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We have received a Letter of Intent (LOI) formally expressing our interest in leasing with a purchase option, six (6) Siemens SGT-600 turbines for deployment in a power generation project in Ecuador. (see redacted below)

This project has been structured by Ecuador’s state-owned electricity company, and involves up to 260 MW of firm capacity under a continuous dispatch scheme with an accelerated deployment timeline.



The are particularly interested in units that are pre-assembled or containerized to reduce installation time. The proposal considers an 18-month lease starting from COD (Q4 2025), with the option to purchase at the end of the term.



Subject: Formal Expression of Interest – Lease and Purchase Option of Siemens SGT-600 Turbines



for Ecuador Power Project



On behalf of our Government client we are pleased to formally express our strong interest in initiating a lease agreement for six (6) Siemens SGT-600 gas turbines for deployment in Ecuador to develop and operate a power generation project. This project involves supplying up to 260 MW of firm capacity through modular gas turbine technology under a fast-track implementation schedule.



The scope of our offer includes:



• Deployment of gas turbines of approximately 20–25 MW each, with 7 units already secured



(7 x GE TM2500).



• The subcontractors are responsible for the transportation to site (except for the importation process), installation (up to the battery limits to be defined between the parties),



commissioning, operation and maintenance. This scope of work can be mutually agreed in a different division of responsibilities.



• The power plant will be fueled initially with diesel and switched to a dual fuel operation when natural gas is available.



• The turbines will operate in simple cycle mode, with continuous dispatch under CELEC’s grid balancing and firm generation scheme.



We are seeking SGT-600 turbines as complete packages, potentially including gas compressors and ancillary equipment. Given the urgency of the project timeline, we



are particularly interested in units that are pre-packaged or containerized, enabling a reduced installation timeline.



Our proposal to your company includes:



• A lease term of 18 months (duration of contract), starting at COD on Q4 2025.



• A purchase option at the end of the lease.



The project benefits from a long-term government-backed contract we can ensure stable cash flows. As part of our standard structure, we shield our equipment providers



from counterparty risk through a robust package of guarantees, including advance payments, stand-by letters of credit, and insurance coverage against expropriation or asset



retention by Ecuadorian authorities. This structure ensures timely payments and mitigates some risk throughout the lease term.



We are keen to provide a comprehensive presentation detailing the key components of this project and the strategic partners involved as well as open to discussing further terms, including delivery schedules, and due diligence documentation. We believe this collaboration can be mutually beneficial.



#santiago

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