GEIYV — Phase 2 Structuring (Term Sheet)

From aggregated assets to investable capital structure

Framework Context
This appendix defines the financial architecture, entry mechanisms, and return structure of GEIYV, translating Phase 1 assets into an institutional investment vehicle.

→ GEIYV — Phase 1 Asset Map
→ Investor Framework — Capital Allocation in an Energy-Bound System
→ Financial–Physical Asymmetry in an Energy-Bound System
→ Energy Constraint and the Monetary Ceiling

Core Principle

Assets become investable when risk is structured, revenue is stabilised, and scale is achieved.

Structural Logic

Risk structuring = alignment with system capacity

This is the mechanism through which:

• financial capital is matched to physical system constraints

• volatility is redistributed across capital layers

• long-duration infrastructure becomes investable

I. Vehicle Overview

Structure

• Type: Infrastructure Yield Vehicle / Fund / Platform

• Jurisdiction: Greece / EU-aligned

• Form:

  • closed-end or semi-permanent fund

  • or SPV-based aggregation platform

Target Scale

• Phase 1 platform:
  → €1–2 billion asset base

• Expansion capacity:
  → €3–5 billion (Mediterranean integration)

Asset Composition

• renewable generation (solar / wind)

• grid-linked infrastructure

• storage integration

• optional compute-linked assets (Phase II+)

II. Entry Mechanisms (Capital Deployment Layer)

1. Brownfield Acquisition

• minority or majority stakes in:

  • operational renewable portfolios

→ immediate yield generation

2. Portfolio Aggregation (SPV Roll-Up)

• consolidation of:

  • fragmented project SPVs

→ equity roll-up into unified GEIYV structure

3. Co-Investment (Development Layer)

• alongside:

  • domestic developers

  • infrastructure sponsors

→ focus on late-stage / de-risked assets

4. Refinancing Channel

• refinance:

  • operational infrastructure assets

→ replace higher-cost or short-duration capital

Result

Capital enters through existing system capacity, not speculative development.

III. Capital Structure (Layered Stack)

1. Public / EU Layer (10–20%)

• first-loss capital

• guarantees

• concessional funding

Providers:

• EU programmes

• EIB / development institutions

2. Institutional Layer (50–70%)

• pension funds

• insurance capital

• sovereign investors

Position:
→ senior / low-volatility tranche

3. Private / Strategic Layer (10–30%)

• family offices

• infrastructure funds

• strategic capital

Position:
→ higher-return tranche

Core Logic

Risk is distributed according to capital absorption capacity.

IV. Revenue Model

1. Contracted Revenues (Core Layer)

• long-term PPAs (10–20 years)

• CfD / FiT frameworks

• regulated grid returns

→ 60–70% of portfolio

2. Semi-Contracted Layer

• capacity payments

• ancillary services

• partial merchant exposure

→ 20–30%

3. Merchant Exposure (Limited)

• market pricing

• optimisation upside

→ 0–10%

V. Return Profile

Base Case

• Core yield:
  → 4–6%

• Blended portfolio:
  → 5–7%

Upside Case

• optimisation (storage / integration)

• operational efficiency

• leverage

→ 6–8%+

Duration

• asset life:
  → 20–30 years

• revenue visibility:
  → 10–20 years

VI. Risk Framework

1. Energy Price Risk

→ mitigated via PPAs / regulated pricing

2. Grid / Curtailment Risk

→ mitigated via integrated grid exposure

3. Construction Risk

→ limited to storage / integration layers
→ mitigated via phased deployment

4. Regulatory Risk

→ mitigated via EU-aligned frameworks
→ long-duration policy visibility

Interpretation

Risk is not eliminated.
It is structured to reflect underlying system capacity.

VII. Governance Structure

Platform Governance

• central investment committee

• asset-level SPVs

• independent oversight

Alignment

• developer alignment (equity rollover)

• long-term capital orientation

• regulatory coordination

VIII. Liquidity & Exit

Options

• partial listing (yield vehicle)

• secondary market transfers

• long-duration hold (income strategy)

Investor Profile

• long-duration capital

• yield-oriented

• infrastructure allocation mandates

IX. Structural Return Logic

Returns are not driven by scarcity or financial engineering.

They are driven by:

• system-level cost reduction

• stabilisation of energy inputs

• integration of infrastructure layers

Transmission Logic

Energy → Infrastructure → Cost Stability → Capital Formation

X. Strategic Positioning

What GEIYV Is

• system-aligned infrastructure platform

• energy-linked return vehicle

• capital allocation mechanism

What GEIYV Is Not

• not speculative development

• not short-duration financial positioning

• not subsidy-dependent structuring

XI. Link to System Constraint

This structure directly mitigates:

• energy cost volatility

• industrial margin compression

• capital outflows

• monetary constraint transmission

See transmission mechanism:
→ Energy Constraint and the Monetary Ceiling

XII. Final Statement

Capital does not naturally allocate to system-building assets.
It must be structured to align with system capacity.