Investment Project Items

Investment Project Overview

Item	LNG Power Plan	Cruise	FSRU
Capacity	200MW, 450MWx2	2,500 PAX x 2	170,000m3
Budget	US$ 1,8 Billion	US$ 500 Million	US$ 350 Million
Planed IRR	15%	11%	15%
Operation Method	KOMIMPO, Direct Management	Cruise One Management	PLN EPI Lease
Equity Target	>70%	100%	100%
Contract	PPA	SA	SA

Project Background

LNG CCPP

(USD 1,8 Billion)

Development scale specified in the government’s long-term power supply and demand
Old equipment centered on diesel engines causes frequent breakdowns and a large-scale power outage occurred this year, Power supply reliability is low
Indonesian Electricity Corporation is promoting this as an Urgent project
Completed the formation of specialized companies in each field, including the Port Authority, KOMIPO, Indonesia Power and the acquisition of land

Cruise

(USD 500 Million)

This is a long-awaited project of the Bali provincial government, and IWAVE has reviewed it in advance
Cruise ship arrival and mooring facilities have already been completed.
Facilitates acquisition of power plant business rights through cooperation with relevant organizations such as the Port Authority (PELINDO).
The project investment risk is low and the ripple effect on the local economy is expected to be very large.

FSRU

(USD 350 Million)

Due to the lack of facilities to supply large-scale LNG power plants, FSRU facilities are needed to supply imported LNG.
PLN EPI, which is responsible for supplying fuel to the power plant, has no investment resources, so it orders the construction of ships from shipyards and leases them
It has high public acceptance as it can provide extra clean energy to the densely populated areas of Denpasar.

Project Activities

25 May 27 : IWAVE, Bali Project Participation Decision
25 May 31 : Bali Project Collaborator Firs Meeting and Project Overview Briefing
25 June 3 : Meeting with Mr. Adie, Bali Managing Director in PLN
25 June 10 : Bali Power Plant Site Visit and Related Authority Meeting
25 June 17 : Establishment of IWAVE Corporation in Nairobi
25 June 18 : Meeting with Mr. Bernadus, President of Indonesia Power
25 June 26 : Internal meeting with Bali Team at the Glen Melia Hotel
25 July 1 : Kenya Investor and Yang Issac sign Asset Management Agreement
25 July 15 : Named as AMC, JPM International and SPC, Bali Power Mandiri for CCPP
25 July 20 : IWAVE Indonesia and JPM International Sign Agreement
25 July 23 : Miami Cruise Organizer Representative Meeting

Annual Investment Plan

Year	Power Plan	Cruise	FSRU	Subtotal
2025	160			160
2026	480	250	140	870
2027	640	250	70	960
2028	400		140	540
2029	120			120
Total	1800	500	350	2650

Project Location – Power Plant, FSRU

Project Location – Gianyar Regency

Second candidate site for Power Plant on local government land

Project Implementation Issues

Everyone agrees that these three projects have many strengths
The relevant government or company requires Proof of Funds of USD 200 Million or more to verify IWAVE’s funding
IWAVE is likely to win project rights from the central government, but its delay in securing funding puts it at risk of being taken over by a competitor
Funding delays threaten to send the best Cruise purchase terms to third parties
The development of the power plant has secured land and partners and has support from the state government, but delays in the project have disappointed
Therefore, IWAVE’s funding support is urgently needed

Investment Management Plan

Operate the following committees under the Board of Directors

Risk Committee

• Maintain transparency in the use of investment funds and corporate stability
• Preemptively analyze key risks and develop response measures
• Regular evaluations and board reporting

Investment Committee

• Establishing a framework for assessing the suitability and ethics of new investment targets
• Preventing asset transfers or opaque operations without committee approval

Audit Committee

• Management is outsourced to a reputable external professional firm
• Audit results are reported to the board of directors and investors
• Any accounting errors are corrected and reported to the board of directors

Key Progress Schedule

2025

Cruise Supply Contract (1)

• Pre-FS, FS implementation
• Local government basic business approval
• Power plant site selection and Agreement
• SPC Establishment

2025

2026

Cruise Supply Contract (2)

• Direct Appointment Authorization
• PQ passed and Submit bid Document
• Engineering company contract and Design
• Contract with main equipment manufacturer
• KOMIPO, EPC supply contract signed
• Purchase of land/ PPA Signing

2026

2027

Start of Construction (32M)

• FSRU Supply Contract

2027

2028

FSRU Operation Start

• Completion of Transmission Line and Substation
• Commissioning Operation Start