Geothermal exploration financing is carried out through the issuance of preferred shares by the SPC, with the majority from the Strategic Partner. The preferred share instrument may be substituted with a shareholder loan subject to the agreed financing structure.

Upon successful completion of the exploration phase, development and EPC financing are undertaken through common shares in proportion to the ownership structure (51/49), supplemented by debt financing

SPC manages the project in an integrated upstream–downstream manner and sells electricity to PLN under a Power Purchase Agreement (PPA)

Geothermal exploration is financed through common shares issued by the SPC, primarily funded by the Strategic Partner, while the Subholding provides permitting facilitation and access, resulting in 80–90% ownership for the Strategic Partner and 10–20% for the Subholding.

Reimbursement of exploration costs will be implemented through the Subholding’s acquisition of common shares from the Strategic Partner.

SPC manages the project in an integrated upstream–downstream manner and sells electricity to PLN under a PPA.

Geothermal exploration is financed through common shares issued by the SPC, primarily funded by the Strategic Partner, while the Subholding provides permitting facilitation and access, resulting in 80– 90% ownership for the Strategic Partner and 10– 20% for the Subholding.

Following successful exploration and approval of the FS by the MEMR, the SPC will conduct a rights issue to be subscribed by the Subholding to achieve the target shareholding of 51% for the Subholding and 49% for the SP.

The rights issue proceeds will fund the Development and EPC phases, with any additional funding to be injected proportionally by the Subholding and the SP to maintain their ownership interests.