SunFarm Platform

Institutional-Grade Solar Infrastructure & Capital Orchestration Engine

Classification: CONFIDENTIAL — Qualified Investors, Credit Committees, and Diligence Counsel Only


Asset	50 MW AC / 59.69 MWp DC Bifacial PV + 25 MW / 100 MWh LFP BESS
Location	Baní, Peravia Province, Dominican Republic
Land	440.68 hectares — titled, surveyed, no superposition
Concession	CNE-CP-0012-2020 — 25-year definitive
Entity	Sunfarming Dom Rep Invest, S.R.L. (RNC 1-31-94471-1)

Executive Overview
Asset Architecture
Capital Stack
Revenue Engine
Tokenization Structure
Financial Model Summary
Risk Matrix
Data Room
Implementation Timeline
Capital Strategy
Governance & Enforcement
$35M Full-Asset Acquisition
Repository Structure
Quick Start
Regulatory Status
DR Capital & Regulatory Stack
Funding Pathways
Named Entities

Executive Overview

SunFarm is a 50 MW utility-scale solar photovoltaic project with integrated 100 MWh battery energy storage, located on 440 hectares of titled land in Baní, Dominican Republic. The project holds a 25-year definitive concession from the Comisión Nacional de Energía and operates under an SPV architecture designed for institutional capital allocation.

All financial outputs are deterministic. Every number traces to an assumption in config/project.js. Every assumption traces to a source document.

Summary Metrics

Metric	Value
Installed Capacity	50 MW AC / 59.69 MWp DC
Module Technology	Bifacial 760W, 78,500 modules
BESS	25 MW / 100 MWh, 4-hour duration, LFP chemistry
Land Area	440.68 hectares (4,406,824 m²)
Concession	25 years, definitive (CNE-CP-0012-2020)
Grid Interconnection	138kV double-circuit, 4.5 km to POI
Total CAPEX	$55,000,000
Year 1 Generation	105,120 MWh
Year 1 Revenue	$11.6M
25-Year Revenue (Base)	$397M
Levered IRR (Base)	43.3%
NPV @ 8%	$81.7M
Min DSCR (Base)	3.90x
Equity Multiple	11.37x
Payback Period	3 years
CO₂ Avoided (Annual)	~63,000 tCO₂

Scenario Comparison

Parameter	Conservative	Base	Aggressive
Revenue Factor	85%	100%	115%
Levered IRR	34.1%	43.3%	52.3%
Min DSCR	3.27x	3.90x	4.53x
Payback	≤3 years	≤3 years	≤3 years
NPV @ 8%	—	$81.7M	—

All scenarios maintain DSCR above 3.0x. No scenario approaches covenant breach territory.

Asset Architecture

The project operates through a three-entity SPV structure designed to isolate land title risk from concession operations and revenue-share securities.

flowchart TD
    HoldCo["<b>SunFarm HoldCo</b><br/>Master Holding Entity"]
    LandCo["<b>LandCo DR</b><br/>440 Ha Titled Land"]
    EnergySPV["<b>Energy SPV</b><br/>50 MW PV + 25 MW BESS"]
    TokenSPV["<b>Token SPV</b><br/>Revenue-Share Securities"]

    PPA["PPA Revenue<br/>$70/MWh + 1.5% escalation"]
    Carbon["Carbon Credits<br/>~63,000 tCO₂/yr"]
    BESS["BESS Revenue<br/>5-stream stacking"]
    Ag["Agricultural Revenue<br/>$800K/yr base"]
    Frontage["Commercial Frontage<br/>Highway lots"]

    HoldCo --> LandCo
    HoldCo --> EnergySPV
    HoldCo --> TokenSPV

    EnergySPV --> PPA
    EnergySPV --> Carbon
    EnergySPV --> BESS

    LandCo --> Ag
    LandCo --> Frontage

Structural Rules:

Land title is held exclusively by LandCo. Title never enters Token SPV or Energy SPV.
Token holders receive revenue participation rights only — no equity claims, no asset claims.
Energy SPV holds the concession, PPA, and BESS operations.
HoldCo consolidates governance and capital allocation across all three entities.
LandCo leases land to Energy SPV under an arm's-length energy lease agreement.

Capital Stack

Target Capital Structure

pie title Capital Structure — $55M CAPEX
    "Senior Debt (60%)" : 33
    "Sponsor Equity (27%)" : 15
    "Token Securities (13%)" : 7

Baseline Terms

Layer	Amount	Terms
Senior Debt	$33.0M	6.5% interest, 18-year amortization, fully amortizing
Sponsor Equity	$15.0M	Target 40%+ IRR, first-loss position
Token Securities	$7.0M	8% preferred return, 20% revenue participation

Sensitivity Analysis — Optimal Capital Structure

The capital stack sensitivity engine tests 42 combinations per scenario (7 debt/equity ratios x 6 interest rates x 3 scenarios = 126 total combinations).

Structure	Interest Rate	Levered IRR	Min DSCR	Equity Multiple
60/40 D/E	6.5%	43.3%	3.90x	11.37x
70/30 D/E	6.0%	56.2%	3.15x	14.8x
80/20 D/E	5.5%	78.8%	3.15x	22.1x
50/50 D/E	7.0%	35.8%	4.95x	8.9x

Blended WACC (estimated): 7.5–8.5% depending on tax shield timing and concessional layer inclusion.

Capital Stack Optimization

flowchart LR
    subgraph Sources["Capital Sources"]
        SD["Senior Debt<br/>Commercial + DFI"]
        CD["Concessional Debt<br/>IFC / IDB / GCF"]
        ME["Mezzanine<br/>Climate Facility"]
        EQ["Sponsor Equity"]
        TK["Token Securities<br/>Reg D 506(c)"]
        GB["Green Bond<br/>ICMA-aligned"]
    end

    subgraph Uses["Use of Proceeds"]
        PV["PV Modules &<br/>BOS"]
        BS["BESS System<br/>25 MW / 100 MWh"]
        TX["Transmission<br/>138kV 4.5 km"]
        DEV["Development &<br/>Soft Costs"]
    end

    SD --> PV
    CD --> PV
    ME --> BS
    EQ --> DEV
    TK --> TX
    GB --> BS

Revenue Engine

25-Year Revenue Composition

pie title 25-Year Revenue Mix — Base Scenario
    "PPA Sales (55%)" : 55
    "BESS Revenue (21%)" : 21
    "Carbon Credits (8%)" : 8
    "Agriculture (7%)" : 7
    "Land Monetization (5%)" : 5
    "Tax Incentives (4%)" : 4

Revenue Stream Detail

Stream	Year 1	Escalation	25-Year Total	Source
PPA Sales	$7.36M	1.5%/yr	~$207M	Energy SPV
BESS Revenue	$2.50M	2.0%/yr	~$80M	Energy SPV
Carbon Credits	$0.95M	3.0%/yr	~$32M	Energy SPV
Agriculture	$0.80M	2.5%/yr	~$27M	LandCo
Land Monetization	Variable	—	~$20M	LandCo
Tax Incentives	Varies	—	—	Ley 57-07

BESS Revenue Stacking (5 Streams)

Stream	Year 1 Revenue	Description
Energy Arbitrage	$1.82M	Buy low / sell high cycling
Frequency Regulation	$1.10M	Ancillary grid services
Capacity Payments	$0.91M	Firm capacity commitments
Peak Shaving	$0.59M	Demand charge reduction
Curtailment Mitigation	$0.14M	Store curtailed generation
Total	$4.56M	17.9% IRR, 481% ROI, 6-year payback

Deterministic Model Assumptions

Parameter	Value	Source
Capacity Factor	24%	Site-specific irradiance study
PPA Rate	$70/MWh	Market comparable, USD-denominated
Annual Degradation	0.4%/yr	Module manufacturer specification
Grid Emission Factor	0.6 tCO₂/MWh	DR national grid average
Carbon Price	$15/tCO₂	Verra VCS spot reference
O&M Cost	$12/kW/yr	Industry benchmark, 2% escalation
Insurance	$1.50/kW/yr	Included in operating costs
Tax Rate	27%	DR corporate rate (exempt years 1-10)

Tokenization Structure

Revenue Waterfall

flowchart LR
    Rev["Gross Revenue<br/>All SPV Streams"] --> OM["O&M Costs<br/>$12/kW + 2%/yr"]
    OM --> DS["Senior Debt Service<br/>$33M @ 6.5%"]
    DS --> RES["Operating Reserve<br/>6-month minimum"]
    RES --> PREF["Preferred Return<br/>8% to Token Holders"]
    PREF --> PART["Revenue Participation<br/>20% to Token Holders"]
    PART --> COM["Common Equity<br/>Sponsor Residual"]

Token Economics

Parameter	Value
Total Raise	$15,000,000
Token Count	150,000
Token Price	$100
Minimum Investment	$1,000
Preferred Return	8% per annum
Revenue Participation	20% of net distributable cash
Regulatory Framework	Reg D 506(c) — accredited investors only
Token IRR	13.5%
Token Multiple	4.18x
Token Payback	8 years

Stress Test Results

Scenario	Token IRR	Token Multiple	Common IRR	Min DSCR
Base Case	13.5%	4.18x	—	3.90x
Revenue -20%	9.6%	—	—	—
CAPEX +15%	11.2%	—	—	—

Under -20% revenue stress, token holders still achieve positive returns above preferred threshold.

Financial Model Summary

Six deterministic models consume from a single configuration source (config/project.js). Change assumptions once — all outputs update.

flowchart TD
    CONFIG["config/project.js<br/>Single Source of Truth"]

    CF["25-Year Cash Flow<br/>Pro Forma P&L"]
    CS["Capital Stack Sensitivity<br/>126 Combinations"]
    TW["Token Waterfall<br/>Distribution Cascade"]
    BE["BESS Revenue Engine<br/>5-Stream Stacking"]
    CC["Carbon Credit Engine<br/>4 Market Scenarios"]
    LM["Land Monetization<br/>LandCo 4-Stream Model"]

    CONFIG --> CF
    CONFIG --> CS
    CONFIG --> TW
    CONFIG --> BE
    CONFIG --> CC
    CONFIG --> LM

    CF --> |"IRR, NPV, DSCR"| DASH["Dashboard<br/>localhost:3000"]
    CS --> |"Optimal D/E"| DASH
    TW --> |"Token vs Common"| DASH
    BE --> |"Revenue by Stream"| DASH
    CC --> |"Revenue by Market"| DASH
    LM --> |"Land-only IRR"| DASH

Model Outputs

Model	Key Output	Base Result
25-Year Cash Flow	Levered IRR, DSCR, NPV	43.3% IRR, 3.90x DSCR, $81.7M NPV@8%
Capital Stack	Optimal structure	80/20 @ 5.5% = 78.8% IRR
Token Waterfall	Token IRR, multiple	13.5% IRR, 4.18x multiple
BESS Revenue	25-year revenue, ROI	$134.2M revenue, 481% ROI
Carbon Credits	Revenue by standard	Verra $29.6M, Compliance $98.0M
Land Monetization	LandCo total value	$20.35M across 4 streams

DSCR Profile

Debt Service Coverage Ratio remains well above covenant levels across all scenarios and all years.

Year     DSCR (Base)
  1      ████████████████████████████████████████  4.52x
  3      ███████████████████████████████████████   4.41x
  5      ██████████████████████████████████████    4.30x
 10      ████████████████████████████████████      4.08x
 15      ████████████████████████████████          3.87x
 20      ██████████████████████████████            3.66x
 25      ████████████████████████████              3.47x
         ─────────────────────────────────
         1.0x  1.5x  2.0x  2.5x  3.0x  3.5x  4.0x  4.5x
         ▲ Covenant (1.20x)

All years remain above 3.0x — no scenario approaches the 1.20x covenant threshold.

Risk Matrix

#	Risk Category	Impact	Probability	Mitigation
1	Regulatory / concession modification	High	Low-Medium	Definitive concession, BIT protection, MIGA/DFC PRI
2	PPA counterparty default	High	Low-Medium	Creditworthy off-taker, revenue diversification (35% non-PPA)
3	Transmission / grid curtailment	Medium-High	Medium	ETED approval, BESS curtailment mitigation, alternative POI
4	BESS degradation / performance	Medium	Medium	LFP chemistry, 2%/yr conservative assumption, augmentation reserve
5	Carbon price volatility	Medium	Medium	Forward sale contracts, floor/ceiling structure
6	Construction delay	Medium	Medium	Fixed-price EPC, liquidated damages, experienced contractor
7	FX risk	Medium	Medium	USD-denominated PPA, USD revenue streams
8	Environmental / permitting	Low	Low	License 0379-20 granted, EIA approved
9	Land title dispute	Low	Low	No Superposición certified, catastro registered
10	Interest rate risk	Medium	Medium	Fixed-rate debt, sensitivity modeled across 6 rates

Detailed risk analysis with full mitigation matrices available in RISK-MEMO.md (10 categories, 258 lines).

Data Room

Document Status

Category	Document	Reference
Corporate	Entity formation (Acta Constitutiva)	A-002
Corporate	Registro Mercantil	A-001
Corporate	SPV organizational chart	spv/
Land	Certificación de No Superposición	B-001
Land	Deslinde y Mensura (survey)	B-002
Land	Catastro registration	B-003
Regulatory	CNE definitive concession	C-001
Regulatory	Environmental license 0379-20	C-002
Grid	ETED no-objection letter	D-001
Financial	25-year pro forma model	models/
Corporate	Board resolutions (SPV creation)	A-004
Corporate	Shareholder agreement	—
Land	Independent appraisal	—
Financial	PPA term sheet	—
Technical	BESS procurement specification	—

Full diligence checklist: data-room/diligence-checklist.md (145 items across 8 categories)

Implementation Timeline

gantt
    title SunFarm PV — Execution Timeline
    dateFormat YYYY-MM
    axisFormat %b %Y

    section Pre-Development
    Feasibility & Site Studies       :a1, 2026-01, 6M
    EIA Update & License Modification:a2, after a1, 3M
    Land Use Finalization            :a3, 2026-03, 4M

    section Financial Close
    PPA Negotiation & Execution      :b1, 2026-04, 5M
    Senior Debt Structuring          :b2, 2026-06, 4M
    Token Offering (Reg D 506c)      :b3, 2026-07, 4M
    Green Bond / DFI Engagement      :b4, 2026-05, 6M
    Financial Close                  :milestone, b5, 2026-10, 0d

    section Construction
    EPC Contract & Mobilization      :c1, 2026-10, 2M
    PV Array Installation            :c2, 2026-12, 8M
    BESS Installation                :c3, 2027-04, 4M
    Transmission Line Construction   :c4, 2026-12, 6M
    Grid Interconnection & Testing   :c5, 2027-06, 2M

    section Commissioning
    Commissioning & COD              :d1, 2027-08, 3M
    Commercial Operation Date        :milestone, d2, 2027-11, 0d
    Performance Testing (30-day)     :d3, 2027-11, 1M

Key Milestones

Milestone	Target Date	Dependency
Financial Close	Q4 2026	PPA execution, debt commitment
Construction Start	Q4 2026	Financial close, EPC contract
BESS Installation	Q2 2027	Equipment procurement
Grid Interconnection	Q3 2027	ETED coordination
Commercial Operation Date	Q4 2027	Commissioning complete

Capital Strategy

The capital/ module implements a full-spectrum capital raising architecture covering 12 funding pathways. Each pathway includes target counterparties, structuring logic, and financial modeling.

flowchart TD
    subgraph Debt["Debt Instruments"]
        GB["Green Bond<br/>ICMA-aligned"]
        SLL["Sustainability-Linked Loan<br/>KPI-adjusted margin"]
        ML["Multilateral Blended Finance<br/>IFC / IDB / DFC / GCF"]
        VF["Vendor Finance<br/>EPC deferred payment"]
    end

    subgraph Equity["Equity & Securities"]
        SE["Sponsor Equity"]
        TK["Token Securities<br/>Reg D 506(c)"]
        HB["Hybrid Token-Bond<br/>Digital bond wrapper"]
        SP["Sovereign Partner<br/>10-20% minority stake"]
    end

    subgraph Revenue["Revenue-Backed"]
        CF["Carbon Forward Sale<br/>5-7 year offtake"]
        BF["BESS-Specific Finance<br/>Storage SPV carve-out"]
        AG["Ag Impact Funding<br/>Grant blending"]
        YC["YieldCo Exit<br/>Year 5 drop-down"]
    end

    subgraph Protection["Risk Mitigation"]
        PRI["Political Risk Insurance<br/>MIGA / DFC / Private"]
    end

    GB --> PROJECT["SunFarm<br/>50 MW PV + 100 MWh BESS"]
    SLL --> PROJECT
    ML --> PROJECT
    VF --> PROJECT
    SE --> PROJECT
    TK --> PROJECT
    HB --> PROJECT
    SP --> PROJECT
    CF --> PROJECT
    BF --> PROJECT
    AG --> PROJECT
    YC --> PROJECT
    PRI --> PROJECT

Capital Channels Summary

Channel	Target Size	Counterparties	Status
Green Bond	$25-50M	IFC, IDB Invest, CAF, HSBC, BNP Paribas	Structuring
Sustainability-Linked Loan	$20-35M	Banco Popular, BanReservas, Scotiabank, Citi	Engagement
Multilateral Blended Finance	$15-30M	IFC, DFC, GCF, CIF, CDB, EIB	Engagement
Carbon Forward Sale	$5-12M	Microsoft, Shell, South Pole, BP	Pre-COD viable
BESS Carve-Out	$10-25M	Fluence, Tesla Energy, Generate Capital	Structuring
Token Securities	$15M	Accredited investors, Reg D 506(c)	Active
Sovereign Partner	$5-10M	CDEEE, EDESUR, Caribbean infra funds	Exploration
Political Risk Insurance	Full CAPEX	MIGA, DFC, Zurich, Chubb, Lloyd's	Quoting

Full capital strategy documentation: capital/

Governance & Enforcement

Phase III implements an institutional-grade covenant enforcement layer modeled on project finance credit agreement logic.

flowchart TD
    FM["Financial Model Output<br/>DSCR, LLCR, Reserve Ratio"] --> CE["Covenant Engine<br/>Threshold Monitoring"]

    CE -->|"DSCR ≥ 1.20"| PASS["Normal Operations<br/>Distributions Permitted"]
    CE -->|"DSCR < 1.20"| WARN["WARNING<br/>Cure Period Activated"]
    CE -->|"DSCR < 1.05"| DEFAULT["EVENT OF DEFAULT<br/>Step-in Rights Triggered"]

    WARN --> CURE["Cure Actions<br/>Cash Sweep, Reserve Top-up"]
    CURE -->|"Cured"| PASS
    CURE -->|"Not Cured"| ESCALATE["Enforcement Escalation"]

    DEFAULT --> ENFORCE["Enforcement Actions"]
    ENFORCE --> DS["Distribution Suspension"]
    ENFORCE --> CS["Cash Sweep Activated"]
    ENFORCE --> TY["Token Yield Reduction"]
    ENFORCE --> SI["Step-in Rights Triggered"]
    ENFORCE --> FR["Forced Refinance Mode"]

    ESCALATE --> DRB["Dispute Resolution Board"]
    DRB --> BC["Breach Confirmed"]
    DRB --> WG["Waiver Granted"]
    DRB --> RS["Restructure Required"]

Covenant Thresholds

Covenant	Warning	Event of Default	Cure Period
DSCR	< 1.20x	< 1.05x	90 days
LLCR	< 1.15x	< 1.00x	90 days
Debt-to-Equity	> 80%	> 90%	60 days
Reserve Ratio	< 3 months	< 1 month	30 days

Enforcement Outcomes

Distribution Suspension: Equity distributions halted, cash retained for debt service
Cash Sweep Activated: Excess cash redirected to accelerated debt repayment
Token Yield Reduction: Preferred return suspended, participation rights deferred
Step-in Rights: Lender assumes operational control of Energy SPV
Forced Refinance: Mandatory capital restructuring process initiated

Full governance module: governance/

Deterministic audit bundle export: export/audit_bundle.js

$35M Full-Asset Acquisition

Transaction Summary

The platform models the full acquisition of the SunFarm SPV — including titled land (440.68 ha), the 25-year definitive concession (CNE-CP-0012-2020), all permits, and development rights — for a total purchase price of $35,000,000 USD.

Parameter	Value
Purchase Price	$35,000,000
Independent Appraisal	$47,900,000
Discount to Appraisal	26.9%
Structure	Staged milestone payments
Total Basis (Acquisition + CAPEX)	$90,000,000
Escrow Holdback	$3,500,000 (10%)
Governing Law	Dominican Republic (ICC arbitration)

Staged Payment Architecture

flowchart LR
    subgraph Payments["$35M Staged Payments"]
        S["Signing<br/>$5M"]
        FC["Financial Close<br/>$10M"]
        NTP["Notice to Proceed<br/>$10M"]
        COD["Commercial Operation<br/>$10M"]
    end

    subgraph Escrow["Escrow"]
        E["$3.5M Holdback<br/>10% of Total"]
        R["Release: 12 months<br/>post-COD"]
    end

    S --> FC --> NTP --> COD
    COD --> E --> R

Capital Impact — $90M Total Basis

The acquisition transforms the capital structure by adding $35M to the $55M CAPEX, creating a $90M total basis. The acquisition-impact model tests 27 combinations (3 scenarios × 3 D/E ratios × 3 revenue multipliers) to identify the break-even acquisition price.

Scenario	Total Basis	D/E	Levered IRR	Min DSCR	Verdict
Full Acquisition	$90M	60/40	~18–22%	~1.5x	Viable — above 18% floor
Discounted Basis	$80M	60/40	~22–26%	~1.8x	Strong
Baseline (no acquisition)	$55M	60/40	43.3%	3.90x	Reference

Acquisition Covenants

Four acquisition-specific covenants are enforced in governance/covenants.js:

Covenant	Metric	Warning	Default	Cure
Acquisition Leverage	Total debt / total basis	> 75%	> 85%	60 days
Purchase Price Ceiling	Price / appraisal	> 80%	> 100%	30 days
Total Basis DSCR Stress	DSCR at $90M basis	< 1.50x	< 1.20x	90 days
Earn-Out Compliance	Milestone score	< 90%	< 70%	45 days

Risk Mitigation

27% discount to appraisal — built-in equity cushion from day one
Staged payments — capital deployed only as milestones achieved
Escrow holdback — 10% retained for 12 months post-COD
Earn-out adjustments — upward max $1.5M, downward max $7M (20%)
Rep survival — 36 months general, 60 months title, perpetual fraud
PRI coverage — MIGA political risk insurance available for staged acquisition

Acquisition Documents

Document	Path
Asset Purchase Framework	`docs/legal/acquisition-35M/asset-purchase-framework.md`
Share Purchase Agreement	`docs/legal/acquisition-35M/share-purchase-agreement.md`
Promesa de Venta	`docs/legal/acquisition-35M/promesa-de-venta.md`
Earn-Out Addendum	`docs/legal/acquisition-35M/earn-out-addendum.md`
Closing Checklist	`docs/legal/acquisition-35M/closing-checklist.md`

Deterministic acquisition model: models/acquisition-impact.js

Repository Structure

sunfarm-platform/
│
├── config/
│   └── project.js                    # Single source of truth — all models consume from here
│
├── models/
│   ├── 25-year-cashflow.js           # Pro forma: EBITDA, FCF, DSCR, IRR, NPV, payback
│   ├── capital-stack-sensitivity.js  # 126-combo D/E x interest rate x scenario matrix
│   ├── token-waterfall.js            # O&M → Debt → Reserve → Preferred → Common
│   ├── bess-revenue-engine.js        # 5-stream revenue stacking with scenario toggling
│   ├── carbon-credit-engine.js       # 4 market scenarios + forward sale analysis
│   ├── land-monetization.js          # LandCo 4-stream model + land-only IRR
│   └── acquisition-impact.js         # $35M acquisition: 27-combo matrix, break-even, staging
│
├── capital/
│   ├── green-bond/                   # ICMA-aligned green bond + TVRD + SPO + term sheet
│   ├── sustainability-linked-loan/   # KPI framework & margin ratchet modeling
│   ├── multilateral/                 # IFC/IDB/DFC/GCF engagement map + blended WACC
│   ├── dfi-blended/                  # Blended finance stack mechanics (IFC/IDB/DFC/GCF)
│   ├── fideicomiso/                  # DR trust securitization — overview, ringfence, term sheet
│   ├── ppp/                          # PPP Law 47-20 pathway assessment
│   ├── export-credit/                # ECA & vendor finance playbook
│   ├── carbon-forward/               # Offtake model + Verra VCS + forward term sheet
│   ├── bess-finance/                 # Storage SPV carve-out + equipment lease model
│   ├── vendor-finance/               # EPC deferred payment structuring
│   ├── sovereign-partner/            # Minority stake impact simulation
│   ├── political-risk/               # PRI structure + spread impact analysis
│   ├── impact-agriculture/           # Ag impact funding + grant blending
│   ├── hybrid-token-bond/            # Digital bond wrapper (Reg D / Reg S)
│   ├── yieldco-exit/                 # Year 5 drop-down valuation model
│   ├── capital-matrix.js             # Master WACC engine — all structures compared
│   └── outreach-tracker.json         # Institutional CRM — engagement status
│
├── governance/
│   ├── covenants.js                  # Financial covenant definitions & breach detection
│   ├── enforcement.js                # Cash waterfall rerouting & enforcement actions
│   ├── dispute_board.js              # Dispute resolution board logic
│   └── governance-adapter.js         # DAO-ready governance adapter (optional overlay)
│
├── export/
│   └── audit_bundle.js               # Deterministic audit bundle — hashed state export
│
├── spv/
│   ├── holdco/README.md              # Master holding entity governance
│   ├── landco/README.md              # Land asset holder — zone breakdown
│   ├── energy-spv/README.md          # Concession/PPA/BESS/carbon operations
│   └── token-spv/README.md           # Token issuance — waterfall, compliance
│
├── dashboard/
│   ├── server.js                     # Express server — 7 pages + 6 API endpoints
│   ├── routes/                       # Page & API route handlers
│   ├── components/                   # Layout, navigation, chart utilities
│   └── public/                       # Static assets
│
├── data-room/
│   ├── document-index.json           # All documents with status tracking
│   ├── diligence-checklist.md        # 145-item institutional diligence checklist
│   └── diligence-checklist-expanded.md # 87-item DR-specific expanded checklist (7 sections)
│
├── docs/
│   ├── index.html                    # GitHub Pages investor portal
│   ├── assets/                       # Portal styling
│   ├── legal/                        # Entity formation, concession, contracts
│   │   └── acquisition-35M/          # APF, SPA, promesa, earn-out, closing checklist
│   ├── regulatory/                   # CNE, SIE, Ley 57-07, TVRD, BESS compliance memos
│   ├── land/                         # Title, surveys, catastro
│   ├── environmental/                # EIA, licenses, monitoring
│   ├── financial/                    # Budgets, projections, term sheets
│   └── technical/                    # Engineering, grid studies, BESS specs
│
├── diagrams/
│   ├── dr-capital-plumbing-map.md    # All DR entities + capital channels (Mermaid)
│   ├── green-bond-issuance-workflow.md # ICMA + TVRD + SPO workflow (Mermaid)
│   ├── fideicomiso-workflow.md       # Trust cashflow → securities → investors (Mermaid)
│   └── seven-year-timeline-exit.md   # Gantt timeline + exit pathways (Mermaid)
│
├── scripts/
│   └── generate-report.js            # Consolidated report generator
│
├── source-documents/                 # Original project documents (A–F)
│
├── CAPITAL-STACK.md                  # Capital structure analysis
├── TOKENIZATION-STRUCTURE.md         # Token economics & legal framework
├── RISK-MEMO.md                      # 10-category risk matrix
└── PROJECT-SUMMARY.md                # One-page investor summary

Quick Start

# Install dependencies
npm install

# Run individual models
npm run cashflow          # 25-year pro forma
npm run sensitivity       # Capital stack optimization
npm run waterfall         # Token distribution simulation
npm run bess              # BESS 5-stream revenue
npm run carbon            # Carbon credit scenarios
npm run land              # Land monetization

# Run all models
npm run all-models

# Generate consolidated report
npm run report

# Launch dashboard
npm start
# → http://localhost:3000

# Run capital matrix
npm run capital-matrix

# Export audit bundle
npm run audit-bundle

Regulatory Status

Approval	Authority	Status	Reference	Date
Definitive Concession	CNE	Granted	CNE-CP-0012-2020	2020
Environmental License	Ministerio de Medio Ambiente	Granted	License 0379-20	2020
Grid No-Objection	ETED	Approved	Revalidated	May 2025
Land Title	Registro de Títulos	Registered	Cert. No Superposición	Oct 2024
Tax Incentive Eligibility	DGII	Eligible	Ley 57-07	Applicable
BESS Mandate Compliance	CNE	Required	Decreto 517-25	2025

Applicable Legislation

Ley General de Electricidad 125-01
Ley 186-07
Ley 57-07 (Renewable Energy Incentives — 10-year tax exemption)
Decreto 202-08
Decreto 717-08
Decreto 517-25 (BESS mandate)

Dominican Republic Capital & Regulatory Stack

SunFarm is DR-native — structured to access the full depth of Dominican Republic capital markets, regulatory frameworks, and sovereign incentive programs. This is not a generic "emerging market solar" project; every instrument, entity, and pathway below has been mapped to the specific DR institutional landscape.

Regulatory Architecture

flowchart LR
    CNE["CNE<br/>Concession"] --> SIE["SIE<br/>Tariff & Market"]
    SIE --> ETED["ETED<br/>Grid & Transmission"]
    DGII["DGII<br/>Tax (Ley 57-07)"] --> SPV["Energy SPV"]
    CNE --> SPV
    ETED --> SPV
    MOENV["Min. Environment<br/>EIA License"] --> SPV
    SIMV["SIMV<br/>Securities"] --> TRUST["Fideicomiso<br/>de Oferta Pública"]
    TRUST --> BVRD["BVRD<br/>Listed Securities"]
    BVRD --> AFP["AFPs<br/>$15B+ AUM"]
    DGAPP["DGAPP<br/>PPP (Law 47-20)"] -.->|"Optional"| SPV

Key DR Frameworks

Framework	Authority	Relevance	Documentation
Ley 57-07	DGII / CNE	10-year income tax exemption, import duty exemption, transfer tax relief	`docs/regulatory/Ley-57-07-Incentives-Applicability-Memo.md`
Taxonomía Verde RD (TVRD)	SIMV / Min. Environment	DR national green taxonomy — required for green-labeled issuance	`docs/regulatory/Taxonomia-Verde-RD-Alignment.md`
Decreto 517-25	CNE / SIE	Mandatory BESS for renewable projects — SunFarm compliant	`docs/regulatory/BESS-Compliance-Memo.md`
Law 47-20	DGAPP	PPP framework — optional pathway for infrastructure co-investment	`capital/ppp/PPP-Law-47-20-Pathway.md`
Fideicomiso de Oferta Pública	SIMV	DR-native securitization wrapper — access to AFPs ($15B+ AUM)	`capital/fideicomiso/Fideicomiso-Oferta-Publica-Overview.md`

DR Capital Market Access

The fideicomiso de oferta pública is the single most important DR-specific capital instrument. It enables:

AFP participation — Dominican pension funds ($15B+ AUM) are the largest pool of long-duration capital in the country
BVRD listing — public market liquidity for trust certificates
TVRD labeling — green taxonomy compliance for ESG-mandated allocators
CEVALDOM custody — central settlement infrastructure

Precedent: Larimar I (2022) — first TVRD-labeled green fixed-income security in DR capital markets.

Funding Pathways

SunFarm implements 14 discrete funding channels, each with specific counterparties, structuring, and documentation:

#	Channel	Target Size	Key Counterparties	Documentation
1	Green Bond (ICMA-aligned)	$25–50M	IFC, IDB Invest, HSBC, BNP Paribas	`capital/green-bond/`
2	Fideicomiso de Oferta Pública	$15–30M	AFPs, DR insurance, BVRD, SIMV	`capital/fideicomiso/`
3	Sustainability-Linked Loan	$20–35M	Banco Popular, BanReservas, Scotiabank, Citi	`capital/sustainability-linked-loan/`
4	Multilateral Blended Finance	$15–30M	IFC, IDB Invest, DFC, GCF, CIF	`capital/multilateral/` + `capital/dfi-blended/`
5	Export Credit / ECA	$5–12M	Euler Hermes, SINOSURE, K-sure, DFC	`capital/export-credit/`
6	Carbon Forward Sale	$5–12M	Microsoft, Shell, South Pole, BP	`capital/carbon-forward/`
7	BESS Carve-Out	$10–25M	Fluence, Tesla Energy, Generate Capital	`capital/bess-finance/`
8	Token Securities	$15M	Accredited investors, Reg D 506(c)	`capital/hybrid-token-bond/`
9	Vendor Finance	$5–12M	LONGi, CATL, BYD, Fluence, Wärtsilä	`capital/export-credit/` + `capital/vendor-finance/`
10	Sovereign Partner	$5–10M	CDEEE, EDESUR, Caribbean infra funds	`capital/sovereign-partner/`
11	Political Risk Insurance	Full CAPEX	MIGA, DFC, Zurich, Chubb, Lloyd's	`capital/political-risk/`
12	Ag Impact Funding	$1–3M	USAID, GIZ, impact grants	`capital/impact-agriculture/`
13	PPP Co-Investment	TBD	DGAPP, Ministry of Energy, ETED	`capital/ppp/`
14	YieldCo Exit	$65–95M	Brookfield, CSAN, infrastructure secondaries	`capital/yieldco-exit/`

Each channel has dedicated documentation, financial modeling, and/or term sheet templates.

Named Entities

DR Regulatory & Institutional

Entity	Full Name	Role	Relevance
CNE	Comisión Nacional de Energía	Concession authority	Granted CNE-CD-003-2023 (25-year definitive)
SIE	Superintendencia de Electricidad	Electricity market regulator	SIE-119-2022-RCD recommendation; tariff oversight
ETED	Empresa de Transmisión Eléctrica Dominicana	Transmission system operator	138kV POI; grid interconnection approval
SIMV	Superintendencia del Mercado de Valores	Securities regulator	Fideicomiso registration; green bond oversight
DGAPP	Dirección General de Alianzas Público-Privadas	PPP authority	Law 47-20 framework; optional co-investment
DGII	Dirección General de Impuestos Internos	Tax authority	Ley 57-07 tax exemption certification
Min. Environment	Ministerio de Medio Ambiente	Environmental authority	EIA License 0379-20; TVRD alignment
BVRD	Bolsa de Valores de la República Dominicana	Stock exchange	Fideicomiso certificate listing
CEVALDOM	Central de Valores Dominicana	Central custody	Settlement and custody of trust certificates

International / DFI

Entity	Role	Relevance
IFC (World Bank)	Senior lender, equity co-investor, advisory	A/B loan, InfraVentures, blended concessional
IDB Invest	Senior lender, technical cooperation	A/B loan, CIF CTF channeling
DFC (U.S.)	Lender, political risk insurer	Direct loan + PRI dual role
GCF	Concessional capital, first-loss	Below-market debt, catalytic capital
MIGA (World Bank)	Political risk guarantor	Expropriation, transfer, political violence
ICMA	Green bond standards body	GBP June 2025 — framework compliance
Verra	Carbon registry	VCS project registration, VCU issuance

Project Entity

Entity	RNC	Role
Sunfarming Dom Rep Invest, S.R.L.	1-31-94471-1	Operating company / concession holder

For Investors

Document	Description	Location
CAPITAL-STACK.md	Full capital structure, waterfall, sensitivity analysis	Root
TOKENIZATION-STRUCTURE.md	Token economics, legal framework, projected returns	Root
RISK-MEMO.md	10-category risk matrix with institutional mitigations	Root
PROJECT-SUMMARY.md	One-page summary for initial screening	Root
capital/	12-channel capital strategy with counterparty targets	capital/

For Diligence Teams

Resource	Description	Location
data-room/	Document index with status tracking, 145-item checklist	data-room/
source-documents/	Original regulatory, legal, land, and environmental docs	source-documents/
spv/	Entity structure, governance, restrictions per SPV	spv/
models/	Deterministic models with transparent assumptions	models/
governance/	Covenant enforcement, dispute resolution	governance/
export/	Deterministic audit bundle with state hashing	export/

License

Built for institutional diligence. Every number traces to an assumption. Every assumption traces to a source document. Every covenant enforces capital discipline.

Name		Name	Last commit message	Last commit date
Latest commit History 11 Commits
capital		capital
config		config
counterparty-pack		counterparty-pack
dashboard		dashboard
data-room		data-room
diagrams		diagrams
docs		docs
export		export
governance		governance
models		models
scripts		scripts
source-documents		source-documents
spv		spv
.gitignore		.gitignore
CAPITAL-STACK.md		CAPITAL-STACK.md
PROJECT-SUMMARY.md		PROJECT-SUMMARY.md
README.md		README.md
RISK-MEMO.md		RISK-MEMO.md
TOKENIZATION-STRUCTURE.md		TOKENIZATION-STRUCTURE.md
package-lock.json		package-lock.json
package.json		package.json

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SunFarm Platform

Table of Contents

Executive Overview

Summary Metrics

Scenario Comparison

Asset Architecture

Capital Stack

Target Capital Structure

Baseline Terms

Sensitivity Analysis — Optimal Capital Structure

Capital Stack Optimization

Revenue Engine

25-Year Revenue Composition

Revenue Stream Detail

BESS Revenue Stacking (5 Streams)

Deterministic Model Assumptions

Tokenization Structure

Revenue Waterfall

Token Economics

Stress Test Results

Financial Model Summary

Model Outputs

DSCR Profile

Risk Matrix

Data Room

Document Status

Implementation Timeline

Key Milestones

Capital Strategy

Capital Channels Summary

Governance & Enforcement

Covenant Thresholds

Enforcement Outcomes

$35M Full-Asset Acquisition

Transaction Summary

Staged Payment Architecture

Capital Impact — $90M Total Basis

Acquisition Covenants

Risk Mitigation

Acquisition Documents

Repository Structure

Quick Start

Regulatory Status

Applicable Legislation

Dominican Republic Capital & Regulatory Stack

Regulatory Architecture

Key DR Frameworks

DR Capital Market Access

Funding Pathways

Named Entities

DR Regulatory & Institutional

International / DFI

Project Entity

For Investors

For Diligence Teams

License

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