BLACK & VEATCH MANAGEMENT CONSULTING, LLC

11401 Lamar Avenue, Overland Park, KS 66211

Developer Experience and Qualification Review

Engineering Design Process Review

Quality Assurance Procedure Review

Major Equipment Technology Review

Solar Resource and Production Estimate Process Assessments

Operating Portfolio Historical Operation Review

Review of Portfolio Agreements

Performance Guarantee Assessment

Financial Model Review

All contracts, agreements, rules, and regulations will be fully enforceable in accordance with their respective terms and that all parties will comply with the provisions of their respective agreements.

Nothing will occur that would change the historical solar resource at the Portfolio sites.

The Portfolio will be operated and maintained in accordance with good industry practices, with required renewals and replacements made in a timely manner, and the equipment will be operated in a manner consistent with the equipment manufacturer’s recommendations.

All licenses, permits and approvals, and permit modifications (if necessary) will be obtained and/or renewed on a timely basis, and all project participants will comply with the requirements and recommendations contained within the applicable licenses and permits.

IGS’ asset management structure, asset monitoring services, and its Channel Partner network are consistent with other top-tier owners, which rely on channel partners to source portfolios of similar PV assets. Black & Veatch notes that IGS evolves its current practices to be consistent with current accepted practices in the residential rooftop solar industry.

IGS as project developer and operator appears technically capable of continuing its responsibilities to oversee the development, construction, operation and maintenance of the assets in the Portfolio.

IGS has a well-developed platform for project development and milestone tracking of its projects to facilitate targeting high production of its facilities.

IGS has a strict underwriting process to ensure that they have creditworthy customers.

The major equipment (modules, inverters, racking, batteries) used for the Portfolio are considered proven technology for the generation and storage of electric energy from sunlight.

The technical aspects of the major equipment supply arrangements generally provide the materials and warranties in line with those of comparable solar energy projects.

The monitoring systems for Portfolio appear to be comparable to those present at comparable applications, and appropriate for cellular-based monitoring for the Portfolio’s PV systems.

Black & Veatch notes that IGS continually refines its energy forecast methodology and processes and follows industry accepted practices for residential solar systems.

Black & Veatch finds the production estimate methodology to be in line with industry practices.

Since IGS has made process and assumptions changes, as well as channel partner changes, that are only reflected in the more recent funds, Black & Veatch is of the opinion that the performance of Funds XI, XII and XIII would be representative of most recent and future projects.

The operating IGS projects from Funds XI, XII and XIII with PTO dates prior to June 2026 and with greater than 13 months of production data achieved an irradiance-adjusted gross production ratio of 100.5 percent over the 24-month period from July 2024 through June 2026.

After a 0.55 percent downtime loss assumption, based on IGS reported historical downtime, Black & Veatch finds an irradiance-adjusted net production ratio of 99.95 percent to be reasonable.

IGS uses a structured three-stage milestone review process (M1, M2, and M3) for deliverable packages that are reviewed for completeness and compliance prior to payment and advancement to the next stage. Deliverable packages with deficiencies may be rejected and require resubmission after corrective actions have been completed. Black & Veatch finds this process to be reasonable.

The Contractor Work Agreement (CWA) establishes a turnkey responsibility model, requiring contractors to perform all project activities from sales, design, engineering, procurement, permitting, and installation through commissioning, utility interconnection, and commercial operation of residential solar and battery projects.

Quality assurance is integrated throughout the project lifecycle, with 100 percent review of plan sets, project designs, and performance estimates by internal teams, supplemented by third-party physical inspections of approximately 5 percent of completed projects to verify workmanship, code compliance, safety, and system accuracy.

Obligations of IGS under the Portfolio’s Operation, Maintenance, and Management Services Agreement are consistent with typical requirements for residential solar systems.

IGS’ approach to monitoring systems for underperformance and outages is consistent with industry practices for residential solar systems.

IGS began shifting most projects from PPAs to leases with performance guarantees starting around December 2022. IGS’ leases in all states except Florida currently include a production guarantee that the system will produce 85 percent of its cumulative estimated system generation over the term of the lease starting after 24 months and trued up annually. Since very few IGS leases with production guarantees are older than 24 months, Black & Veatch reviewed the IGS Operating Portfolio monthly production data to conduct a performance analysis on PPAs and leases without production guarantees as a proxy to help illustrate potential guarantee shortfalls in the future on projects:

Excluding systems deployed in Florida, Ohio, Virginia, Maine, New Hampshire, and Rhode Island, which either do not have production guarantees or have minimal projects with over 24 months of operational history, approximately 8.0 percent of the systems in the IGS operating Portfolio did not meet the 85 percent of expected generation threshold during the first 24 months of operations. The percentage of projects underperforming relative to the production guarantee remains relatively consistent annually thereafter.

Black & Veatch calculated the production weighted deficit ratio which is indicative of the cumulative production underperformance below the 85 percent expected generation threshold relative to the total production guarantee for the Operating Portfolio. The weighted deficit ratio was roughly 1.35 percent during the first 24 months of operation and increases slightly annually to 2.23 percent for projects with 6 years of operation. Black & Veatch considers this level of underperformance to be reasonable given the size and total production of the Portfolio. Black & Veatch forecasted the production weighted deficit ratio for future systems with leases using the Operating Portfolio data as a basis and estimates the production weighted deficit ratio to increase gradually from approximately 1.0 percent in the first 24 months to approximately 3.38 percent by year 25. Black & Veatch also provided a scenario based on historical exclusions seen in the Portfolio with a production weighted deficit ratio to increase gradually from approximately 0.60 percent in the first 24 months to approximately 2.03 percent by year 25.

The Channel Partner agreements generally provide the commodities and services required for the installation, operation and maintenance of similar solar PV assets in accordance with industry accepted practices and include technical provisions generally comparable to other similar agreements for comparable solar energy projects.

The PPAs and Leases are consistent with similar contracts for residential solar PV systems.

The reviewed template of the O&M Agreement is consistent with similar contracts for residential solar PV systems.

The revenue and operating expense assumptions are generally reasonable and consistent with similar residential solar and BESS projects that Black & Veatch has reviewed.

The Financial Model includes performance guarantee penalty payments for leased systems. The penalties in the Financial Model are slightly below what Black & Veatch observed when reviewing the Operating Portfolio as a proxy for future fund performance. Black & Veatch recommends considering increasing the performance guarantee penalties to be consistent with performance of the Operating Portfolio.

The forecasted major maintenance included in the Financial Model appears reasonable and consistent with similar residential solar and BESS projects that Black & Veatch has reviewed.