Partnership Context合作背景
About ESR关于 ESR
What ESR IsESR 简介
ESR is a leading Asia-Pacific real assets manager and developer focused on industrial/logistics and new-economy infrastructure.
ESR 是亚太地区领先的实物资产管理与开发商，专注于工业/物流及新经济基础设施。
Integrated Platform一体化平台
Origination, planning, delivery, asset management, institutional capital solutions.
涵盖项目挖掘、规划、交付、资产管理及机构资本解决方案。
Why ESR为何选择 ESR
Strong capability in site control, development execution, and facilitating long-term capital at FID. ESR holds the 100% lease.
在场地控制、开发执行及 FID 阶段引入长期资本方面具有突出能力。ESR 持有 100% 租约。
Australia Footprint澳洲布局
Established ANZ platform with local delivery capability.
已建立 ANZ 平台，具备本地交付能力。
Working Model合作模式
Partners bring specialist development/energy capability; ESR structures and sponsors transaction pathways.
合作方提供专业开发/能源能力；ESR 负责交易架构与推进。
Asset Overview资产概览
Project Overview项目概览
Opportunity Overview机会概览
- Project: 200 MW / 800 MWh BESS
- Location: Prestons, Sydney
- Land position: Under exclusivity, secured via option to lease
- Site size: ~20,000 sqm (BESS + transformers)
- 项目：200 MW / 800 MWh BESS
- 位置：Prestons, Sydney
- 土地状态：已获得排他权，通过租赁期权保障
- 占地面积：~20,000 sqm（BESS + 变压器）
Key Investment Highlights核心投资亮点
- Directly adjacent to Liverpool 330 kV / 132 kV BSP substation
- Favourable MLF and low network tariffs
- Regular-shaped lot; permissible use for BESS with consent
- High potential for strong offtakes — pathway to highly contracted / potentially 100% contracted offtake
- 紧邻 Liverpool 330 kV / 132 kV BSP 变电站
- 有利的 MLF 及较低网络费用
- 地块规则，可经审批用于 BESS
- 强劲的购电协议潜力——有望实现 100% 合同包销
Site Details场地详情
- Zoning: E5 – Heavy Industrial
- Status: Serviced and flat
- Preparation: Removal of existing small buildings + preparation for BESS footings (landowner deliverables)
- 用途分区：E5 – Heavy Industrial
- 现状：已通服务、地势平坦
- 前期准备：拆除现有小型建筑 + BESS 基础准备（业主负责）
Transaction Process交易流程
- Exclusivity with owner to finalise option deed and ground lease
- Commence option period to conduct due diligence
- Complete development and grid connection approval during option period
- Exercise option and commence ground lease
- Construction
- Commence operation
- 与业主签订排他权，完成 option deed 及 ground lease
- 进入 option period，开展 DD
- 在 option period 内完成 DA 及并网审批
- 行使 option，启动 ground lease
- 施工建设
- 开始运营
Site adjacent to Transgrid Liverpool BSP
Financial Architecture财务架构
Phase 1 Capital RequirementsPhase 1 资本需求
Total Phase 1Phase 1 总额
AUD 10,325,000
Devex SubtotalDevex 小计
AUD 7,050,000
Land Holding土地持有
AUD 2,875,000
ESR Fees (Devex)ESR 费用 (Devex)
AUD 400,000
| Item | Cost (AUD) | Start | Duration | End | Notes |
|---|---|---|---|---|---|
| DEVEX — Subtotal: $7,050,000 | |||||
| Detailed Due Diligence | $350,000 | 1 May 2026 | 3 months | 31 Jul 2026 | |
| Upfront Design Costs | $200,000 | 1 Aug 2026 | 3 months | 31 Oct 2026 | |
| Development Application | $3,000,000 | 1 Nov 2026 | 18 months | 30 Apr 2028 | |
| Grid Connection Application | $2,000,000 | 1 Nov 2026 | 18 months | 30 Apr 2028 | |
| Detailed Design & Engineering | $500,000 | 1 Nov 2026 | 18 months | 30 Apr 2028 | |
| Legals, Financing & Commercials | $1,000,000 | 1 Nov 2026 | 18 months | 30 Apr 2028 | |
| ESR FEES — Subtotal: $400,000 | |||||
| ESR Dev Fee | $400,000 | 1 Aug 2026 | 21 months | 30 Apr 2028 | 4% on devex & land holding costs excl. DD |
| LAND HOLDING — Subtotal: $2,875,000 | |||||
| Option Fee ($30/sqm) | $1,200,000 | 1 May 2026 | 24 months | 30 Apr 2028 | Monthly |
| Option Period Outgoings ($40/sqm) | $1,675,000 | 1 May 2026 | 24 months | 30 Apr 2028 | Monthly |
| TOTAL PHASE 1 | $10,325,000 | May 2026 | 24 months | Apr 2028 | |
What Phase 1 funds:Phase 1 资金用途：
DD
Design
DA + Grid Approvals
Bankable FID Package
Strategic Advantage战略优势
Why This Site Is Prime选址优势
Grid Connection Advantage并网优势
- Direct adjacency to Liverpool BSP — short feeders (reduced capex + lower losses)
- Ability to connect at 330 kV with capacity to achieve 200+ MW
- Strong fault level support from dual 330 kV in-feeds (Sydney South / Sydney West)
- Lower risk of voltage flicker and harmonics vs weaker regional nodes
- 紧邻 Liverpool BSP——短馈电线（降低资本开支及损耗）
- 可在 330 kV 并网，容量达 200+ MW
- 双 330 kV 进线提供强故障水平支撑（Sydney South / Sydney West）
- 电压闪变和谐波风险低于弱区域节点
Supports Sydney Reliability & Growth支撑 Sydney 可靠性与增长
- Serves a fast-growing load centre
- Anchored by Western Sydney Airport, data centres, commercial users, and growing residential demand
- BESS provides contingency response during outages on Sydney-West corridors
- Helps defer/reduce costly transmission upgrades in South-West Sydney
- 服务于快速增长的负荷中心
- 以 Western Sydney Airport、数据中心、商业用户及住宅需求为支撑
- BESS 可在 Sydney-West 走廊故障时提供应急响应
- 有助于延缓/减少 South-West Sydney 显贵的输电升级
Revenue Optimisation in the NEMNEM 收益优化
- Located in Sydney load zone — stronger arbitrage margins
- High MLF (>1) due to proximity to load — avoids long-distance transmission losses
- Access to all 8 FCAS markets (regulation + contingency; raise/lower)
- 位于 Sydney 负荷区——更强套利空间
- 高 MLF (＞1)，贴近负荷，避免远距离输电损耗
- 可参与全部 8 个 FCAS 市场（调频 + 应急；升/降）
System Strength & Technical Services系统强度与技术服务
- Enhances system strength in South-West Sydney (important for incoming data centre loads)
- Contributes to AEMO performance standards
- Potential to contract with Transgrid/AEMO for non-market ancillary services (network support / system security)
- 增强 South-West Sydney 系统强度（对新增数据中心负荷至关重要）
- 符合 AEMO 性能标准
- 可与 Transgrid/AEMO 签约提供非市场辅助服务（网络支持 / 系统安全）
Prestons BESS | Adjacent to Transgrid Liverpool BSP
Project Schedule项目日程
Development Program & Decision Gates开发计划与决策节点
Draft Term Sheet草拟 Term Sheet
29 Feb 2026
Rudder Go / No-Go GateRudder 决策节点
June 2026
NTP / FID TargetNTP / FID 目标
1 May 2028
| Workstream | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 | Q3 '27 | Q4 '27 | Q1 '28 | Q2 '28 | Q3 '28 | Q4 '28 | Q1 '29 | Q2 '29 | Q3 '29 | Q4 '29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Agreement in principle (HOA) | ||||||||||||||||
| Partner & ESR project approval | ||||||||||||||||
| Execute HOA / Term Sheet | ||||||||||||||||
| Finalise landowner legals | ||||||||||||||||
| Preliminary enquiry | ||||||||||||||||
| ESR pre-DD | ||||||||||||||||
| ⬥ Rudder Go / No-Go Gate | ||||||||||||||||
| Detailed due diligence | ||||||||||||||||
| ESR & partner final approval | ||||||||||||||||
| Upfront costs | ||||||||||||||||
| Development application (DA) | ||||||||||||||||
| Grid connection application | ||||||||||||||||
| ★ NTP / FID | ||||||||||||||||
| Exercise lease | ||||||||||||||||
| OEM procurement | ||||||||||||||||
| Construction & commissioning | ||||||||||||||||
| ★ COD |
Key devex Supporting Ancillary Post-FID Milestone Decision Gate
Commercial Governance商业治理
Key Term Sheet PointsTerm Sheet 核心条款
Parties & Structure合作方与架构
- Investment vehicle (JV / Venture SPV) between ESR and Rudder
- Rudder holds 90–95% of shares and contributes 90–95% of capital (majority control)
- 由 ESR 与 Rudder 设立投资载体（JV / Venture SPV）
- Rudder 持有 90–95% 股份并出资 90–95%（多数控制权）
Capital Contributions资本出资
- Staged contribution schedule
- Each stage budget reviewed in IRC and confirmed by Rudder
- Overspend protection: if actual spending is >10% over the agreed estimate, ESR covers the excess
- 分阶段出资计划
- 每阶段预算经 IRC 审查并由 Rudder 确认
- 超支保护：实际支出超过商定估算 >10% 时，由 ESR 承担超出部分
Fees费用
- ESR Development Fee: 4% (applies to pure devex; excludes land-related holding costs)
- Project Acquisition Fee: capped at AUD 500k (negotiated down from AUD 1m), payable upon FID realisation
- ESR Development Fee：4%（仅适用于纯 devex，不含土地持有成本）
- Project Acquisition Fee：上限 AUD 500k（已从 AUD 1m 谈下），FID 实现时支付
Exit / Reinvest Rights退出 / 再投资权利
- Rudder can exit at FID (end of Phase 1)
- Exit price set by independent third-party valuer appointed/elected by Rudder
- Alternatively Rudder may roll shares into Phase 2 (build-own-operate to COD)
- If rolling, conversion is based on the FID sale price
- Rudder 可在 FID 时退出（Phase 1 结束）
- 退出价格由 Rudder 指定的独立第三方估值师确定
- 也可将股份转入 Phase 2（建设-运营至 COD）
- 转入时按 FID 销售价格折算
Governance & Protections治理与保护
- Reserved matters aligned with Rudder’s majority capital contribution
- Clear gate in June 2026 after pre-DD review: proceed to long-form or walk away
- 保留事项与 Rudder 的多数出资地位匹配
- June 2026 明确决策节点：完成 pre-DD 审查后，决定继续或退出
Value Realisation价值实现
Forecast & Exit Pathway预测与退出路径
Target Cost at FIDFID 目标成本
≤ AUD 12 m
Phase 1 DurationPhase 1 周期
~24 months
FID TargetFID 目标
May 2028
Connection接入方式
BSP Bay
Equity IRR
30% – 120%
MOIC
1.2x – 2.0x
EV Multiple
AUD 140k – 190k / MW
MLF (Marginal Loss Factor):
MLF affects how much revenue is realised at settlement after transmission losses.
MLF > 1 is beneficial; it can improve delivered revenue and bankability compared with remote nodes.
Prestons is in the Sydney load zone near Liverpool BSP; proximity to load supports stronger MLF outcomes.
MLF 影响结算时扣除输电损耗后的实际收入。
MLF > 1 有利，可提升实际收入及可融资性。
Prestons 位于 Sydney 负荷区近 Liverpool BSP，贴近负荷支撑更优 MLF 表现。
Exit Pathway at FIDFID 退出路径
Exit Timing退出时机
At Final Investment Decision (FID), ESR facilitates entry of long-term, lower-cost infrastructure capital (super funds, infra funds).
Devex investors realise value uplift at FID exit.
在 FID 时，ESR 促成长期低成本基础设施资本进入（养老基金、基建基金等）。
Devex 投资者在 FID 退出时实现价值提升。
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Capital Transaction资本交易
ESR manages transaction execution and handover to incoming investors.
Devex investors can:
- Exit fully at FID and realise returns, or
- Reinvest alongside ESR and new capital in the build-own-operate phase
ESR 负责交易执行及向新投资人移交。
Devex 投资者可：
- 完全退出并在 FID 实现回报，或
- 再投资与 ESR 及新资本共同进入建设-运营阶段
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ESR’s RoleESR 的角色
Acts as developer and transaction sponsor, leveraging:
- Market relationships with capital
- Proven track record on capital raising and project delivery
Ensures seamless transition and alignment between Devex investors and long-term ownership.
作为开发商及交易发起人，借助：
- 与资本方的市场关系
- 在资本募集及项目交付方面的过往业绩
确保 Devex 投资者与长期持有者之间平稳过渡。