How Repowering and Hybridization Are Redefining the Renewable Energy Investment Case

1.1 Transformation of the Power Grid

The German power market is in the midst of a historic transformation. The build-out of renewable energy — solar in particular — has gained unprecedented momentum in recent years. Following the gas crisis of 2022, the federal government substantially raised its expansion targets: EEG auction volumes for utility-scale solar were increased to two to three times prior-year levels in 2022 and 2023. At the same time, elevated power prices created exceptionally attractive investment conditions. In 2024, renewables accounted for more than 60% of Germany’s power mix for the first time — a milestone that underscores the speed of the energy transition.

The expansion of solar is not only a climate policy imperative — it makes economic sense. Solar energy is today the lowest-cost form of electricity generation and a key driver in reducing the levelized cost of energy. Investments in PV assets enable cost-efficient, decentralized, and sustainable power supply, strengthen energy security, and reduce dependence on fossil fuel imports.

But this success story comes with new challenges. Renewable energy generation is inherently weather-dependent. The rapid build-out of solar, in particular, is driving ever-higher levels of solar feed-in whose timing does not always align with consumption patterns. Grid infrastructure is coming under increasing strain and hitting capacity limits across multiple regions. The result: grids are increasingly unable to absorb and transmit all generated energy — underscoring the urgent need for flexibility solutions and accelerated grid investment.

1.2 Surging Power Demand Meets Volatile Generation

Between 2030 and 2060, total electricity demand is projected to increase by approximately 440 TWh — a rise of 71%. The primary drivers are the ongoing electrification of transport, heating, and industry, alongside growing demand from electrolyzers and data centers.

By 2060, electric vehicles and electrolyzers are each expected to account for more than 10% of total demand. Electrolyzers are gaining particular strategic relevance as they can absorb excess energy and convert it into hydrogen — a critical contribution to grid stabilization.

Data center power demand is projected to more than double between 2030 and 2060, further reinforcing the need for continued renewable expansion. Under the EEG, at least 80% of power demand is to be met by renewables by 2030 — an ambitious target that reflects the scale and urgency of the challenge.

Projected Annual Gross Power Demand — Base Scenario:

• 2030: 621 TWh
• 2040: 792 TWh
• 2050: 909 TWh
• 2060: 1,.061 TWh (+71 %)

(Source: Aurora Energy Research, October 2025)

1.3 Grid Expansion and Flexibility: The Central Bottleneck

The rapid build-out of renewables and the projected surge in power demand are placing substantial pressure on the existing energy system. A central challenge is insufficient grid expansion. While installed wind and solar capacity continues to grow, grid modernization and expansion are lagging behind. During periods of high wind and solar output, regional surpluses of renewable power build up that cannot be fully transported to consumers or stored due to limited grid capacity.

In these situations, grid operators resort to curtailment measures — ramping down or switching off wind and solar assets to maintain grid stability. While operators receive compensation, valuable green power is lost and the objective of a sustainable power supply goes unmet. Oversupply conditions also frequently push power prices into negative territory, particularly during low-demand periods on weekends and public holidays. These dynamics underscore the urgency of accelerated grid investment and the critical need for additional flexibility options — including storage solutions and intelligent grid management.

How Do Negative Power Prices Occur?
The power market operates on the merit order principle: for each hour, expected demand is determined and generators submit price bids. The lowest bids are accepted until demand is covered, with the price of the last accepted bid setting the clearing price. Only generators bidding at or below that price are dispatched.

When large volumes of renewable energy flood the grid while demand is low, a supply surplus emerges. Conventional power plants — which face higher costs for fuel and operations and incur significant expenses to restart — submit negative bids to secure dispatch. As a result, the power price for those hours can turn negative.

1.4 Challenges for Project Developers and Grid Operators

Grid bottlenecks are also making new project development increasingly difficult. For developers, grid connection applications are often lengthy and complex — grid operators are facing a flood of requests with limited capacity to process them. Large-scale battery storage projects, which are urgently needed as flexibility solutions, are among the most affected. Site securing adds another layer of complexity: regulatory requirements, competing land use demands — nature conservation, agriculture, residential development — and community acceptance issues are limiting the availability of suitable sites, making new wind and solar development progressively more time-consuming and capital-intensive.

1.5 Existing Assets and Grid Connection Points: The Gold Standard in Any Portfolio

Against this backdrop, existing assets and grid connection points are appreciating significantly in value. Developing already-utilized sites avoids new land use conflicts and builds on infrastructure that is already in place. The established relationships among all relevant stakeholders — and the ongoing dialogue at the local level — form the foundation for viable solutions and the long-term, sustainable use of these sites.

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2.1 Grid-Supportive Energy Solutions as a Pragmatic Interim Approach

The analysis of current challenges in the German power market makes one thing clear: the energy transition is on the right track — but existing structures are reaching their limits. Volatile renewable feed-in is placing growing strain on the grid. Policymakers are working at full speed on solutions, yet energy security remains a central concern.

For investors and operators, this creates a new perspective. Grid stability is not solely a policy responsibility — every market participant has a role to play. Now is the time to become an active part of the solution and invest in a grid-supportive way. Those who think beyond the conventional single-asset approach today can make a decisive contribution to grid stability — and be rewarded for it economically.

What Does Grid-Supportive Mean? Grid-supportive describes the contribution of an energy asset — whether wind, solar, or battery storage (BESS) — to the stability, reliability, and efficiency of the power grid. It is not simply about generating electricity. It is about actively supporting the grid through flexible operating modes, the combination of complementary technologies, and the integration of storage solutions.

Grid-supportive assets help balance supply and demand at all times. They reduce costly grid congestion, prevent curtailment, and ensure that green power can be reliably utilized even during periods of peak wind and solar output. In doing so, they create not only environmental value, but measurable economic returns — turning investors into active architects of a sustainable energy landscape.

Key Dimensions of Grid-Supportiveness: Grid-supportive renewable energy means integrating assets flexibly and in a grid-compatible manner to ensure grid stability and energy security. Critical factors include intelligent site selection, connectivity to storage and grid infrastructure, the ability to absorb surplus energy, and the integration of adjacent sectors such as heat and transport. This enables efficient utilization of variable renewable output and stabilizes the overall system.

2.2 Repowering and Hybridization: Unlocking the Full Potential of Existing Assets

Existing wind and solar parks hold enormous — and largely untapped — potential that is urgently needed to meet growing power demand and climate targets.

A significant share of Germany’s installed wind and solar capacity is now ten years old or older; many assets have passed the 20-year mark. The technology is outdated, land use efficiency is low, and original subsidy periods are expiring. For investors, this creates a compelling opportunity:

• Production uplift: Technical modernization can materially increase power generation output.
• More efficient land utilization: New technologies enable significantly better utilization of existing sites.
• Lower costs and improved reliability: Modernized assets require less maintenance and benefit from longer warranty periods.

How Can This Potential Be Unlocked?

• Repowering — replacing aging components with modern, high-performance technology — materially improves the efficiency and revenue generation of existing assets.
• Hybridization — combining multiple generation technologies (e.g., wind, solar, and storage) at a single grid connection point — optimizes utilization and economics.

The greatest value is created when both approaches are combined. Only the integration of repowering and hybridization unlocks the full range of synergies — from maximum land utilization and optimized energy yield to more stable, diversified cash flows.

Repowering refers to the process of replacing outdated or underperforming energy generation assets with modern, higher-efficiency technology. Hybridization refers to the combination of multiple renewable energy sources and/or storage technologies at a single grid connection point, smoothing generation peaks and enabling more consistent power feed-in.

The path to realizing this potential is demanding — permitting and development processes are complex and require careful coordination across multiple stakeholders. But this is precisely where the strength of an experienced asset manager becomes decisive: one that navigates regulatory, technical, and community challenges with confidence and delivers investments to lasting success.

2.3 Executing Repowering and Hybridization Projects: Complexity and Success Factors

Developing a repowering or hybridization project is a multi-layered process that extends well beyond technical expertise. It begins with the analysis of site potential, assessment of existing assets, and evaluation of surrounding conditions. Site securing requires intensive negotiation and the alignment of a broad range of stakeholder interests.

A critical step is establishing the planning and zoning basis: while wind energy projects are typically developed within designated priority areas, PV projects often require a development plan and formal land use planning procedures. From there, the process moves to optimizing the park layout, securing permits, and addressing grid connection requirements early — permitting practice in particular demands flexibility and hands-on experience to avoid delays and manage additional regulatory requirements.

Procurement, decommissioning, and construction are the final steps. The entire process demands an interdisciplinary team with deep expertise across engineering, planning, legal, and grid integration — as well as strong communication and negotiation capabilities.

CYCAP’s Development Process at a Glance:

Step	Scope	Interfaces
1. Identify Potential	Site analysis, environmental assessment	—
2. Site Securing	Terms and conditions, lease agreements	Landowners, lawyers, notaries
3. Planning and Zoning Basis	Wind priority areas, land use planning (preparation of development plans)	Municipalities, authorities, urban planning firms, (environmental) consultants
4. Park Layout	Economic optimization taking into account technical and legal constraints	Engineers, consultants, finance experts
5. Permitting	Construction, environmental, and emissions control law	Authorities
6. Grid Connection	Technical assessment, contracts	Grid operators, engineers
7. Procurement	Selection of manufacturers and components; contract negotiation	Suppliers, manufacturers, EPCs, lawyers
8. Construction and Commissioning	Decommissioning, new construction	Construction companies, suppliers, grid operators, consultants

(Source: CYCAP)

2.4 Repowering: Modernization as return driver
2.4.1 Capturing Regulatory Tailwinds

Repowering is today one of the most powerful levers for value creation in existing wind and solar parks. The regulatory environment has improved significantly in recent years. Under the 2023 EEG amendment and the so-called “Easter Package,” utility-scale PV assets can now be modernized ahead of schedule even when existing modules are still operational — with subsidy entitlements preserved. For investors who rely on planning certainty, this is a material advantage.

Permitting processes for wind energy assets have also become more flexible and faster. The deadline for erecting new turbines following decommissioning of legacy equipment has been extended, and site shifts as well as technical modifications are now easier to execute. The introduction of cable pooling allows multiple assets to share a single grid connection point and exceed nominal connection capacity, provided actual feed-in is technically capped (§ 8a EEG 2023). This increases the utilization of existing grid capacity and reduces the need for new grid connections.

2.4.2 The Case for Solar PV Repowering

Technological progress in solar has been rapid. Modern PV modules now achieve efficiencies of over 20% and require less land for the same output. Freed-up surface area can be used to deploy additional modules, materially increasing total park capacity. Existing infrastructure remains usable, reducing capital expenditure and accelerating project delivery.

The result: repowering can typically more than triple the production output of a PV park — while simultaneously reducing the levelized cost of energy.

PV Modules

• Efficiency gains: The average efficiency of standard silicon solar modules has risen from approximately 15% in 2010 to 20–23% and above in 2024.
• Bifacial modules — higher energy yield: Widely adopted modern bifacial modules generate approximately 5–10% additional energy by capturing light on both front and rear surfaces, depending on park layout and ground conditions.
• Extended warranties: New modules are offered with longer product and performance guarantees, increasing investment security.

Inverters

• Improved diagnostics — reduced downtime: More precise sensors and modern fault detection enable faster identification and resolution of issues, materially reducing downtime.
• Longer service life: While older string inverters typically experienced increased failure rates after 8–12 years, modern string inverters now commonly achieve operational lifespans of 10–15 years.

Monitoring

• Higher industry standards: Modern assets meet more stringent requirements for grid security and system monitoring, including cybersecurity.
• Granular monitoring: In addition to inverter-level monitoring, individual string-level (or string pair-level) monitoring is now standard — pushing oversight closer to the module level, enabling faster detection, localization, and resolution of performance reductions and fault sources.

Mounting Systems

• Optimized configuration: Modern mounting systems allow precise tilt angle adjustment and tighter row spacing, enabling highly efficient land utilization

2.4.3 Onshore Wind Repowering

Repowering is opening new horizons for wind energy assets as well. Modern turbines are significantly larger and more powerful than their predecessors. Greater hub heights and larger rotor diameters enable better wind capture at higher altitudes and efficient power generation even at lower wind speeds. This translates not only into substantially higher power output, but also into a more consistent generation profile throughout the year.

Repowering Effects in Wind Parks:

• Power production can be increased by more than four times.
• Larger rotors deliver a smoother generation profile — turbines run at full load more frequently and generate reliable output even in low-wind conditions.
• Existing infrastructure remains in place and fully usable.
• Reduced maintenance requirements, higher reliability, and longer asset lifespans.

For investors, this means existing sites become highly attractive assets with materially enhanced value, more stable revenues, and reduced risk.

Evolution of Wind Turbine Size and Output Since 1980:

Year	Max. Hub Height (m)	Max. Rotor Diameter (m)	Max. Rated Capacity (kW)
1980	30	15	30
1985	40	20	80
1990	50	30	250
1995	75	46	600
2000	100	70	1,500
2005	110	90	3,000
2015	150	130	7,000
2020	160	220	12,000

(Source: for illustrative sources only, Handelsblatt, BWE, US Department of Energy, CYCAP)

2.5 Hybridization: Synergies and Efficiency at the Grid Connection Point

Hybridization describes the shared use of a single grid connection point through the combination of multiple energy generation technologies — wind, solar, and battery storage. This concept delivers decisive advantages for operators and investors alike. By combining PV and wind energy, power production is distributed more evenly across the day and across seasons, as the generation profiles of the two technologies complement each other naturally. Grid capacity can be utilized optimally, while battery storage enables flexible interim storage and targeted monetization of generation peaks.

The economic synergies are equally compelling. Shared use of existing infrastructure — substations, access roads, cable routes — reduces both capital and operating costs. Projects can often be delivered faster, as planning and construction timelines are shortened. Permitting authorities are also frequently more receptive to additional projects on already-developed (“pre-impacted”) sites, and established relationships with authorities can further streamline the approval process.

Hybridization projects also generate tangible local benefits: they increase value creation for communities and landowners, strengthen municipal revenues, and create new opportunities for local service providers. The repurposing of land — including the ecological restoration of monoculture areas — enhances the environmental quality of the region and builds community acceptance.

For investors, the result is a sustainable, future-proof investment that delivers not only financially, but also as a credible contributor to the energy transition.

2.6 Battery Storage: The Grid-Supportive Complement at the Hybrid Energy Site

Within the hybridization of a grid connection point, battery storage is the critical component that unlocks the full value of combined generation technologies and meets the demands of a modern, decentralized power system. Only the integration of wind, solar, and BESS makes a site truly grid-supportive — capable of contributing flexibly and reliably to the balancing of supply and demand across the grid.

Battery storage absorbs surplus power when wind and solar generation is at its peak, and releases it precisely when demand rises or grid relief is required. This smooths load peaks, prevents curtailment, and reduces the frequency of negative power prices. Integrating storage not only improves asset economics — it enhances energy security and grid stability, which are central requirements for investors committed to sustainable, future-proof projects.

Germany’s battery storage build-out is accelerating: installed capacity is set to double from approximately 15 GW in 2025 to around 30 GW by 2030. Declining capital costs, attractive market mechanisms, and supportive policy frameworks — including grid fee exemptions and the integration of battery storage into EEG auction rounds — are driving this trajectory. Grid connection access remains a critical constraint. Hybridization directly addresses this challenge by enabling more efficient utilization of existing connection capacity and materially improving project realization probability.

Battery storage is becoming an integral component of the future-ready, grid-supportive energy site — and gives investors a direct role in stabilizing and modernizing the energy system.

(Source — battery storage costs: Statista | Source — build-out projections: Aurora Energy Research, 2025)

2.7 A Site Evolution Case Study: From Wind Park to Integrated Energy Solution

Every successful site development starts with a comprehensive analysis that systematically evaluates all relevant parameters — from regulatory frameworks and expected energy yields to capital and operating costs. Only this analytical foundation makes it possible to identify and execute the most attractive development path for a given site.
A concrete example from CYCAP’s portfolio illustrates how the targeted combination of repowering, hybridization, and battery storage can transform a site into a state-of-the-art, flexible, and economically compelling energy solution.

Starting Point
The existing wind park was commissioned in 2011, with an installed capacity of 23 MW and an annual power yield of 40 GWh. After approximately 15 years of operation, the risk of failures and unplanned downtime is rising materially — driven by wear on mechanical components and faults in safety electronics and sensor systems. The result: higher maintenance and repair costs that are increasingly weighing on the site’s economics.

Step 1: Repowering
A comprehensive repowering replaces the legacy turbines with modern, high-performance wind turbines, increasing installed capacity to 72 MW. Annual power yield rises to approximately 230 GWh — a step-change improvement in land use efficiency and revenue generation.
Investment case: The incremental repowering risk is compensated at the project level with approximately 2% additional return.

Step 2: Hybridization
The next step adds hybridization: integrating a 72 MW PV installation increases total capacity and smooths power production across the daily generation profile. Total annual power output for the site rises to 302 GWh.
Investment case: Hybrid projects target a return in excess of 10%, underscoring the economic attractiveness of this approach.

Step 3: Battery Storage
The concept is completed with the integration of a 40 MW / 80 MWh battery storage system. The BESS absorbs surplus energy from wind and solar generation and releases it on demand — a decisive contribution to the flexibility and efficiency of the overall energy system.
Investment case: BESS projects in Germany target returns in excess of 10–12%.

Site Development Overview:

	Existing Park	Post-Repowering	Post-Repowering & Hybridization
Wind Capacity	23 MW (10 × 2.3 MW)	72 MW (10 × 7.2 MW)	72 MW
Solar Capacity	—	—	72 MW (60 ha)
Battery Storage	—	—	40 MW / 80 MWh
Annual Yield	40 GWh	230 GWh	302 GWh

Power production is increased by a factor of six. This case study illustrates how CYCAP applies innovative concepts and grid-supportive solutions to secure the long-term viability of its sites — and gives investors the opportunity to play an active role in the next stage of the energy transition.

(Source: CYCAP, illustrative representation based on proprietary calculations)

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3.1 The Evolution of Portfolio Management: From Single Assets to Integrated Energy Solutions

The development outlined in the preceding case study — from a conventional wind park to an integrated, hybrid energy site — illustrates the full potential that can be unlocked from a single grid connection point. For investors, however, the value creation extends well beyond production uplift. The targeted combination of technologies creates a portfolio approach that effectively diversifies risk while generating continuous, reliable returns.
More stable and predictable cash flows increase the attractiveness of projects for banks and investors alike, and facilitate the structuring of power purchase agreements. Offtakers benefit from more reliable and flexible delivery conditions, while the integrated solution creates a solid foundation for sustainable investment and long-term partnerships in the energy market.

Portfolio Management Advantages:

• Portfolio tendering: Bundling assets to secure better terms from service providers across insurance and direct marketing
• PPA optimization: Improving the delivery profile to achieve better PPA pricing
• Debt financing: Spreading risk across multiple assets to achieve more favorable credit terms
• Guarantees of origin: Bundling to improve terms on certificate sales
• Cross-project liquidity management: Offsetting financial shortfalls in individual assets through portfolio-level balancing
• Hedging: Monitoring power markets and executing hedges at elevated price levels

For asset managers, this approach opens new dimensions in total portfolio management and lays the foundation for sustainable, resilient performance:

• Reduced earnings and technical risk: Diversification across sites and technologies — wind, solar, storage — stabilizes returns and reduces dependence on individual weather patterns or technical failures.
• Optimized power marketing: Portfolio-level marketing enables flexible adaptation to market conditions and increases overall revenues.
• Attractive financing terms: Steady cash flows and risk diversification strengthen creditworthiness and lead to improved financing conditions.
• Procurement and operational scale effects: Larger, integrated projects enable more favorable terms on procurement and operations (CAPEX, OPEX) and efficient use of shared infrastructure.

3.2 Flexible Power Marketing Instruments Enable Stable Returns

A portfolio-level perspective gives investors significantly more room to combine power marketing instruments flexibly. This allows for targeted risk management while creating multiple sources of incremental value — optimizing the earnings profile and increasing portfolio resilience.

Key Marketing Options:

• Government support schemes: States support the production and sale of renewable power — typically through guaranteed offtake prices or subsidies. Long-term planning certainty with low risk; fixed remuneration delivers guaranteed revenues over many years.
• Spot market: Power is traded short-term, typically for the following day or even the next hour. Under favorable market conditions, spot revenues can exceed fixed feed-in tariffs.
• Power Purchase Agreements (PPAs): Long-term contracts between power producers and offtakers. Provides multi-year planning certainty and stable revenues independent of short-term market fluctuations.
• Ancillary services market: Providers make power available as reserve capacity to stabilize the grid. Capacity and activation payments increase revenues and reduce dependence on other marketing channels.

By flexibly combining these instruments at the portfolio level, investors can capitalize on the advantages of multiple marketing channels simultaneously — stabilizing returns and building lasting resilience against market volatility.

3.3 Case Study: Project BLUE — Repowering and Portfolio Optimization

Well before the expiration of fund vehicles after 20 years, CYCAP faced a fundamental strategic question: should the long-developed, high-value sites be sold — or did the greater opportunity lie in retaining and purposefully developing these assets further? Project BLUE demonstrates how the decision to repower and continue developing the portfolio enables not only sustainable value creation, but also attractive and consistent distributions for investors.

Through the consolidation of three investment vehicles into the newly established RF9 Fund with a 20-year term, the foundation was laid for a long-term portfolio strategy. All investors reinvested their sale proceeds and now hold direct interests in RF9, which controls 100% of the PV and wind parks.

Repowering the existing projects unlocks substantial growth potential and delivers a range of concrete benefits:

• Capacity and production uplift: Installed capacity grows by approximately 614 MW, increasing annual power production by around 330% (+1.4 GWh p.a. vs. 2022).
• Climate impact and land use efficiency: Annual CO₂ avoidance increases from 400,000 to approximately 1,500,000 tons, while repowering achieves a significant improvement in land use density. Pre-repowering: 457 MW (PV + wind)
• Post-repowering: ~1,071 MW (PV + wind)
• Stable distributions and continuous income: Phased repowering maintains power production and enables distributions from the first year following fund launch. The portfolio remains profitable throughout the construction phase, with a target average annual distribution of 5% over the fund term.*
• Efficient project execution: Implementation is structured across four repowering groups. PV parks are preferably upgraded during winter months; wind parks receive new foundations while existing turbines continue to operate, ensuring continuous power production throughout the conversion process.
• Attractive target return and planning certainty: Per-asset project duration is approximately three years from planning to commissioning. The first repowered parks are expected to be production-ready by end-2026 / early 2027. RF9 targets an IRR of 10%.**

With 29 repowering projects in the base scenario and total capacity of approximately 1,071 MW upon completion, Project BLUE demonstrates how intelligent portfolio optimization and disciplined repowering create lasting earnings power and stable cash flows for investors.

(Source: CYCAP, proprietary calculations based on base scenario)
* The target distribution does not constitute a guarantee; actual distributions may differ depending on fund performance and market conditions.
** The target return does not constitute a return guarantee; past performance is not a reliable indicator of future results.

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The further development of existing sites through repowering and hybridization is a powerful and compelling partial solution to the challenges facing the renewable energy sector. Combining multiple technologies at a single grid connection point creates grid-supportive approaches that relieve pressure on the power grid and offer investors stable, attractive return opportunities. While repowering and hybridization alone cannot carry the full weight of the energy system transformation, they are a central building block for greater efficiency, risk diversification, and sustainable value creation.

The shift from single asset to integrated energy solution delivers decisive advantages for investors:

• Risk diversification and stable returns through diversification across sites and technologies
• Scale effects and synergies driving higher overall economics
• Flexible power marketing as a structural hedge against market volatility
• Sustainable value creation through CO₂ savings and efficient land utilization

Executing projects of this kind requires experience, interdisciplinary expertise, and professional management — capabilities that CYCAP brings to bear with consistency and conviction. Project BLUE demonstrates how sustainable portfolio optimization and the transition to a circular energy economy can be achieved in practice.

For investors, this opens a new set of opportunities: predictable cash flows, attractive returns, and an active contribution to the energy transition and long-term energy security.

Repowering and hybridization mark the next evolutionary stage in the energy market — and are the key to unlocking sustainable growth, resilience, and new investment opportunities from existing assets.

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As a fully integrated asset manager, CYCAP focuses on the acquisition, repowering, and hybridization of solar, wind, and storage projects. From acquisition through operations, the firm applies a consistent commitment to innovation, quality, and sustainability. Through an integrated team structure, assets are continuously optimized, flexibly adapted to evolving requirements, and systematically managed for performance enhancement and site preservation. This secures attractive returns for investors while actively advancing environmental objectives.

With 103 projects currently under management, total installed capacity of 2.2 GW(p), and €2.7 billion in assets under management (as of December 2025), CYCAP is an experienced and trusted player in the European renewable energy market.

Specialized Asset Development and EPCM Team

In building our Asset Development team, we prioritize deep experience, strong industry relationships, and a deliberate mix of project managers and technical specialists. With more than 20 professionals in the Asset Development team, we cover the full value chain — from site acquisition and permitting through construction monitoring. Our structured approach enables consistent adherence to project timelines, a high success rate across repowering and hybridization projects, and reliable planning certainty with targeted resource deployment for our investors.

Core Competencies of the Asset Development and EPCM Team:

Role	Competency
Geographer	Geospatial data management and map creation for site analysis and permitting processes
Licensed Building Applicant	Independent execution of permitting procedures and in-house preparation of application documentation enable fast decision-making and flexible, short-notice action
Technical Project Manager	In-house construction site oversight; integration of detailed technical expertise at an early stage in planning processes and contract structuring
Procurement Manager	Procurement specialists enable not only the development of a broad supplier network and focus on key contracts, but also deep visibility into supply chains
Solar Park Design Engineer	In-house capability for in-depth review of technical detailed planning submitted by EPCs; active contribution through targeted optimization proposals
Legal Counsel	Proprietary contract drafting; broad network of leading sector law firms; early-stage response to existing and anticipated legislative changes
Grid Connection Specialist	Close relationships with grid operators enable early, efficient, and targeted management of grid connection requirements
Site Acquisition Managers	Many years of experience in sales and land management
OT Specialists (Operational Technology)	Experts in the IT integration of productive infrastructure enable not only the implementation of modern communication concepts, but also rapid response to regulatory initiatives — for example, changes to critical infrastructure regulations (KRITIS)
Project Managers	Generalists with specialist capabilities for targeted and efficient management of the full planning and permitting process

Through this approach, CYCAP lays the foundation for sustainable investments and sets the standard for the development and optimization of renewable energy projects across Europe.

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Important Notice: This document has been prepared for general information purposes only. It does not constitute investment intermediation or investment advice, legal or tax advice, nor does it represent an offer, recommendation, or solicitation to make an offer regarding the purchase or sale of fund interests, financial instruments, or securities. The sole basis for the purchase of fund interests are the legally binding fund documents in their respective current version. Statements regarding future developments do not constitute a promise. Past performance and forecasts regarding future developments provide no guarantee of actual future performance. Publication date: November 28, 2025.