| STAGE/MILESTONE | DESCRIPTION |
| Origination | Existing data analysis, Site Identification, Memorandum of Understanding/Letter from Government. |
| Inception | Pre-feasibility studies analysis (technical, environmental, financial, legal/regulatory) Preliminary financial model, initial development plan/budget. |
| Structuring | Detailed feasibility, licenses and permits (environmental, generation, interconnection, long term contractual revenue contracts), preparation of engineering design and EPC/O&M procurement package, Local SPV establishment, legal/regulatory/tax structuring. |
| Contracting | Negotiations, Implementation/Concession Agreement, Government Guarantee, Land rights secured, other project procurement, negotiation and signature (LTSA etc). |
| Financing | Equity & debt secured, PIM/marketing materials preparations, bankable financial model finalisation, lenders term sheets, lenders due diligence, insurance package, project agreement amendments, finance and security document negotiations |
| Closing and Start of Construction | Lenders final board approvals, signature of finance documents, CP satisfaction, debt and equity investment/disbursement |
| Construction | LNTP/NTP issued, draw-down management, asset management for SPV (accounting, reporting, general management, construction management, O&M integration management |
| Operation and Exit | Asset management (accounting reporting), O&M oversight, Contract management, Exit strategy formulation and execution |