Fair-value range
P25
…Median
…P75
…Marked to latest SARB curve · 06 Jul 2026 (cached)
Sensitivity analysis
Expected IRR
16.5%
Unlevered, post-tax
Asset value
…Mid-range estimate
Annual yield / IRR
16.5%
Unlevered
Capacity
50 MW
Nameplate
Remaining tenor
27.0 yr
PPA / contract
Off-taker
Mine
Risk assessment
Low
Modelled
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Modelled generation profile
15 MW nameplate · Northern Cape
Est. annual generation
33 GWh
~25% capacity factor
P50 estimate
32,900 MWh
PVGIS long-run average
Peak modelled output
12.8 MW
Solar noon, clear sky
Modelled from PVGIS satellite irradiance data — not live metering.
Per-token cash distributions, last 8 quarters
Next expected distribution
Estimated pay date 15 Oct 2026
Based on current modelled performance — indicative, not guaranteed.
5-factor profile derived from the same engine pass as the overall band. Factors are observational — not investment advice.
Detailed factor analysis — NDA required
The evidence behind each factor rating — sub-components, contract structure, and assessment rationale — is available to credentialed investors who have completed the NDA process.
Commercial & industrial offtaker; investment-grade category.
Long-life technology; hydrology variability is the primary technical risk.
13 years of remaining PPA term; re-contracting risk emerging.
Utility-scale (50 MW); strong DSCR and leverage headroom on base case.
Generation licence and grid-access agreement in place; wheeling rights confirmed.
This assessment is observational and describes contract structure and market category only. It does not constitute investment advice. Past performance and indicative ratings do not guarantee future results.
Reference price · live
…Issued at R 100 · +1.9% vs issuance
Created
8 242 481
Available
3 296 992
Held by investors
4 945 489
40% of issuance available on the primary market
PPA / offtake
Contract tenor
27.0 yr remaining
Escalation basis
Off-taker category
Investment grade (≈ BBB, national scale)
Equipment & O&M
Equipment OEM
O&M provider
Commissioned
2 yr in operation
Life & residual
Expected asset life
38 yr remaining
Expected residual value
Conservative estimate — merchant/residual risk beyond PPA
Off-taker shown as a broad category and credit class only; equipment and O&M as generic tier labels. Full counterparty identities and contracts are disclosed in the data room under NDA.
Fair-value range
Data room access requires NDA completion. Typical response within 2 business days.
Fair-value range
Data room access requires NDA completion. Typical response within 2 business days.