HEADWALL POWER STRUCTURE

BUSINESS MODEL ENABLING SELF-FUNDED GROWTH

• The D&C gross margin provides a large part of Headwall’s equity contribution in the project.

• Projects are financed by non-recourse debt, allowing HPI to operate with high financial leverage at the project level while maintaining limited risk exposure at the parent level.

• Annual self funded growth capacity of adding 300-400MW based on average ownership of 50-60%.

INTEGRATED INDEPENDENT POWER PRODUCER

• Stages of project development from origination to ongoing O&M.

BUSINESS MODEL AND TYPICAL PROJECT STRUCTURE

• A fully summary of Headwall Power's business model and typical project structure