In most cases, the leases for our projects have an initial term of 20 years, plus options to extend for additional years if we are still able to sell power from the project. In total, together with the extension options, the overall lease term is usually 35 to 40 years. The project cashflows are typically much lower in the early years and we would like to continue to lease the property for as long as we can continue to produce power.

The number of acres we can develop depends on local zoning, site conditions, and the grid’s capability to absorb our power. For example, project sites in Oregon near/within the Willamette Valley max out at 10-12 acres depending on zoning and soil quality.

Yes. We only develop projects where it is expected we can get a land use permit from the local permitting authority.

For the landowner, on a net basis the landowner’s property tax bill will be less because we pay for all property taxes associated with the leased area for the project - even if the project triggers higher assessed property taxes for the leased acreage. In our lease, we agree to pay for any increased taxes caused by our project, including the loss of any farm deferral and any associated back penalty.

At the end of the lease, we are required to return the property back to how we found it so that it is suitable for the original intended zoning use. This requirement is built into our lease, and it is also required as part of the permitting process.

In most cases, our due diligence takes 18-36 months with the range depending on receiving approval for the project’s interconnection and land use permits. If development takes longer than one year, we reserve the option to extend our due diligence period in one-year intervals by paying an extension fee with the overall period not to exceed three years.

During our due diligence, we do the following:

• Interconnection Study – through a series of studies the utility looks at our proposed project, their infrastructure (substation and power lines) in the area, and determines what upgrades are needed in order to accommodate our project. The final outcome of the study includes an estimate of how much those upgrades will cost, which we are obligated to pay for.

• Identify offtake to sell the power from the project.

• Environmental due diligence – Phase 1 environmental studies, wetland delineations, etc.

• Permitting – obtain a conditional use permit from the county

When we are looking for a suitable property, our criteria are:

• Need to be located relatively close to an existing substation with available capacity

• The property needs to be serviced by 3-phase power lines

• The property needs to have enough suitable acres

• The property needs to be free of any known/mapped environmental issues

While we would prefer a flat square piece of property, we can make many different properties work. It can have some topography if it is not too steep or north-facing. We can also make other shapes of property work as we have a lot of flexibility in our design.

It depends... The power we produce is fed onto the local grid to serve the interconnecting utility’s customers. However, if the project is being developed as a community solar project, then you may be able to subscribe to source your power from the project once it’s operational.

No. We pay for everything. From permits and studies to construction and maintenance.

The lease rates we pay vary based on location, anticipated solar production and project economics, and existing market rate lease values for other traditional uses. Regardless, we try to have our lease be the most competitive and favorable opportunity for you and your land.

Absolutely. During our due diligence process, we will need to conduct a handful of site visits, but that is about it. You can continue to use your property as you see fit until we start construction.