MEMO.1

Investor memo

Remaining Loan Funding Ask

This tab summarizes the remaining loan funding required to carry the Industrial Bravo Project through COD and final completion, the expected timing of those funds, and the expected COD return profile for the funding parties.

Timing is the investment ask. The project must receive funding in time to mobilize no later than June 8, 2026 and fund the final EPC contract payments needed to preserve the year-end COD objective and the associated ITC value. XRC funding does not meet the timing needs required to keep the project on schedule, so supplemental debt funding must be secured now. While not the preferred path, ErthCap DevCo, via PSH-Loan, will reluctantly fund the remaining loan requirements at 12.0% for the duration of the project, up to $38.0M based on the draws herein. ErthCap DevCo and TIL are requested to support this funding need, and TIL is encouraged to match the supplemental funding on an equity-split basis. Should TIL be unwilling or unable to support this funding at this time, TIL's affirmative agreement will be required that PSH-Loan funding support at 12.0% is acceptable.

Supplemental timing note: should the project secure tax equity or other debt prior to COD, capital draws from this funding will be reduced accordingly and/or used to pay down the outstanding balance of the debt funding.

ErthCap DevCo
Jessica Knight
On behalf of ErthCap DevCo
Unsigned
Industrial Bravo LLC
Jim Tyler
On behalf of Industrial Bravo LLC
Unsigned
PSH Loan (Capricorn)
Ion Yadigaroglu
On behalf of Capricorn / PSH
Unsigned
TIL (EIG)
Sami Waqar
On behalf of EIG / TIL
Unsigned
TIL (Modern Energy)
Chris Hamilton
On behalf of Modern Energy / TIL
Unsigned
Open loan agreement
Net remaining loan ask through COD / FC -- Incremental construction bridge funding needed after applying available Bravo / ErthCap capital shown in the model.
Expected repayment event -- Modeled COD loan repayment horizon; legal payoff mechanics remain subject to final documents.
Funding basisRemaining drawsNet of available Bravo / ErthCap capital and active offsets.
Offset mechanicsTax equity / debtNew third-party funding reduces draws and/or pays down balance.
Debt loan rate--Debt funding rate for the remaining loan support.
BorrowerIndustrial Bravo LLCBorrower for the remaining loan funding ask.
MEMO.2

Funding schedule

Timing Of Remaining Funds

The model’s net ask is funded by the active construction draw schedule, net of any early ITC Buyer funding offsets in the current scenario.

Funding DateMilestoneMilestone DateUse of fundsDraw
Scheduled remaining PSH-Loan draws--
Model reconciliation: total through-COD / final-completion funding need is --, less available existing capital of -- and active early ITC funding offset of --, producing a net PSH-Loan funding ask of --. The schedule is rendered from the live workbook bundle.
MEMO.3

Return expectations

Construction-Loan Return View

--

This card isolates the construction loan into Industrial Bravo LLC. It excludes the separate PSH-to-ErthCap equity / funded-stack exposure and retained EPC margin.

December 2026 debt-loan return

Loan-only view: outstanding debt principal plus accrued debt interest at COD. EPC margin and PSH-to-ErthCap equity are excluded.

Principal recovery--Loan-only debt principal outstanding.
Accrued debt interest--Debt interest through scheduled COD payoff.
Interest return---- on loan principal.
COD payoff--Debt principal plus accrued debt interest.
BorrowerIndustrial Bravo LLCLoan-only borrower / obligor.
LenderErthCap DevCoModeled loan provider to Bravo LLC.
Excluded from viewPSH equity / EPCSeparates PSH-to-ErthCap equity and retained EPC margin from the loan return.
MEMO.4

Loan terms

ErthCap DevCo Loan To Bravo LLC

Key terms for the ErthCap DevCo loan into Industrial Bravo LLC.

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