excepted), free from latent and patent defects, suitable for the purposes for which they are currently being used and maintained in accordance with normal industry practices.

**Project Information.** Helios shall prepare and deliver periodic reports to Lender as set forth in "Schedule 8 - Project Information" ("Project Information"). "Schedule 8 - Project Information" specifies the required metrics and reporting formats for all active and planned Projects, including subscriber metrics, energy system performance, financial data, and operational updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5 **Accuracy of Representations and Forward-Looking Information.** No written representation, warranty, or other statement made by a Helios in any certificate or written statement delivered to Energea (other than forward-looking information and financial projections), as of the date such representation, warranty, or statement was made, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein not materially misleading in light of the circumstances under which they were made.

Energea acknowledges that any forward-looking information or projections provided by Helios are based on good faith estimates and assumptions that Helios believes to be true, correct, and reasonable as of the date such projections or assumptions were made. However, actual results during the periods covered by such projections and forecasts may differ materially from those projected or forecasted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Affirmative Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 **Helios Reporting Requirements.** Helios shall prepare and deliver reports to Energea as specified below:

&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) **Annual Financial Statements.** As soon as practicable, but in any event within ninety (90) days after the end of each fiscal year:

i. Helios (Corporate Level):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 audited balance sheet as of the end of the fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Audited statements of income and cash flows for the fiscal year, accompanied by commentary on Helios's operations; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 schedule of sources and applications of funds for the fiscal year.

ii. The Trust (Trust Level):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 financial statement detailing the Trust Account's balance, cash flows, and allocations during the fiscal year; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 report on compliance with the Trust Agreement, including fund utilization and repayment obligations.

All statements shall be prepared in accordance with IFRS and in a form reasonably satisfactory to Energea.

&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) **Quarterly Financial Statements.** As soon as practicable, but in any event within thirty (30) days after the end of each fiscal quarter:

i. Helios: Unaudited balance sheet and statements of income and cash flows, accompanied by a report on significant operational updates.

ii. The Trust: Unaudited financial updates on the Trust Account, including cash flow, fund allocation, and repayment performance.

These statements may be subject to normal year-end audit adjustments and need not include all footnotes required by IFRS.

&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) **Monthly Reports.** As soon as practicable, but in any event within ten (10) days after the end of each month:

i. updates on the status of Projects;

ii. Details of investments, anticipated completion costs, and estimated returns for each Project;

iii. Any significant operational changes or developments affecting Helios's performance.

iv. Bank statements for Helios's operational accounts.

v. The Financial Certificate confirming compliance with the DSCR and DSCCR as required under Section 5.4.

&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) **Tax Returns.** Within thirty (30) days after filing, Helios shall provide Energea with copies of its Tax Returns, including schedules and supporting documentation, and shall ensure that copies of any Subsidiary's Tax Returns are also submitted within the same timeframe. All such submissions shall be in a format reasonably satisfactory to Energea.

&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) **Material Events.** Notification within five (5) Business Days of becoming aware of any event or condition reasonably likely to cause a Default, an Event of Default, or a Material Adverse 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;f) **Other Reports.** Any additional reports reasonably requested by Energea, including financial, operational, Project-specific, social impact, or government subsidies reports, with Helios addressing their respective roles and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) **Information Requests**. Any additional information reasonably requested by Energea within ten (10) Business Days of a written request, provided such disclosure does not adversely affect attorney-client privilege.

&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) **Executive Certification of Reports.** The financial statements described in Sections 5.2.1(a)(i), and 5.2.1(a)(ii), shall be certified by an executive officer of Helios as presenting fairly, in all material respects, the financial condition of such Helios (on a consolidated basis) as of the respective dates, and the results of operations of such Helios (on a consolidated basis) for the respective periods then ended. For the financial statements described in Sections 5.2.1(a)(i) and 5.2.1(a)(ii), such certification shall acknowledge that they are subject to normal year-end adjustments and may exclude footnotes. The certifications shall confirm compliance with all applicable financial covenants under Section 5.4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 **Legal Compliance.** Helios shall maintain its legal existence and good standing in its respective jurisdictions of formation and shall ensure that all required qualifications are maintained in each jurisdiction where failure to do so could reasonably be expected to result in a Material Adverse Effect. Helios shall comply and shall cause each Subsidiary or Project under their management or administration to comply, in all material respects with all applicable Laws and Permits.

Helios shall ensure strict compliance with all relevant Laws governing financial transactions, securities, and fiduciary obligations. Helios shall obtain and maintain all Permits necessary for the conduct of their respective businesses and the operation of all Projects.

Helios shall take all necessary actions to preserve and maintain its assets, operational capabilities, and legal compliance to ensure uninterrupted operations and adherence to all applicable legal and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 **Taxes.** Helios shall make due and timely payment or deposit of all income and other material Taxes required by applicable Law, including withholding Taxes. Helios shall also ensure that all Subsidiaries and Projects under its management or administration comply with applicable tax obligations. Upon request by Energea, and within three (3) Business Days, Helios shall deliver appropriate certificates or documentation attesting to such payments or deposits.

Taxes that are being diligently contested in good faith through appropriate proceedings, for which adequate reserves have been calculated in accordance with IFRS, shall not constitute a violation of this covenant, provided that such contestation does not materially jeopardize Helios's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 **Formation or Acquisition of Subsidiaries by Helios.** Notwithstanding and without limiting the negative covenants contained in Section 5.3.4 hereof, at the time that Helios forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary, Helios shall adhere to the following requirements:

&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) **Formation of Subsidiaries.** At Energea's request, and as required to maintain compliance with this Agreement, Helios shall form additional Subsidiaries to hold new Projects, subscribers, and assets not owned by the government. Helios shall use its reasonable discretion in determining the commercial and operational strategies governing the formation of these Subsidiaries, provided that such strategies align with Energea's requirements.

&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) **Use of Subsidiaries.** Helios shall ensure that all new Projects, subscribers, and assets not owned by the government are held in either Existing Subsidiaries or newly formed Subsidiaries ("Conditional Subsidiaries"). These Subsidiaries shall comply with all requirements under the Loan Documents, including granting security interests, transferring assets, and entering into necessary agreements.

&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) **Transfer to the Trust.** Helios shall promptly transfer ownership or control of all newly formed or acquired Subsidiaries, including all assets, subscribers, and associated rights, to the Trust as part of the Collateral under this Agreement. Such transfers shall be made in compliance with the Trust Agreement, ensuring that all revenues, assets, and receivables from these Subsidiaries are managed and administered by the Trust.

&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) **Notification to Energea.** Helios shall promptly notify Energea of the formation or acquisition of any Subsidiary and provide all supporting documentation requested by Energea to verify compliance with 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;e) **Governance of Subsidiaries.** Helios shall ensure that the governance and operation of all Subsidiaries remain consistent with the terms of this Agreement and do not interfere with Energea's rights or remedies under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 **Insurance.** Helios, at its expense, shall:

&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) **Maintain General Insurance Policy.** Helios shall maintain insurance policies for its property, assets, operations, and those of its Subsidiaries, against loss or damage caused by fire, theft, explosion, sprinklers, and all other hazards and risks. Such coverage shall be in amounts and of a type customary for businesses similar to Helios's operations and conducted in the same or similar locations. This insurance shall also cover Helios's and its Subsidiaries' business operations, ownership, and use of their 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;b) **Maintain Insurance for Subscriber Systems.** Helios shall use commercially reasonable efforts to maintain insurance policies for subscriber systems installed as part of its Projects. This insurance shall protect against loss or damage caused by fire, theft, natural disasters, and other hazards or risks, consistent with customary practices for similar renewable energy assets in comparable locations. If Helios determines that insurance premiums for subscriber systems are commercially and financially unreasonable, unsustainable, or unavailable, it may propose alternative risk mitigation measures for Energea's approval. Such alternatives shall apply only to subscriber systems and may include:

i. Establishing reserves specifically designated for the replacement or repair of uninsured systems;

ii. Offering additional collateral or guarantees to secure obligations;

iii. Implementing operational measures, such as enhanced monitoring, maintenance, or disaster recovery protocols, to minimize potential risks.

Energea may request insurance coverage for specific high-value subscriber systems or categories of assets if alternative measures are deemed insufficient. Helios's obligations under this subsection are limited to subscriber systems and do not affect the general insurance requirements in subsection 5.2.5(a).

&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) **Energea's Rights and Additional Insured Status.** Ensure that all insurance policies required under this section:

i. Include a Energea's loss payable endorsement in favor of Energea, in a form reasonably satisfactory to Energea, naming Energea as an additional loss payee.

ii. For liability insurance policies, name Energea as an additional insured.

iii. Require the insurer to notify Energea at least twenty (20) days in advance of any cancellation, or ten (10) days for cancellation due to non-payment of premiums.

&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) **Evidence of Insurance.** Upon Energea's request, Helios shall deliver:

i. Certified copies of all applicable insurance policies.

ii. Evidence of payment of all premiums for such policies.

&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) **Proceeds Application.** Ensure that any proceeds payable under such insurance policies that are not legally obligated to be paid to another Person shall, at Energea's option:

i. Be paid to the Trust, to be held and administered in accordance with the Trust Agreement; or

ii. Be paid directly to Energea and applied to the Obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6 **Inspection.** To ensure compliance with this Agreement and protect Energea's security interests, Helios shall provide Energea with access to books, records, and operational information, as outlined below:

&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) **Maintenance of Records.** Helios shall, and shall cause its Subsidiaries, Projects, and Subsidiaries to, at all times, keep proper books and records with sufficient detail to reflect their financial condition, operations, and activities, and to include such information and statements as Energea may reasonably request with respect to the Obligations or Energea's Lien in the Collateral. The Trust shall maintain accurate records of all financial activities related to the Collateral, including proceeds and payments administered through the Trust Account, in accordance with the Trust 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;b) **Location of Records and Offices**. Helios shall, during the Term of this Agreement, keep Energea currently and accurately informed in writing of:

i. Each location where Helios's, its Subsidiaries', or its Projects' records related to accounts, contract rights, or operations are kept; and

ii. Each location of their respective places of business.

Helios shall not remove such records to another location, change the location of its chief executive office, or open, close, move, or change any existing or new place of business without the prior written consent of Energea, except as otherwise permitted by the Assignment of Accounts Receivable.

&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) **Field Examinations and Inspections.** Energea shall have the right to conduct field examinations and inspections of the books, records, and operations of Helios, its Subsidiaries, and its Projects during the Term of this Agreement. The reasonable costs of such field exams and inspections shall be paid by Helios.

&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) **Authorization for Information Access.** Helios hereby irrevocably authorizes and directs all accountants and auditors employed or engaged by Helios, its Subsidiaries, or its Projects during the Term of this Agreement and all data processing centers or other persons possessing relevant information regarding the financial condition of Helios, its Subsidiaries, or its Projects, to deliver copies of all materials in their possession to Energea upon Energea's reasonable request.

&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) **Trust Oversight.** The Trust, acting through its Trustee, shall provide Energea with access to all records and documentation related to the Trust Account and the administration of the Collateral upon Energea's reasonable request, in accordance with the terms of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7 **Intellectual Property Rights**. Helios shall (and shall cause its Subsidiaries, Projects, and Subsidiaries to):

&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) Protect, defend, and maintain the validity and enforceability of all intellectual property rights necessary for the conduct of their respective businesses and operations; 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;b) Promptly notify Energea in writing of any material infringements of such intellectual property rights.

The Trust shall have no obligation with respect to intellectual property rights, as its role is limited to the administration and management of Collateral in accordance with this Agreement and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.8 **Maintenance of Collateral**

&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) Helios shall:

i. Keep all tangible assets used in its operations, including assets of its Subsidiaries, Projects, and Subsidiaries, in good repair, working order, and condition (ordinary wear and tear excepted);

ii. Promptly notify Energea (within five (5) Business Days) of any loss or damage to, or any occurrence that could reasonably be expected to materially adversely affect the value of, any substantial portion of such tangible assets or its ability to operate any 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;b) The Trust, acting through its Trustee, shall:

i. Monitor and manage the financial aspects of the Collateral, including ensuring compliance with the Trust Agreement, but shall not be responsible for the physical maintenance or condition of tangible assets held by Helios or its Subsidiaries;

ii. Promptly inform Energea if any financial or administrative issues arise that may adversely affect the Collateral's value or the Trust's ability to fulfill its fiduciary obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.9 **Notification of Material Adverse Effects**. Helios shall promptly furnish written notice to Energea of the following events or developments:

&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) **Defaults and Events of Default.** The occurrence of any Default, Event of Default, or default under any Loan Document.

&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) **Collateral Damage or Proceedings.** The occurrence of any damage to any portion of the Collateral or the commencement of any action or proceeding for the taking of any Collateral that could reasonably impact Helios's ability to satisfy the financial covenants set forth in Section 5.4 (as determined by Energea).

&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) **Business Failures or Insolvency Events**. Any suspension of business, assignment for the benefit of creditors, dissolution, petition in receivership, or any proceeding under insolvency or bankruptcy Law by or against Helios, or any act indicating Helios has become insolvent or unable to pay its debts as they mature.

&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) **Developments Causing Material Adverse Effect.** Any other development that results in, or could reasonably be expected to result in, a Material Adverse 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;e) **Legal Claims.** The initiation or continuation of any Legal Claim by or before any arbitrator or Governmental Authority against or affecting Helios or any of its subsidiaries (or any of their respective assets) that could reasonably impact Helios's ability to satisfy the financial covenants set forth in Section 5.4 (as determined by Energea).

**Accompanying Statement.** Each notice delivered under this Section 5.2.10 shall be accompanied by a statement of an executive officer of Helios describing in reasonable detail the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.10 **Environmental.** To ensure compliance with applicable environmental laws and safeguard Energea's interests, Helios and its Subsidiaries shall adhere to the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **Compliance with Environmental Laws.** Helios shall, and shall cause its Subsidiaries, Projects, and Subsidiaries to:

i. Use and operate all facilities and property in compliance in all material respects with applicable environmental Laws and other similar Laws;

ii. Obtain, maintain, and ensure the effectiveness of all necessary Permits and authorizations related to environmental matters; and

iii. Remain in compliance in all material respects with such Permits and 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) **Indemnification of Energea.** Helios agrees to indemnify and hold Energea and each of its Affiliates harmless from all liability, loss, cost, damage, and expense (including attorneys' fees and costs of litigation) arising from:

i. Any violation by Helios, its Subsidiaries, Projects, or Subsidiaries of any environmental Law or similar Law, including any Liens by any Governmental Authority arising from the presence of hazardous materials; or

ii. The presence of hazardous materials located on or emanating from premises owned or controlled by Helios, its Subsidiaries, Projects, or Subsidiaries.

&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) **Reimbursement of Energea's Costs.** Helios further agrees to promptly reimburse Energea (within three (3) Business Days following written demand) for any reasonable and documented out-of-pocket costs incurred by Energea in connection with the foregoing. Such costs shall be added to the amount of the indebtedness secured by the Collateral.

&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) **Continuous Obligations.** Helios's obligations under this section shall remain in full force and effect and shall survive the repayment of all Obligations to Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.11 **Approved Accounts.** To ensure compliance with applicable foreign exchange regulations, Helios shall adhere to the following requirements:

&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) **Scope of Approved Accounts:** Approved Accounts include all operational and financial accounts maintained by Helios and the Trust, as listed in "Schedule 11 - Bank Accounts". These include:

i. Helios Operational Accounts (domestic and Foreign Accounts); and

ii. Trust Accounts, established after the Trust is formed.

Any additions or changes to the Approved Accounts must be pre-approved by Energea in writing.

&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) **Use of Approved Accounts:**

i. **Helios Operational Accounts**: Helios shall establish and maintain Approved Accounts for its operational needs, including payments for equipment, receipt of funds, and other transactions necessary for compliance with this Agreement.

ii. **Trust Accounts**: The Trust shall establish and maintain accounts exclusively for the administration of Collateral and Trust-related financial activities. Trust Accounts shall be added to "Schedule 11 - Bank Accounts" once the Trust is established and its accounts are opened, subject to Energea's prior written approval.

&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) **Compliance with Foreign Exchange Regulations:**

i. **Registration:** Helios shall register all Approved Accounts, including Trust Accounts and Foreign Accounts, with the Banco de la República as required by Colombian law.

ii. **Reporting:** Helios and the Trust shall ensure that all transactions conducted through Approved Accounts are reported and reconciled with the Banco de la República, including the submission of Form 10 (Formulario No. 10) and any other required reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.12 **Right of First Refusal**. The obligations set forth in this Section 5.2.13 apply exclusively to Helios and its Subsidiaries or Subsidiaries (as applicable). The Trust, acting through its Trustee, is not responsible for initiating, negotiating, or consummating Applicable Debt Financing transactions. However, the Trust shall cooperate in providing access to financial records or information related to the Collateral if requested by Energea during the ROFR Period or in connection with Energea's due diligence.

Helios hereby grants Energea the exclusive first right to be Energea in any transaction regarding Indebtedness of the type described in subclause (a) of the definition of Indebtedness or any debt financing transactions with respect to the purchase of any assets (each, an "<u>Applicable Debt Financing</u>") until the expiration of the Term of 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;a) **If Helios desires to consummate an Applicable Debt Financing and has not received a bona fide third-party offer,** Helios shall provide Energea with written notice of its intent to consummate such financing, including the proposed amount of the Applicable Debt Financing. Energea shall have ten (10) Business Days from receipt of such notice to provide Helios with the amount of such Applicable Debt Financing as an Advance under the terms and conditions set forth in this Agreement (except that the Maximum Aggregate Advance Amount shall be increased by the amount of the Applicable Debt Financing).

&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) **If Helios receives a Bona Fide Offer regarding an Applicable Debt Financing (a "Third-Party Offer")**, Helios shall provide prompt written notice to Energea (but in any event within five (5) Business Days of receipt), which shall include a copy of the Bona Fide Offer. Energea shall have fifteen (15) calendar days from receipt of such notice to elect to provide the Applicable Debt Financing on the terms and conditions set forth in the Bona Fide Offer (and such other terms and conditions as are standard and customary in similar transactions). If Energea elects to provide the Applicable Debt Financing, Helios shall provide Energea with a period of thirty (30) calendar days (the "ROFR Period") to finalize the financing arrangements and all applicable transaction documents on the terms and conditions set forth in the Bona Fide Offer (and such other terms and conditions as are standard and customary in similar transactions).

During the ROFR Period, Energea shall have the right to conduct due diligence on Helios, its Subsidiaries, Projects, and Subsidiaries. Helios shall (and shall cause its Subsidiaries and Subsidiaries to) comply with all due diligence requests received from Energea. In the event that due diligence requests made by Energea are not met on a timely basis, Energea may, at its sole discretion, extend the initial thirty (30) calendar day period to finalize the financing agreements and transaction documents for an additional thirty (30) calendar days.

Helios agrees not to accept any Third-Party Offer without first offering it to Energea in accordance with this Section 5.2.13 or during the ROFR Period. Helios shall not negotiate with or enter into any Contract (whether binding or non-binding) with any third party concerning a Third-Party Offer without first offering the Applicable Debt Financing opportunity to Energea under the terms of this Section 5.2.13.

&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) **If Energea decides not to consummate the transactions contemplated by the Third-Party Offer,** Helios shall have a period of thirty (30) calendar days to consummate the Third-Party Offer on the terms and conditions set forth in the Bona Fide Offer. If the transactions contemplated by the Third-Party Offer are not consummated within thirty (30) calendar days or if there are any modifications to the Bona Fide Offer, Helios must re-offer the Third-Party Offer to Energea in accordance with this Section 5.2.13.

&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) **Bona Fide Offer Definition.** A "Bona Fide Offer" is any written proposal by a third party that is not a Related Party or affiliated with a, containing reasonably detailed terms and conditions (including the aggregate amount of the Applicable Debt Financing, the interest rate, and the Liens granted in connection therewith) and accompanied by proof of funds or financing capability.

&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) **Restriction on Third-Party Financing.** Notwithstanding compliance with this Section 5.2.13, no Applicable Debt Financing or Third-Party Offer may be consummated if Energea determines that such financing would result in a Material Adverse Effect or negatively impact Helios's ability to satisfy the financial covenants set forth in Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Negative Covenants**. Helios (unless otherwise specified herein) shall not (and shall ensure that each of its Subsidiaries or Projects shall not):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 **Incur Unauthorized Indebtedness**: Incur or have any obligation with respect to any Indebtedness other than:

&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) Indebtedness evidenced by the Loan Documents; 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) Indebtedness incurred in compliance with Section 5.2.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 **Allow Unauthorized Liens**: Permit to exist any Liens on the assets of Helios, any of its Subsidiaries, or any Projects, except for Liens granted in connection with Indebtedness incurred in compliance with Section 5.2.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 **Modify Payment Schedules**: Make or permit any repayments or advance payments of amounts owed under "Schedule 4 - Existing Corporate Debt" that differ from the payment schedules specified therein or amend or modify the payment schedules without prior written approval from Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 **Make Unauthorized Loans or Investments**: Make any loan to or investment in any Person or provide payment in exchange for capital securities, Indebtedness, or any other capital security (including, without limitation, any security convertible or exchangeable into or exercisable for any capital securities), or guarantee or become liable for any obligation of any Person, except for loans or investments made:

&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) By Helios to or in any of its Subsidiaries or Projects; 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) By a Subsidiary to or in any Project in which such Subsidiary participates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 **Make Unauthorized Compensation Increases**: Make or permit any Compensation Increase other than a Permitted Compensation Increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.6 **Make Distributions**: Make any Distribution, whether in the form of dividends, returns of capital, profit sharing, or any other transfer of funds or assets to equity holders or Affiliates, except as expressly permitted under this Agreement. For clarity, "Distribution" includes, but is not limited to:

&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) Dividends or distributions in cash or other 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;b) Payments or transfers to equity holders in connection with any repurchase, redemption, or acquisition of equity securities;

&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) Allocations or transfers to Affiliates, directors, or officers not directly related to Helios's ordinary course of business operations; 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 other transfer of value to equity holders or Affiliates that diminishes Helios's to meet obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.7 **Assign Contracts or Economic Rights**: Make any assignment of Contracts, Economic Rights, or individual users and clients of Projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.8 **Enter or Amend Related Party Transactions**: Enter into a Related Party Transaction or modify any existing Related Party Transaction, all of which are listed on "Schedule 9 - Related Party Transactions".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.9 **Conduct Prohibited Business Activities:** Conduct any business activity other than implementing and maintaining the Projects (for Subsidiaries) or the activities specifically authorized for Helios under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.10 **Fail to Maintain Insurance:** Fail to keep in full force and effect property and liability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.11 **Fail to Pay Taxes:** Fail to pay required income or any other material Taxes, except for amounts being contested in good faith through appropriate proceedings with adequate reserves as required by IFRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.12 **Engage in Unauthorized Mergers or Dispositions:** Helios shall not, directly or indirectly, without the prior written consent of Energea:

&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) **Unauthorized Mergers or Consolidations:** Enter into any merger, consolidation, or joint venture with any Person, except as expressly permitted under 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;b) **Liquidation or Dissolution:** Liquidate, wind-up, dissolve, or undertake any similar action that materially affects Helios's, its Subsidiaries' or any Project's operational continuity or Energea's security 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;c) **Asset Dispositions:** Dispose of any assets (in one transaction or a series of transactions) with an aggregate fair market value greater than USD $100,000 per fiscal year. The following exceptions shall apply:

i. Dispositions of obsolete or excess equipment no longer used or useful in operations;

ii. Transfers permitted under this Agreement, such as those required to implement the Projects or as part of ordinary business operations, provided such transfers do not impair Helios's financial position or Energea's security 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;d) **Asset Acquisitions:** Acquire all or substantially all of the assets constituting a business, division, branch, or other unit of operation of any Person, unless:

i. The acquisition is necessary to implement or expand the Projects as contemplated under this Agreement;

ii. Helios obtains Energea's prior written approval; and

iii. The acquisition does not result in a Material Adverse Effect, violate any covenant in this Agreement, or impair Helios's ability to meet obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.13 **Enter Unauthorized Contracts or Transactions:** Enter into or commit to any Contract or transaction (whether written or oral) providing any Related Party, Governmental Authority, or other Person with a commission, royalty, or payment outside the general course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.14 **Amend Governance Documents:** Amend either Helios's by-laws or other governance documents in a manner adverse to Energea's interests under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.15 **Limit Energea's Step-In Rights:** No Helios shall take any action or allow any director or shareholder to take action limiting Energea's Step-In Rights, altering the rights of the Step-In Assigned Manager, or removing the Step-In Assigned Manager without Energea's prior written consent. This clause does not apply to the appointment, reassignment, or removal of the Operational Assigned Manager, which remains under the governance framework of Helios during normal operations, as specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.16 **Change Legal Information Without Notice:** Helios shall not, without complying with the requirements below:

&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) **Relocation or Incorporation Changes:** Relocate their chief executive office, change their state or jurisdiction of incorporation, or amend their legal name, without providing Energea with at least thirty (30) days prior written notice and obtaining confirmation from Energea that such changes will not impair Helios's obligations or Energea's security interests.

&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) **Fiscal Year Changes:** Change the date on which their fiscal year ends without the prior written consent of Energea.

&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) **Regulatory Compliance:** Undertake any of the changes listed above without ensuring compliance with applicable legal and regulatory requirements, including but not limited to providing Energea with all supporting documentation reasonably required to update filings, registrations, and notices necessary to protect Energea's interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.17 **Issue Unauthorized Securities:** Issue any equity security or other capital security, or any security convertible into or exchangeable for such equity or capital security, if such securities are not subject to the Equity Pledge Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.18 **Issue Contradictory Trust Instructions:** Issue instructions to the Trust or Trust Account that contradict the Trust Agreement, irrevocable instructions established therein, or otherwise modify or terminate the Trust Agreement without the prior written consent of Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.19 **Fail to Comply with Laws:** Fail to comply in any material respect with any applicable Law or Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Financial Covenants**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 **Debt Service Coverage Ratio (DSCR):** Helios shall maintain a minimum DSCR of 1.4 to 1, tested over a trailing 12-month period, throughout the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 **Debt Service Corporate Coverage Ratio (DSCCR):** Helios shall maintain a minimum DSCCR of 1.4 to 1, tested over a trailing 12-month period, throughout the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.3 **Reserve Requirement:**

&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) **Maintenance of Reserve:** Helios shall maintain an aggregate balance in the Trust Account (the "Reserve") at all times equal to the sum of the Service of Debt for the previous month multiplied by three (the "Reserve Threshold"). For the avoidance of doubt, if the Service of Debt for the previous month was $100, the Reserve Threshold shall be $300.

i. **Replenishment Obligation:** If the balance in the Trust Account falls below the Reserve Threshold ("Reserve Shortfall"), Helios shall replenish the Reserve within the Cure Period specified in Section 6.4 by depositing or transferring sufficient funds into the Trust Account to restore the Reserve to the Reserve Threshold. Helios may use proceeds from Working Capital Advances under this Agreement to replenish the Reserve, provided such usage does not result in a breach of other covenants in this Agreement, including Debt-to-Equity Ratio and Lien Priority requirements. Prior written approval from Energea is required for any such transaction.

ii. **Monitoring and Notifications**: The Trustee shall monitor the balance of the Reserve and provide timely written notice to Helios and Energea if the balance falls below the Reserve Threshold. The notice shall include the Reserve Shortfall amount and instructions for replenishment.

&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) **Covenant Cure:** Helios may cure a Default arising from a violation of this Section 5.4.3 by delivering a Cure Notice to Energea on or before the delivery of the applicable Financial Certificate. The Cure Notice shall include:

i. The Reserve Shortfall to be deposited into the Trust Account; and

ii. A calculation demonstrating that the deposit of the Reserve Shortfall would restore compliance with the Reserve Threshold for the relevant period. The calculation and Reserve Shortfall shall be subject to Energea's approval, which shall not be unreasonably withheld.

iii. Helios shall deposit the Reserve Shortfall into the Trust Account within the Cure Period specified in Section 6.4 to fully remedy the Default and ensure compliance with the Reserve Requirement.

&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) **Extensions for Delayed Revenues:** Helios may request an extension of the Cure Period for delays explicitly caused by assigned revenue sources (e.g., government payments) if:

i. Helios provides evidence of a *Tutela* filed to recover overdue payments; and

ii. Helios demonstrates good-faith efforts to replenish the Reserve, supported by reasonable documentation and ongoing communication with Energea.

**6 Rights and Remedies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Rights and Actions Upon Default**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 **Suspension of Advances**: Upon the occurrence of any Default, Energea shall have no further obligation to make any additional Advances under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 **Acceleration Upon Event of Default:** Upon the occurrence and continuance of an Event of Default, Energea may, at its sole discretion and without further action or notice to Helios (except as required under applicable Law), declare:

&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 entire unpaid principal amount of all Advances;

&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) All accrued and unpaid interest; 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) Any other Obligations (even if not yet due) to be immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 **Automatic Acceleration for Certain Events of Default:** Notwithstanding the foregoing, if an Event of Default under subsections (e) or (f) occurs (related to bankruptcy, insolvency, or similar events), all payment Obligations under this Agreement shall automatically and immediately become due and payable in full without any declaration or further action by Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 **Enforcement of Rights:** Upon an Event of Default, Energea may exercise any and all rights and remedies available under this Agreement, any Loan Document, or applicable Law, including but not limited to:

&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) Seeking specific performance of any provision under 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;b) Obtaining an injunction against any violation of the terms of this Agreement; 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) Pursuing any legal, equitable, or other appropriate proceeding to protect and enforce its rights, including the enforcement of security interests or collateral arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 **Waiver of Notice and Demand:** Helios expressly waives any requirement for presentment, demand, protest, or notice of any kind in connection with Energea's enforcement of its rights or remedies under this Agreement or any Loan Document, except as explicitly required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.6 **Enforcement Priorities:** In addition to the enforcement mechanisms outlined in this Agreement, Energea may enforce its rights through the Secured Promissory Note attached as Exhibit C. Energea retains the discretion to prioritize enforcement mechanisms based on the nature of the Default, including:

&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) Direct enforcement of pledged collateral under the Asset Pledge Agreement or Equity Pledge 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;b) Enforcement of Accounts Receivable through the Trustee, in accordance with the Trust Agreement; 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) Direct judicial or extrajudicial enforcement of the Secured Promissory Note.

Energea shall notify Helios and the Trustee of its selected enforcement mechanism in writing. Energea's choice of enforcement does not preclude subsequent or simultaneous use of other remedies available under this Agreement or any Loan Document, provided such actions are permitted under applicable Colombian law and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Actions Upon Payment Default Due to Governmental Delays.** After the occurrence of a payment Default arising from delays or failures attributable to a Governmental Authority, Helios shall undertake the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 **Submission of Petition:** Helios shall submit a formal right of petition (*Derecho de Petición*) to the competent Governmental Authority, requesting the disbursement of subsidies, acceleration of user registration and coding processes, or any other necessary relief to remedy the cause of the Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 **Initiation of *Tutela*:** If no response is received from the applicable Governmental Authority within the fifteen (15) days prescribed under Colombian law, Helios shall promptly initiate a *tutela* action to compel a timely and substantive response to the submitted petition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 **Reporting to Energea:** Helios shall provide Energea with:

&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 copy of the submitted petition.

&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) Evidence of the Governmental Authority's failure to respond within the prescribed period; 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) Documentation of the *tutela* action filed, including any interim or final resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Unconditional Nature of Obligations**. All rights of Energea under this Agreement, the Lien hereunder, and all Obligations of Helios shall be absolute and unconditional, and shall not be affected by, or subject to, any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 **Invalidity or Illegality:** Any illegality, invalidity, or unenforceability of any Obligation or any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 **Modifications or Changes:** Any change in the time, place, or manner of payment of the Obligations, or any other term, or any rescission, waiver, amendment, or other modification of any Loan Document, including any increase in the Obligations resulting from additional credit, extensions, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3 **Collateral Adjustments:** Any taking, exchange, substitution, release, impairment, or failure to perfect any Collateral or other collateral, or any amendment, waiver, or modification of any guaranty for any part or all of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4 **Disposition of Collateral:** Any sale, disposition, or application of proceeds from any Collateral or other collateral to all or part of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5 **Performance Issues:** Any default, failure, or delay, willful or otherwise, in the performance of the Obligations by any Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.6 **Defenses or Claims:** Any defense, set-off, or counterclaim (other than the defense of payment or performance) that may be available to or asserted by a Helios against Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.7 **Other Circumstances:** Any other circumstance, including but not limited to:

&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 operation of any statute of limitations;

&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 manner of administering the Obligations; 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 existence or reliance on any representation by Energea that could vary Helios's risk or provide a legal or equitable discharge of Helios, or any other grantor, guarantor, or surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Cure Periods**. The Cure Periods section establishes the timeframes and conditions under which breaches of the Loan Agreement can be rectified without triggering a default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 **Reporting and Administrative Defaults:** For breaches of reporting obligations, minor administrative requirements, or other non-material compliance issues (as determined by Energea in its sole discretion), Helios shall have fifteen (15) Business Days after written notice from Energea to cure the default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 **Material Breaches of Loan Documents:** For material breaches of a Loan Document, such as failure to maintain insurance policies or obtain necessary permits, Helios shall have fifteen (15) Business Days after written notice from Energea to cure the default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 **Payment Defaults:** For defaults related to missed monthly payments of principal and interest on any Advance, Helios shall have ten (10) Business Days after the due date of such payment to cure the default. If Helios does not cure the default within five (5) Business Days, the Trustee shall make the payment from the Reserve on or before the end of the ten (10) Business Day cure period to prevent a Default. The Step-Up Interest Rate, as described in Section 2.4.6, shall accrue on the outstanding balance from the date of the missed payment and remain in effect until the Default is remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4 **Reserve Shortfalls**: To prevent continuous depletion of the Reserve, Helios shall be subject to 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) If the Reserve is utilized by the Trustee to make a payment due to Helios's failure to cure a Payment Default within the 10-day cure period specified in Section 6.4.3, the Trustee shall issue a Cure Notice to Helios and Energea promptly upon Reserve utilization.

&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) Helios shall have ninety (90) Business Days from the date of each Cure Notice issued by the Trustee to restore the Reserve to the Reserve Threshold. Each utilization of the Reserve shall trigger a new Cure Notice and a separate 90-day replenishment period. However, no more than three (3) Cure Notices may be issued within any rolling twelve (12)-month period, as specified in Section 6.4.4(c).

&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) Utilization Cap: The Reserve may be utilized no more than three (3) times within any rolling twelve (12)-month period. Any utilization beyond this cap shall constitute a Default under the Agreement unless the Lender provides prior written approval.

&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) Increased Reserve Threshold: If the Reserve is utilized three (3) times within a rolling twelve (12)-month period, Helios shall increase the Reserve Threshold to an amount equal to six (6) months of the Service of Debt. Helios shall maintain this increased Reserve Threshold until no Reserve utilization occurs for a continuous period of twelve (12) months.

&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) Default and Enforcement: If the Reserve remains below the Reserve Threshold after the expiration of the 90-day period or if utilization exceeds the allowable cap, this shall constitute a Default under the Agreement, and the Trustee shall escalate enforcement actions, including requiring additional collateral or renegotiation of terms, as deemed necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5 **Collateral Default**: For any event that constitutes a default related to Collateral (e.g., failure to register Liens, unauthorized transfer of Collateral, or a Lien priority issue), Helios shall have thirty (30) Business Days from the occurrence of such Collateral Default to cure it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Reinstatement of Obligations.** To the extent that any payment made by Helios to Energea, or any proceeds from Energea's enforcement of its Liens or exercise of its rights under this Agreement or any other Loan Document, is subsequently invalidated, deemed fraudulent or preferential, set aside, or required to be repaid (including pursuant to a settlement entered into by Energea at its discretion) in connection with any proceeding under bankruptcy, insolvency, reorganization, receivership, or similar Laws now or hereafter in effect, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 **Revival of Obligations**: The Obligations or portion thereof that were intended to be satisfied by such payment or proceeds shall be automatically reinstated and shall continue in full force and effect as if such payment or enforcement had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2 **Helios's Continuing Liability**: Helios shall remain fully liable for the Obligations or portion thereof to the extent of such recovery, including any interest, costs, or other charges accrued thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3 **Scope of Reinstatement**: This provision shall apply regardless of the nature of the invalidation, whether it arises from fraud, mistake, statutory preference, or other grounds, and shall preserve Energea's rights to recover the full amount of the Obligations as originally agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **Legal Claims and Reassignment of Collateral.** Whenever Energea determines that it is desirable to institute a Legal Claim related to any Collateral or take any other action to effectuate the collection of Collateral, Energea may, at its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 **Reassignment to Helios**: Reassign the specific item of Collateral in question to the applicable Helios. Any such reassignment shall:

&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) Be executed without any warranty or recourse to Energea under any circumstances; 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;b) Impose sole responsibility on Helios to pursue the Legal Claim or take the necessary action at Helios's liability, cost, and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 **Lien Retention**: Notwithstanding such reassignment, all amounts collected by Helios in connection with the reassigned Collateral shall remain subject to Energea's Lien and shall be promptly delivered to the Trust Account or otherwise applied as directed by Energea in accordance with this Agreement.

**7 Payments Free and Clear of Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Payments Without Deductions**: All payments made by Helios under this Agreement and the Loan Documents shall be made free and clear of, and without deduction or withholding for, any present or future Taxes, except as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Obligation to Pay Taxes**: In addition to the foregoing, Helios shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 Pay promptly (and in any event, within three (3) Business Days following written demand by Energea) any Taxes imposed by any jurisdiction with respect to the execution, delivery, registration, performance, or enforcement of this Agreement or any Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Indemnify Energea against any liability for such Taxes, including any penalties, interest, or expenses incurred due to a Helios's failure to pay such Taxes promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Evidence of Tax Compliance**: Upon Energea's written request, Helios shall promptly furnish evidence, in a form reasonably satisfactory to Energea, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 All requisite Taxes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 All necessary authorizations and approvals from, and filings or notices to, relevant Governmental Authorities or regulatory bodies related to such Taxes have been obtained or made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 Helios is in full compliance with all applicable Tax obligations related to the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Helios Responsibility for Tax Withholdings**: If any applicable Law requires Helios to withhold or deduct Taxes from any payment under the Loan Documents, Helios shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 Pay such additional amounts as necessary to ensure that Energea receives the full amount it would have received had no withholding or deduction been required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 Timely pay the withheld or deducted amounts to the appropriate Governmental Authority and provide Energea with official receipts or other documentation evidencing such payments.

8 **General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Successors and Assigns; No Third Party Beneficiaries.** This Agreement, along with all rights, duties, and obligations arising hereunder or under any other Loan Document, shall be binding upon and enforceable by the parties hereto and their respective successors and permitted assigns, and shall inure to their benefit in accordance with the terms set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 **Assignment by Helios**: Helios may not and shall not assign, delegate, or otherwise transfer its rights, duties, or obligations under this Agreement or any other Loan Document to any Person without the prior written consent of Energea, which may be granted or withheld in Energea's sole and absolute discretion. Any attempted assignment, delegation, or transfer by Helios in violation of this Section shall be null and void and of no effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 **Assignment by Energea**: Energea may assign, delegate, or otherwise transfer its rights, duties, or obligations under this Agreement or any other Loan Document to any Person without the prior written consent of Helios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 **Binding Effect**: Subject to the foregoing, this Agreement is entered into for the benefit of the parties hereto and their respective successors and permitted assigns, and it shall be binding upon and enforceable by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.4 **No Third Party Beneficiaries**: This Agreement is solely for the benefit of the parties hereto and their respective successors and permitted assigns. No third party shall have any rights, remedies, or claims under or by reason of this Agreement or any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Notices.** All notices, requests, consents, and other communications required or permitted under this Agreement ("Notices") shall be in writing and shall be deemed to have been duly delivered as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 **By Certified or Registered Mail**: Three (3) Business Days after being deposited in the mail, postage prepaid, sent certified or registered mail to the receiving party's address as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 **By Email or Fax:** 

&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) If sent during the recipient's normal business hours, upon successful transmission to the recipient's designated email address or fax number; 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) If sent after the recipient's normal business hours, on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 **By Overnight Courier**: On the next Business Day after being delivered to a reliable overnight courier service for delivery to the recipient's address as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4 **By Personal Delivery**: Upon hand delivery to the recipient at the address provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.5 **Update of Contact Information**. The address, email address, and fax number for delivering Notices to a party are set forth beneath such party's signature in this Agreement. Any party may update its contact information by providing written notice to the other parties in accordance with the provisions of this Section 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **USA Patriot Act Notice.** Energea hereby notifies Helios that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Patriot Act</u>"), it may be required to obtain, verify and record information that identifies Helios, which information includes the name and address of Helios, and Helios shall promptly provide Energea with such information and other information that will allow Energea to identify Helios in accordance with the Patriot Act. Helios further agrees to promptly provide any updates to such information as may be required by Energea to maintain compliance with the Patriot Act or any other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Entire Agreement; Amendments.** This Agreement and the other Loan Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement may not be amended or modified orally but may be amended or modified only in writing, signed by all parties hereto. No amendment, modification or waiver of any provision of this Agreement will in any event be effective unless it is in writing and signed by each party hereto, making specific reference to this Agreement and signed by each party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Waiver**. No failure of any party to this Agreement to require, and no delay by any party to this Agreement in requiring, any other party to comply with any provision of this Agreement constitutes a waiver of the right to require such compliance. No failure of any party to this Agreement to exercise, and no delay by any party to this Agreement in exercising, any right or remedy under this Agreement constitutes a waiver of such right or remedy. No waiver by any party to this Agreement of any right or remedy under this Agreement is effective unless made in writing and signed by each party hereto. Any waiver by any party to this Agreement of any right or remedy under this Agreement is limited to the specific instance and does not constitute a waiver of such right or remedy in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Indemnification.** Helios agrees to indemnify and hold harmless Energea, its Affiliates and their respective officers, directors, managers, partners, members, stockholders from and against, any and all claims, damages, losses, liabilities and related expenses (including the reasonable fees, charges and expenses of any counsel of Energea), incurred by such Person or asserted against such Person by any Person arising out of, in connection with, or by reason of (a) the execution or delivery of this Agreement, any other Loan Document, the performance by Energea of its obligations hereunder or thereunder or the consummations of the transactions contemplate herewith or therewith; (b) the Advances, or the actual or proposed use of the proceeds therefrom; or (c) any actual or alleged Legal Claim or investigation relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party other than claims, damages, losses, liabilities and expenses arising out of the gross negligence or willful misconduct of Energea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Attorneys' Fees**. Should the Obligations (or any portion thereof) be collected at Law or in equity or in bankruptcy, receivership or other court proceedings, or any Loan Document be placed in the hands of attorneys for collection, Helios agrees to pay in addition to the Obligations, all costs of collection, including, without limitation, reasonable attorneys' fees and expenses, incurred by Energea in collecting the Obligations or enforcing this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **Governing** **Law**. This entire Agreement and each Loan Documents (other than as expressly set forth in such other Loan Document) and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this agreement or any Loan Document (other than as expressly set forth in such other Loan Document) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the Republic of Colombia, without regard to any conflict-of-laws rules or principles that would direct or permit the application of another jurisdiction's law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **Arbitration/Consent to Jurisdiction.** Any dispute arising under or in connection with this Agreement or under any other Loan Document (excluding the Equity Pledge Agreement, the Asset Pledge Agreement, the Trust Agreement, and the Secured Promissory Note and Letter of Instructions), or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to any Loan Document, or the transactions related thereto, in each case whether now existing or hereafter arising, shall be finally resolved under the Expedited Procedure Rules of the International Chamber of Commerce (the "ICC Rules") then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.1 **Proceeding Timeline:** 

&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) Any proceeding shall be initiated within thirty (30) days of the action, omission, or other cause giving rise to the dispute.

&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 arbitration shall conclude within six (6) months from the date of initiation, unless otherwise agreed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.2 **Arbitrator Selection:**

&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) Under the ICC Expedited Procedure Rules, the default number of arbitrators shall be one (1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The arbitrator shall be fluent in English and possess significant legal experience related to this Agreement or similar contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.3 **Location and Language:**

&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 arbitration shall take place virtually or in a mutually agreed physical location.

&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 arbitration proceedings, written communications, and supporting materials shall be in English. Documents in other languages shall be accompanied by certified English translations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.4 **Confidentiality and Enforcement:**

&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) All proceedings, documents, and awards shall remain confidential.

&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 arbitral award shall be binding and enforceable in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.5 **Jurisdiction for Enforcement:** Energea may initiate legal proceedings in any jurisdiction to enforce an arbitral award or protect its rights under this Agreement.

Helios consents, irrevocably and unconditionally, for itself and in respect of its property, to the exclusive jurisdiction of such arbitration and agrees that it will not commence or support any such action or proceeding in another forum, or venue in which jurisdiction can be established. Notwithstanding the foregoing, nothing contained herein or in any other Loan Document will prevent Energea from bringing any action to enforce any award or judgment or exercise any right under any other Loan Document in any other forum in which jurisdiction can be established. Helios irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non-conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect of any Loan Document or other document related thereto. Each party hereto irrevocably consents to service of process in any action or proceeding arising out of or relating to any Loan Document in the manner provided for in Section 8.2. Nothing in this Agreement or any other Loan Document will affect the right of each party to serve process in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 **Defenses.** The obligations of Helios under the Loan Documents shall not be subject to reduction, limitation, impairment, termination, defense, set-off, counterclaim or recoupment for any reason (other than the defense of payment in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 **Waiver of Presentment.** Helios hereby waives presentment, demand for payment, notice of dishonor, notice of protest, protest and all other notices, protests or demands in connection with the execution, delivery, acceptance, performance, default or collection and enforcement of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 **Severability.** Any provision hereof that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and without affecting the validity or enforceability of such provision in any other jurisdiction. Where terms of any applicable Law resulting in such prohibition or unenforceability may be waived, they are waived by the parties hereto to the full extent permitted by applicable Law so that this Agreement may be deemed valid, binding and enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 **Counterparts.** This Agreement may be executed in several counterparts, each of which is an original, and all of which together shall constitute one and the same agreement. Each party hereto agrees that facsimile or electronic mail in portable format (PDF) signature of the parties will have the same effect as manually signed original signatures. For the avoidance of doubt a Person's execution and delivery of this Agreement by electronic signatures and electronic transmission including via DocuSign or other similar method, constitutes the execution and delivery of a counterpart of this Agreement by or on behalf of such Person and will bind the Person to the terms of this Agreement. The parties hereto agree that this Agreement and any additional information incidental hereto may be maintained as electronic records. Any Person executing and delivering this Agreement by electronic signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement as Energea may reasonably request.

**Exhibits and Schedules** The following Exhibits and Schedules are an integral part of this Loan Agreement. They are incorporated herein by reference and shall have the same force and effect as if set forth in full in the body of this Agreement.

**Exhibits:**

Exhibit A: Assets Pledge Agreement

Exhibit B: Equity Pledge Agreement

Exhibit C: Secured Promissory Note and Letter of Instructions

**Schedules:**

Schedule 1 - Advance Request Form

Schedule 2 - Approved EPC Contractors

Schedule 3 - Existing Subsidiaries

Schedule 4 - Existing Corporate Debt

Schedule 5 - Real Property and Collateral Ownership

Schedule 6 - Contracts and Obligations

Schedule 7 - Tax Liabilities

Schedule 8 - Project Information

Schedule 9 - Related Party Transactions

Schedule 10 - Permits and Approvals

Schedule 11 - Bank Accounts

*Note: All schedules listed above are included after the signature page of this Loan Agreement for ease of reference and integration into the executed document. Exhibits are not included directly in the Loan Agreement because they require separate execution by the relevant parties. This ensures compliance with execution protocols and facilitates the independent enforceability of each exhibit as standalone agreements under Colombian law.*

[Signature Page Follows]

**IN WITNESS WHEREOF**, the parties hereto have caused this Loan Agreement to be duly executed as of the date first written above.

 ***Energea Portfolio 5 LATAM LLC** A Delaware limited liability company*

By: ______________________________________

Name: Mike Silvestrini

Title: Managing Partner

Date: 01/22/2025

 ***Helios Energía S.A. E.S.P.** A Colombian utility services provider company*

By: ______________________________________

Name: Angelina Alvear

Title: Gerente - Representante Legal

Date: 01/22/2025

**Schedule - 1** **Advance Request Form**

**Advance Request Form**

This Advance Request Form is submitted pursuant to the Loan and Security Agreement, dated as of January [--], 2025 (the "Agreement"), by and among Energea Portfolio 5 LATAM LLC ("Energea"), Helios Energía S.A. E.S.P. ("Helios"), and any related parties thereto. All capitalized terms used but not defined in this Advance Request Form shall have the meanings ascribed to them in the Agreement.

**1. Advance Request Details:**

* **Date of Request:** ___________________________

* **Type of Advance:**<br>
 ☐ EPC
 Advance<br>
 ☐ Working
 Capital Advance

* **Requested Amount (USD):** $_____________________

* **Date Required:** ___________________________

------

**2. Supporting Documentation Checklist:**<br> (Include all required attachments for the requested Advance type as per Section 2.1 of the Agreement.)

For **First Working Capital Advance**, attach:

* ☐ Evidence of all
 Corporate Debt, including payoff instructions and account details.

* ☐ A Financial
 Certificate.

* ☐ Certification of
 compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.

For **Subsequent Working Capital Advances**, attach:

* ☐ Documentation
 confirming the intended use of funds.

* ☐ A Financial
 Certificate.

* ☐ Certification of
 compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.

For **First EPC Advance**, attach:

* ☐ All Project
 documents, including EPC agreements, project budgets, supplier invoices,
 construction schedules, and payment schedules.

* ☐ Certification of
 compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.

* ☐ A Financial
 Certificate.

For **Subsequent EPC Advances**, additionally attach:

· ☐ Copies of the *Cartas de Adherencia* for the subscribers associated with the projects to be financed by the requested Advance.

· ☐ Summary of project construction status, including details of completed projects and confirmation of SSPD registration for projects that have reached operational status.

------

**3. Declaration by Helios:**<br> By submitting this Advance Request Form, Helios certifies the following:

* The
 representations and warranties set forth in the Agreement remain true and
 correct as of the date of this request.

* No
 Event of Default, or event that with notice or lapse of time would
 constitute an Event of Default, has occurred and is continuing.

* The
 requested Advance will be used solely for the purposes authorized under
 the Agreement and in compliance with applicable laws.

------

**4. Payment Instructions:**<br> Please disburse the requested Advance to the following account:

* **Account Name:** Fideicomiso Helios Energea

* **Bank Name:** ___________________________

* **Account Number:** ___________________________

* **SWIFT/BIC Code:** ___________________________

* **Purpose of Disbursement:** ___________________________

------

**Submitted by:**

**Helios Energía S.A. E.S.P.**<br> By: ___________________________<br> Name: _________________________<br> Title: __________________________<br> Date: __________________________

**Schedule 2 - Approved EPC Contractors**

This Schedule identifies the engineering, procurement, and construction (EPC) contractors that have been pre-approved by Energea for executing the Projects financed under this Agreement. Only the contractors listed herein are authorized to perform work under the terms of the Agreement.

------

**1. List of Approved EPC Contractors**

---

| | | | |
|:---|:---|:---|:---|
| **Contractor Name** | **Address** | **Contact Information** | **Approval Date** |
| [Contractor 1 Name] | [Address] | [Email/Phone] | [Approval Date] |
| [Contractor 2 Name] | [Address] | [Email/Phone] | [Approval Date] |
| [Contractor 3 Name] | [Address] | [Email/Phone] | [Approval Date] |

---

------

**2. Approval by Energea**

All contractors included in this Schedule have been reviewed and pre-approved by Energea based on their:

* **Experience:** Demonstrated
 track record in renewable energy projects, especially in ZNI areas.

* **Compliance:** Adherence
 to Colombian laws and regulations, including environmental, safety, and
 labor standards.

* **Capacity:** Technical
 and financial ability to execute and complete Projects on schedule and
 within budget.

* **References:** Strong
 recommendations from prior clients or projects.

* **Certification:** Required
 industry certifications or licenses for operating in Colombia.

------

**3. Changes to the Approved EPC Contractor List**

Any changes to this Schedule, including additions or removals of contractors, must receive prior written approval from Energea. Contractors not listed herein may not be engaged for any Projects under this Agreement unless explicitly approved by Energea in writing.

**Schedule 3 - Existing Subsidiaries**

This Schedule identifies all subsidiaries of Helios Energía S.A. E.S.P. as referenced in Section 1.57 of the Loan Agreement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiary Name** | **Ownership Percentage** | **Country of Incorporation** | **Tax Identification Number** | **Additional Details/Notes** |
|  | 100% | Colombia | [Insert NIT] |  |
|  | 100% | Colombia | [Insert NIT] |  |
|  | 100% | Colombia | [Insert NIT] |  |
|  | 100% | Colombia | [Insert NIT] |  |
|  | 100% | Colombia | [Insert NIT] |  |

---

**Notes:**

* The above
 subsidiaries represent the entities that collectively own shares in Helios
 Energía S.A. E.S.P. and are considered affiliates or subsidiaries based on
 the management and ownership criteria defined in Section 1.57 of the Loan
 Agreement.

* Tax
 Identification Numbers (NITs) and additional details for each subsidiary
 will need to be verified and updated to ensure accuracy.

* This list will
 be updated to include future subsidiaries as they are acquired or
 established, subject to notification and approval requirements.

**Certification:** This Schedule is prepared in accordance with the requirements of the Loan Agreement dated [Insert Date], and all information is accurate as of [Insert Date].

**Authorized Signatures:**

For Helios Energía S.A. E.S.P.:

Name: [Insert Name]<br> Title: [Insert Title]<br> Date: [Insert Date]

**Schedule 4 - Existing Corporate Debt**

This Schedule outlines all existing corporate debt obligations of Helios as of the Effective Date of the Loan Agreement. The following information is provided to ensure transparency and facilitate the allocation of the First Working Capital Advance for debt repayment, as required under the Loan Agreement.

**1. Summary of Existing Corporate Debt**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Debt Type** | **Creditor Name** | **Principal Amount (USD)** | **Interest Rate (%)** | **Maturity Date** | **Collateral Securing Debt** | **Repayment Terms** |
| [Debt Type, e.g., Loan/Note] | [Creditor Name] | [Amount] | [Rate] | [Date] | [Collateral Description] | [Terms, e.g., monthly payments] |
| [Debt Type] | [Creditor Name] | [Amount] | [Rate] | [Date] | [Collateral Description] | [Terms] |
| [Debt Type] | [Creditor Name] | [Amount] | [Rate] | [Date] | [Collateral Description] | [Terms] |

---

**2. Allocation Instructions for First Working Capital Advance**

Helios shall utilize the First Working Capital Advance to repay all corporate debt obligations listed above. The following information is required to complete the allocation:

* **Payoff Instructions**: Each creditor's bank account details, payment
 instructions, and any required reference information for processing
 payments.

* **Lien Release Requirements**: Written confirmation from each creditor
 detailing the process for releasing any associated liens upon full
 repayment.

* **Supporting Documentation**: Copies of loan agreements, promissory notes, and any
 related collateral agreements for each corporate debt obligation.

**3. Certification of Debt Repayment**

Within five (5) Business Days of utilizing the First Working Capital Advance to repay the listed debts, Helios shall provide:

* Confirmation
 of payment to each creditor, including proof of transfer.

* Written
 acknowledgment from each creditor confirming the satisfaction of the debt
 obligation and release of any associated liens.

* An
 updated statement of corporate debt reflecting zero outstanding balances
 for repaid obligations.

**4. Representation of Accuracy**

Helios represents and warrants that the information provided in this Schedule is true, correct, and complete as of the Effective Date. Any amendments or updates to the information in this Schedule must be provided to Energea in writing prior to the allocation of the First Working Capital Advance.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 5 - Real Property and Collateral Ownership**

This Schedule outlines all real property and collateral owned, leased, subleased, or used by Helios as of the Effective Date of the Loan Agreement. The information provided herein ensures transparency and supports the establishment of the security interests required under the Loan Documents.

**1. Summary of Real Property**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Address/Location** | **Ownership Type (Owned/Leased/Subleased)** | **Legal Description or Title Reference** | **Current Use** | **Encumbrances (if any)** |
| [Property Type, e.g., Land] | [Address/Location] | [Ownership Type] | [Legal Description/Reference] | [Use] | [Encumbrances] |
| [Property Type] | [Address/Location] | [Ownership Type] | [Legal Description/Reference] | [Use] | [Encumbrances] |
| [Property Type] | [Address/Location] | [Ownership Type] | [Legal Description/Reference] | [Use] | [Encumbrances] |

---

**2. Summary of Collateral Ownership**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Type | Description | Location | Ownership Details (Owned/Leased) | Encumbrances (if any) |
| [Asset Type, e.g., Equipment] | [Description] | [Location] | [Ownership Details] | [Encumbrances] |
| [Asset Type] | [Description] | [Location] | [Ownership Details] | [Encumbrances] |
| [Asset Type] | [Description] | [Location] | [Ownership Details] | [Encumbrances] |

---

**3. Certification of Information**

Helios represents and warrants that the information provided in this Schedule is accurate, complete, and up-to-date as of the Effective Date. Helios further agrees to notify Energea of any changes to the information in this Schedule within ten (10) Business Days of such changes.

**4. Encumbrance Release Requirements**

Helios shall ensure that all encumbrances listed in this Schedule are fully discharged or subordinated as required under the Loan Documents. Evidence of discharge or subordination shall be provided to Energea within the timeline specified in the Loan Agreement.

**5. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Title deeds, lease
 agreements, or sublease agreements for each property.

* Legal descriptions
 and title references for owned properties.

* Documentation
 detailing any encumbrances, including lienholder information and amounts.

* Proof of insurance
 for all real property and collateral, as required under the Loan
 Agreement.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signature**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 6 - Contracts and Obligations**

This Schedule lists all material contracts and obligations to which Helios is a party or is otherwise bound as of the Effective Date of the Loan Agreement. The information provided herein ensures transparency and facilitates compliance with the terms of the Loan Documents.

**1. Summary of Material Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contract Type** | **Counterparty** | **Effective Date** | **Termination Date** | **Key Terms/Obligations** | **Encumbrances (if any)** |
| [Contract Type, e.g., EPC] | [Counterparty Name] | [Date] | [Date] | [Key terms/obligations summary] | [Encumbrances] |
| [Contract Type, e.g., Lease] | [Counterparty Name] | [Date] | [Date] | [Key terms/obligations summary] | [Encumbrances] |
| [Contract Type] | [Counterparty Name] | [Date] | [Date] | [Key terms/obligations summary] | [Encumbrances] |

---

**2. Obligations Under Contracts**

Helios represents and warrants that it is in material compliance with all contracts listed in this Schedule. Helios further certifies that:

* No material
 defaults or breaches exist under these contracts.

* Helios has not
 received any notices alleging default or breach under any of the listed
 contracts.

* No events have
 occurred that, with notice or lapse of time, could reasonably be expected
 to result in a material breach, termination, acceleration, or modification
 of any of these contracts.

**3. Encumbrance Details**

For any contracts encumbered by liens or other security interests, Helios shall provide the following details:

* Nature of the
 encumbrance.

* Name of the
 lienholder or secured party.

* Outstanding amounts
 or obligations associated with the encumbrance.

* Steps required to
 release or subordinate the encumbrance, as applicable.

**4. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Copies of all
 contracts listed in this Schedule, including all amendments and
 modifications.

* Notices, waivers,
 or correspondence related to defaults, breaches, or modifications of these
 contracts.

* Evidence of
 compliance with all material obligations under these contracts.

**5. Notification of Changes**

Helios shall notify Energea within ten (10) Business Days of any material changes to the contracts listed in this Schedule, including but not limited to:

* Terminations or
 expirations.

* Amendments or
 modifications.

* New material
 contracts entered into during the Term of the Loan Agreement.

------

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

------

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 7 - Tax Liabilities**

This Schedule outlines all material tax liabilities of Helios as of the Effective Date of the Loan Agreement. The information provided herein ensures transparency and compliance with the terms of the Loan Documents.

**1. Summary of Tax Liabilities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tax Type** | **Jurisdiction** | **Amount Outstanding (USD)** | **Due Date** | **Status (e.g., Paid/Contested/Overdue)** | **Supporting Documentation** |
| [Tax Type, e.g., Income Tax] | [Jurisdiction Name] | [Amount] | [Due Date] | [Status] | [Document Description] |
| [Tax Type] | [Jurisdiction Name] | [Amount] | [Due Date] | [Status] | [Document Description] |
| [Tax Type] | [Jurisdiction Name] | [Amount] | [Due Date] | [Status] | [Document Description] |

---

**2. Contested Tax Liabilities**

Helios represents that any contested tax liabilities listed in this Schedule are:

* Actively being
 disputed in good faith through appropriate legal or administrative
 proceedings.

* Supported by
 adequate reserves, calculated in accordance with IFRS.

* Accompanied by
 documentation evidencing the nature of the dispute and the expected
 resolution timeline.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Tax Type | Jurisdiction | Amount Contested (USD) | Basis for Contest | Expected Resolution Date |
| [Tax Type] | [Jurisdiction Name] | [Amount] | [Basis for Contest] | [Expected Date] |
| [Tax Type] | [Jurisdiction Name] | [Amount] | [Basis for Contest] | [Expected Date] |

---

**3. Certification of Tax Compliance**

Helios certifies that:

* All required tax
 returns have been filed with the appropriate tax authorities in a timely
 manner.

* All taxes due and
 payable have been paid, except as listed in this Schedule.

* Helios will notify
 Energea within ten (10) Business Days of any material changes to its tax
 liabilities, including new assessments or resolutions of contested taxes.

**4. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Copies of tax
 returns filed for the previous fiscal year.

* Notices or
 assessments from tax authorities related to any liabilities listed in this
 Schedule.

* Proof of payment
 for all taxes reported as paid.

* Evidence of
 reserves set aside for contested tax liabilities.

**5. Notification of Material Events**

Helios shall notify Energea promptly (and in any event within five (5) Business Days) if:

* Any tax liability
 becomes overdue.

* A tax authority
 issues a significant assessment or initiates legal proceedings against
 Helios.

* Helios resolves any
 contested tax liability listed in this Schedule.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 8 - Project Information**

This Schedule outlines the project-related information required under the Loan Agreement. Helios shall provide periodic reports to Energea containing the following metrics and details for all active, planned, and completed Projects, including subscriber-related data.

**1. Subscriber and Deployment Metrics**

1.1 Total number of existing subscribers under operation.

1.2 New subscribers added during the last reporting period.

1.3 Geographic distribution of subscribers, segmented by:

* Region (e.g.,
 Atlántico, La Guajira).

* Municipality.

**2. Energy System Metrics**

2.1 Aggregate capacity installed (kW) across all subscriber systems.

2.2 Average daily energy consumption per subscriber (kWh).

2.3 Percentage of subscribers receiving uninterrupted service (% availability).

**3. Revenue and Subsidy Details**

3.1 Total revenue per subscriber, segmented into:

* Government
 subsidies received per reporting period.

* Direct subscriber
 payments collected per reporting period. 

3.2 Cumulative government subsidies disbursed to date.

3.3 Average revenue per subscriber (ARPS).

**4. Cost and Investment Summary**

4.1 Total capital expenditures (CAPEX) by category:

* Equipment
 acquisition.

* Installation costs.
 

4.2 Total operational expenditures (OPEX) by category:

* Maintenance costs.

* Administrative
 costs. 

4.3 Average cost per subscriber installation.

**5. Operational Status**

5.1 Active and operational systems (number and percentage).

5.2 Systems under construction (number and percentage).

5.3 Planned systems, segmented by:

* Number of
 subscribers.

* Estimated
 completion timelines.

* **6. Project-Level Financial Metrics**

6.1 Development return (portfolio-level, aggregated).

6.2 Internal rate of return (IRR) for the portfolio at financial close.

**7. Growth and Efficiency Metrics**

7.1 Subscriber growth rate (quarterly/yearly).

7.2 Replacement rate for aging or faulty systems (% of systems replaced/upgraded during reporting period).

7.3 Average resolution time for service disruptions (e.g., days per reported issue).

**8. Operations and Maintenance (O&M) Compliance**

8.1 Percentage of systems inspected and maintained per schedule.

8.2 Percentage of reported issues resolved within SLA (service-level agreement) timelines.

8.3 Data from monitoring systems, including:

* Energy consumption.

* System downtime.

**Reporting Frequency**

Helios shall submit reports containing the above metrics to Energea on a **quarterly basis**, unless otherwise agreed in writing by both parties.

**Format and Submission**

All reports shall be submitted in a format agreed upon by Energea and Helios, which may include electronic spreadsheets, presentations, or other data visualization tools. Helios shall ensure the accuracy and timeliness of all submitted information.

**Schedule 9 - Related Party Transactions**

This Schedule lists all material transactions between Helios and any related parties as of the Effective Date of the Loan Agreement. The information provided ensures transparency and supports compliance with the terms of the Loan Documents.

**1. Summary of Related Party Transactions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Transaction Type** | **Related Party Name** | **Description of Relationship** | **Transaction Value (USD)** | **Key Terms/Obligations** | **Status (e.g., Active/Terminated)** |
| [Transaction Type, e.g., Loan/Lease] | [Related Party Name] | [Relationship Description] | [Value] | [Key terms/obligations summary] | [Status] |
| [Transaction Type] | [Related Party Name] | [Relationship Description] | [Value] | [Key terms/obligations summary] | [Status] |
| [Transaction Type] | [Related Party Name] | [Relationship Description] | [Value] | [Key terms/obligations summary] | [Status] |

---

**2. Certification of Compliance**

Helios certifies that:

* All related party
 transactions listed in this Schedule have been conducted on an
 arm's-length basis or are otherwise consistent with applicable laws and
 regulations.

* There are no
 undisclosed material related party transactions as of the Effective Date.

* Helios shall notify
 Energea of any new related party transactions within ten (10) Business
 Days of entering into such transactions.

**3. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Copies of
 agreements, contracts, or other documentation related to the transactions
 listed in this Schedule.

* Evidence that the
 transactions were conducted on an arm's-length basis, including market
 comparisons if applicable.

* Correspondence or
 disclosures required by regulatory authorities, if any.

**4. Notification of Changes**

Helios shall promptly notify Energea (and in any event within five (5) Business Days) if:

* A related party
 transaction is terminated, materially modified, or otherwise impacted.

* Helios or a related
 party is found to be in breach of the terms of any related party
 transaction listed in this Schedule.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 10 - Permits and Approvals**

This Schedule lists all permits, licenses, and approvals required or obtained by Helios to conduct its business and execute its obligations under the Loan Agreement. The information provided ensures transparency and supports compliance with applicable laws and regulations.

**1. Summary of Permits and Approvals**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Permit/Approval Type** | **Issuing Authority** | **Permit Number** | **Issue Date** | **Expiration Date** | **Status (e.g., Valid/Pending/Expired)** | **Related Projects/Operations** |
| [Permit Type, e.g., Environmental License] | [Authority Name] | [Permit Number] | [Date] | [Date] | [Status] | [Project/Operation Name] |
| [Permit Type] | [Authority Name] | [Permit Number] | [Date] | [Date] | [Status] | [Project/Operation Name] |
| [Permit Type] | [Authority Name] | [Permit Number] | [Date] | [Date] | [Status] | [Project/Operation Name] |

---

**2. Critical Permits and Approvals**

Helios represents that the following permits and approvals are critical to its operations and compliance with the Loan Agreement:

* [Critical
 Permit/Approval Name and Description]

* [Critical
 Permit/Approval Name and Description]

**3. Pending Applications**

Helios shall provide the following information for all pending permits and approvals:

Permit/Approval Type Issuing Authority Submission Date Expected Approval Date Status of Application <br> [Permit Type] [Authority Name] [Date] [Expected Date] [Status, e.g., Under Review] <br> [Permit Type] [Authority Name] [Date] [Expected Date] [Status]

**4. Certification of Accuracy**

Helios certifies that:

* All permits and
 approvals listed in this Schedule are accurate and up-to-date as of the
 Effective Date.

* Helios will notify
 Energea of any changes to the status of these permits or approvals,
 including expirations, renewals, or new applications, within ten (10)
 Business Days of such changes.

**5. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Copies of all
 permits and approvals listed in this Schedule.

* Evidence of
 compliance with the terms and conditions of each permit or approval.

* Correspondence with
 issuing authorities regarding pending applications.

**6. Notification of Material Events**

Helios shall promptly notify Energea (and in any event within five (5) Business Days) if:

* Any permit or
 approval listed in this Schedule is revoked, suspended, or materially
 modified.

* A pending permit or
 approval application is denied.

* New permits or
 approvals become necessary to maintain compliance with applicable laws or
 the Loan Agreement.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios**:<br> By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

**Schedule 11 - Bank Accounts**

This Schedule lists all bank accounts maintained by Helios as of the Effective Date of the Loan Agreement. The information provided ensures transparency and facilitates compliance with the Loan Documents.

------

**1. Summary of Bank Accounts**

Approved Accounts include all bank accounts maintained by Helios and the Trust for operational, financial, and collateral-related transactions. These accounts are categorized as follows:

**a) Helios Operational Accounts:** Bank accounts maintained by Helios for its day-to-day operations, including domestic and Foreign Accounts used for cross-border transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Account Type** | **Account Name/Description** | **Bank Name** | **Account Number** | **Currency** | **Purpose/Use** |
| Operating Account | [Name/Description] | [Bank Name] | [Account Number] | [Currency] | Operational Expenses |
| Operating Account | [Name/Description] | [Bank Name] | [Account Number] | [Currency] | Operational Expenses |
| Foreign Account | [Name/Description] | [Bank Name] | [Account Number] | [Currency] | Cross-Border Transactions |

---

**b) Trust Accounts (To Be Added Upon Establishment):** Once the Trust is established, its accounts for Collateral administration and other Trust-related financial activities will be included in this Schedule. Trust Accounts will be subject to Energea's prior written approval.

**3. Certification of Information**

Helios certifies that:

* All
 bank accounts listed in this Schedule are accurate, complete, and
 up-to-date as of the Effective Date.

* Helios
 shall notify Energea of any changes to its banking arrangements, including
 the opening or closing of accounts, within ten (10) Business Days of such
 changes.

* Any
 new accounts, including Foreign Accounts or Trust Accounts, must be
 pre-approved by Energea and incorporated into this Schedule through a
 written amendment.

**4. Supporting Documentation**

Helios shall provide the following supporting documentation upon request by Energea:

* Bank
 statements or account summaries for each account listed.

* Evidence
 of account balances as of the Effective Date.

* Confirmation
 of the purpose or use of each account.

* For
 Foreign Accounts, evidence of registration with Banco de la República and
 compliance with foreign exchange regulations.

**5. Notification of Material Events**

Helios shall promptly notify Energea (and in any event within five (5) Business Days) if:

* Any
 account listed in this Schedule is closed or becomes unavailable for use
 under the Loan Agreement.

* A
 new bank account is opened that will be used for transactions related to
 the Loan Agreement.

This Schedule is incorporated by reference into the Loan Agreement and shall be binding upon the Parties as part of the Loan Documents.

**Signatures**

The undersigned, being duly authorized representatives of the Parties, agree to the terms and contents of this Schedule:

**For Helios:**

By: _______________________________<br> Name: _____________________________<br> Title: ______________________________<br> Date: ______________________________

## Add

**ADDENDUM No. 01 TO THE LOAN AND SECURITY AGREEMENT**

BY AND BETWEEN<br> **Energea Portfolio 5 LATAM LLC** and **Helios Energía S.A.S. E.S.P.**

**Dated:** June [--], 30, 2025

This Addendum No. 01 (the "Addendum") to the Loan and Security Agreement, dated as of June [--], 30, 2025 (the "Agreement"), is entered into by and between Energea Portfolio 5 LATAM LLC, a Delaware limited liability company ("Energea"), and Helios Energía S.A.S. E.S.P., a Colombian utility services provider company ("Helios") (collectively, the "Parties").

**RECITALS**

WHEREAS, the Parties entered into that certain Loan and Security Agreement, dated as of January 22, 2025, which sets forth the terms and conditions under which Energea provides financing and security arrangements to Helios.

WHEREAS, the Parties recognize the evolving nature of Colombia's electricity regulatory framework and acknowledge Helios's strategic intent to expand its portfolio beyond Government Projects and Energea Projects by investing in additional forms of distributed solar generation, including commercial and industrial (C&I) self-generation projects, community energy initiatives, marginal producer schemes, and virtual self-generation arrangements, as permitted under applicable Colombian law;

WHEREAS, the Parties wish to amend and restate Section 1.49 of the Agreement to reflect this broader scope and ensure that such projects are duly included within the contractual definition of "Projects" for purposes of financing, oversight, reporting, and compliance under this Agreement;

**WHEREAS**, the Parties acknowledge that Section 1.66 of the Agreement designates Credicorp Capital Fiduciaria S.A. as the Trustee responsible for administering the Trust in accordance with the Trust Agreement and applicable laws;

**WHEREAS**, the Parties have agreed to modify this designation to allow for the appointment of any fiduciary entity duly authorized to operate in Colombia, provided such entity is selected by Helios and approved in writing by Energea, to ensure flexibility while maintaining adequate fiduciary standards;

**WHEREAS**, the Parties wish to amend and restate Section 1.66 to reflect this understanding and ensure that the Trustee's selection and authority remain consistent with Colombian law, the Trust Agreement, and Energea's oversight rights under the Agreement

WHEREAS, the Parties acknowledge that the Agreement refers to the term "Indebtedness" without providing a definition, and, for the purposes of legal certainty and contractual clarity, the Parties wish to incorporate a definition that reflects their mutual understanding of Indebtedness as encompassing all financial, corporate, trade, or credit-based obligations that generate interest payments to be made by Helios;

WHEREAS, Section 3.1.6 of the Agreement currently establishes as a Condition Precedent the termination or subordination of existing indebtedness; however, the Parties now agree that such indebtedness, as listed in the updated Schedule 4, shall be repaid with priority using Advances under the Agreement within the next six to twelve (6-12) months, and shall not constitute a Condition Precedent to the effectiveness of the Agreement;

WHEREAS, the Parties wish to amend the Agreement to confirm that it shall be deemed effective as of June 2025, notwithstanding that certain Conditions Precedent (including, without limitation, the execution of the Trust Agreement and registration of related corporate instruments) may remain outstanding, provided that such conditions shall survive as post-closing obligations and their non-fulfillment shall not impair the enforceability of the Agreement;

WHEREAS, the Parties acknowledge that Section 1.45 of the Agreement, which defines the role of the Operational Assigned Manager, requires further clarification to reflect the scope and nature of such role, including Helios's obligation to formally designate Juan Pablo Ballestas Juliao as CEO, and to grant him an irrevocable power of attorney to execute, perform, and enforce all obligations under the Agreement;

WHEREAS, the Parties further agree that Helios shall amend its bylaws within sixty (60) days to formally reflect this governance structure, and that any revocation or limitation of such power without Energea's prior written consent shall constitute a material breach of the Agreement;

WHEREAS, the Parties recognize the need to provide further clarity regarding the calculation and funding of the Reserve Requirement during the initial period following the First Advance, and to confirm that such Reserve shall be funded from the First Advance and replenished per the updated covenant structure;

WHEREAS, the Parties agree that the First Advance shall be disbursed directly to Helios and shall be used, at a minimum, to satisfy the initial Reserve Requirement, with any remaining portion eligible to be applied to the repayment of existing indebtedness or other permitted working capital purposes, all as detailed in the corresponding Advance Request and subject to Energea's prior written approval in accordance with the Agreement;

WHEREAS, the Parties wish to clarify that the Debt Service Coverage Ratio (DSCR) shall be measured strictly on a cash basis, using only actual cash inflows received by Helios;

WHEREAS, the Parties acknowledge that Section 5.2.4(c) of the Agreement currently requires Helios to transfer ownership or control of all newly formed or acquired Subsidiaries to the Trust, and now agree that such transfers shall not be required, provided that cash flows, receivables, and financial metrics of said Subsidiaries remain integrated under the Agreement's reporting and control framework;

**WHEREAS**, the Parties have agreed that, in the event that **Moody's Investors Service downgrades Colombia's long-term foreign currency issuer rating to Ba1 or below**, thereby aligning with the existing speculative-grade ratings affirmed by Fitch Ratings and S&P Global Ratings (currently BB+), the amortization structure for any future Advances under this Agreement shall shift to **seventy-five percent (75%) in U.S. Dollars at 15% fixed interest** and **twenty-five percent (25%) in Colombian Pesos at 18% fixed interest**. All Advances disbursed prior to such downgrade shall remain subject to the original 50/50 amortization structure;

WHEREAS, the Parties agree to include a new provision requiring Energea's prior written approval of all equipment specifications under the applicable Minimum Technical Requirements (MTRs), and to make such approval a condition precedent to disbursement of any EPC Advance;

WHEREAS, the Parties acknowledge that, while the Trust Agreement has not yet been executed, the absence of such execution shall not prevent the effectiveness of the Agreement as of June 2025, provided that the execution of the Trust Agreement shall remain a binding post-closing obligation;

**WHEREAS**, the Parties have agreed to amend the dispute resolution framework set forth in the Agreement to adopt a tiered arbitration structure, whereby disputes under USD 2 million shall be resolved through local arbitration in Bogotá, and disputes equal to or greater than USD 2 million shall be resolved through expedited ICC arbitration.

**WHEREAS**, the Parties wish to amend and restate the definition of "Material Adverse Effect" to provide enhanced clarity regarding the scope of events or circumstances that may materially affect the Borrower's financial condition, performance, enforceability of obligations, or the value and priority of Collateral under the Agreement;

NOW, THEREFORE, in consideration of the mutual covenants herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to amend the Agreement as follows:

**AMENDED CLAUSES**

**1. Amendment and Restatement of Section 1.45 - Operational Assigned Manager**

Section 1.45 of the Agreement is hereby amended and restated in its entirety as follows:

***"1.45 Operational Assigned Manager*** *means the individual designated to serve as the Chief Executive Officer (CEO) of Helios and its Subsidiaries, with full authority over governance and operational decision-making, including strategic, financial, and operational matters. The designation of the Operational Assigned Manager as CEO shall not, in and of itself, be construed as implying legal representation under Colombian Commercial Law or any other applicable regulations, unless otherwise expressly determined by Helios in accordance with its corporate governance structure.*

*The initial Operational Assigned Manager shall be **Juan Pablo Ballestas Juliao**. Within thirty (30) days following the effectiveness of this Agreement, the Board of Directors of Helios shall formally ratify his designation in accordance with the corporate governance procedures of Helios. Helios shall also amend its bylaws within sixty (60) days of effectiveness to formally codify this role and structure. Any subsequent replacement of the Operational Assigned Manager shall be subject to Energea's prior written approval.*

*Helios shall grant Mr. Ballestas a general and irrevocable power of attorney sufficient to enable him to execute, perform, and enforce all agreements, financial transactions, regulatory filings, and operational decisions necessary to fulfill Helios's obligations under the Agreement and related documents. Any revocation, limitation, or suspension of such power of attorney without the prior written consent of Energea shall constitute a **material breach** of this Agreement and may trigger an Event of Default under Section 6.1."*

**2. Ammendment and Restatement of Section 1.49 - Projects**

Section 1.49 of the Agreement is hereby amended and restated in its entirety as follows:

*"1.49 Projects means all solar energy projects owned and/or operated by Helios or any of its Subsidiaries, including but not limited to:*

*1.49.1 Government Projects means solar energy projects financed or subsidized by government programs or agencies, including renewable energy initiatives, microgrid systems, and other installations in Zonas No Interconectadas (ZNI) designated by government policy. These projects are subject to the terms, conditions, and oversight of the applicable Government Authorities and generate Government Payments as defined in this Agreement.*

*1.49.2 Energea Projects means solar energy projects developed, owned, or operated by Helios or its Subsidiaries that are financed, in whole or in part, through this Agreement.*

*1.49.3 Commercial and Distributed Projects means any solar energy project developed, owned, or operated by Helios or its Subsidiaries under models permitted by Colombian electricity law and regulation, including but not limited to:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *self-generation projects in the commercial and industrial (C&I) sectors;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *distributed solar generation projects involving energy communities (comunidades energéticas);*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *participation by or in favor of marginal producers;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *arrangements structured as virtual self-generation (autogeneración virtual); and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *any other legally recognized model of distributed generation, collective generation, or authorized self-supply permitted by Colombian regulatory authorities.*

*For the avoidance of doubt, the inclusion of Commercial and Distributed Projects within the scope of "Projects" shall not be construed as granting Helios the right to undertake such Projects without Energea's prior written consent in any instance where (i) Advances under this Agreement are intended to be used; (ii) such Projects are reasonably expected to affect the Debt Service Coverage Ratio (DSCR), Debt Service and Corporate Coverage Ratio (DSCCR), or any other financial covenant; (iii) such Projects would result in new financial liabilities; or (iv) the revenues or assets of such Projects are intended to be included within the financial reporting or security structure of this Agreement."*

**3. Amendment and Restatement of Section 1.66 - Trustee**

Section 1.66 of the Agreement is hereby amended and restated in its entirety as follows:

***"1.66 Trustee*** *means any fiduciary entity duly authorized to operate in Colombia under applicable financial and fiduciary regulations, which shall be appointed by Helios and approved in writing by Energea. The Trustee shall be responsible for the independent administration, custody, investment, and disbursement of the Trust's funds and assets in accordance with the terms of the Trust Agreement and all applicable laws.*

*The Trustee shall act solely in its fiduciary capacity and shall not be deemed an agent or representative of either Party under this Agreement. Once appointed, the Trustee may only be replaced with Energea's prior written consent.*

*For the avoidance of doubt, while the Trust Agreement has not yet been executed, its implementation remains a binding obligation of Helios and shall be completed as a post-closing requirement. The Agreement shall remain fully effective notwithstanding the current absence of the Trust, provided that all future Advances shall be subject to the establishment and activation of such Trust upon written request by Energea."*

**4. Insertion of Section 1.73 - Definition of Indebtedness**

A new Section 1.73 is hereby inserted into the Agreement as follows:

*"1.73 Indebtedness means any and all obligations of Helios or its Subsidiaries, whether direct or indirect, current or contingent, secured or unsecured, that:*

*(i) arise from financial or corporate borrowings, including but not limited to loans, lines of credit, promissory notes, debentures, or other debt instruments;*

*(ii) result from obligations to suppliers under deferred payment terms, commercial or operational agreements, or project-related accounts payable;*

*(iii) derive from any leasing, factoring, or similar financial arrangement; or*

*(iv) generate, accrue, or are otherwise subject to the payment of interest or other financial charges.*

*For the avoidance of doubt, Indebtedness shall include all obligations that have a financial repayment component, whether classified as financial debt, commercial liabilities, or quasi-debt instruments, regardless of whether recorded as such in Helios's audited financial statements."*

**5. Amendment and Restatement of Section 3.1.6 - Termination of Existing Indebtedness**

Section 3.1.6 of the Agreement is hereby amended and restated in its entirety as follows:

*"3.1.6 Repayment of Existing Indebtedness. The existing indebtedness of Helios and its Subsidiaries, as listed in the updated Schedule 4 - Corporate Debt, shall be repaid in priority using Advances disbursed under this Agreement over a period not to exceed six (6) months following the date of this Addendum, which shall constitute the date of effectiveness of the Agreement for purposes of this Section 3.1.6. A minimum of fifty percent (50%) of such debt shall be repaid within the first three (3) months.*

*Such repayment shall be made in accordance with drawdown procedures and disbursement controls set forth in this Agreement. Helios shall provide evidence of each repayment within five (5) Business Days of execution, including payoff confirmations and lien release documentation where applicable.*

*For the avoidance of doubt, this obligation shall not be deemed a Condition Precedent to the effectiveness of the Agreement. Failure to comply with this repayment schedule shall constitute a Material Breach under Section 6.1 and may trigger an Event of Default."*

**6. Amendment and Restatement of Section 3.1.10 - Corporate Governance Adjustments**

Section 3.1.10 of the Agreement is hereby amended and restated in its entirety as follows:

*"3.1.10 Corporate Governance Adjustments. Helios shall implement the necessary corporate governance adjustments to ensure full compliance with this Agreement. Such adjustments may be effected through amendments to its bylaws, corporate charter, or other governing instruments, or through resolutions adopted by its Board of Directors or Shareholders' Assembly, as applicable, provided that the following conditions are met:*

*(a) The Operational Assigned Manager shall oversee governance and decision-making exclusively for Helios. The designation of the Operational Assigned Manager as CEO and the granting of full authority over strategic, financial, and operational matters shall not require amendments to Helios's bylaws or corporate charter, but shall be subject to formal ratification by the Board of Directors within thirty (30) days of the date of this Addendum. Helios shall amend its bylaws within sixty (60) days thereafter to formally codify the governance structure.*

*(b) The Board of Directors of Helios shall be authorized to make decisions related to the performance of this Agreement and any Loan Document, including the use of Advances, financial administration, and implementation of project-related obligations, subject to the affirmative vote of the Operational Assigned Manager.*

*(c) The Shareholders' Assembly of Helios shall be restricted from modifying the bylaws, reversing corporate actions related to this Agreement, or taking any action that would materially affect Energea's rights or security interests, without:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Providing Energea with at least five (5) Business Days' prior written notice of the proposed changes; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Obtaining Energea's prior written approval, if Energea reasonably determines that the proposed change could constitute or lead to a material adverse effect, breach of covenant, or impairment of enforceability.*

*Any such approved modifications must be reported to Energea within ten (10) days of their approval and implementation.*

*(d) Any additional governance measures required to preserve the enforceability of this Agreement or safeguard Energea's collateral rights shall be promptly adopted by Helios upon Energea's reasonable request."*

**7. Amendment and Restatement of Section 5.2.4(c) - Management of Subsidiaries**

Section 5.2.4(c) of the Agreement is hereby amended and restated in its entirety as follows:

*"5.2.4(c) Management of Subsidiaries. Helios shall ensure that all newly formed or acquired Subsidiaries are duly incorporated and registered in accordance with applicable Colombian law, including timely registration with the relevant Chamber of Commerce. Such Subsidiaries shall be managed directly by Helios in accordance with the governance and reporting obligations set forth in this Agreement.*

*While all revenues, receivables, and contractual rights arising from such Subsidiaries shall be fully integrated into the financial and operational structure of the Agreement (including DSCR/DSCCR measurement, Monthly Reports, and Trust administration), it shall not be necessary for Helios to transfer, pledge, or otherwise assign ownership of such Subsidiaries' equity interests to the Trust as Collateral.*

*For the avoidance of doubt, this clause shall not be construed as a waiver of Energea's collateral rights over project-level cash flows, receivables, or other assets contractually linked to any Advance under this Agreement."*

**8. Amendment and Restatement of Section 5.4.3 - Reserve Requirement**

Section 5.4.3 of the Agreement is hereby amended and restated in its entirety as follows:

*"5.4.3 Reserve Requirement.*

*(a) Maintenance of Reserve. Helios shall maintain an aggregate balance in the Trust Account (the "Reserve") at all times equal to the sum of the total Service of Debt for the preceding calendar month, multiplied by three (3) (the "Reserve Threshold"). For illustrative purposes, if the Service of Debt for the preceding month was $100, the Reserve Threshold shall be $300.*

*(b) Initial Reserve Funding Requirement. The Reserve shall be initially funded using proceeds from the first Advance disbursed under this Agreement following the date of this Addendum. Such Advance shall be disbursed directly to Helios and shall be used, at a minimum, to satisfy the initial Reserve Requirement. Any remaining portion of the Advance may be applied toward repayment of existing indebtedness or other approved working capital purposes, provided that such uses are specified in the corresponding Advance Request and have received Energea's prior written approval.*

*(c) Replenishment Obligation. If the balance in the Trust Account falls below the Reserve Threshold (a "Reserve Shortfall"), Helios shall replenish the Reserve within the applicable Cure Period specified in Section 6.4 by depositing or transferring sufficient funds to restore the Reserve to the full Reserve Threshold. Helios may use Working Capital Advances under this Agreement to fulfill such replenishment, subject to Energea's prior written approval and provided that such use does not violate any other covenants, including limitations on Debt-to-Equity Ratio or Lien Priority.*

*(d) Monitoring and Notification. The Trustee shall monitor the Reserve balance and notify both Helios and Energea in writing if the balance falls below the Reserve Threshold. Such notice shall include (i) the amount of the Reserve Shortfall, and (ii) the amount to be deposited to restore compliance.*

*(e) Cure Rights. Helios may cure any Reserve-related Default by delivering a Cure Notice to Energea on or before the date of submission of the applicable Financial Certificate. The Cure Notice shall include:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) the amount of the Reserve Shortfall; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) a calculation evidencing that the deposit will restore full compliance with the Reserve Threshold.*

*Helios shall fund the Reserve Shortfall in full within the applicable Cure Period, subject to Energea's review and non-objection.*

*(f) Grace Period for Delayed Revenues. Helios may request an extension of the Cure Period if the Reserve Shortfall results directly from delayed payments by designated revenue sources (e.g., government subsidies). Such request shall include:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) documentary evidence that Helios has initiated appropriate legal recourse (such as a Tutela) to recover the unpaid subsidies; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) demonstration of good faith efforts to cure the shortfall, including communications and partial deposits.*

*Energea shall not unreasonably withhold approval of an extension request made in good faith and supported by evidence under this clause.*

*(g) Interim Reserve Arrangement. Until the execution and effectiveness of the Trust Agreement and appointment of the Trustee:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Helios shall establish and maintain a dedicated, segregated bank account (the "Interim Reserve Account") at a reputable financial institution subject to prior written approval by Energea, to be used exclusively for funding and holding the Reserve required under Section 5.4.3.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) The Interim Reserve Account shall be established under Helios's name but shall remain subject to monthly verification by Energea. No funds shall be withdrawn from the Interim Reserve Account without Energea's prior written approval.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii) Upon execution and activation of the Trust Agreement, Helios shall immediately transfer all funds from the Interim Reserve Account into the designated Reserve Account administered by the Trustee, with evidence of such transfer provided to Energea within five (5) Business Days."*

**9. Amendment of Schedules 1 and 8**

Schedules 1 and 8 of the Agreement are hereby amended and replaced in their entirety with the revised versions attached to this Addendum as **Annex 1** and **Annex 2**, respectively. As of the date of this Addendum, all references to Schedules 1 and 8 in the Agreement shall be deemed to refer to the updated versions annexed hereto. These amended Schedules shall be considered an integral part of the Agreement and shall supersede in full the previous versions.

**10. Effectiveness and Waiver of Certain Conditions Precedent**

Notwithstanding anything to the contrary in Section 3.1 of the Agreement, the Parties agree that the Agreement, as amended by this Addendum, shall be deemed **fully effective as of the date of this Addendum (June [•], 30, 2025)**.

For the avoidance of doubt, any Conditions Precedent listed in Section 3.1 that remain unfulfilled as of the date of this Addendum are hereby waived **for purposes of effectiveness only**, and shall not impair the validity, enforceability, or binding nature of the Agreement.

Such unfulfilled Conditions Precedent, including but not limited to the execution of the Trust Agreement and the registration or implementation of applicable corporate authorizations, shall remain in full force as **post-closing obligations** and must be fulfilled by Helios in accordance with a timeline reasonably designated by Energea in writing.

**11. Insertion of Section 5.6 - Equipment Approval and MTR Compliance**

A new Section 5.6 is hereby inserted into the Agreement as follows:

*"5.6 Equipment Approval and Minimum Technical Requirements (MTRs).*

*(a) Adopted MTR Standards. Helios acknowledges and agrees that Energea has issued a binding list of Minimum Technical Requirements ("MTRs") applicable to all Projects developed, owned, or operated by Helios or its Subsidiaries. These MTRs specify the only permitted equipment types, manufacturers, models, certifications, and performance standards authorized for use.*

*(b) Mandatory Compliance. Helios shall ensure that all equipment installed in any Project-regardless of the source of funds-complies strictly with the MTRs. Any equipment not included in the MTR list shall be deemed non-compliant and shall not be eligible for installation or use in any Project covered by this Agreement.*

*(c) Request for Exception or Inclusion. If Helios wishes to use any equipment not listed in the approved MTRs, it must submit a formal written request to Energea. The request must include technical specifications, origin details, and justification. Energea may approve or reject such request in its sole discretion.*

*(d) Condition Precedent. Use of any non-compliant equipment without prior written Energea approval shall constitute a Material Breach of this Agreement and may trigger an Event of Default under Section 6.1. No EPC Advance shall be disbursed unless Energea has confirmed in writing that all equipment for the related Project is compliant with the current MTRs or has been expressly approved in writing."*

**12. Insertion of Section 5.7 - Amortization Adjustment Trigger (Moody's Downgrade)**

A new Section 5.7 is hereby inserted into the Agreement as follows:

**"***5.7 Amortization Adjustment Trigger - Sovereign Downgrade.*

*(a) Trigger Event. In the event that Moody's Investors Service downgrades the Republic of Colombia's long-term foreign currency issuer rating to Ba1 or lower, thereby aligning with the existing speculative-grade ratings assigned by Fitch Ratings and S&P Global Ratings (currently BB+), the amortization structure for all future Advances under this Agreement shall automatically adjust as set forth in subsection (b).*

*(b) Adjusted Structure. Any Advance disbursed following the occurrence of the downgrade specified in subsection (a) shall be amortized as follows:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Seventy-five percent (75%) in U.S. Dollars (USD) at 15% fixed annual interest; and*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Twenty-five percent (25%) in Colombian Pesos (COP) at 18% fixed annual interest.*

*(c) Preservation of Original Terms. All Advances disbursed prior to the occurrence of such downgrade shall remain subject to the amortization structure in effect at the time of their disbursement and shall not be affected by the adjustment described in this Section.*

*(d) Confirmation Notice. Upon the occurrence of the downgrade, Energea shall issue a written notice to Helios confirming the effective date of the adjusted amortization structure, which shall apply prospectively to all Advances issued thereafter."*

**13. Amendment and Restatement of Section 11 - Dispute Resolution**

Section 11 of the Agreement is hereby amended and restated in its entirety as follows:

**"***11. Dispute Resolution. Any dispute, controversy, or claim arising out of or relating to this Agreement, including its interpretation, performance, breach, or termination, shall be resolved as follows:*

***(a)*** *For disputes where the aggregate amount in controversy is **less than USD 2,000,000***, such dispute shall be submitted to **binding arbitration administered by the Centro de Arbitraje y Conciliación de la Cámara de Comercio de Bogotá***, in accordance with its rules in effect at the time of the dispute. The place of arbitration shall be Bogotá, Colombia. The arbitral tribunal shall consist of a single arbitrator and the language of arbitration shall be Spanish.**

***(b)*** *For disputes where the amount in controversy is **equal to or greater than USD 2,000,000***, such dispute shall be submitted to **binding expedited arbitration administered by the International Chamber of Commerce (ICC)***, in accordance with its Expedited Arbitration Rules. The seat of arbitration shall be Bogotá, Colombia. The tribunal shall consist of a sole arbitrator unless otherwise agreed by the Parties. The language of arbitration shall be Spanish."**

**14. Amendment and Restatement of Section 1.52 - Material Adverse Effect**

***Section 1.52 of the Agreement is hereby amended and restated in its entirety as follows:***

***1.52 Material Adverse Effect means, with respect to any Person or any matter, any event, circumstance, change or effect that individually or in the aggregate has a material adverse effect on: (****i****) the business, financial condition, operations, performance, properties, or prospects of such Person; (****ii****) the ability of such Person to perform its obligations under the Loan Documents; (****iii****) the legality, validity, binding effect, or enforceability of any Loan Document or the rights and remedies of the Lender thereunder; or (****iv****) the value, enforceability, or priority of the Collateral or the Lender's security interests therein.***

**CLOSING REMARKS**

Except as expressly modified herein, all other terms, conditions, and obligations under the Agreement shall remain in full force and effect. This Addendum shall be deemed an integral part of the Agreement and shall be construed accordingly.

This Addendum shall be governed by and construed in accordance with the governing law provisions set forth in the Agreement.

This Addendum may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Signatures** **SIGNATURES**

Energea Portfolio 5 LATAM LLC<br> By:

Name: Mike Silvestrini<br> Title: Managing Partner<br> Date: June 30, 2025

Helios Energía S.A.S. E.S.P.<br> By:

Name: Angelina Alvear<br> Title: Legal Representative<br> Date: June 30, 2025

Helios Energía S.A.S. E.S.P.<br> By:

Name: Juan Pablo Ballestas Juliao<br> Title: Operational Assigned Manager<br> Date: June 30, 2025

### 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