# EDGAR Filing Document

**Accession Number:** 0001811470
**File Stem:** 0001811470-25-000021
**Filing Date:** 2025-6
**Character Count:** 440680
**Document Hash:** 831a2cd08d6cc5c0e342b5293aef120f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001811470-25-000021.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001811470-25-000021

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

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energea Portfolio 2 LLC
- **CENTRAL INDEX KEY:** 0001811470
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC, GAS & SANITARY SERVICES [4900]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 844611704
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12347
- **FILM NUMBER:** 251024911

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

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

## Part

**EXPLANATORY NOTE**

This Offering Circular of Energea Portfolio 2 LP is filed as a Post-Qualification Amendment No. 1 ("<u>PQA</u>") to the offering statement qualified by the U.S. Securities and Exchange Commission on June 6, 2024 pursuant to Rule 252(f) of Regulation A under the Securities Act of 1933, which was filed by Energea Portfolio 2 LLC prior to its conversion to a limited partnership as described below.

This PQA includes audited financial statements as of December 31, 2024, and updates certain disclosures in the previously qualified Offering Circulars. In particular, this PQA consolidates disclosures made in all Form 1-U, Form 1-SA, Form 253(g) and Form 1-K filings made on behalf of the Company since June 6, 2024. It is filed to maintain the qualification of the offering beyond twelve months from the original qualification date.

Unless otherwise indicated or the context otherwise requires, all information in this Offering Circular reflects the terms and conditions of the as of the date of this amendment.

No material changes have been made to the terms of the securities being offered.

**Post-Qualification Offering Circular**

**Amendment No. 1**

**File No. 024-12347**

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

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "<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.**

![](image001b.jpg)

**Energea Portfolio 2 LP**

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

*Page i*

 

Offering Circular (Subject to Completion) Dated June 4, 2025

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

Energea Portfolio 2 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 Brazil (each a "<u>Project</u>"). The Company may also lend money to Development Companies and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "<u>Loan</u>"). The Company's day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>" and together with its affiliates "<u>Energea Global</u>").

The Company is currently offering up to $50.0 million in limited partnership interests designated as "<u>Class A Investor Shares</u>" (the "<u>Offering</u>") pursuant to Regulation A ("<u>Regulation A</u>") of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The current price of the Class A Investor Shares is $1.00 per Class A Investor Share, and the minimum initial investment is $100.

***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 "Redemption Plan" and "Risk Factors-No Market for the Class A Investor Shares".***

***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 commenced on June 6, 2024 and will end on the date we raise the maximum amount being offered, unless earlier terminated by the Company. We will reimburse the General Partner for marketing expenses in an amount up to 5% of the total Offering amount raised. See *"Use of Proceeds"*.

---

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

---

 

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

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

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

*Page ii*

 

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Section*** | &nbsp;&nbsp; ***Page*** |
| &nbsp;&nbsp; [**Caution Regarding Forward-Looking Statements**](#_Caution_Regarding_Forward-Looking) | &nbsp;&nbsp; **1** |
| &nbsp;&nbsp; [**SUMMARY AND RISK FACTORS**](#_Summary_and_Risk_1) | &nbsp;&nbsp; **2** |
| &nbsp;&nbsp; [Executive Summary](#_Executive_Summary) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; [*Our Business*](#a_002) | &nbsp;&nbsp; *2* |
| &nbsp;&nbsp; [*The Offering*](#a_003) | &nbsp;&nbsp; *3* |
| &nbsp;&nbsp; [*Company Operations and Other Matters*](#_Company_Operations_and)  | &nbsp;&nbsp; *3* |
| &nbsp;&nbsp; [Risk Factors](#_Risk_Factors) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; [**DILUTION**](#a_041) | &nbsp;&nbsp; **10** |
| &nbsp;&nbsp; [**PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS**](#_Plan_of_Distribution) | &nbsp;&nbsp; **10** |
| &nbsp;&nbsp; [**OTHER CONCURRENT OFFERINGS**](#_Other_Concurrent_Offerings) | &nbsp;&nbsp; **11** |
| &nbsp;&nbsp; [**USE OF PROCEEDS**](#_Use_of_Proceeds) | &nbsp;&nbsp; **12** |
| &nbsp;&nbsp; [**Description of Business**](#_Description_of_Business) | &nbsp;&nbsp; **13** |
| &nbsp;&nbsp; [Offices and Employees](#_Offices_and_Employees) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [Company Overview](#_Company_Overview) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; [Investment Strategy](#_Investment_Strategy) | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp; [*Development Companies*](#_Development_Companies) | &nbsp;&nbsp; *14* |
| &nbsp;&nbsp; [*Projects*](#_Projects) | &nbsp;&nbsp; *14* |
| &nbsp;&nbsp; [*Loans*](#_Loans) | &nbsp;&nbsp; *16* |
| &nbsp;&nbsp; [Investment Committee](#_Investment_Committee_1) | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp; [Competition](#_Competition) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Our Revenue and Income](#_Our_Revenue) | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp; [Our Operating Costs and Expenses](#_Our_Operating_Costs_1) | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp; [U.S. and Brazilian Taxes](#_U.S._and_Brazilian_1) | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp; [Brazilian Taxes](#_Brazilian_Taxes_1) | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp; [*Brazilian Taxes on Projects*](#_Brazilian_Taxes_on) | &nbsp;&nbsp; *19* |
| &nbsp;&nbsp; [*Brazilian Taxes on Loans*](#_Brazilian_Taxes_on_1) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [*Brazilian Taxes on Company Investments*](#_Brazilian_Taxes_on_2) | &nbsp;&nbsp; *20* |
| &nbsp;&nbsp; [U.S. Federal Income Taxes](#_U.S._Federal_Income_1) | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp; [*Classification as a Corporation*](#_Classification_as_a) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Taxation of Dividends Received From SPE's*](#_Taxation_of_Dividends) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Foreign Tax Credit*](#_Foreign_Tax_Credit) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Taxation of Distributions to Investors*](#_Taxation_of_Distributions) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Taxation Upon the Sale or Exchange of Class A Investor Shares*](#_Taxation_Upon_the) | &nbsp;&nbsp; *21* |
| &nbsp;&nbsp; [*Alternative Minimum Tax*](#_Alternative_Minimum_Tax) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [*Taxable Year*](#_Taxable_Year) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [*Tax Returns and Information; Audits; Penalties; Interest*](#_Tax_Returns_and) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [*Other U.S. Tax Consequences*](#_Other_U.S._Tax) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [Summary of Supporting Contracts](#_Summary_of_Supporting_1) | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp; [*Project Contracts*](#_Project_Contracts) | &nbsp;&nbsp; *22* |
| &nbsp;&nbsp; [*Loan Contracts*](#_Loan_Contracts) | &nbsp;&nbsp; *23* |
| &nbsp;&nbsp; [Material Legal Proceedings](#_Land_Leases_1) | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp; [Factors Likely to Impact the Performance of the Company](#_Factors_Likely_to_1) | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; [Description of Property](#_Description_of_Property) | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp; [*Projects Acquired*](#_Projects_Acquired) | &nbsp;&nbsp; *25* |
| &nbsp;&nbsp; [*Projects Sold*](#_Projects_Sold) | &nbsp;&nbsp; *26* |
| &nbsp;&nbsp; [*Projects Owned*](#a_056) | &nbsp;&nbsp; *26* |
| &nbsp;&nbsp; [**Management Discussion and Analysis of Financial Condition and Result of Operation**](#_Management_Discussion_and) | &nbsp;&nbsp; **27** |
| &nbsp;&nbsp; [Summary of Key Accounting Policies](#_Summary_of_Key) | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp; [*Investments*](#_Investments) | &nbsp;&nbsp; *27* |
| &nbsp;&nbsp; [*Impairment*](#_Impairment) | &nbsp;&nbsp; *27* |
| &nbsp;&nbsp; [*Revenue Recognition*](#_Revenue_Recognition) | &nbsp;&nbsp; *27* |
| &nbsp;&nbsp; [Market Outlook and Recent Trends](#b_015) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [Calculating Distributions](#_Distributions_1) | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp; [*Sources of Distributable Cash Flow*](#_Sources_of_Distributable) | &nbsp;&nbsp; *28* |
| &nbsp;&nbsp; [*Allocation of Distributions*](#_Allocation_of_Distributions) | &nbsp;&nbsp; *28* |
| &nbsp;&nbsp; [*Calculation of Preferred Return*](#_Calculation_of_Preferred) | &nbsp;&nbsp; *29* |
| &nbsp;&nbsp; [*Calculation of Carried Interest*](#_Calculation_of_Carried) | &nbsp;&nbsp; *29* |
| &nbsp;&nbsp; [Distributions](#_Distributions_2) | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp; [Past Operating Results](#_Leverage_1) | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp; [Leverage](#_Directors,_Executive_Officers) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp; [Liquidity and Capital Resources](#_Liquidity_and_Capital_1) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp; [Method of Accounting](#_Method_of_Accounting_1) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp; [**Directors, Executive Officers & Significant Employees**](#_Directors,_Executive_Officers_1) | &nbsp;&nbsp; **32** |
| &nbsp;&nbsp; [Names, Positions, Etc.](#a_104) | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp; [Family Relationships](#_Family_Relationships) | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; [Ownership of Related Entities](#a_106) | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; [Business Experience](#a_107) | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp; [Legal Proceedings Involving Executives and Directors](#_Legal_Proceedings) | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp; [Other Solar Energy Funds](#_Other_Solar_Energy) | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp; [Compensation of General Partner](#_Compensation_of_General) | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp; [*Deferment of Fees*](#_Deferment_of_Fees) | &nbsp;&nbsp; *37* |
| &nbsp;&nbsp; [*Fees Paid to General Partner*](#_Fees_Paid_to) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [*Co-Investment*](#_Co-Investment_1) | &nbsp;&nbsp; *38* |
| &nbsp;&nbsp; [**Security Ownership of General Partner and Certain Securityholders**](#_Security_Ownership_of) | &nbsp;&nbsp; **38** |
| &nbsp;&nbsp; [**Interest of Management and Others in Certain Transactions**](#_Interest_of_Management) | &nbsp;&nbsp; **39** |
| &nbsp;&nbsp; [Contracts Currently Signed with Related Parties](#_Contracts_Currently_Signed_1) | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; [**Securities being Offered: The Class A Investor Shares**](#_Securities_Being_Offered:) | &nbsp;&nbsp; **40** |
| &nbsp;&nbsp; [Description of Securities](#a_058) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp; [Price of Class A Investor Shares](#a_059) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp; [Voting Rights](#_Voting_Rights) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp; [Limited Partnership Agreement](#_Limited_Partnership_Agreement) | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp; [Summary of LP Agreement and Authporizing Resolution](#_Summary_of_LP) | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp; [*Formation and Ownership*](#a_081) | &nbsp;&nbsp; *41* |
| &nbsp;&nbsp; [*Shares and Ownership*](#a_082) | &nbsp;&nbsp; *41* |
| &nbsp;&nbsp; [*Management*](#_Management) | &nbsp;&nbsp; *41* |
| &nbsp;&nbsp; [*Exculpation and Indemnification of General Partner*](#_Exculpation_and_Indemnification) | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [*Obligation to Contribute Capital*](#a_085)  | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [*Personal Liability*](#a_086) | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [*Distributions*](#_Distributions_2) | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [*Transfers and First Right of Refusal*](#a_088) | &nbsp;&nbsp; *42* |
| &nbsp;&nbsp; [*Death, Disability, Etc.*](#a_089) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*Fees to General Partner and Affiliates*](#_Fees_to_General) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*Mandatory Redemptions*](#a_091) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*"Drag-Along" Right*](#a_092) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*Electronic Delivery*](#a_093) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*Amendment*](#a_094) | &nbsp;&nbsp; *43* |
| &nbsp;&nbsp; [*Information Rights*](#a_095) | &nbsp;&nbsp; *44* |
| &nbsp;&nbsp; [*Distributions in Liquidation*](#_Distributions_in_Liquidation_1) | &nbsp;&nbsp; *44* |
| &nbsp;&nbsp; [*Preemptive Rights*](#a_063) | &nbsp;&nbsp; *44* |
| &nbsp;&nbsp; [*Liability to Make Additional Contributions*](#a_064) | &nbsp;&nbsp; *44* |
| &nbsp;&nbsp; [*Withholding*](#a_066) | &nbsp;&nbsp; *45* |
| &nbsp;&nbsp; [*No Guarantee*](#a_067) | &nbsp;&nbsp; *45* |
| &nbsp;&nbsp; [*Redemption Plan*](#_Redemption_Plan) | &nbsp;&nbsp; *45* |
| &nbsp;&nbsp; [*Rights of Common Shares*](#a_071) | &nbsp;&nbsp; *46* |
| &nbsp;&nbsp; [How To Invest](#_How_To_Invest_1) | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp; [Limit on Amount a non-Accredited Investor Can Invest](#_Limit_On_The) | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp; [**Additional Information**](#_Additional_Information_1) | &nbsp;&nbsp; **49** |
| &nbsp;&nbsp; [**LEGAL MATTERS**](#_Legal_Matters) | &nbsp;&nbsp; **49** |
| &nbsp;&nbsp; [**EXPERTS**](#_Experts) | &nbsp;&nbsp; **49** |
| &nbsp;&nbsp; [**Index to Financial Statements**](#_Index_to_Financial) | &nbsp;&nbsp; **49** |
| &nbsp;&nbsp; [**GLOSSARY OF CERTAIN DEFINED TERMS**](#_Glossary_of_Certain_1) | &nbsp;&nbsp; **50** |
| &nbsp;&nbsp; [**Part III - Exhibits**](#_PART_III_-) | &nbsp;&nbsp; **53** |
| &nbsp;&nbsp; [Index to Exhibits and Description of Exhibits](#_Index_to_Exhibits) | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; [**Signatures**](#_Signatures) | &nbsp;&nbsp; **54** |

---

*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 Brazilian renewable energy markets that may limit our ability to attract or retain Subscribers (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;*

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

*Page 1*

*• 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 2 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>").

The Company was created to invest in the acquisition, development, and operation of solar energy projects in Brazil (each a "<u>Project</u>"). The Projects will be rented to groups of households and businesses (which we collectively refer to as "<u>Subscribers</u>") for monthly payments based on the amount of electricity produced by the Project and credited to them. 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*

 

To date, the Projects have produced a stable and predictable stream of cash flow from Subscribers paying their monthly energy bills. As the Company earns revenue from the sale of energy to Subscribers and receives interest payments on Loans and/or Company Investments, it uses the revenue to pay for operating expenses (see "*Our Operating Costs and Expenses*") and distributes 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*". To date, the Company has not issued any Loans to Borrowers.

Projects are owned by special-purpose entities (each, a "<u>SPE</u>"). Each SPE is organized as a Brazilian Limitada or Ltda, the Brazilian equivalent of a U.S. limited liability company. Under Brazilian law, the assets and liabilities of a Ltda are distinct. Thus, the liabilities of Projects held in one SPE will not affect the assets of another Project held in a different SPE.

 *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 generates 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>");

• Thereafter, any additional cash flow will be split between the Preferred Equity Investors and the General Partner such that 70% is distributed to Preferred Equity Investors and 30% 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.

*Page 3*

 *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.

**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, 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>").

**Fluctuations in Income from Projects:** Project Rental Contracts typically provide for fluctuations in rent based on changes in energy prices and/or changes in consumer prices. Thus, it is possible that our income from one or more Projects could decrease.

**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**: We are currently incurring net losses and may continue incurring net losses in the future. If our operating expenses exceed our expectations, our financial performance could be adversely affected. If 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 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 Manager 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.

*Page 4*

 

**Competition:** There are many solar developers actively building solar projects in Brazil. Some are multi-national independent power producers (such as ENEL, Brookfield and Engie). In addition to these large established players, there are several smaller developers the Company views as direct competition. Aggressive pricing by competitors or the entrance of new competitors could reduce the Company's profitability and ability to acquire and develop Projects and secure Loan opportunities.

**Our Subscribers and/or Borrowers Might Default:** The Company rents Projects to Subscribers, not to utilities. Some Subscribers may default. Although we expect other Subscribers to quickly take their place, if enough Subscribers default, it would affect our ability to generate cash flows from Projects and reduce anticipated returns to Investors. While the General Partner monitors Borrowers and their collateral, Borrowers are also susceptible to defaulting on their obligations to make principle and interest payments to the Company. Subscribers 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 10 and 20 new 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 a Brazilian Electricity Regulatory Agency ("<u>ANEEL</u>") policy called Normative Resolution No. 482 which allows Subscribers who generate solar power to offset electric costs at any locations within the same utility network. This policy could expire, phase-out over time, require renewal by the applicable authority, or become a victim of political pressure. ANEEL has instituted several changes to the policy over the past three 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 and maintenance 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.

**Disputes with Utility Companies Over Credit Management:** The Company may encounter challenges when dealing with utility companies regarding the minting, verification, transfer and allocation of energy credits produced by the Projects. We rely on utility companies to transmit energy, in the form of credits, to Subscriber's energy bills, to realize revenue. Failure by the utility companies to perform this important role effectively can pose financial risks to the Company.

**Rapid Acceptance of Changes in *Ratio*:** Pursuant to Brazilian energy regulations, each month, Company must submit a document to the utility company with jurisdiction over the Project which instructs the utility company to allocate energy to the Subscribers known as a "*<u>Ratio</u>*". Subscribers may use more or less energy each month and the Ratio must be updated frequently to prevent excess credits being allocated to any particular Subscriber or to replace a Subscriber who hasn't paid with a new Subscriber. If the utility company does not accept and update the Ratio according to Brazilian energy regulations, revenue from credits may be postponed or result in lost revenue for the effected Projects.

 

*Page 5*

 

**Finding Customers to Subscribe to Our Projects:** Attracting and retaining Subscribers to use the energy credits from our Projects is critical to realizing the maximum amount of revenue from each Project. Identifying and reaching out to potential Subscribers, convincing them to use our solar energy and addressing their specific needs are vital for each Project's success. If we are unable to fully subscribe the Projects, revenues may be lower than projected.

**Discount Rates We Offer Our Subscribers:** Offering competitive discount rates to entice residences and businesses to become Subscribers is critical for the success of the Company. Setting appropriate rates that balance profitability with incentives is a delicate balancing act. If other solar companies offer more competitive discount rates for Subscribers, we may be unable to find Subscribers willing to procure energy from our Projects.

 

**Commissions We Have To Pay to Find New Subscribers:** The Projects pay commissions to salespeople who work for third party commercialization companies. These companies specialize in connecting Subscribers to solar projects like our Projects. Calculating and managing these commissions to ensure they align with the Project's financial projections is essential to control costs and maximize revenue. If companies we compete with pay higher commissions to commercialization companies, we may have to increase our commissions to retain the service which could have a negative impact on net income.

**Risks Associated with Investments Outside the U.S.:** All of the Company's Projects will be in Brazil. Projects located in developing countries, such as Brazil, may be subject to certain risks that generally do not apply to investments in developed countries such as the United States. Such risks include the following:

• 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.

• Brazil faces 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.

• Some areas in Brazil are influenced or controlled by local non-governmental groups called "<u>militias</u>". Local militias may impact the security and operations of the Projects. Investors should carefully assess the presence of militias in Project locations and consider how this could affect our operations.

• 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 does not currently have a tax treaty with Brazil which would give rise to the risk of double taxation in certain circumstances.

 

*Page 6*

 

**Foreign Currency Exposure:** The contracts entered into by the Projects will be denominated in Brazilian *real* ("<u>BRL</u>"). Contracts denominated in BRL will be subject to fluctuations in exchange rates between BRL and the United States dollar ("<u>USD</u>"), which could impact 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 Brazil will be written in both English and Portuguese. Given that these languages have different historical and cultural roots, it is possible that some of the materials or proceedings may not directly translate across languages and any deviation from the Company's intentions, especially with respect to some of the more technical terms or work involved, may cause disruptions or misunderstandings that may negatively impact the Projects.

 

**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:** The Projects will be subject to extensive regulatory requirements, including those imposed by Brazilian environmental, safety, labor and other regulatory and political authorities. These regulatory requirements will impose substantial costs on the Projects. Further, should any Project fail to comply with one or more regulatory requirements, it could result in substantial fines and penalties or a shutdown of the Project.

**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 Projects.

**Potential Environmental Liability:** The Projects, like any large-scale physical plant, could cause environmental contamination under some circumstances. Further, the SPE 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 SPE 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 Brazil could affect our Subscribers and therefore our Projects.

 

**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 the form attached hereto and if you decide to invest over time or automatically reinvest your distributions, you will be required to sign an additional investment agreement (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:

*Page 7*

 

• 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*.").

**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 LLCs), 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 Exchange Act 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 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 Brazil. There could be conflicts between Projects they decide to invest in through the Company and projects they invest in through other vehicles.

*Page 8*

 

**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.

• 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 cause an investor to 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:** Today, 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.

*Page 9*

 

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.

**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.

*Page 10*

 

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

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

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

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

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

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

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

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

 

  *Other Concurrent Offerings*

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

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

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

 

*Page 11*

  *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 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.

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:<br> Marketing Reimbursements (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; <br> Estimated Amount Available for New Projects and Loans | &nbsp;&nbsp; $ | &nbsp;&nbsp; 47500000 |  | &nbsp;&nbsp; 4750000 |  | &nbsp;&nbsp; 11875000 |  | &nbsp;&nbsp; 23750000 |
| &nbsp;&nbsp; **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.

 

*Page 12*

  *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*".

 *Company Overview*

Energea Portfolio 2 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 January 13, 2020. The Company and its day-to-day operations are managed by Energea Global LLC (the "<u>General Partner</u>"). The Company was created to invest in the acquisition, development, construction and operation of solar energy Projects in Brazil (each a "<u>Project</u>"). Subscribers make monthly payments based on the amount of electricity produced by the Project and credited to them. The Company may also lend money and use solar projects as collateral rather than acquiring Projects for direct ownership (each a "<u>Loan</u>"). The most likely entities the Company intends to lend to are Development Companies ("<u>Borrowers</u>"). To date, the Company has not issued any Loans due to the large volume of high-quality Project investment opportunities in the Brazilian solar market today.

Projects are each owned by a single-purpose entities ("<u>SPE</u>"). Each SPE is organized as a Brazilian Limitada or Ltda, the Brazilian equivalent of a U.S. limited liability company. Under Brazilian law, the assets, and liabilities of a Ltda are distinct. Thus, the liabilities of a Project held in one SPE will not affect the assets of another Project held in a different SPE.

 

As of the date of this Offering Circular, the Company owns 100% of each SPE, although there could be instances where the Company is a partner in a SPE with another party, such as the Development Company (as defined below). In all cases, the Company will exercise management control over the SPE.

The revenue from our Projects consists of the payments we receive from Subscribers each month. Revenue from Loans and Company Investments come from the interest earned while cash is invested. The Company will make a profit if cash flow from Projects, Loans and Company Investments exceed our expenses (see "*Our Operating Costs and Expenses*").

While we have opportunistically sold Projects in the past (see "*Projects Sold"*), 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.

*Page 13*

 

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

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

 *Investment Strategy*

 *Development Companies*

The Company sources most of its Projects from third parties in Brazil who specialize in developing solar projects ("<u>Development Companies</u>"). Energea Brasil Operações Ltda ("<u>Energea Brazil</u>"), an affiliate of the General Partner, is a Development Company. The Company's relationship with Development Companies may take several different forms. A Development Company might identify a potential project and permit, engineer and construct it. It might provide operations and maintenance support for a Project after it is built or might sell a Project to us and exit entirely.

 

Development Companies are compensated for their work and their risk. This compensation may take the form of an origination fee or a continued economic interest in the SPE. As of the date of this Offering Circular, no Development Companies have any economic interest in the SPEs. Where a Project is originated through Energea Brazil, Energea Brazil 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*

We believe that we will be able to continue to source new Projects in Brazil for several reasons, including the fact that the cost of electricity in Brazil has risen over time. We believe this rise in energy costs has occurred for several reasons:

• Even with the relatively low rates of economic growth Brazil has experienced in recent years, as compared to other developing countries, its energy needs continue to grow as the country modernizes and increases its use of electronic devices.

• Brazil has relied extensively on electricity generated from hydropower. Hydroelectricity fluctuates with the seasons and most large hydroelectric projects have already been developed, so new projects come online at more expensive pricing.

• Previous governments subsidized energy costs for decades. Recent changes in government have removed some of these subsidies, so the true cost of energy is now being passed through to end-users.

We seek a price for electricity that is simultaneously high enough to be profitable for our Investors and low enough to attract Subscribers. In markets where solar equipment is installed directly on a customer's property, larger discounts are generally required to provide adequate incentive for a deal. In Brazil, where solar energy is generated remotely and with little or no inconvenience to the Subscriber, we have historically provided Subscribers a discount off energy provided by the utility company between 15-25%. As of the date of this Offering Circular, the Company has 518 Subscribers with an average discount rate of 25.13% which is slightly higher than our target.

*Page 14*

 

We primarily invest in Projects with the following characteristics:

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

o Brazilian states which have the most advantageous tax and energy economics;

o Efficient access for maintenance;

o Interconnection points with the electricity grid;

o Solar irradiance; and

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.

• *Right to Land*: Typically, we lease the land where the Projects are built, pursuant to a lease that continues for at least the duration of the Project Rental Contract and gives us, as tenant, the right to extend.

• *Subscribers*: A SPE will rent each Project to Subscribers through a Project Rental Contract (see "*Summary of Supporting Contracts*"). The Subscribers for a given Project will be private households and small businesses. Subscribers may opt out of a Project at any time and will be replaced by other Subscribers from a waiting list. Subscribers are entitled to a credit on their electric bill administrated through the local utility company and managed by Energea Brazil. The General Partner allocates energy to each Subscriber each month by submitting a *Ratio* to the interconnecting utility.

• *Operation and Maintenance*: Each SPE 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. In some cases, Energea Brazil will provide operations and maintenance services to the Projects (see "*Compensation of General Partner*").

• *Connecting Projects to the Local Electric Grid*: Projects will not be connected directly to Subscribers. Instead, they will be connected to the local electric grid.

• *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.

• *Compliance with Brazilian Laws Applicable to Solar Projects*: Each Project will comply with Normative Resolution ANEEL n° 482/2012 ("<u>Ren 482</u>"), the primary law governing community solar electricity systems in Brazil.

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

o The SPE has executed contracts for the lease of the underlying land, for engineering, and for the construction of the Project, for the rental of the Project to a "<u>Consortium</u>", a full list of committed Subscribers and for operations and maintenance;

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

o All environmental and installation permits have been obtained;

o We have executed installation service agreements (*e.g.*, for all civil and site work, electrical installation, installation of racking, etc.); and

o We have obtained insurance.

*Page 15*

 

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

 *Loans*

The Company may provide Loans to Borrowers in Brazil. These Loans are designed to finance the development of new solar energy projects while relying on the credit of existing projects that rest on the balance sheet of the Borrower. 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 is 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 are senior debt and collateralized by a pledge of the shares in the Borrower's enterprise which includes solar projects held on the corporate balance sheet. Thus, by serving as the sole lender to a Borrower, the solar projects act as the primary form of collateral. As Loans are issued, the Borrower uses the loan proceeds to develop and construct more projects which are added to the overall collateral calculations.

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

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

 *Investment Committee*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Name*** | &nbsp;&nbsp; ***Title*** | &nbsp;&nbsp; ***Due Diligence Responsibility***  |
| &nbsp;&nbsp; Arthur Issa / <br> Daniel Chavez | &nbsp;&nbsp; Financial Analyst | &nbsp;&nbsp; Reviews 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, security and community-related risk factors. |
| &nbsp;&nbsp; Isabella Mendonca | &nbsp;&nbsp; General Counsel | &nbsp;&nbsp; Examines 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 necassary.  |
| &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 the cost and strategy for operating and maintaining Project investments. |

---

 

*Page 16*

  *Competition*

Our net income depends, in large part, on our ability to source, acquire and manage investments with attractive risk-adjusted yields. We compete with many other entities engaged in renewable energy in the Brazilian 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 have fewer competitors today than we did five years ago, but those competitors are generally larger and more sophisticated than those that have folded or sold their position in the market.

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

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

 *Our Revenue and Income*

The revenue comes from payments from our Subscribers in our Projects and the interest portion that we receive from Borrowers on our Loans. For the fiscal years ended December 31, 2024 and 2023, respectively, the Company's total revenue was $692,328 and $433,895, respectively, which is broken down below:

---

| | | |
|:---|:---|:---|
| ***Revenue Recognition***  | ***Amount as of 12/31/2024*** | ***Amount as of 12/31/2023*** |
| Project Revenue  | $692328 | $433895 |
| Loan Revenue  | $0 | $0 |

---

In addition to the revenue described above, the company may also earn additional income from Company Investments and gains from the sale of Projects. For the fiscal years ended December 31, 2024 and 2023, respectively, the Company's total other income was $69,665 and $262,919, respectively, which is broken down below:

---

| | | |
|:---|:---|:---|
| ***Other Income Recognition***  | ***Amount as of 12/31/2024*** | ***Amount as of 12/31/2023*** |
| Company Investments  | $69665 | $18102 |
| Sale of Projects  | $0 | $244817 |

---

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

---

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

---

 

*Page 17*

  *Our Operating Costs and Expenses*

The Company incurs a variety of costs and expenses ("<u>Company Operating Expenses</u>"), including:

• banking fees;

• legal expenses;

• payments to the General Partner for fees;

• fees to wire money from Brazil to the U.S.;

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

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

• annual financial audit expenses;

• depreciation; and

• U.S. and Brazilian taxes, some of which may not be eligible for a foreign tax credit in the United States.

 

The Projects also incur a variety of costs and expenses ("<u>Project Operating Expenses</u>"), 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 Subscriber electric bill credits;

• Brazilian taxes, some of which may not be eligible for a foreign tax credit in the United States due to the absence of a tax treaty between the United States and Brazil;

• banking fees;

• depreciation; and

• Project insurance.

The Company's total operating expenses for the fiscal year ended December 31, 2024 were $866,590.

*Page 18*

  *U.S. and Brazilian Taxes*

This PQA 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.

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

The following summarizes the most significant Brazilian taxes that will be imposed on the SPEs and the Company, as well as the Federal income tax consequences of acquiring Class A Investor Shares. This summary is based on the current tax laws of Brazil, the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), Treasury regulations promulgated thereunder ("<u>Regulations</u>"), and current administrative rulings and court decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in United States federal income tax consequences different 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.

 *Brazilian Taxes*

 *Brazilian Taxes on Projects*

Like the United States, taxes in Brazil are imposed at the federal, state, and local level. The federal government will impose the following taxes which are paid for by each SPE. It is important to note that each SPE elects to be paid on a real profit tax regime or a presumed profit tax regime each calendar year. Each year, the General Partner runs an analysis as to which tax regime they feel will be the most tax efficient for each SPE and makes the election accordingly on behalf of the SPE. Tax rates which are affected by this election are noted below:

• A corporate income tax ("<u>IRPJ</u>") equal to (i) 15% of the SPE's taxable income, plus (ii) 10% of the SPE's taxable income per month in excess of R$20,000.

• A social contribution tax ("<u>CSLL</u>") equal to 9% of the taxable income of the SPE.

• A social integration tax ("<u>PIS</u>") equal to 1.65% (real) or .65% (presumed) of the SPE's gross sales revenue.

• A social security tax ("<u>COFINS</u>") equal to 7.6% (real) or 3% (presumed) of the SPE's gross sales revenue.

• A financial operations tax ("<u>IOF</u>") equal to 3.5% on non-dividend foreign transactions and 0.38% on dividend transactions between the Company and the SPE.

The SPEs which elect for a real profit tax regime will be entitled to depreciation deductions with respect to certain equipment. Under a presumed profit tax regime, taxable income is set as 32% of total gross revenue, so no deductions apply.

At the state level, each SPE will be subject to a tax on purchased goods ("<u>ICMS</u>"). The ICMS rates vary by state but will typically be imposed at 18%.

 

At the local level, many municipalities impose a tax on revenues from services provided. These taxes are typically imposed at a rate of 5%.

NOTE: Brazil does not impose a tax on the Company itself or on Investors, nor does it require SPEs to withhold any taxes from distributions to the Company.

*Page 19*

  *Brazilian Taxes on Loans*

If the Company issues a Loan to a Borrower in Brazil, the transaction will be executed directly between the Company and the Borrower, without the use of a SPE. In such cases, the Company will be subject to the following taxes on the interest portion of the revenues generated from the Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An IOF tax equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.0041% per day on the principal balance for loans to corporate borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.0082% per day on the principal balance for loans to individual borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional flat rate of 0.38% applies to both corporate and individual borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An IRRF tax equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22.5% for loans with a term of up to 180 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% for loans with a term of 181 to 360 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 17.5% for loans with a term of 361 to 720 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% for loans with a term exceeding 720 days.

 *Brazilian Taxes on Company Investments*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An IOF tax equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3% of interest earned from investments held less than 29 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0% (exempt) if the investment is held for 30 days or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An income withholding tax ("<u>IRRF</u>") on interest earned equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 22.5% on interest earned from investments held for up to 180 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20% for investments held between 181 and 360 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 17.5% for investments held between 361 and 720 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% for investments held for more than 720 days.

 *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.

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.

*Page 20*

  *Classification as a Corporation*

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

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

 *Taxation of Dividends Received From SPEs*

The income of the Company will consist primarily of cash available for distribution ("<u>CAFD</u>") received from the SPEs 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 Brazil. Taxes imposed in Brazil which are not imposed on income may not receive a foreign tax credit.

 *Taxation of Distributions to Investors*

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

 *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 21*

  *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 five (5) main contracts for each Project:

• *Land Leases:* The SPE will lease (rather than buy) the land where the Project is located, pursuant to a contract we refer to as a "<u>Land Lease</u>".

• *Project Rental Contracts:* In all cases, the SPEs will rent the Projects to Subscribers (so that the Subscribers are, in form, generating their own solar power) pursuant to a contract we refer to as a "<u>Project Rental Contract</u>".

• *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 company, and in some cases Energea Brazil, to operate and maintain the Projects pursuant to a contract referred to as a "<u>Project Maintenance Contract</u>" (see *"Interest of Management and Others in Certain Transactions"* and "*Compensation of General Partner*").

*Page 22*

 

• *Credit Management Agreements:* Each Project produces energy credits. To convert those energy credits into revenue, the SPE must hire a service provider to onboard Subscribers and administrate the allocation of energy to each Subscriber on a monthly basis. In most cases, these services are performed by Energea Brazil under the terms and conditions set forth in a "<u>Credit Management Agreement</u>" (see *"Interest of Management and Others in Certain Transactions"* and "*Compensation of General Partner*").

Each of these contracts are bi-lingual, both in English and in Portuguese, the national language of Brazil. Although the final terms and conditions and the title of the contract might differ from Project to Project, the rights and obligations of the parties will generally be consistent across all of the Projects.

 *Loan Contracts*

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

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

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

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

 *Material Legal Proceedings*

In March 2023, two of the Company's SPEs, Energea Pedra do Indaiá Ltda ("<u>Pedra do Indaia</u>") and Energea Iguatama Aluguel de Equipamentos e Manutenção Ltda ("<u>Iguatama</u>"), initiated legal action against Alexandria Indústria de Geradores S.A. ("<u>Contractor</u>") due to breaches of the terms and conditions stipulated in the Construction Contracts.

 

The Contractor's failure to fulfill its obligations under both Construction Contracts resulted in the accrual of "<u>Liquidated Damages</u>" owed to the SPEs of Pedra do Indaia and Iguatama. Prior to legal action, a Confession of Debt was executed between the Company and the Contractor. This Confession of Debt imposed strict personal and corporate responsibility upon the Contractor to guarantee the owed amount to the SPEs. Regrettably, the Contractor failed to meet the payment obligations outlined in the Confession of Debt.

Subsequently, the Construction Contracts were terminated and the General Partner promptly initiated legal proceedings. The Company sought an injunction from the Courts of Rio de Janeiro to secure the payment, including the freezing of the Contractor's corporate bank accounts as a means to compel compliance.

The presiding Judge initially granted the injunction, compelling the Contractor to remit all Liquidated Damages, interest on overdue payments, and legal fees as specified in the Confession of Debt, within a three-day timeframe. Shortly thereafter, the proceedings were further complicated when the Contractor filed for bankruptcy protection and other secured creditors entered the process of collecting unpaid amounts. The lawsuit is still in process and may take several years to reach a final verdict.

 

*Page 23*

  *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 employed by the General Partner:

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

o *Mitigating Strategy:* Energea Global has a strong local presence in Brazil through our Rio de Janeiro office which employs approximately 35 Brazilian nationals. Foreign country risk is highest when we start doing business in a new foreign country and diminishes as we gain experience, diversify our local partnerships and develop best practices for dealing with unique challenges specific to a country. The General Partner has been operating energy investments in Brazil for over 7 years.

• *Foreign Exchange Rates:* The revenue contracts for the Projects are paid in BRL. Exchange rates could worsen creating reduced dividends to our investors which are paid in U.S. dollars USD.

o *Mitigating Strategy:* First, our long-term financial projections include a perpetual weakening of the BRL versus USD, so we expect a continuation of that phenomenon but can tolerate some level of FX softening while still maintaining our targeted returns. Second, Project Rental Contracts with Subscribers fluctuate each year based on changes in the energy price being charged by the interconnecting utility. Thus, if the BRL were to weaken substantially, it is likely that the cost of energy in Brazil would increase substantially and the Projects would generate more BRL per kWh delivered to Subscribers, thereby offsetting a portion of our exposure to FX risk.

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

o *Mitigating Strategy:* Energea Global builds in liquidated damages whenever possible into contacts with our construction contractors. Liquidated damages hold the contractor responsible for any lost revenue resulting from construction delays. The General Partner also employs a team of construction managers who oversee the construction of Projects and ensure Projects meet our MTR.

• *Customer Default:* Subscribers save 10-20% on their electric bills for each energy credit they receive from the Project. They have the option of unsubscribing any time they want, without penalty.

o *Mitigating Strategy:* The Projects provide electricity to thousands of small Subscribers instead of a single, large, Subscriber. If one or several Subscribers don't pay their invoice or defect from the Project, the impact of projected returns is very small. We estimate a 4% default rate when projecting the cash flow from a Project, while historical default rates for utilities in the region are actually closer to 1%.

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

o *Mitigating Strategy:* The Projects carry insurance to protect against major loss. We carry property insurance to cover theft or unexpected damage to the equipment, general liability insurance to protect us from incidents or injuries that could occur on site and business interruption insurance to cover lost revenue if a Project is out of operation for an extended period of time.

*Page 24*

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

o *Mitigating Strategy:* Diversifying across many Projects and geographical locations helps to mitigate the solar irradiance risk of any one specific Project. Loans also carry a lower exposure to solar irradiance than Project ownership.

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

o *Mitigating Strategy:* Equipment used in the Projects come with warranties (usually for 25 years) that protect against failure or lower than anticipated output. The General Partner also accounts for light-induced degradation when projected energy production from a Project and sets aside a contingency reserve for unforeseen mechanical issues that may arise.

 *Description of Property*

The only property owned by the Company are the Projects. To date, the Company has not issued any Loans.

 *Projects Acquired*

As of the date of this Offering Circular, the Company had acquired a total of 23 Projects.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Project Name*** | &nbsp;&nbsp; ***Entity Name*** | &nbsp;&nbsp; ***Project Size (AC)*** | &nbsp;&nbsp; ***Acquisition***<br> ***Date*** | &nbsp;&nbsp; ***Amount Invested\**** |
| &nbsp;&nbsp; Salinas | &nbsp;&nbsp; Project Salinas Geração S.A. | &nbsp;&nbsp; 5.0 MW | &nbsp;&nbsp; 4/15/19 | &nbsp;&nbsp; $265148 |
| &nbsp;&nbsp; Itaguai III | &nbsp;&nbsp; Energea Itaguai III Aluguel de Equipamentos e Manutenção Ltda. | &nbsp;&nbsp; 1.0 MW | &nbsp;&nbsp; 3/6/20 | &nbsp;&nbsp; $35707 |
| &nbsp;&nbsp; Iguatama | &nbsp;&nbsp; Energea Iguatama Aluguel de Equipamentos e Manutencao Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; 10/12/20 | &nbsp;&nbsp; $2536004 |
| &nbsp;&nbsp; Pedrinopolis | &nbsp;&nbsp; Energea Pedrinopolis Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; 5/21/21 | &nbsp;&nbsp; $118 |
| &nbsp;&nbsp; Pedra do Indaiá | &nbsp;&nbsp; Energea Pedra do Indaiá Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; 10/1/21 | &nbsp;&nbsp; $4563090 |
| &nbsp;&nbsp; Divinópolis III | &nbsp;&nbsp; Energea Divinopolis Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; 12/23/21 | &nbsp;&nbsp; $3004954 |
| &nbsp;&nbsp; Araxa I | &nbsp;&nbsp; Energea Araxa I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 12/23/21 | &nbsp;&nbsp; $302931 |
| &nbsp;&nbsp; Araxa II | &nbsp;&nbsp; Energea Araxa II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 12/23/21 | &nbsp;&nbsp; $303475 |
| &nbsp;&nbsp; Divinópolis II | &nbsp;&nbsp; Energea Divinopolis II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 1/4/22 | &nbsp;&nbsp; $4151068 |
| &nbsp;&nbsp; Corumbaíba | &nbsp;&nbsp; Energea Corumbaíba Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 9/9/22 | &nbsp;&nbsp; $1490688 |
| &nbsp;&nbsp; Diamantina II | &nbsp;&nbsp; Energea Diamantina II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 10/17/22 | &nbsp;&nbsp; $152090 |
| &nbsp;&nbsp; Formiga I | &nbsp;&nbsp; Energea Formiga I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 10/17/22 | &nbsp;&nbsp; $205557 |
| &nbsp;&nbsp; Formiga II | &nbsp;&nbsp; Energea Formiga II Ltda | &nbsp;&nbsp; 1.5 MW | &nbsp;&nbsp; 10/17/22 | &nbsp;&nbsp; $73236 |
| &nbsp;&nbsp; Naque | &nbsp;&nbsp; Energea Naque Ltda | &nbsp;&nbsp; 1.5 MW | &nbsp;&nbsp; 10/17/22 | &nbsp;&nbsp; $123330 |
| &nbsp;&nbsp; Micros I | &nbsp;&nbsp; Energea Micros I Ltda | &nbsp;&nbsp; 1.1 MW | &nbsp;&nbsp; 12/29/22 | &nbsp;&nbsp; $1036863 |
| &nbsp;&nbsp; Itabapoana | &nbsp;&nbsp; Energea Itabapoana Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 12/29/22 | &nbsp;&nbsp; $94590 |
| &nbsp;&nbsp; Aparecida do Taboado II | &nbsp;&nbsp; Energea Aparecida do Taboado II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 4/12/23 | &nbsp;&nbsp; $179044 |
| &nbsp;&nbsp; Frei Inocêncio | &nbsp;&nbsp; Energea Frei Inocêncio Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 4/12/23 | &nbsp;&nbsp; $95567 |
| &nbsp;&nbsp; Nova Lacerda | &nbsp;&nbsp; Energea Nova Lacerda Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 4/12/23 | &nbsp;&nbsp; $73611 |
| &nbsp;&nbsp; Monte Sião | &nbsp;&nbsp; Energea Portfolio Geração de Projetos MG II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 4/17/23 | &nbsp;&nbsp; $95833 |
| &nbsp;&nbsp; Aparecida do Taboado I | &nbsp;&nbsp; Energea Aparecida do Taboado I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 5/24/23 | &nbsp;&nbsp; $155176 |
| &nbsp;&nbsp; Iguatama II | &nbsp;&nbsp; Energea Iguatama II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 12/20/24 | &nbsp;&nbsp; $1889588 |
| &nbsp;&nbsp; Micros II | &nbsp;&nbsp; Energea Micros II Ltda | &nbsp;&nbsp; 750kW | &nbsp;&nbsp; 11/11/24 | &nbsp;&nbsp; $0 |
|  | &nbsp;&nbsp; **TOTAL** |  |  | &nbsp;&nbsp; **$20827668** |

---

*\* as of December 31, 2024*

 

*Page 25*

  *Projects Sold*

As of the date of this Offering Circular, the Company has sold 10 Projects.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Project Name*** | &nbsp;&nbsp; ***Entity Name*** | &nbsp;&nbsp; ***Project Size (AC)*** | &nbsp;&nbsp; ***Date Sold*** | &nbsp;&nbsp; ***Sale Price Net of Taxes*** |
| &nbsp;&nbsp; Salinas | &nbsp;&nbsp; Project Salinas Geracao S.A. | &nbsp;&nbsp; 5.0 MW | &nbsp;&nbsp; 05/11/2021 | &nbsp;&nbsp; $147717 |
| &nbsp;&nbsp; Pedrinopolis | &nbsp;&nbsp; Energea Pedrinopolis Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; 05/11/2021 | &nbsp;&nbsp; $150379 |
| &nbsp;&nbsp; Itaguai III | &nbsp;&nbsp; Energea Itaguai III Aluguel de Equipamentos e Manutencao Ltda. | &nbsp;&nbsp; 1.0 MW | &nbsp;&nbsp; 05/19/2021 | &nbsp;&nbsp; $44408 |
| &nbsp;&nbsp; Aparecida do Taboado I | &nbsp;&nbsp; Energea Aparecida do Taboado I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $136029 |
| &nbsp;&nbsp; Frei Inocêncio | &nbsp;&nbsp; Energea Frei Inocêncio Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $124925 |
| &nbsp;&nbsp; Monte Sião | &nbsp;&nbsp; Energea Portfolio Geração de Projetos MG II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $126224 |
| &nbsp;&nbsp; Nova Lacerda | &nbsp;&nbsp; Energea Nova Lacerda Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $93427 |
| &nbsp;&nbsp; Formiga II | &nbsp;&nbsp; Energea Formiga II Ltda | &nbsp;&nbsp; 1.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $100344 |
| &nbsp;&nbsp; Naque | &nbsp;&nbsp; Energea Naque Ltda | &nbsp;&nbsp; 1.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $178011 |
| &nbsp;&nbsp; Itabapoana | &nbsp;&nbsp; Energea Itabapoana Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; 06/06/2023 | &nbsp;&nbsp; $133061 |
|  | &nbsp;&nbsp; **TOTAL** |  |  | &nbsp;&nbsp; **$1234525** |

---

 *Projects Owned*

As of the date of this Offering Circular*,* the Company holds 13 Projects. The table below lists the total amount the Company invested into each Project and the estimated Project cost. Please refer to the links in the column labeled "<u>Form 1-U</u>" for the Project Memo which gives in-depth information regarding each Project such as its location, the system size, contractors used to construct the Project, information about other stakeholders, information about the buyer of the energy and environmental commodities and the estimated economics of the Project. The Project Memos can also be found on the Platform.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Project Name*** | &nbsp;&nbsp; ***Entity Name*** | &nbsp;&nbsp; ***Project Size (AC)*** | &nbsp;&nbsp; ***Estimated Projected Cost*** | &nbsp;&nbsp; ***Amount Invested\**** | &nbsp;&nbsp; ***Form***<br> ***1-U*** |
| &nbsp;&nbsp; Iguatama | &nbsp;&nbsp; Energea Iguatama Aluguel de Equipamentos e Manutencao Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; $2536004  | &nbsp;&nbsp; $2536004 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001811470/000181147022000002/x_4_2-iguatamaform1-u.htm) |
| &nbsp;&nbsp; Pedra do Indaiá | &nbsp;&nbsp; Energea Pedra do Indaiá Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; $4563090  | &nbsp;&nbsp; $4563090 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001811470/000181147022000003/x_6_radoindaiaform1-u.htm) |
| &nbsp;&nbsp; Divinopolis III | &nbsp;&nbsp; Energea Divinopolis Ltda. | &nbsp;&nbsp; 2.3 MW | &nbsp;&nbsp; $3198961  | &nbsp;&nbsp; $3004954 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001811470/000180894922000003/x_9_nopolisiiiform1-u.htm) |
| &nbsp;&nbsp; Araxa I | &nbsp;&nbsp; Energea Araxa I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $324291  | &nbsp;&nbsp; $302931 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001811470/000180894922000001/x_3_22-araxaiform1-u.htm) |
| &nbsp;&nbsp; Araxa II | &nbsp;&nbsp; Energea Araxa II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $328767 | &nbsp;&nbsp; $303475 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/0001811470/000180894922000002/x_5_2-araxaiiform1-u.htm) |
| &nbsp;&nbsp; Corumbaíba | &nbsp;&nbsp; Energea Corumbaíba Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $2915386  | &nbsp;&nbsp; $1490688 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1811470/000186554725000007/port2_1u.htm) |
| &nbsp;&nbsp; Divinópolis II | &nbsp;&nbsp; Energea Divinopolis II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $4312924 | &nbsp;&nbsp; $4151068 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1811470/000181147022000014/x_1_inopolisiiform1-u.htm) |
| &nbsp;&nbsp; Micros I | &nbsp;&nbsp; Energea Micros I Ltda | &nbsp;&nbsp; 1.1 MW | &nbsp;&nbsp; $1040946  | &nbsp;&nbsp; $1036863 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1811470/000181147022000015/x_1_2-microsiform1-u.htm) |
| &nbsp;&nbsp; Aparecida do Taboado II | &nbsp;&nbsp; Energea Aparecida do Taboado II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $203303  | &nbsp;&nbsp; $179044 | &nbsp;&nbsp; TBD |
| &nbsp;&nbsp; Diamantina II | &nbsp;&nbsp; Energea Diamantina II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $152090 | &nbsp;&nbsp; $152090 | &nbsp;&nbsp; TBD |
| &nbsp;&nbsp; Formiga I | &nbsp;&nbsp; Energea Formiga I Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $211255  | &nbsp;&nbsp; $205557 | &nbsp;&nbsp; TBD |
| &nbsp;&nbsp; Iguatama II | &nbsp;&nbsp; Energea Iguatama II Ltda | &nbsp;&nbsp; 2.5 MW | &nbsp;&nbsp; $1955102 | &nbsp;&nbsp; $1889588 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1811470/000181147025000011/port2_1u.htm) |
| &nbsp;&nbsp; Micros II | &nbsp;&nbsp; Energea Micros II Ltda | &nbsp;&nbsp; 750kW | &nbsp;&nbsp; $604181 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; [Link](https://www.sec.gov/Archives/edgar/data/1811470/000181147025000012/port2_1u.htm) |
|  | &nbsp;&nbsp; **TOTAL** |  | &nbsp;&nbsp; **$22346300**  | &nbsp;&nbsp; **$19815352** |  |

---

*\* as of December 31, 2024*

 

*Page 26*

 

  *Management Discussion and Analysis of Financial Condition and Result of Operation*

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

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

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

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

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

*Page 27*

 *Market Outlook and Recent Trends*

The Brazilian solar market is expected to continue growing steadily through 2025 and 2026, with total installed capacity likely to exceed 50 gigawatts by the end of the period. Growth is driven primarily by the distributed solar segment (the segment the Company participates in), which represents more than 60 percent of national capacity and continues to benefit from high retail electricity rates and favorable economics for Subscribers. While the implementation of Law 14.300 has introduced a phased-in network usage fee for new distributed solar projects, the grandfathering of legacy projects and continued demand in the commercial and agricultural sectors are expected to sustain momentum. To date, all of the Projects owned by the Company have been grandfathered into the previous framework which minimizes network usage fees.

 

In the utility-scale segment, the shift from government auctions to private bilateral contracts is accelerating. Corporate offtake agreements-particularly in sectors such as agribusiness and retail-are now the dominant driver of new project development, supported by the ongoing expansion of Brazil's deregulated energy market. At the same time, financing sources have diversified, with green debentures, private credit, and international capital increasingly supplementing traditional development bank funding.

Challenges include transmission constraints in solar-intensive regions and continued exposure to currency volatility. Despite these headwinds, Brazil remains one of the most resilient solar markets in Latin America, with a maturing regulatory framework, improving access to capital, and growing corporate demand supporting its medium-term outlook.

 *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

o Originates from the sale or refinancing of Projects

o Net proceeds are the gross proceeds of the capital transaction minus associated expenses, including debt repayment

• Liquidated Damages from Construction Agreements

o Penalties paid by EPC Contractors when Projects are delivered behind schedule

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

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

 *Allocation of Distributions*

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

• First, the Preferred Return;

• Thereafter, any additional cash flow shall be distributed 70% to Preferred Equity Investors and the Carried Interest to the General Partner.

*Page 28*

  *Calculation of Preferred Return*

The General Partner discounts each month of Estimated NOI (see *"Price of Class A Investor Shares"*) by the same discount rate until the cash flow results in an internal rate of return ("<u>IRR</u>") of 7% ("<u>Adjusted NOI</u>"). The IRR is calculated using the XIRR function and is based upon the price an Investor paid per Class A Investor Share. The resulting Adjusted NOI is the monthly distribution that would need to be paid to Investors for them to receive their Preferred Return. Since all months of Estimated NOI are discounted evenly, the Adjusted NOI maintains the same seasonality curve as the Estimated NOI. If the actual NOI for any month is less than the Adjusted NOI, the Investors receive all the cash distributed that month and the shortfall is carried forward so that Investors catch up on their Preferred Return prior to any Carried Interest being paid. The IRR is calculated based upon the price an Investor paid per Class A Investor Share, and not on any revenue or profit achieved by the Company. To 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 30% of the excess and Preferred Equity Investors will get 70% 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 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 earning and profit, such distributions are considered a return of capital for U.S. federal income tax purposes to the extent that the distributions do not exceed the adjusted tax basis of the U.S. Holder's Class A Investor Shares and reported to Investors on a Form 1099-B. To the extent the Company makes distributions from profits in the future, such distributions will be classified as dividends and reported to Investors on a Form 1099-DIV.

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

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

 

*Page 29*

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Distribution Date*** | &nbsp;&nbsp; ***Distributable Cash Flow*** | &nbsp;&nbsp;  ***Preferred Return*** | &nbsp;&nbsp; ***Additional Cash Flow (70%)***  | &nbsp;&nbsp; ***Carried Interest\* (30%)*** | &nbsp;&nbsp; ***Class A Investor Distributions\*\**** | &nbsp;&nbsp; ***Cash on Cash Yield\*\*\**** |
| &nbsp;&nbsp; 5/20/21 | &nbsp;&nbsp; 137235.23 | &nbsp;&nbsp; 50103.18 | &nbsp;&nbsp; 82716.23 | &nbsp;&nbsp; 4415.82 | &nbsp;&nbsp; 132819.41 | &nbsp;&nbsp; 20.18% |
| &nbsp;&nbsp; 6/24/21 | &nbsp;&nbsp; 34398.08 | &nbsp;&nbsp; 11331.28 | &nbsp;&nbsp; 22183.64 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 33514.92 | &nbsp;&nbsp; 2.99% |
| &nbsp;&nbsp; 7/24/21 | &nbsp;&nbsp; 33961.13 | &nbsp;&nbsp; 8663.79 | &nbsp;&nbsp; 24414.18 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 33077.97 | &nbsp;&nbsp; 2.74% |
| &nbsp;&nbsp; 8/26/21 | &nbsp;&nbsp; 20320.88 | &nbsp;&nbsp; 6615.89 | &nbsp;&nbsp; 12821.83 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 19437.72 | &nbsp;&nbsp; 1.40% |
| &nbsp;&nbsp; 9/23/21 | &nbsp;&nbsp; 20320.79 | &nbsp;&nbsp; 6829.13 | &nbsp;&nbsp; 12608.50 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 19437.63 | &nbsp;&nbsp; 1.27% |
| &nbsp;&nbsp; 10/27/21 | &nbsp;&nbsp; 20320.80 | &nbsp;&nbsp; 6951.10 | &nbsp;&nbsp; 12486.54 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 19437.64 | &nbsp;&nbsp; 1.09% |
| &nbsp;&nbsp; 11/30/21 | &nbsp;&nbsp; 20320.80 | &nbsp;&nbsp; 7054.00 | &nbsp;&nbsp; 12383.64 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 19437.64 | &nbsp;&nbsp; 1.02% |
| &nbsp;&nbsp; 12/24/21 | &nbsp;&nbsp; 18977.20 | &nbsp;&nbsp; 13651.91 | &nbsp;&nbsp; 5325.29 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 18977.20 | &nbsp;&nbsp; 0.84% |
| &nbsp;&nbsp; **2021 Total** | &nbsp;&nbsp; **$305854.91**  | &nbsp;&nbsp; **$111200.28**  | &nbsp;&nbsp; **$184939.85**  | &nbsp;&nbsp; **$9714.78**  | &nbsp;&nbsp; **$296140.13**  | &nbsp;&nbsp; **31.53%** |
| &nbsp;&nbsp; 1/26/22 | &nbsp;&nbsp; 10973.59 | &nbsp;&nbsp; 3316.66 | &nbsp;&nbsp; 5890.61 | &nbsp;&nbsp; 1766.32 | &nbsp;&nbsp; 9207.27 | &nbsp;&nbsp; 0.32% |
| &nbsp;&nbsp; 2/24/22 | &nbsp;&nbsp; 8787.12 | &nbsp;&nbsp; 3020.41 | &nbsp;&nbsp; 4883.55 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 7903.96 | &nbsp;&nbsp; 0.27% |
| &nbsp;&nbsp; 3/29/22 | &nbsp;&nbsp; 9860.27 | &nbsp;&nbsp; 3957.94 | &nbsp;&nbsp; 5019.17 | &nbsp;&nbsp; 883.16 | &nbsp;&nbsp; 8977.11 | &nbsp;&nbsp; 0.28% |
| &nbsp;&nbsp; 4/29/22 | &nbsp;&nbsp; 7068.65 | &nbsp;&nbsp; 3351.29 | &nbsp;&nbsp; 3717.36 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 7068.65 | &nbsp;&nbsp; 0.22% |
| &nbsp;&nbsp; 5/31/22 | &nbsp;&nbsp; 7068.14 | &nbsp;&nbsp; 2992.40 | &nbsp;&nbsp; 4075.74 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 7068.14 | &nbsp;&nbsp; 0.21% |
| &nbsp;&nbsp; 6/30/22 | &nbsp;&nbsp; 24999.75 | &nbsp;&nbsp; 10725.17 | &nbsp;&nbsp; 14274.58 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 24999.75 | &nbsp;&nbsp; 0.68% |
| &nbsp;&nbsp; 7/29/22 | &nbsp;&nbsp; 25000.10 | &nbsp;&nbsp; 6134.70 | &nbsp;&nbsp; 18865.40 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 25000.10 | &nbsp;&nbsp; 0.66% |
| &nbsp;&nbsp; 8/27/22 | &nbsp;&nbsp; 24073.19 | &nbsp;&nbsp; 20127.59 | &nbsp;&nbsp; 3156.48 | &nbsp;&nbsp; 789.12 | &nbsp;&nbsp; 23284.07 | &nbsp;&nbsp; 0.56% |
| &nbsp;&nbsp; 9/27/22 | &nbsp;&nbsp; 23677.18 | &nbsp;&nbsp; 10506.53 | &nbsp;&nbsp; 10536.52 | &nbsp;&nbsp; 2634.13 | &nbsp;&nbsp; 21043.05 | &nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp; 10/27/22 | &nbsp;&nbsp; 23774.37 | &nbsp;&nbsp; 10254.62 | &nbsp;&nbsp; 10815.80 | &nbsp;&nbsp; 2703.95 | &nbsp;&nbsp; 21070.42 | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; 11/29/22 | &nbsp;&nbsp; 33759.97 | &nbsp;&nbsp; 14656.27 | &nbsp;&nbsp; 15282.96 | &nbsp;&nbsp; 3820.74 | &nbsp;&nbsp; 29939.23 | &nbsp;&nbsp; 0.44% |
| &nbsp;&nbsp; 12/28/22 | &nbsp;&nbsp; 27897.02 | &nbsp;&nbsp; 12302.77 | &nbsp;&nbsp; 12475.40 | &nbsp;&nbsp; 3118.85 | &nbsp;&nbsp; 24778.17 | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; **2022 Total** | &nbsp;&nbsp; **$226939.35**  | &nbsp;&nbsp; **$101346.35**  | &nbsp;&nbsp; **$108993.57**  | &nbsp;&nbsp; **$16599.43**  | &nbsp;&nbsp; **$210339.92**  | &nbsp;&nbsp; **5.54%** |
| &nbsp;&nbsp; 1/27/23 | &nbsp;&nbsp; 23705.24 | &nbsp;&nbsp; 10855.76 | &nbsp;&nbsp; 11623.77 | &nbsp;&nbsp; 1225.71 | &nbsp;&nbsp; 22479.53 | &nbsp;&nbsp; 0.39% |
| &nbsp;&nbsp; 2/24/23 | &nbsp;&nbsp; 28739.48 | &nbsp;&nbsp; 12192.29 | &nbsp;&nbsp; 13072.28 | &nbsp;&nbsp; 3474.91 | &nbsp;&nbsp; 25264.57 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; 3/27/23 | &nbsp;&nbsp; 33687.38 | &nbsp;&nbsp; 15314.18 | &nbsp;&nbsp; 15617.22 | &nbsp;&nbsp; 2755.98 | &nbsp;&nbsp; 30931.40 | &nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp; 4/28/23 | &nbsp;&nbsp; 33709.20 | &nbsp;&nbsp; 15474.53 | &nbsp;&nbsp; 15499.47 | &nbsp;&nbsp; 2735.20 | &nbsp;&nbsp; 30974.00 | &nbsp;&nbsp; 0.44% |
| &nbsp;&nbsp; 5/30/23 | &nbsp;&nbsp; 35708.77 | &nbsp;&nbsp; 16432.24 | &nbsp;&nbsp; 16385.05 | &nbsp;&nbsp; 2891.48 | &nbsp;&nbsp; 32817.29 | &nbsp;&nbsp; 0.43% |
| &nbsp;&nbsp; 6/26/23 | &nbsp;&nbsp; 43709.57 | &nbsp;&nbsp; 20252.44 | &nbsp;&nbsp; 19938.56 | &nbsp;&nbsp; 3518.57 | &nbsp;&nbsp; 40191.00 | &nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp; 7/25/23 | &nbsp;&nbsp; 98709.19 | &nbsp;&nbsp; 45896.06 | &nbsp;&nbsp; 44891.16 | &nbsp;&nbsp; 7921.97 | &nbsp;&nbsp; 90787.22 | &nbsp;&nbsp; 0.95% |
| &nbsp;&nbsp; 8/28/23 | &nbsp;&nbsp; 33708.43 | &nbsp;&nbsp; 15668.70 | &nbsp;&nbsp; 15333.77 | &nbsp;&nbsp; 2705.96 | &nbsp;&nbsp; 31002.47 | &nbsp;&nbsp; 0.31% |
| &nbsp;&nbsp; 9/27/23 | &nbsp;&nbsp; 85715.70 | &nbsp;&nbsp; 41000.83 | &nbsp;&nbsp; 38007.64 | &nbsp;&nbsp; 6707.23 | &nbsp;&nbsp; 79008.47 | &nbsp;&nbsp; 0.76% |
| &nbsp;&nbsp; 10/27/23 | &nbsp;&nbsp; 88636.35 | &nbsp;&nbsp; 35620.88 | &nbsp;&nbsp; 45063.15 | &nbsp;&nbsp; 7952.32 | &nbsp;&nbsp; 80684.03 | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; 11/24/23 | &nbsp;&nbsp; 83704.70 | &nbsp;&nbsp; 40601.46 | &nbsp;&nbsp; 36637.08 | &nbsp;&nbsp; 6466.16 | &nbsp;&nbsp; 77238.54 | &nbsp;&nbsp; 0.67% |
| &nbsp;&nbsp; 12/26/23 | &nbsp;&nbsp; 79097.93 | &nbsp;&nbsp; 38374.75 | &nbsp;&nbsp; 34613.45 | &nbsp;&nbsp; 6109.73 | &nbsp;&nbsp; 72988.20 | &nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp; **2023 Total** | &nbsp;&nbsp; **$668831.94**  | &nbsp;&nbsp; **$307684.12**  | &nbsp;&nbsp; **$306682.60**  | &nbsp;&nbsp; **$54465.22**  | &nbsp;&nbsp; **$614366.72**  | &nbsp;&nbsp; **6.63%** |
| &nbsp;&nbsp; 1/26/24 | &nbsp;&nbsp; 57055.87 | &nbsp;&nbsp; 26770.27 | &nbsp;&nbsp; 25742.36 | &nbsp;&nbsp; 4543.11 | &nbsp;&nbsp; 52512.63 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; 2/27/24 | &nbsp;&nbsp; 58167.84 | &nbsp;&nbsp; 34041.33 | &nbsp;&nbsp; 22678.83 | &nbsp;&nbsp; 1447.68 | &nbsp;&nbsp; 56720.16 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; 3/26/24 | &nbsp;&nbsp; 67053.57 | &nbsp;&nbsp; 32587.99 | &nbsp;&nbsp; 32397.48 | &nbsp;&nbsp; 2068.10 | &nbsp;&nbsp; 64985.47 | &nbsp;&nbsp; 0.46% |
| &nbsp;&nbsp; 4/26/24 | &nbsp;&nbsp; 50056.17 | &nbsp;&nbsp; 25750.84 | &nbsp;&nbsp; 24305.33 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 50056.17 | &nbsp;&nbsp; 0.35% |
| &nbsp;&nbsp; 5/24/24 | &nbsp;&nbsp; 50361.60 | &nbsp;&nbsp; 26356.09 | &nbsp;&nbsp; 24005.48 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 50361.57 | &nbsp;&nbsp; 0.34% |
| &nbsp;&nbsp; 6/27/24 | &nbsp;&nbsp; 52259.23 | &nbsp;&nbsp; 24629.08 | &nbsp;&nbsp; 24314.24 | &nbsp;&nbsp; 3315.62 | &nbsp;&nbsp; 48943.32 | &nbsp;&nbsp; 0.32% |
| &nbsp;&nbsp; 7/26/24 | &nbsp;&nbsp; 72671.64 | &nbsp;&nbsp; 37364.11 | &nbsp;&nbsp; 35306.85 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 72670.96 | &nbsp;&nbsp; 0.47% |
| &nbsp;&nbsp; 8/26/24 | &nbsp;&nbsp; 111083.25 | &nbsp;&nbsp; 55830.45 | &nbsp;&nbsp; 50252.39 | &nbsp;&nbsp; 5000.00 | &nbsp;&nbsp; 106082.84 | &nbsp;&nbsp; 0.61% |
| &nbsp;&nbsp; 9/27/24 | &nbsp;&nbsp; 112739.23 | &nbsp;&nbsp; 53582.40 | &nbsp;&nbsp; 50282.70 | &nbsp;&nbsp; 8873.52 | &nbsp;&nbsp; 103865.10 | &nbsp;&nbsp; 0.57% |
| &nbsp;&nbsp; 10/28/24 | &nbsp;&nbsp; 122722.56 | &nbsp;&nbsp; 65708.06 | &nbsp;&nbsp; 39889.80 | &nbsp;&nbsp; 17104.35 | &nbsp;&nbsp; 105597.86 | &nbsp;&nbsp; 0.50% |
| &nbsp;&nbsp; 11/26/24 | &nbsp;&nbsp; 131924.48 | &nbsp;&nbsp; 68088.72 | &nbsp;&nbsp; 55506.92 | &nbsp;&nbsp; 8298.65 | &nbsp;&nbsp; 123595.64 | &nbsp;&nbsp; 0.57% |
| &nbsp;&nbsp; 12/24/24 | &nbsp;&nbsp; 137163.19 | &nbsp;&nbsp; 75732.81 | &nbsp;&nbsp; 59884.78 | &nbsp;&nbsp; 1535.76 | &nbsp;&nbsp; 135617.59 | &nbsp;&nbsp; 0.62% |
| &nbsp;&nbsp; **2024 Total** | &nbsp;&nbsp; **$1023258.63**  | &nbsp;&nbsp; **$526442.15**  | &nbsp;&nbsp; **$444567.16**  | &nbsp;&nbsp; **$52186.79**  | &nbsp;&nbsp; **$971009.31**  | &nbsp;&nbsp; **5.63%** |
| &nbsp;&nbsp; 1/24/25 | &nbsp;&nbsp; 92252.30 | &nbsp;&nbsp; 54300.15 | &nbsp;&nbsp; 37952.14 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 92252.30 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; 2/25/25 | &nbsp;&nbsp; 100850.44 | &nbsp;&nbsp; 63545.60 | &nbsp;&nbsp; 37304.84 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 100850.44 | &nbsp;&nbsp; 0.39% |
| &nbsp;&nbsp; 3/27/25 | &nbsp;&nbsp; 100000.00 | &nbsp;&nbsp; 67246.88 | &nbsp;&nbsp; 32753.12 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 100000.00 | &nbsp;&nbsp; 0.37% |
| &nbsp;&nbsp; **2025 Total** | &nbsp;&nbsp; **$293102.74**  | &nbsp;&nbsp; **$185092.63**  | &nbsp;&nbsp; **$108010.11**  | &nbsp;&nbsp; **$0.00**  | &nbsp;&nbsp; **$293102.74**  | &nbsp;&nbsp; **1.17%** |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; **$2517987.57**  | &nbsp;&nbsp; **$1231765.53**  | &nbsp;&nbsp; **$1153193.29**  | &nbsp;&nbsp; **$132966.22**  | &nbsp;&nbsp; **$2384958.82**  | &nbsp;&nbsp; **50.50%** |

---

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

*\*\*Note: Class A Investor distributions are equal to the Preferred Return plus any additional cash flow, please see "Calculating Distributions".*

 

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

 

*Page 30*

 *Past Operating Results*

Since the Company's inception in 2020, it has grown each year with the construction and acquisition of new Projects. In 2022, the Company turned its first Project on: Iguatama I. In 2023, the Company added Micros I. In 2024, we completed Pedra do Indaiá and Divinópolis II, and acquired an operational project, Iguatama II. In 2025, Divinópolis III, Corumbaíba, and Micros II are expected to be completed. In addition to completing these construction Projects, the Company intends to acquire additional fully-operational Projects as well.

During the construction phase, the Company has experienced challenges which have caused us to strategize alternatives for maintaining targeted cash yield. These challenges are mainly related to construction and interconnection delays. Many of our Projects are in remote parts of Brazil where finding sophisticated construction partners and responsive utility companies can be difficult. The Company's second large format asset, Pedra do Indaia, reached mechanical completion in July 2023 but was not interconnected to utility until May of 2024. To offset the impact on cash flows caused from the delays in interconnecting Pedra do Indaia, the Company added Micros I, sold certain Projects (see *"Description of Property"*) and collected Liquidated Damages from contractors (see *"Material Legal Proceedings"*).

As a result of these maneuvers, the overall returns of the Company have held firmly within our targeted range of 14-16% after fees paid to the General Partner and delivered distributions on schedule every month of 2024. As the Company completes construction of the remaining Projects, we expect the portfolio to stabilize and to settle into a consistent rhythm of dividends to Investors.

We will delay the construction of Araxa I and Araxa II until we have taken full advantage of a market rife with operational projects for sale and have completed the construction of Corumbaíba and Micros II. We plan to sell Diamantina II and Formiga I prior to construction.

<u>Operating Results for Fiscal Years ended December 31, 2024 and 2023</u>

As of December 31, 2024 and 2023, the Company had assets totaling $25,649,364 and $16,716,219, respectively, on its balance sheet, comprised of cash on hand of $4,593,375 and $470,153, respectively, property and equipment net of depreciation of $19,417,432 and $13,507,831, respectively, other current assets of $375,914 and $1,376,262, respectively, and non-current assets of $1,262,643 and $1,361,973, respectively. The Company's total liabilities and members' equity was $25,649,364 and $16,716,219, respectively. Liabilities totaled $7,844,317 and $6,472,886, respectively and equity owned by the Investors totaled $17,805,047 and $10,243,333, respectively.

The significant increase in assets and liabilities, was due to the escalation of investments to complete the Projects under construction and the increase of capital raised from Investors.

For the fiscal years ended December 31, 2024 and 2023, the Company generated revenue of $692,328 and $433,895, respectively. This increase was primarily driven by the Pedra do Indaiá and Micros I Projects, which began generating revenue in 2024.

As of December 31, 2024 and 2023, the Company's portfolio operating expenses were $338,673 and $159,274, respectively, including professional fees, advertising and marketing, software subscription, taxes, depreciation, and other general and administrative expenses. As of December 31, 2024 and 2023, the Projects' operating expenses were $527,917 and $234,181 respectively, covering professional fees, travel, taxes, depreciation, operation and maintenance, and other general and administrative expenses. The increase in operating expenses was due to the addition of Projects being turned on.

Consequently, for the fiscal year ended December 31, 2024, the Company incurred a loss from operations totaling $174,262, compared to a gain of $40,440 in 2023. For the fiscal years ended December 31, 2024 and 2023, total other expenses were $539,056 and $162,733, respectively. As a result, the Company's total net loss for the years ended December 31, 2024 and 2023 was $713,318 and $122,293, respectively. Unrealized foreign currency exchange loss for the years ended December 31, 2024 and 2023 was $248,301 and $13,905, respectively. Although several Projects became operational and revenue increased, the Company will not realize the full revenue potential of these Projects until all associated Project Rental Contracts are fulfilled.

*Page 31*

 *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 (or other concurrent offerings), it might make up the shortfall through borrowing. The General Partner will make this decision on an as-needed basis.

On October 5, 2020, the Company entered into a third-party Credit Agreement with Lattice Energea Global Revolver I, LLC ("<u>Lender</u>"), which is unaffiliated with the General Partner. This Agreement extends up to $5,000,000 of credit to the Company which can be used to construct Projects. After construction, the amounts owed convert into long-term project finance for a 10-year term. As of December 31, 2024, the Company's outstanding balance under the line of credit is $4,481,843.

On December 22, 2023, the parties amended the above described Credit Agreement to release the General Partner and establish the Company as the sole borrower. This included certain underlying Projects as collateral: Iguatama, Pedra do Indaiá, Divinopolis II, Divinopolis III, and Micros I.

Since the interest rate on this loan is lower than the anticipated IRR of the Projects, we expect this loan to lever returns to Investors while providing liquidity necessary to accelerate through construction to achieve distributions to Investors faster.

 *Liquidity and Capital Resources*

We are dependent upon the net proceeds from the Offering to conduct our proposed investments. We will obtain the capital required to purchase new Projects and to issue Loans and conduct our operations from the proceeds of the Offering and any future offerings we may conduct, from secured or unsecured financings from banks and other lenders, from short term advances from the General Partner and from undistributed funds from our operations. As of December 31, 2024, the Company had $4,593,375 of cash on hand and equivalents, which will be used to pay for the remaining costs of constructing Divinopolis III, Corumbaíba and Micros II Projects.

 *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 32*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, Loan, 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, a Managing Partner. There are no other family relationships among the executive officers and significant employees of the General Partner.

 *Ownership of Related Entities*

The General Partner of the Company, is majority owned by Mike Silvestrini, a resident of Chester, Connecticut. Energea Brazil, our affiliated Development Company in Brazil, is owned by Energea Global.

  *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 3 Africa LP, and Energea Portfolio 4 USA 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 33*

 

*<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 34*

 

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

*<u>Dave Rutty</u>*

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

 

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

 

*Page 35*

 

*<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 two other funds formed to acquire and operate solar power projects, each of which is conducting an offering under Regulation A:

• Energea Portfolio 3 Africa LP ("<u>Portfolio 3</u>"), which was formed to acquire and operate projects with 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 36*

 

The status of each of the Company's, Portfolio 3's and Portfolio 4's 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 Prior Offering Qualification | &nbsp;&nbsp; 08/13/2020 | &nbsp;&nbsp; 08/2/2021 | &nbsp;&nbsp; 07/01/2021 |
| &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; Prior Offering Status | &nbsp;&nbsp; Terminated | &nbsp;&nbsp; Terminated | &nbsp;&nbsp; Terminated |
| &nbsp;&nbsp; Current Maximum Offering Amount | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 | &nbsp;&nbsp; $50000000 |
| &nbsp;&nbsp; Date of Current Offering Qualification  | &nbsp;&nbsp; 06/06/2024 | &nbsp;&nbsp; 06/17/2024 | &nbsp;&nbsp; 06/26/2024 |

---

*\* Gross of stock issuance costs*

  *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 30% of all distributed cash flow above the monthly amount necessary for Preferred Equity Investors to receive their Preferred Return. For more detail, see *"Carried Interest"* below |
| &nbsp;&nbsp; Origination Fees | &nbsp;&nbsp; When Projects and Loans are originated  | &nbsp;&nbsp; The General Partner might originate and develop Projects and Loans that are acquired by the Company. If so, the General Partner shall be entitled to compensation that is no greater than 5.0% of the Project's cost or the Loan's outstanding balance. |
| &nbsp;&nbsp; O&M and Credit Management Services ("<u>Ancillary Services</u>") | &nbsp;&nbsp; Ongoing as services are rendered according to contract | &nbsp;&nbsp; Energea Brazil provides O&M and Credit Management services to some of the Projects owned by the Company. After an extensive search to identify third parties to provide these services, the General Partner concluded that the nascent solar market in Brazil lacked cost-effective and experienced options for these tasks. Energea Brazil, on the other hand, agreed to provide these services at prices that were lower than those offered through the competitive search process and has extensive experience providing these services to hundreds of projects across multiple global markets. <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 (and, in the case of Ancillary Services) Energea Brazil have 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 37*

  *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 (including 2024)**  |
| &nbsp;&nbsp; Reimbursement of Marketing Expenses | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $10250.00 |
| &nbsp;&nbsp; Management Fee  | &nbsp;&nbsp; $75849.66 | &nbsp;&nbsp; $101583.37 |
| &nbsp;&nbsp; Carried Interest | &nbsp;&nbsp; $52186.79 | &nbsp;&nbsp; $1330032.04 |
| &nbsp;&nbsp; Origination Fees  | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $918514.83 |
| &nbsp;&nbsp; Ancillary Services  | &nbsp;&nbsp; $71683 | &nbsp;&nbsp; $116792.00 |
| &nbsp;&nbsp; Interest on Loans  | &nbsp;&nbsp; $0.00 | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; **$199719.45** | &nbsp;&nbsp; **$1280172.24** |

---

 *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. As of December 31, 2024, the General Partner purchased and owned 255,319 Class A Investor Shares which was 1.02% of all outstanding shares as of that date.

  *Security Ownership of General Partner and Certain Securityholders*

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

The following table sets forth the approximate beneficial ownership of our Class A Investor Shares as of December 31, 2024, for each person or group that holds more than 10.0% of our Class A Investor Shares, and for each director and executive officer of our General Partner and for the directors and executive officers of our General Partner as a group.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Name of Beneficial Owner <sup>(1)(2)</sup>*** | &nbsp;&nbsp; ***Number of Shares Beneficially Owned*** | &nbsp;&nbsp; ***Amount and Nature of Beneficial Ownership Acquirable*** | &nbsp;&nbsp; ***Percent of All Shares*** |
| &nbsp;&nbsp; Energea Global LLC | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255319 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1.0175% |
| &nbsp;&nbsp; Michael Silvestrini | &nbsp;&nbsp; 106208<sup>(3)</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.4232% |
| &nbsp;&nbsp; Christopher Sattler | &nbsp;&nbsp; 82397<sup>(3)</sup> | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.3283% |
| &nbsp;&nbsp; Gray Reinhard | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0019% |
| &nbsp;&nbsp; All directors and executive officers of our General Partner as a group (3 persons) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.0051% |
|  | &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 38*

 

  *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.

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.

Certain Fees are substantiated by a contract between the related parties. Those contracts are described in the table below. Other Fees (such as marketing reimbursements, management fees, Carried Interest or origination fees) are not supported by a specific contract and are instead due and payable as described in this Offering Circular. For a detailed description of the amounts paid by the Company to the General Partner and its subsidiaries, please see "*Compensation of General Partner*".

 *Contracts Currently Signed with Related Parties*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; ***Project*** | &nbsp;&nbsp; ***Related Party*** | &nbsp;&nbsp; ***Contract*** | &nbsp;&nbsp; ***Date Signed*** |
| &nbsp;&nbsp; Iguatama | &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Operations and Maintenance Contract | &nbsp;&nbsp; August 22, 2023 |
|  | &nbsp;&nbsp; Energea Brazil  | &nbsp;&nbsp; Credit Management Agreement | &nbsp;&nbsp; August 22, 2023 |
| &nbsp;&nbsp; Pedra do Indaiá  | &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Operations and Maintenance Contract | &nbsp;&nbsp; July 1, 2024 |
|  | &nbsp;&nbsp; Energea Brazil  | &nbsp;&nbsp; Credit Management Agreement | &nbsp;&nbsp; June 1, 2024 |
| &nbsp;&nbsp; Divinopolis II | &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Operations and Maintenance Contract | &nbsp;&nbsp; March 26, 2025 |
| &nbsp;&nbsp; Micros I | &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Operations and Maintenance Contract | &nbsp;&nbsp; April 30, 2024 |
|  | &nbsp;&nbsp; Energea Brazil  | &nbsp;&nbsp; Credit Management Agreement | &nbsp;&nbsp; April 30, 2024 |
| &nbsp;&nbsp; Iguatama II | &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Operations and Maintenance Contract | &nbsp;&nbsp; March 21, 2025 |
|  | &nbsp;&nbsp; Energea Brazil  | &nbsp;&nbsp; Credit Management Agreement | &nbsp;&nbsp; April 22, 2025 |

---

*Page 39*

 

 *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](lpagreement.htm); and

• The Authorizing Resolution, which can be found [here](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.

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 distributions from Project, 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 Project Rental Contract ("<u>Energy Rate</u>") is multiplied by kWh throughout the term of the Project Rental Contracts. We then deduct the expected <u>Project Operating Expenses</u> 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 Company level (see *"Our Operating Costs and Expenses - Company Operating Expenses"*) from the cash flow. These expenses are fairly easy to estimate as they are either consistent and predictable (like a bank fee) or fixed (like a management fee). By subtracting the estimated operating costs and expenses from the estimated cash flow, 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.

*Page 40*

  *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](lpagreement.htm), and by the Authorizing Resolution itself, a copy of which can be found [here](authresolution.htm).

 *Formation and Ownership*

The Company was formed in Delaware on January 13, 2020, pursuant to the Delaware Limited Liability Company Act. On June 3, 2025, the Company converted from a Delaware limited liability company to a Delaware limited partnership, pursuant to the Delaware Revised Uniform Partnership Act.

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 Class A Investor Shares. Any Investor who buys Class A Investor Shares in the Offering will be an "<u>Limited Partner</u>" under the LP Agreement.

The interests in the Company are denominated by 2,501,000,000 "<u>Shares</u>". 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 Shars into one or more classes by adopting Authorizing Resolutions. f Investor Shares into one or more classes, by adopting one or more authorizing resolutions.

The Class A Investor Shares will be owned by Investors and are the subject of this Offering. 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 any 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.

*Page 41*

 

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."

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, such 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 8of the LP Agreement. See "*Risk Factors-No Market for the Class A Investor Shares; Limits on Transferability*."

*Page 42*

  *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.

• 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.

 

*Page 43*

 

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.

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.

*Page 44*

 

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 be subject to additional tax withholding and other reporting requirements.

  *No Guarantee*

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

 *Redemption Plan*

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

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

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

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

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

*Page 45*

 

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.

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 all the Class A Investor Shares while the General Partner will own all the Common Shares. 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.

*Page 46*

 

• *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.

*RIGHTS OF REG D SHARES*

 

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

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

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

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

 

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

 *How To Invest*

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

• Your name and address

• Your email address

• Your social security number (for tax reporting purposes)

• Whether you are an "accredited investor"

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

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

*Page 47*

 

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.

 *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.

*Page 48*

 *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.

The information incorporated by reference herein is an important part of the offering statement and this Offering Circular. The following documents previously filed with the SEC are incorporated by reference into the offering statement and this Offering Circular:

• the Company's Annual Report for the fiscal year ended December 31, 2024 on [Form 1-K](https://www.sec.gov/Archives/edgar/data/1811470/000181147025000014/port2_1k_part2.htm)

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 2 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, 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 of the Company can be found in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Item 7. Financial Statements*" of the Company's Annual Report on Form 1-K for the fiscal year ended December 31, 2024, which can be found [here](https://www.sec.gov/Archives/edgar/data/1811470/000181147025000014/port2_1k_part2.htm#_Item_7._Financial).

which is incorporated herein by reference.

*Page 49*

 *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 Internal Revenue Code. |
| &nbsp;&nbsp; Adjusted NOI | &nbsp;&nbsp; *The net operating income of the Company after being adjusted so that the IRR of the CAFD is equal to the Preferred Return rate of 7%.*  |
| &nbsp;&nbsp; Advisers Act | &nbsp;&nbsp; *Investment Advisers Act of 1940.* |
| &nbsp;&nbsp; Ancillary Services | &nbsp;&nbsp; Support services like operations, maintenance, and credit management provided to solar projects. |
| &nbsp;&nbsp; ANEEL | &nbsp;&nbsp; The Brazilian Electricity Regulatory Agency. |
| &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-level laws governing investments. |
| &nbsp;&nbsp; Borrower | &nbsp;&nbsp; A party that repays the Company for a Loan through principal and interest payments. |
| &nbsp;&nbsp; BRL | &nbsp;&nbsp; The Brazilian currency called *real.* |
| &nbsp;&nbsp; CAFD | &nbsp;&nbsp; Cash available for distribution by the Company. |
| &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; CFC | &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; COFINS | &nbsp;&nbsp; Brazilian federal tax on gross revenue (social security) |
| &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 2 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; Company Operating Expenses | &nbsp;&nbsp; Costs and expenses incurred by the Company. |
| &nbsp;&nbsp; Consortium | &nbsp;&nbsp; A group of residential and business Subscribers. |
| &nbsp;&nbsp; Construction Contract | &nbsp;&nbsp; The contract whereby the Company or an SPE will hire a third party to provide to provide engineering, procurement, and construction services for a Project. |
| &nbsp;&nbsp; Contractor | &nbsp;&nbsp; Alexandria Indústria de Geradores S.A., the company responsible for fulfilling obligations under the Construction Contracts with the Company's SPEs. |
| &nbsp;&nbsp; Credit Management Agreement  | &nbsp;&nbsp; A service contract for the sale and administration of energy credits produced by the Projects.  |
| &nbsp;&nbsp; CSLL | &nbsp;&nbsp; Brazilian social contribution tax on net income. |
| &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; 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; Drag-Along | &nbsp;&nbsp; Allows the General Partner to require Investors to sell their Class A Investor Shares in a Company sale, receiving equivalent value as in an asset sale. |
| &nbsp;&nbsp; Energea Brazil | &nbsp;&nbsp; Energea Brasil Operações Ltda, a Brazilian entity that is an affiliate of the General Partner. |
| &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. |

---

*Page 50*

 

---

| | |
|:---|:---|
| &nbsp;&nbsp; Energy Rate | &nbsp;&nbsp; The price charged per unit of electricity consumed, usually measured in kilowatt-hours. |
| &nbsp;&nbsp; EPC | &nbsp;&nbsp; Engineering, Construction, and Procurement  |
| &nbsp;&nbsp; Estimated NOI | &nbsp;&nbsp; The Net Operating Income estimated to be produced by the Company. |
| &nbsp;&nbsp; Fees | &nbsp;&nbsp; Compensation paid to the General Partner. |
| &nbsp;&nbsp; FINRA | &nbsp;&nbsp; Financial Industry Regulatory Authority, Inc. |
| &nbsp;&nbsp; Form 1-U | &nbsp;&nbsp; SEC form used to report significant events or changes by companies under Regulation A. |
| &nbsp;&nbsp; General Partner | &nbsp;&nbsp; Energea Global LLC, a Delaware limited liability company. |
| &nbsp;&nbsp; GILTI | &nbsp;&nbsp; General Intangible Low-Tax Income, a federal U.S. tax on profits made by companies outside the United States. |
| &nbsp;&nbsp; HSEC | &nbsp;&nbsp; Health, Safety, Environment and Community |
| &nbsp;&nbsp; ICMS | &nbsp;&nbsp; Brazilian state tax on goods and services (VAT-like) |
| &nbsp;&nbsp; Iguatama | &nbsp;&nbsp; Energea Iguatama Aluguel de Equipamentos e Manutenção Ltda |
| &nbsp;&nbsp; Investment Agreements | &nbsp;&nbsp; Contracts signed to purchase or reinvest in Class A Investor Shares, outlining limitations on investor rights. |
| &nbsp;&nbsp; Investment Committee | &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; Investors | &nbsp;&nbsp; Anyone who purchases Class A Investor Shares in this Offering. |
| &nbsp;&nbsp; Investor Shares | &nbsp;&nbsp; Combined Class A Investor Shares and Reg D Shares held by Limited Partners, voting as a single class. |
| &nbsp;&nbsp; IOF | &nbsp;&nbsp; Brazilian tax on financial transactions. |
| &nbsp;&nbsp; IRPJ | &nbsp;&nbsp; Brazilian corporate income tax. |
| &nbsp;&nbsp; IRR | &nbsp;&nbsp; Internal rate of return. |
| &nbsp;&nbsp; IRRF | &nbsp;&nbsp; Brazilian income withholding tax. |
| &nbsp;&nbsp; JOBS Act | &nbsp;&nbsp; *The Jumpstart Our Business Startups Act of 2012.* |
| &nbsp;&nbsp; kWh | &nbsp;&nbsp; *Kilowatt hour* |
| &nbsp;&nbsp; Land Lease | &nbsp;&nbsp; The contract whereby the Company or and SPE will lease the land where a Project will be located. |
| &nbsp;&nbsp; Lender | &nbsp;&nbsp; Lattice Energea Global Revolver I, LLC, the unaffiliated entity that provides credit to the Company for project construction and long-term financing. |
| &nbsp;&nbsp; Limited Partners | &nbsp;&nbsp; Owners of Class A Investor Shares in the Offering. |
| &nbsp;&nbsp; Liquidated Damages  | &nbsp;&nbsp; A penalty paid by a contractor to a SPE when the construction of a Project is delayed beyond the schedule in the Construction Contract. |
| &nbsp;&nbsp; Loan | &nbsp;&nbsp; Money lent from the Company to a Development Company. |
| &nbsp;&nbsp; Loan Agreement | &nbsp;&nbsp; A deal where the Lender provides funds to the Borrower up to a specified limit over a set period. |
| &nbsp;&nbsp; LP Agreement | &nbsp;&nbsp; The Company's Limited Partnership Agreement dated June 3, 2025. |
| &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; Militia | &nbsp;&nbsp; Local non-government groups that influence areas of Brazil. |
| &nbsp;&nbsp; MTR | &nbsp;&nbsp; Minimum Technical Requirement |
| &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. |

---

*Page 51*

 

---

| | |
|:---|:---|
| &nbsp;&nbsp; O&M | &nbsp;&nbsp; Operations and Maintenance  |
| &nbsp;&nbsp; Partners | &nbsp;&nbsp; The General Partner and Limited Partners collectively. |
| &nbsp;&nbsp; Pedra do Indaia | &nbsp;&nbsp; Energea Pedra do Indaiá Ltda |
| &nbsp;&nbsp; PIS | &nbsp;&nbsp; Brazilian federal tax on gross revenue (social integration). |
| &nbsp;&nbsp; Platform | &nbsp;&nbsp; The website located at 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; 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 Preferred Equity Investors before the General Partner earns a Carried Interest. |
| &nbsp;&nbsp; Prior Offering | &nbsp;&nbsp; The Company's previous Regulation A offering that was initially qualified by the SEC on August 13, 2020 and requalified on June 6, 2024. |
| &nbsp;&nbsp; Project | &nbsp;&nbsp; A solar power project acquired or developed by the Company. |
| &nbsp;&nbsp; Project Maintenance Contract | &nbsp;&nbsp; When the SPE hires Energea Brazil to perform the actual O&M services.  |
| &nbsp;&nbsp; Project Operating Expenses | &nbsp;&nbsp; Costs and expenses incurred by the Project. |
| &nbsp;&nbsp; Project Rental Contract | &nbsp;&nbsp; A contract pursuant to which the SPE that owns a Project will rent the Project to the customer. |
| &nbsp;&nbsp; PQA | &nbsp;&nbsp; Post Qualification Amendment  |
| &nbsp;&nbsp; Ratio | &nbsp;&nbsp; A monthly allocation of energy credits to Subscribers, submitted to the utility per Brazilian regulations. |
| &nbsp;&nbsp; Redemption Plan | &nbsp;&nbsp; The redemption plan whereby Investors may request redemption of their Class A Investor Shares following 60 days after purchase. |
| &nbsp;&nbsp; Redemption Price | &nbsp;&nbsp; The price at which Redemption Requests will be processed, based on the current price per Class A Investor Shares at the time the Redemption Request is made, reduced by the aggregate sum of distributions, if any, with record dates during the period between the Redemption Request date and the redemption date, and subject to a discount based on the time the Redemption Request is submitted. |
| &nbsp;&nbsp; Redemption Request | &nbsp;&nbsp; A request for redemption submitted through the Platform for up to $50,000 in Class A Investor Shares. |
| &nbsp;&nbsp; Reg D Investors | &nbsp;&nbsp; Accredited investors participating in Reg D Offerings. |
| &nbsp;&nbsp; Reg D Offerings | &nbsp;&nbsp; Private securities offerings under Rule 506(c), open only to accredited investors. |
| &nbsp;&nbsp; Reg D Shares | &nbsp;&nbsp; Shares issued in Reg D Offerings. |
| &nbsp;&nbsp; Ren 482 | &nbsp;&nbsp; Normative Resolution ANEEL n° 482/2012, the primary law governing community solar electricity systems in Brazil. |
| &nbsp;&nbsp; Regulation A  | &nbsp;&nbsp; SEC exemption that allows companies to raise up to $75 million annually from the public with fewer disclosure requirements than a traditional IPO. |
| &nbsp;&nbsp; Regulations | &nbsp;&nbsp; Regulations issued under the Code by the Internal Revenue Service. |
| &nbsp;&nbsp; SEC | &nbsp;&nbsp; The U.S. Securities and Exchange Commission. |
| &nbsp;&nbsp; Shares | &nbsp;&nbsp; Ownership interest in the Company. |
| &nbsp;&nbsp; Securities Act | &nbsp;&nbsp; The Securities Act of 1933. |
| &nbsp;&nbsp; SPE | &nbsp;&nbsp; The entity we create to own and operate each Project, typically in the form of a Brazilian Limitada. |
| &nbsp;&nbsp; Subscribers | &nbsp;&nbsp; A small business or residential customer. |
| &nbsp;&nbsp; Trust Agreement | &nbsp;&nbsp; A fiscal control structure where cash flow to service payments on Loans is routed through a trust to collect revenue from a Borrower and oversee the repayment process. |
| &nbsp;&nbsp; USD | &nbsp;&nbsp; The currency of the United States called dollars.  |
| &nbsp;&nbsp; U.S. GAAP | &nbsp;&nbsp; United State 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. |

---

*Page 52*

 

 *PART III - Exhibits*

 *Index to Exhibits and Description of Exhibits*

---

| | |
|:---|:---|
| ***Exhibit No.*** | ***Description of Exhibit*** |
| 2.1\*\* | [Certificate of Formation of the Company filed with the Delaware Secretary of State on January 13, 2020 (incorporated by reference to the copy thereof filed as Exhibit 1-A2A to the Company's D Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a2a_energea.htm) |
| 2.2\*\* | [Amended and Restated Limited Liability Company Agreement of the Company dated May 3, 2024 (incorporated by reference to the copy thereof filed as Exhibit 2.2 to the Company's Form 1-A filed May 6, 2024)](https://www.sec.gov/Archives/edgar/data/1811470/000181147024000008/ex2_llcagmt.htm) |
| 2.3\*\* | [Authorizing Resolution of the Company dated June 5, 2020 (incorporated by reference to the copy thereof filed as Exhibit 1-A2C to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a2c_energea.htm) |
| 2.4\* | [Certificate of Conversion from LLC to LP, filed June 3, 2025](certofconversion.htm) |
| 2.5\* | [Limited Partnership Agreement of Energea Portfolio 2 LP, dated June 3, 2025](lpagreement.htm) |
| 2.6\* | [Authorizing Resolution of the Company dated June 3, 2025](authresolution.htm) |
| 3.1\*\* | [Redemption Plan (incorporated by reference to the copy thereof filed as Exhibit 3.1 to the Company's Form 1-A filed April 2, 2024)](https://www.sec.gov/Archives/edgar/data/1811470/000181147024000007/ex_redemptionplan.htm) |
| 4.1\*\* | [Form of Investment Agreement (incorporated by reference to the copy thereof filed as Exhibit 1-A4A to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a4a_energea.htm) |
| 4.2\* | [Form of Investment Agreement (updated for LP structure)](investagmt.htm) |
| 4.3\* | [Form of Auto-Invest Agreement](autoinvestagmt.htm) |
| 4.4\* | [Form of Auto-Reinvestment Agreement](autoreinvestagmt.htm) |
| 6.1\*\* | [Proposed Project Rental Contract for Iguatama Project (incorporated by reference to the copy thereof filed as Exhibit 1-A4B to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a4b_energea.htm) |
| 6.2\*\* | [Proposed Operation and Maintenance Agreement for Iguatama Project (incorporated by reference to the copy thereof filed as Exhibit 1-A4C to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a4c_energea.htm) |
| 6.3\*\* | [Proposed Project Rental Contract for Salinas Project (incorporated by reference to the copy thereof filed as Exhibit 1-A4D to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a4d_energea.htm) |
| 6.4\*\* | [Proposed Operation and Maintenance Agreement for Salinas Project (incorporated by reference to the copy thereof filed as Exhibit 1-A4E to the Company's Form 1-A filed July 2, 2020)](https://www.sec.gov/Archives/edgar/data/1811470/000121390020016522/ea123696ex1a4e_energea.htm) |
| 6.5\*\* | [Proposed Credit Management Agreement for Energea Brazil (incorporated by reference to the copy thereof filed as Exhibit 4.6 to the Company's Form 1-A filed January 9, 2024)](https://www.sec.gov/Archives/edgar/data/1811470/000181147024000005/ex4-6.htm) |
| 6.6\*\* | [Lattice Credit Agreement amended December 23, 2023 (incorporated by reference to the copy thereof filed as Exhibit 6 to the Company's Form 1-A filed January 9, 2024)](https://www.sec.gov/Archives/edgar/data/1811470/000181147024000005/ex6.htm) |
| 9\*\* | [Letter regarding change in certifying accountant, dated as of March 3, 2022](https://www.sec.gov/Archives/edgar/data/1811470/000181147023000005/ex9_accountchange.htm) |
| 11.1\* | [Consent of Independent Auditor (Whittlesey PC), dated April 29, 2025](consentofauditor.htm) |
| 11.2\* | [Consent of McCarter & English (included in Exhibit 12)](legalopinion.htm) |
| 12.1\* | [Legal opinion of McCarter & English, LLP dated June 4, 2025](legalopinion.htm) |

---

*\* Filed herewith*

*\*\* Previously filed*

 

*Page 53*

 

  *Signatures*

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Chester, State of Connecticut, on June 4, 2025.

<u>Energea Portfolio 2 LP</u>

By: Energea Global LLC

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

Name: Michael Silvestrini

Title: Co-Founder and Managing Partner

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

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

Name: Mike Silvestrini

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

Date: June 4, 2025

 

*Page 54*

## Ex1A-2A

Energea Portfolio 2 LP

AUTHORIZING RESOLUTION

Class A Investor

June 3, 2025

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

The undersigned, being the General Partner of Energea Portfolio 2 LP, a Delaware limited partnership (the "<u>Company</u>"), hereby adopts the following resolutions as an "<u>Authorizing Resolution</u>" pursuant to Section 3.02 of the Limited Partnership Agreement dated June 3, 2025 (the "<u>Partnership Agreement</u>"):

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

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

3. **Distributions**.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6. "<u>Company Investment</u>" means an investment in government bonds made by the Company.

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. Third, any remaining Distributable Cash Flow shall be distributed seventy (70%) percent to the Holders and the Reg D Holders on a *pari passu* basis and thirty (30%) percent to the holders of the Common Shares.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. Second, any remaining Net Capital Proceeds shall be distributed seventy (70%) percent to the Holders and the Reg D Holders on a pari passu basis and thirty (30%) percent to the holders of the Common Shares.

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

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

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

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

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

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

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

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

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

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

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

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

7. <u>Redemption Plans</u>. The Company currently maintains a redemption plan as described in the Offering Circular (such redemption plan or any other similar plan adopted by the Company, a "<u>Redemption Plan</u>"). If a Holder desires to transfer any Class A Investor Shares and at such time, the Company has any Redemption Plan in place, the Holder shall comply with terms and conditions of the Redemption Plan prior to instituting any request pursuant to <u>Section 6</u>.

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

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

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

[Signature Page to follow]

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

Energea Global, LLC its General Partner

By _______________________________<br> Michael Silvestrini, Manager

By _______________________________<br> Chris Sattler, Manager

## Ex1A-2A

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

1.) The jurisdiction where Energea Portfolio 2 LLC (the "<u>Limited Liability Company</u>") was first formed is Delaware.

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

3.) The date the Limited Liability Company was first formed is January 13, 2020.

4.) The name of the Limited Liability Company immediately prior to filing this Certificate of Conversion is Energea Portfolio 2 LLC.

5.) The name of the Limited Partnership as set forth in the Certificate of Limited Partnership is Energea Portfolio 2 LP.

IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 3<sup>rd</sup> day of June, A.D. 2025.

Energea Global LLC, its General Partner

By:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>Michael Silvestrini</u>

Title: <u>Managing Partner</u>

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

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

• **First:** The name of the limited partnership is Energea Portfolio 2 LP.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of the Registered Agent at such address is American Incorporators Ltd.

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

Energea Global LLC

52 Main Street Chester, CT 06412

• **In Witness Whereof,** the undersigned has executed this Certificate of Limited Partnership as of 3<sup>rd</sup> day of June, A.D. 2025.

**Energea Global LLC**

**By:** 

**<u>Name:_Michael Silvestrini</u>**

**<u>Title: Managing Partner</u>**

## Ex1A-2B

&nbsp;&nbsp; <br> **LIMITED PARTNERSHIP AGREEMENT**<br> **OF**<br> **ENERGEA PORTFOLIO 2 LP,**<br> **a Delaware Limited Partnership**<br> **___________**<br>**June 3, 2025**<br>

**LIMITED PARTNERSHIP AGREEMENT**

**OF**

**Energea Portfolio 2 LP**

This Limited Partnership Agreement (as amended from time to time in accordance with its terms, this "<u>Agreement</u>") is entered on June 3, 2025, by and among Energea Portfolio 2 LP, a Delaware limited partnership (the "<u>Company</u>"), Energea Global LLC, a Delaware limited liability company ("<u>Energea Global</u>" or the "<u>General Partner</u>"), and the persons currently holding Class A Investor Shares (as hereinafter defined) and the persons admitted to the Company as limited partners by the General Partner following the date of this Agreement (collectively "<u>Limited Partners</u>").

**Introduction**

WHEREAS, the Company was formed on January 13, 2020 as a Delaware limited liability company and the Company elected to be classified as a C-corporation for federal income tax purposes;

WHEREAS, on June 3, 2025, the General Partner (in its then current capacity as the manager of the Company) determined that it was advisable and in the Company's best interest to convert the Company from a limited liability company to a limited partnership pursuant to and under the Delaware Limited Liability Company Act (as amended) (the "<u>LLC Act</u>") and the Act (as hereinafter defined) (the "<u>Conversion</u>") and in connection therewith (i) the Company maintained its election to be classified for federal income tax purposes as a C-corporation and (ii) the Amended and Restated Limited Liability Company Agreement (the "<u>OA</u>") was superseded and replaced by this Agreement pursuant to the authority granted to the General Partner (in its then current capacity as the manager of the Company) under the OA;

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

WHEREAS, the LLC Class A Investor Shares are being offered to the public pursuant to the Offering Statement of the Company qualified by the Securities and Exchange Commission (the "<u>SEC</u>") on June 6, 2024, (as the same may be amended, the "<u>Offering Circular</u>") and each Limited Partner holding Class A Investor Shares purchased its interest pursuant to an investment agreement in the form previously approved by the General Partner in its capacity as the manager of the Company (the "<u>Investment Agreement</u>");

WHEREAS, in connection with the Conversion and the Company's annual amendment to the Offering Circular, the Class A Authorizing Resolution contains amendments to the authorizing resolution creating the class A investor shares which have been approved by the General Partner to conform the Class A Authorizing Resolution to new business practices of the Company set forth in the amendment to the Offering Circular (as permitted under this Agreement and the OA);

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

**Article I. CONTINUATION OF LIMITED PARTNERSHIP**

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

1.02 **Name**. The name of the Company shall be "Energea Portfolio 2 LP" and all of its business shall be conducted under that name or such other name(s) as may be designated by the General Partner.

1.03 **Purpose**. The purpose of the Company shall be to invest in solar energy projects in Brazil, as described more fully in the Offering Circular but the Company may engage in any other business in which limited partnerships may legally engage under the Act. In carrying on its business, the Company may enter into contracts, incur indebtedness, sell, lease, or encumber any or all of its property, engage the services of others, enter into joint ventures, and take any other actions the General Partner deems advisable.

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

**Article II. CONTRIBUTIONS AND LOANS**

2.01 **Initial Contributions**. The General Partner has not contributed any capital to the Company. Each Limited Partner has contributed or will contribute to the capital of the Company the amount specified in his, her, or its Investment Agreement. The capital contributions of General Partner or any Limited Partner (collectively, the "<u>Partners</u>") to the Company are referred to in this Agreement as "<u>Capital Contributions</u>."

2.02 **Other Required Contributions**. No Partner shall be obligated to contribute any capital to the Company beyond the Capital Contributions described in <u>Section 2.01</u>, except for the return of distributions under certain circumstances as required by 6 De. C. § 17-607 and 6 Del. C. § 17-804.

2.03 **Loans**.

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

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

2.04 **Other Provisions on Capital Contributions**. Except as otherwise provided in this Agreement or by law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Partner shall be required to contribute any additional capital to the Company after payment of the Capital Contribution described in <u>Section 2.01</u>;

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

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

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

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

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

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

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

**Article III. SHARES**

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

3.02 **Classes of Investor Shares**. In the event that any Investor Shares are not sold either (i) pursuant to Investment Agreements as described in the Offering Circular or (ii) pursuant to the Company's expected offering to accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), the General Partner may determine remove any rights, powers and preferences of such unsold Investor Shares. The General Partner may divide any Investor Shares which are not outstanding into one or more classes. The number of Shares of each such class of Investor Shares, and the rights and preferences of each such class, shall be as set forth in the resolution or resolutions of the General Partner creating such class, referencing this <u>Section 3.2</u> (each, an "<u>Authorizing Resolution</u>"). Without limitation of the generality of the foregoing, the General Partner may establish, with respect to each class of Investor Shares, its voting powers, conversion rights or obligations, redemption rights or obligations, preferences as to distributions, and other matters. The Authorizing Resolution providing for issuance of any class of Investor Shares may provide that such class shall be superior or rank equally or be junior to the then outstanding Investor Shares of any other class except to the extent prohibited by the terms of the Authorizing Resolution establishing another class.

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

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

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

3.06 **Intentionally Omitted**.

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

**Article IV. DISTRIBUTIONS**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Revenue from the rental of solar projects;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The cost of equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Debt service payments;

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

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

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

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

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

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

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

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

**Article V. MANAGEMENT**

5.01 **Management by General Partner**.

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

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

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

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

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

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

5.02 **Standard of Care**. The General Partner shall conduct the Company's business using its business judgment.

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

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

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

5.06 **Removal of General Partner**.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

6.02 **Exculpation and Indemnification**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Indemnification**.

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

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

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

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

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

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

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

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

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

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

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

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

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

7.04 **Right of Inspection**.

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

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

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

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

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

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

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

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

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

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

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

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

**Article VIII. TRANSFERS OF SHARES**

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

8.02 **First Right of Refusal**.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A transfer to any person in accordance with the Company's policy attached hereto as <u>Exhibit C</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A transfer pursuant to <u>Section 8.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the dissolution of a Partner that is an entity, transfers to its equity holders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The sale of all or substantially all of the Shares (including pursuant to a merger or consolidation);

*provided*, *however*, that in the case of a transfer pursuant to <u>Section 8.05(a)</u>, <u>(b)</u>, <u>(d)</u> and <u>(e)</u>, the transferred Investor Shares shall remain subject to this Agreement.

8.06 **Intentionally Omitted**.

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

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

8.09 **Intentionally Omitted**.

8.10 **Drag-Along Right**. In the event the General Partner approves a sale or other disposition of all of the Shares, then, upon notice of the sale or other disposition, each Partner shall execute such documents or instruments as may be requested by the General Partner to effectuate such sale or other disposition and shall otherwise cooperate with the General Partner. The following rules shall apply to any such sale or other disposition under this <u>Section 8.10</u>: (i) each Limited Partner shall represent that he, she, or it owns his or its Investor Shares free and clear of all liens and other encumbrances, that he, she, or it has the power to enter into the transaction, and whether he, she, or it is a U.S. person, but shall not be required to make any other representations or warranties; (ii) each Limited Partner shall grant to the General Partner a power of attorney to act on behalf of such Limited Partner in connection with such sale or other disposition; and (iii) each Limited Partner shall receive, as consideration for such sale or other disposition, the same amount he, she, or it would have received had all or substantially all of the assets of the Company been sold and the net proceeds distributed in liquidation of the Company.

8.11 **Waiver of Appraisal Rights**. Each Partner hereby waives any appraisal rights such Partner may otherwise have pursuant to 6 Del. C. § 17-212 or otherwise, as well as any "dissenter's rights.

8.12 **Redemptions**.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchase Price and Payment**. Unless otherwise agreed in writing between the selling Limited Partner and the Company, the price of Investor Shares purchased and sold pursuant to this <u>Section 8.12</u> shall be ninety percent (90%) of the then-current value of such Investor Shares as determined by the Company in accordance with its financial model as described in the Offering Circular. The purchase price shall be paid by wire transfer or other immediately available funds at closing, which shall be held within sixty (60) days following written notice from the General Partner.

8.13 **Withdrawal**. A Limited Partner may withdraw from the Company by giving at least ninety (90) days' notice to the General Partner. The withdrawing Limited Partner shall be entitled to no distributions or payments from Company on account of his, her, or its withdrawal, nor shall he, she, or it be indemnified against liabilities of Company, unless otherwise provided herein.. For purposes of this <u>Section 8.13</u>, an Limited Partner who transfers Investor Shares pursuant to (i) a transfer permitted under <u>Article 8</u>, or (ii) an involuntary transfer by operation of law, shall not be treated as thereby withdrawing from Company.

8.14 **Pledge of Shares by the General Partner**. The General Partner may (but shall not be required to) pledge all or any portion of its Common Shares and/or any Investor Shares held by the Limited Partners as security for a loan made to the Company, and transfer such Common Shares and/or Investor Shares to the lender in the event of a default under the loan.

**Article IX. DISSOLUTION AND LIQUIDATION**

9.01 **Dissolution**. The Company shall be dissolved upon the first to occur of the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The determination of the General Partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The entry of a decree of a judicial dissolution pursuant to the Act.

9.02 **Liquidation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Generally**. If the Company is dissolved, the Company's assets shall be liquidated and no further business shall be conducted by the Company except for such action as shall be necessary to wind-up its affairs and distribute its assets to the Partners pursuant to the provisions of Sections 3.3 (with respect to any liquidating distribution consisting of operating cash flow) and 3.4 (with respect to distributions consisting of net capital proceeds) of <u>Exhibit A</u> and <u>Exhibit B</u>. Upon such dissolution, the General Partner shall have full authority to wind-up the affairs of the Company and to make final distribution as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Distribution of Assets**. After liquidation of the Company, the assets of the Company shall be distributed as set forth in <u>Article Two</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Statement of Account**. Each Partner shall be furnished with a statement prepared by the Company's accountants, which shall set forth the assets and liabilities of the Company as of the date of complete liquidation.

9.03 **Termination.** Upon compliance with <u>Section 9.02</u>, the Company shall cease to be such, and the General Partner shall execute, acknowledge and cause to be filed with the Secretary of State of the State of Delaware a certificate of cancellation of the Company. The provisions of this Agreement shall remain in full force and effect during the period of winding up and until the filing of such certificate of cancellation of the Company with the Secretary of State of the State of Delaware.

**Article X. POWER OF ATTORNEY**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and any amendment of this Agreement authorized under <u>Section 11.01</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any other instrument or document that may be required to be filed by the Company under the laws of any state or by any governmental agency or which the General Partner shall deem it advisable to file;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any instrument or document that may be required to effect the continuation of the Company, the admission of new Partners, or the dissolution and termination of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any and all other instruments as the General Partner may deem necessary or desirable to effect the purposes of this Agreement and carry out fully its provisions.

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

10.03 **Notice to Limited Partners**. The General Partner shall promptly furnish to each Limited Partner a copy of any amendment to this Agreement executed by the Limited Partner pursuant to a power of attorney from such Limited Partner.

**Article XI. AMENDMENTS**

11.01 **Amendments Not Requiring Consent**. The General Partner may amend this Agreement without the consent of any Limited Partner to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The correction of typographical errors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The admission, substitution, withdrawal, or removal of Partners in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An amendment that cures ambiguities or inconsistencies in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An amendment that adds to its own obligations or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A change in the fiscal year or taxable year of the Company and any other changes that the General Partner determines to be necessary or appropriate as a result of a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A change the General Partner determines to be necessary or appropriate to prevent the Company from being treated as an "investment company" within the meaning of the Investment Company Act;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) A change that the General Partner determines to be necessary or appropriate to prevent the Company from being subject to the ERISA;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An amendment that conforms to the Offering Circular, as the same may be amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any amendments expressly permitted in this Agreement to be made by the General Partner acting alone; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Any other amendment that does not have, and could not reasonably be expected to have, a material adverse effect on the Limited Partners.

11.02 **Amendments Requiring Majority Consent**. Any amendment that has, or could reasonably be expected to have, a material adverse effect on the Limited Partners, other than amendments described in <u>Section 11.03</u>, shall require the consent of the General Partner and Limited Partners holding a majority of the Investor Shares or, if an amendment materially and adversely affects only one series or class of Investor Shares, then the Limited Partners holding a majority of the Investor Shares of that series or class.

11.03 **Amendments Requiring Unanimous Consent**. The following amendments shall require the consent of the General Partner and each affected Limited Partner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An amendment deleting or modifying any of the amendments already listed in this <u>Section 11.03</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment that would require any Limited Partner to make additional Capital Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment that would impose personal liability on any Limited Partner.

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

**Article XII. MISCELLANEOUS**

12.01 **Notices**. Any notice or document required or permitted to be given under this Agreement may be given by a party or by its legal counsel and shall be deemed to be given by electronic mail with transmission acknowledgment, to the principal business address of the Company, if to the Company or the General Partner, to the email address of a Limited Partner provided by such Limited Partner, or such other address or addresses as the parties may designate from time to time by notice satisfactory under this <u>Section 12.01</u>.

12.02 **Electronic Delivery**. Each Partner hereby agrees that all communications with the Company, including all tax forms (if any), shall be via electronic delivery.

12.03 **Governing Law**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In General.** This Agreement shall be governed by the internal laws of Delaware without giving effect to the principles of conflicts of laws. Each Partner hereby (i) consents to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agrees that all disputes arising from this Agreement shall be prosecuted in such courts, except as provided in <u>Section 5.06</u>, (iii) agrees that any such court shall have in personam jurisdiction over such Partner, (iv) consents to service of process by notice sent by regular mail to the address on file with the Company and/or by any means authorized by Delaware law, and (v) if such Partner is not otherwise subject to service of process in Delaware, agrees to appoint and maintain an agent in Delaware to accept service, and to notify the Company of the name and address of such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Exception**. The exclusive forum selection provisions in <u>Section 12.03(a)</u> shall not apply to the extent prohibited by the Securities Act or the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>").

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

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

12.05 **No Third Party Beneficiaries**. Except as otherwise specifically provided in this Agreement (including, without limitation, <u>Section 12.10</u>), this Agreement is made for the sole benefit of the parties. Except as set forth in <u>Section 12.10</u>, no other persons shall have any rights or remedies by reason of this Agreement against any of the parties or shall be considered to be third party beneficiaries of this Agreement in any way.

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

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

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

12.09 **Execution by Limited Partners**. It is anticipated that this Agreement will be executed by Limited Partners through the execution of an Investment Agreement.

12.10 **Legal Representation**. Each Limited Partner hereby agrees and acknowledges that: (a) McCarter & English, LLP ("<u>McCarter & English</u>") has been retained as legal counsel by the General Partner in connection with the preparation of this Agreement and the General Partner and the transactions described in the Offering Circular and in such capacity has provided legal services to the Company and the General Partner; (b) McCarter & English is not representing and will not represent the Limited Partners in connection with this Agreement, the transaction described in the Offering Circular, any offering of Investor Shares, the management and operation of the Company or any dispute that may arise between the Limited Partners on the one hand and the Company and/or the General Partner on the other hand (the "<u>Company Legal Matters</u>"); (c) each Limited Partner should, if it wishes counsel on a Company Legal Matter, retain its own independent counsel with respect thereto and, except as otherwise specifically provided by this Agreement, will pay all fees and expenses of such independent counsel; and (d) each Limited Partner agrees that McCarter & English may represent the Company, the General Partner and/or any of their affiliates in connection with any and all Company Legal Matters that are or in the future may become adverse to one or more Limited Partners, including disputes and litigation, and waives any potential or actual conflict of interest, including the right to disqualify McCarter & English from such representation, that could arise by virtue of the fact that a Limited Partner is or becomes a client of McCarter & English.

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

12.12 **Relationship to Investment Agreement**. In the case of a Limited Partner, this Agreement governs such Limited Partnership's ownership of Investor Shares and the operation of the Company, while the Investment Agreement governs such Limited Partner's purchase of Investor Shares. In the event of a conflict between the two agreements, this Agreement shall control.

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

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

Energea Global, LLC its General Partner

By _______________________________<br> Michael Silvestrini, Manager

By _______________________________<br> Chris Sattler, Manager

<u>Exhibit A</u>

Class A Authorizing Resolution

(See attached.)

<u>Exhibit B</u>

Reg D Authorizing Resolution

(See attached.)

<u>Exhibit C</u>

Beneficiary Agreement

(See attached.)

## Ex1A-4

**Energea Portfolio 2 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 2 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 initially filed with the United States Securities and Exchange Commission on June 6, 2024, as amended by the Post-Qualification Amendment No. 1 filed on June 4, 2025 and any other amendments after such date (collectively, the "<u>Disclosure Document</u>").

II. Prior to June 3, 2025, the Company was a limited liability company formed under the laws of the State of Delaware, but on such date, the Company statutorily converted into a limited partnership organized under the laws of the State of Delaware. In connection with the above described conversion, the partners of the Company became parties to that certain Limited Partnership Agreement dated as of June 3, 2025.

1. **Defined Terms**. Capitalized terms that are not otherwise defined in this Investment Agreement have the meanings given to them in the Disclosure Document. The Company and/or the General Partner are sometimes referred to using words like "we" and "our," and Purchaser is sometimes referred to using words like "you" and "your."

2. **Purchase of Shares**. Subject to the terms and conditions of this Investment Agreement and if your proposed subscription is accepted by the Company in its sole discretion, the Company hereby agrees to sell to you, and you hereby agree 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>." You 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 you hereby irrevocably agree 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**. You do not have the right to cancel your subscription or change your mind. Once you sign this Investment Agreement, you are obligated to purchase the Shares if your subscription is accepted by the Company, no matter what.

4. **Our Right to Reject Investment**. In contrast, we have the right to reject your subscription for any reason or for no reason, in our sole discretion. If we reject your subscription, any money you have given us will be returned to you. This Investment Agreement will be deemed to be accepted by us and this Investment Agreement will be binding against us only upon execution and delivery to the Subscriber of this Agreement.

5. **Your Promises**. You promise that:

5.1. **Accuracy of Information**. All of the information you have given to us, whether in this Investment Agreement or otherwise, is accurate and we may rely on it. If any of the information you have given to us changes either before or after we accept your subscription, you will notify us immediately.

5.2. **Risks**. You understand all the risks of investing, including the risk that you could lose all your money. Without limiting that statement, you have reviewed and understand 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 you, except the information in the Disclosure Document. None of the Company, the General Partner or any of their respective representatives has guaranteed any financial outcome of your investment.

5.4. **Opportunity to Ask Questions**. You have had the opportunity to ask questions about the Company and the investment. All your questions have been answered to your satisfaction.

5.5. **Your Legal Power to Sign and Invest**. You have the legal power, capacity and authority to sign this Investment Agreement and purchase the Shares.

5.6. **No Government Approval**. You understand 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**. You understand 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, you should be prepared to hold the Shares indefinitely.

5.8. **No Advice**. We have not provided you with any investment, financial, or tax advice. Instead, we have advised you to consult with your own legal and financial advisors and tax experts.

5.9. **Tax Treatment**. We have not promised you any particular tax outcome from buying or holding the Shares.

5.10. **Acting on Your Own Behalf**. You are acting on your own behalf in purchasing the Shares, not on behalf of anyone else.

5.11. **Investment Purpose**. You are purchasing the Shares solely as an investment, not with an intent to re-sell or "distribute" any part of it.

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. Your 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 you are 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 you are 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 are you 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 you are 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 is 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 our request, you will provide further documentation verifying the source of the money used to purchase the Shares.

5.14. **Disclosure**. You understand that we may release confidential information about you to government authorities if we determine, in our sole discretion after consultation with our lawyer, that releasing such information is in the best interest of the Company or if we are required to do so by such government authorities.

5.15. **Additional Documents**. You will execute any additional documents we request if we reasonably believe those documents are necessary or appropriate and explain why.

5.16. **No Violations**. Your purchase of the Shares will not violate any law or conflict with any contract to which you are a party.

5.17. **Enforceability**. This Investment Agreement is enforceable against you in accordance with its terms.

5.18. **No Inconsistent Statements**. No person has made any oral or written statements or representations to you that are inconsistent with the information in this Investment Agreement and the Disclosure Document.

5.19. **Financial Forecasts**. You understand that any financial forecasts or projections are based on estimates and assumptions we believe to be reasonable but are highly speculative and such and given the industry, our actual results may vary from any forecasts or projections.

5.20. **Notification**. If you discover at any time that any of the promises in this <u>Section 5</u> are untrue, you will notify us right away.

5.21. **Legality in Non-U.S. Jurisdictions**. If you are not a citizen or resident of the United States, you represent that the offering of Shares conducted by the Company, and your purchase of Shares, are lawful under the laws of the jurisdiction where you are a citizen and/or resident.

5.22. **Knowledge**. You have enough knowledge, skill, and experience in business, financial, and investment matters to evaluate the merits and risks of the investment.

5.23. **Financial Wherewithal**. You can afford this investment, even if you lose your money. You don't rely on this money for your current needs, like rent or utilities.

5.24. **Individuals**. If you are a natural person (not an entity), you are a citizen or permanent resident (green card) of the United States.

5.25. **Entity Investors**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.1. **Good Standing**. Purchaser is validly existing and in good standing under the laws of the jurisdiction where it was organized and has full entity power and authority to conduct its business as presently conducted and as proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.2. **Other Jurisdictions**. Purchaser is qualified to do business in every other jurisdiction where the failure to qualify would have a material adverse effect on Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.3. **Authorization**. The execution and delivery by Purchaser of this Investment Agreement, Purchaser's performance of its obligations hereunder, the consummation by Purchaser of the transactions contemplated hereby, and the purchase of the Shares, have been duly authorized by all necessary entity action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.4. **Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25.5. **Information to Purchasers**. Purchaser has not provided any information concerning the Company or its business to any actual or prospective investor, except the Disclosure Document, this Investment Agreement, and other written information that the Company has approved in writing in advance.

6. **Confidentiality**. The information we have provided to you about the Company, including the information in the Disclosure Document, is confidential. You will not reveal such information to anyone or use such information for your own benefit, except to purchase the Shares.

7. **Re-Purchase of Shares**. If we decide that you provided us with inaccurate information or have otherwise violated your obligations, or if required by any applicable law or regulation related to terrorism, money laundering, and similar activities, we may (but shall not be required to) repurchase your Shares for an amount equal to the amount you paid for them.

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. You hereby (i) consent to the personal jurisdiction of the Delaware courts or the Federal courts located in or most geographically convenient to Wilmington, Delaware, (ii) agree that all disputes arising from this Investment Agreement shall be prosecuted in such courts, (iii) agree that any such court shall have in personam jurisdiction over you, (iv) consent to service of process by notice sent in accordance with <u>Section 8</u> and/or by any means authorized by Delaware law, and (v) if you are not otherwise subject to service of process in Delaware, agree 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 we accept your subscription, then your execution of this Investment Agreement will also serve as your execution of the Partnership Agreement, just as if you had signed a paper copy of the Partnership Agreement.

10. **Consent to Electronic Delivery**. You agree that we may deliver all notices, tax reports and other documents and information to you by email or another electronic delivery method we choose pursuant to the email address set forth on the Investor Information Statement. You agree to tell us right away if you change your email address or home mailing address so we can send information to the new address.

11. **Notices**. All notices between us will be electronic. You will contact us by email at **info@energea.com** We will contact you by email at the email address on the Investor Information Sheet. Either of us may change our 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. WE WILL NOT BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF YOU TELL US YOU MIGHT INCUR THOSE DAMAGES. This means that at most, you can sue us for the amount of your investment. You can't sue us for anything else. However, the foregoing limitation of damages does not apply to claims arising under the Federal securities laws.

12.2. You further agree 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 you 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 you, 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, you agree that you 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 you provide to the Company and the transactions contemplated thereby, including any misrepresentation made by you or any of your agents, any breach of any declaration, promise representation or warranty of you, your 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 your lack of proper authorization from your beneficial owners to execute and perform the obligations under this 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 Subscriber to comply with any applicable law, rule or regulation having application to the Covered Persons.

14. **Waiver of Jury Rights**. IN ANY DISPUTE WITH US, YOU AGREE TO WAIVE YOUR 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 you and acceptance of this Agreement by the Company.

16. **Miscellaneous Provisions**.

16.1. **No Transfer**. You may not transfer your 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**. This Investment Agreement, the Partnership Agreement, and the Shares are the only agreements between us.

16.4. **Relationship with Partnership Agreement**. This Investment Agreement governs Purchaser's purchase of the Shares, while the Partnership Agreement governs Purchaser's ownership of the Shares and the operation of the Company. In the event of a conflict between the two agreements, the Partnership Agreement shall control.

16.5. **Electronic Signature**. This Investment Agreement will be signed electronically, rather than physically.

**INVESTOR INFORMATION SHEET**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> *Name of Purchaser* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Number of Class A Investor Shares* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Price Per Investor Share* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Total Investment*<br>| &nbsp;&nbsp; <br> _______________________________ |
| &nbsp;&nbsp; *Social Security Number* | &nbsp;&nbsp; _______________________________ |
| &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 2 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 2 LP**

**AUTO-INVEST AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Auto-Invest Agreement (this "<u>Agreement</u>") is entered into on ________________, by and between Energea Portfolio 2 LP, a Delaware limited partnership (the "<u>Company</u>") and the investor identified on the Investor Information Sheet attached ("<u>Purchaser</u>").

I. The Company is offering for sale Class A Investor Shares pursuant to an Offering Circular initially filed with the United States Securities and Exchange Commission on June 6, 2024, as amended by the Post-Qualification Amendment No. 1 filed on June 4, 2025 and any other amendments after such date (collectively, the "<u>Disclosure Document</u>").

II. Prior to June 3, 2025, the Company was a limited liability company formed under the laws of the State of Delaware, but on such date, the Company statutorily converted into a limited partnership organized under the laws of the State of Delaware. In connection with the above described conversion, the partners of the Company became parties to that certain Limited Partnership Agreement dated as of June 3, 2025 (the "<u>Partnership Agreement</u>").

III. Purchaser has previously purchased Class A Investor Shares pursuant to an investment agreement with the Company (the "<u>Original Investment Agreement</u>") and Purchaser desires to purchase additional Class A Investor Shares on a periodic basis 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.

2. **Purchase of Additional Shares**. Subject to the terms and conditions of this Agreement, Purchaser hereby agrees to purchase additional Class A Investor Shares for the amounts and at the intervals set forth on the Investor Information Sheet (purchases made at such intervals being the "<u>Auto Investments</u>").

3. **Price of Additional Shares**. The price of Class A Investor 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.

4. **Opt Out**. By giving the Company at least thirty (30) calendar days' notice (*via* email) prior to any Auto Investments, Purchaser may either (i) elect not to invest in one or more Auto Investments in accordance with this Agreement, or (ii) elect not to invest in any Auto Investments on a go-forward basis.

5. **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). Any cutbacks made of the number of Class A Investor Shares which Purchaser may purchase hereunder, shall not be considered a breach of this Agreement.

6. **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* Class A Investor 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.

7. **Purchaser Promises**. Purchaser makes the following promises, which are true and correct as of the date hereof and which by acceptance of any Class A Investor Shares after the date hereof, are and will be true and correct as of the date and purchase of any additional Class A Investor Shares (all the Class A Investor Shares purchased by Purchaser are referred to in this Agreement as "<u>Shares</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. **Accuracy of Information**. All of the information Purchaser has given to the Company 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 the Company accepts Purchaser's Auto Investment, Purchaser will notify the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. **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;7.3. **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;7.4. **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;7.5. **Legal Power to Sign and Invest**. Purchaser has the legal power, capacity and authority to sign this Agreement and purchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. **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;7.7. **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;7.8. **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;7.9. **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;7.10. **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;7.11. **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;7.12. **Anti-Money Laundering Laws**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.2. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.3. 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;7.13. **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;7.14. **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 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;7.15. **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;7.16. **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;7.17. **Enforceability**. This Investment Agreement is enforceable against Purchaser in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18. **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;7.19. **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;7.20. **Notification**. If Purchaser discovers at any time that any of the promises in this Section 7 are untrue, Purchaser will notify the Company right away.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21. **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;7.22. **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;7.23. **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;7.24. **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;7.25. **Entity Purchasers**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

7.25.1. **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.

7.25.2. **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.

7.25.3. **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.

7.25.4. **Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

7.25.5. **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.

8. **Confidentiality**. The information the Company has provided to Purchaser about the Company, including information in the Disclosure Document, is confidential. Purchaser will not reveal such information to anyone or use such information for Purchaser's own benefit, except to purchase the Shares.

9. **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.

10. **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 Section 12 and/or by any means authorized by Delaware law.

11. **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.

12. **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.

13. **Limitations on Damages**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. 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;13.2. 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.

14. **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 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 Subscriber to comply with any applicable law, rule or regulation having application to the Covered Persons.

15. **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.

16. **Survival**. The representations, warranties and agreements contained in this Agreement will survive the execution of this Agreement by Purchaser and the Company.

17. **Miscellaneous Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. **No Transfer**. Purchaser may not transfer his, her, or its rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. **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;17.3. **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;17.4. **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; <br> *Day of Monthly Investment*  | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Dollar Amount of Monthly Investment*<br>| &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Date of First Monthly Investment* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; <br> *Period* | &nbsp;&nbsp; <br> _______________________________<br>|
| &nbsp;&nbsp; *Social Security Number* <br> *(If You Are An Individual)*<br>*Or*<br>*Employer Identification Number*<br> *(If You Are An Entity)*<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 2 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 2 LP**

**AUTO-REINVESTMENT AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Auto-Reinvestment Agreement (this "<u>Agreement</u>") is entered into on ________________, by and between Energea Portfolio 2 LP, a Delaware limited partnership (the "<u>Company</u>") and the investor identified on the Investor Information Sheet attached ("<u>Purchaser</u>").

I. The Company is offering for sale Class A Investor Shares pursuant to an Offering Circular initially filed with the United States Securities and Exchange Commission on June 6, 2024, as amended by the Post-Qualification Amendment No. 1 filed on June 4, 2025 and any other amendments after such date (collectively, the "<u>Disclosure Document</u>").

II. Prior to June 3, 2025, the Company was a limited liability company formed under the laws of the State of Delaware, but on such date, the Company statutorily converted into a limited partnership organized under the laws of the State of Delaware. In connection with the above described conversion, the partners of the Company became parties to that certain Limited Partnership Agreement dated as of June 3, 2025 (the "<u>Partnership Agreement</u>") Purchaser desires to purchase additional Class A Investor Shares with the proceeds of distributions that would otherwise be made to Purchaser.

III. Purchaser has previously purchased Class A Investor Shares pursuant to an investment agreement with the Company (the "<u>Original Investment Agreement</u>") and Purchaser desires to use proceeds of distributions received from Company to purchase additional Class A Investor Shares 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.

2. **Purchase of Additional Shares**. For each distribution paid to Purchaser, Purchaser hereby agrees to use the amount of the distribution to purchase additional Class A Investor Shares on the terms and conditions set forth herein. No fractional Class A Investor Shares shall be issued in connection with such purchase and as such, the Company shall issue to Purchaser that number of Class A Investor Shares determined by dividing the amount of such distribution by the then current purchase price determined as set forth in <u>Section 3 hereto</u>, which shall be rounded down to the nearest whole share. The remaining amount of such distribution after such purchase shall be distributed to Purchaser.

3. **Price of Additional Shares**. The price of Class A Investor 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.

4. **Opt Out**. By giving the Company at least thirty (30) calendar days' notice (*via* email) of each monthly distribution, Purchaser may either (i) elect not to reinvest any further distributions in accordance with this Agreement or (ii) elect not to reinvest one or more distributions to be made to Purchaser.

5. **Termination Upon Conclusion of Offering**. By law, Purchaser will no longer be permitted to reinvest distributions 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 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). Any cutbacks made of the number of Class A Investor Shares which Purchaser may purchase hereunder, shall not be considered a breach of this Agreement.

6. **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* Class A Investor 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.

7. **Purchaser Promises**. Purchaser makes the following promises, which are true and correct as of the date hereof and which by acceptance of any Class A Investor Shares after the date hereof, are and will be true and correct as of the date and purchase of any additional Class A Investor Shares (all the Class A Investor Shares purchased by Purchaser are referred to in this Agreement as "<u>Shares</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. **Accuracy of Information**. All of the information Purchaser has given to the Company 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 the Company accepts Purchaser's auto-reinvestment, Purchaser will notify the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. **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;7.3. **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;7.4. **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;7.5. **Legal Power to Sign and Invest**. Purchaser has the legal power, capacity and authority to sign this Agreement and purchase the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. **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;7.7. **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;7.8. **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;7.9. **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;7.10. **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;7.11. **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;7.12. **Anti-Money Laundering Laws**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.1. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.2. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12.3. 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;7.13. **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;7.14. **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 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;7.15. **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;7.16. **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;7.17. **Enforceability**. This Investment Agreement is enforceable against Purchaser in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18. **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;7.19. **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;7.20. **Notification**. If Purchaser discovers at any time that any of the promises in this Section 7 are untrue, Purchaser will notify the Company right away.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21. **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;7.22. **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;7.23. **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;7.24. **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;7.25. **Entity Purchasers**. If Purchaser is a legal entity, like a corporation, partnership, or limited liability company, Purchaser also promises that:

7.25.1. **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.

7.25.2. **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.

7.25.3. **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.

7.25.4. **Investment Company**. Purchaser is not an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

7.25.5. **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.

8. **Confidentiality**. The information the Company has provided to Purchaser about the Company, including information in the Disclosure Document, is confidential. Purchaser will not reveal such information to anyone or use such information for Purchaser's own benefit, except to purchase the Shares.

9. **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.

10. **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 Section 12 and/or by any means authorized by Delaware law.

11. **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.

12. **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.

13. **Limitations on Damages**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. 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;13.2. 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.

14. **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 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 Subscriber to comply with any applicable law, rule or regulation having application to the Covered Persons.

15. **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.

16. **Survival**. The representations, warranties and agreements contained in this Agreement will survive the execution of this Agreement by Purchaser and the Company.

17. **Miscellaneous Provisions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. **No Transfer**. Purchaser may not transfer his, her, or its rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. **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;17.3. **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;17.4. **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; *Social Security Number* <br> *(If You Are An Individual)*<br>*Or*<br>*Employer Identification Number*<br> *(If You Are An Entity)*<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;Name and Title (Only if Purchaser is an Entity)

ACCEPTED

**ENERGEA PORTFOLIO 2 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

![](image001.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 2 LLC of our report dated April 29, 2025 relating to the financial statements as of and for the year ended December 31, 2024.

![](image003.jpg)

Certified Public Accountants Hartford, Connecticut

April 29, 2025

## Ex1A-12

**Mccarter**

English

Mccarter & English, LLP

Four Gateway Center 100 Mulberry Street

Newark, NJ 07102-4056,

www.mccarter.com

June 4, 2025

Energea Portfolio 2 LP 52 Main Street

Chester, CT 06412

*Re: <u>Securities Qualified under Offering Statement on Farm</u> <u>1-A</u>*

 

We have acted as counsel to Energea Portfolio 2 LP, a Delaware limited partnership (the <u>"Company"),</u> in connection with the Company's June 4, 2025 filing with the Securities and Exchange Commission of a Post-Qualification Amendment No. 1 to the Company's Offering Statement on Form 1-A (as amended or supplemented, the <u>"Offering Statement")</u> pursuant to Rule 252 of Regulation A under the Securities Act of 1933, as amended (the <u>"Securities Act"),</u> relating to the qualification of the Offering Statement and the offering by the Company of up to $50,000,000 of the Company's Class A Investor Shares <u>("Class A Investor Shares")</u> representing limited partnership interests of the Company.

In connection with this opinion, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the following (collectively, the <u>"Offering Documents"):</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Limited Partnership Agreement of the Company, as amended to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Certificate of Limited Partnership of the Company, as amended to date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Authorizing Resolution authorizing the Class A Investor Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company's forms of investment agreements, attached as Exhibits 4.2, 4.3 and 4.4 to the Offering Statement (the <u>"Investment</u> <u>Agreements");</u>

5. The Offering Statement; and

6. The Resolutions of Energea Global LLC dated as of June 3, 2025 approving the Offering Statement and the Authorizing Resolution.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below. In rendering our opinion, we have relied upon the representations of the Company contained in the Offering Documents and certificates of public officials and officers of the Company, with respect to all factual matters set forth therein. We have made no independent examination of factual matters set forth in the Offering Documents, certificates of public official or representations made in any such document for the purpose of rendering this opinion. We have not attempted to independently verify such facts.

In particular, we have not reviewed any document (other than the Offering Documents) that is referred to or incorporated by reference into the documents reviewed by us. We have assumed that (i) the enforceability of any such document or instrument referred to or incorporated into the terms of any Offering Documents and (ii) there exists no provision in any document or instrument that we have not reviewed that is inconsistent with or that would otherwise alter the opinions stated herein.

June 4, 2025

In our examination, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. In our examination, we have assumed and have not verified (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures (other than persons signing on behalf of the Company); (iii) the authenticity of all documents, certificates and instruments submitted to us as originals; (iv) the conformity with the originals of all documents supplied to us as copies; (v) the authenticity of the originals of such copies; (vi) the accuracy and completeness of all corporate records and documents made available to us by the Company; (vii) that the foregoing documents, in the form submitted to us for our review, have not been altered or amended in any respect material to our opinion stated herein; and (viii) that at or prior to the time of the issuance and delivery of any of the Class A Investor Shares, (a) the Offering Statement will have become qualified and such qualification shall not have been terminated or rescinded, (b) no stop order of the Commission will have been issued, (c) the Offering Statement and any required supplements will have been delivered to each purchaser of the Class A Investor Shares as required in accordance with applicable law, and (d) the Company will receive consideration for the issuance of the Class A Investor Shares as described in the Offering Statement.

For purposes of the opinion set forth below, we have assumed that no event occurs that (i) causes the number of authorized shares of Class A Investor Shares available for issuance by the Company to be less than the aggregate of the maximum number of then unissued Class A Investor Shares and (ii) the issuances of any Class A Investor Shares under those Investment Agreements which allow for either (a) automatic investment in Class A Investor Shares on monthly basis or (b) automatic reinvestment of distributions in Class A Investor Shares, will not obligate the Company to issue more than the authorized number of Class A Investor Shares.

Our opinions expressed below are subject to the qualification that we express no opinion as to the applicability of, compliance with, or effect of any laws except the Delaware Uniform Revised Limited Partnership Act (including the statutory provisions and reported judicial decisions interpreting the foregoing). We do not find it necessary for the purpose of this opinion to cover, and accordingly we express no opinion as to the application of the securities or blue sky laws of the various states.

Based on the foregoing qualifications, limitations and assumptions, we are of the opinion that, the Class A Investor Shares being sold pursuant to the Offering Statement are duly authorized and will be, when issued in the manner described in the Offering Statement and the applicable Investment Agreement, against payment therefor, legally and validly issued and holders of the Class A Investor Shares will have no obligation to make any further payments for the purchase of the Class A Investor Shares or contributions to the Company solely by reason of their ownership of the Class A Investor Shares.

We hereby consent to the inclusion of this opinion as Exhibit 12.1 to the Offering Statement. In giving our consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations thereunder.

Very truly yours,

![](image001a.jpg)

### 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 2 LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2020

**CIK:** 0001811470

**I.R.S. Employer Identification Number:** 84-4611704

**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:** 860-316-7466

**Person to contact:** Kathy Koser

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount       |
|:---|:---|
| Cash and Cash Equivalents                | $4593375.00  |
| Investment Securities                    | $0.00        |
| Accounts and Notes Receivable            | $375914.00   |
| Property, Plant and Equipment (PP&E)     | $20680075.00 |
| Total Assets                             | $25649364.00 |
| Accounts Payable and Accrued Liabilities | $7844317.00  |
| Long-Term Debt                           | $0.00        |
| Total Liabilities                        | $7844317.00  |
| Total Stockholders' Equity               | $17805047.00 |
| Total Liabilities and Equity             | $25649364.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount      |
|:---|:---|
| Total Revenues                            | $692328.00  |
| Costs and Expenses Applicable to Revenues | $1126733.00 |
| Depreciation and Amortization             | $278913.00  |
| Net Income                                | $-713318.00 |
| Earnings Per Share - Basic                | -0.02       |
| Earnings Per Share - Diluted              | -0.02       |

**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 |      33452199 | n/a     | n/a               |
| none                    |             0 | n/a     | n/a               |

### 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                                | 33452199     |
| 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           | $18750.00 |
| Legal              | McCarter & English, LLP | $33000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** —

### Item 5. Jurisdictions in Which Securities are to be Offered

- All States and Territories