Emerald Solar Energy SRL operates the Canoa I Solar Park (“Canoa I”) located in the Barahona Province, Dominican Republic. Canoa I reached COD in March 2020 and has a 20 year power purchase in place with Edesur Dominicana SA (EDESUR), a local Dominican distributor. Canoa I is the first of two phases which is expected to reach a total capacity of 50 MW.

On October 18, 2022, the National Energy Commission (CNE) issued the definitive concession for Canoa 2, which will allow for the capacity installed to be doubled from Canoa 1’s current operating capacity of 25 MW to approximately 50 MW. On May 24, 2023, a PPA for Canoa 2 was signed with the local distributor. The Company is currently revisiting the final permits and expansion plan before proceeding with construction. The key development milestone to finalize and amend is the inter-connection agreement with the government owned transmission company to enable the additional capacity to be connected to the current network. Once this is finalized we will proceed to ramp up the construction activities with an expected total construction timeline of approximately 15 months.

While the Company is on standby awaiting for the Canoa 2 milestone to be completed, it has commenced the process to optimize the production at Canoa 1 through the replacement and addition of new solar panels. In addition the Company has commenced the development process to employ storage technology in addition to solar panels in order to fully optimize the revenue opportunity at Canoa 1 and within the current power sales contract.