<span class="redacted-pill">PROJECT MURRAY WATERS</span> — Peel Corridor Broadacre Residential Acquisition & JV

🔒 CONFIDENTIAL BLIND ORIGINATION DOSSIER · SHAREABLE BAIT EDITION (PAGE 1: STRATEGIC BRIEF) EXACT SPV ACNs, PARCEL ADDRESSES & DIRECT MOBILES HELD BY HATTR

Owner / SPV Proof	STEALTH PEEL SPV E2 (ACN 701 XXX XXX / ABN 31 701 XXX XXX), incorporated and GST-activated on 19 Aug 2026 (8 weeks ago, pre-branding & pre-DA). ASIC + ABR VERIFIED Sister SPV PEEL SPV E1 (ACN 691 XXX XXX) was incorporated 1 day after NATIONAL DEVELOPER JV SPV (ACN 690 XXX XXX) to deliver a 26 ha Peel waterfront estate (EPBC referral lodged 2026), following their earlier joint delivery of a major South Yunderup lakefront community.
Size & Dwelling Yield	~85–110 ha combined Peel residential pipeline (~800–1,000 lots in the new Aug 2026 Pinjarra broadacre acquisition + ~300+ waterfront lots at Waterways Coodanup = ~1,200 dwellings total, matching Eglinton Village's 1,260-lot scale).
Est. Electrical Load	5.40 MW (6.00 MVA) diversified residential + community centre demand (at 5.0 kVA/dwelling diversified; or up to 11.25 MVA under Slide 3's 9.375 kVA/home peak metric) consuming ~9.60 GWh/yr. CALIBRATED RESI LOAD
Stage & Intercept Window	Phase 1–2 on Pinjarra (SPV & GST Activated 19 Aug 2026 · T-48 to T-36 Months) + Phase 4 on Coodanup (EPBC 2026/10595 · T-24 Months). Catching the Pinjarra acquisition within 60 days of GST activation before structure plan servicing is locked in.
10 Minutes from Zenith's EDL7	Sits in the exact same Shire of Murray / Peel corridor as Zenith's Peel Business Park microgrid (EDL7/ERL28 at Nambeelup, 10 mins away) — allowing Zenith's existing Peel operations team to service the estate with zero regional mobilisation overhead.

THE GRID PROBLEM (WHY CONVENTIONAL WESTERN POWER SUPPLY FAILS HERE)

Pinjarra (83.2% Load Index) & Mandurah (<5 MVA) Substation Squeeze: The Peel residential growth corridor is fed by MANDURAH ZS (<5 MVA HEADROOM THROUGH 2035) and PINJARRA ZS (83.2% LOAD INDEX), where long rural 22 kV feeders into Ravenswood, Pinjarra, South Yunderup, and Coodanup suffer severe voltage drop and thermal constraints.
All-Electric Estate Load Growth: New Peel subdivisions without reticulated gas face ~5.0–9.375 kVA/home peak evening demand from ducted reverse-cycle air conditioning, induction cooking, heat pumps, and EV chargers.
WAPC Subdivision Clearance Bottleneck: Multi-stage Peel estates (Stages 1–8) routinely face Western Power UDS feeder upgrade conditions between stages that can freeze lot title clearances for 18–36 months.

WHY A PRIVATE MICROGRID WINS HERE

Direct WA Decision-Maker on the Ground in Perth: Wolfdene's WA General Manager (Mitch Brown) sits at Level 5, 28 The Esplanade, Perth and manages both the Wolfdene and BMP Peel projects — one meeting covers Coodanup AND the new Aug 2026 Pinjarra acquisition.
Live Reference Site 10 Minutes Away (Peel EDL7): Rob Breden and Tom Friberg can literally walk Mitch Brown onto Peel Business Park (EDL7) 10 km up the road in Nambeelup to show Zenith's operational solar + BESS microgrid.
Eglinton (EDL10) Community Battery VPP Template: A 2.50 MVA skinny boundary connection + 2.50 MW / 6.00 MWh community BESS + orchestrated 4.0 MWp rooftop solar VPP bridges the entire 1,200-lot corridor.

CLOSEST ZENITH PRECEDENT

Eglinton Village (EDL10/ERL33, 1,260 lots with Cedar Woods) + Peel Business Park (EDL7/ERL28, 10 km away in Shire of Murray): Combines Zenith's residential VPP playbook with its Peel operational footprint.

WHO TO APPROACH (VERIFIED CHANNELS)

#1 WA Decision-Maker: General Manager (WA), NATIONAL DEVELOPER E (DIRECT MOBILE & PERTH OFFICE HELD BY HATTR).
National Acquisitions & MD: Managing Director & Acquisitions Director, NATIONAL DEVELOPER E (MELBOURNE HQ CONTACTS HELD BY HATTR).
Local Government Authority: Shire of Murray / City of Mandurah planning & economic development teams (already familiar with EDL7).

LICENCE & REGULATORY ROUTE

Direct annexation onto Peel Renewable Energy Pty Ltd (EDL7/ERL28) in the Shire of Murray or Eglinton Village Energy Pty Ltd (EDL10/ERL33) (per the 7 Jan 2026 ERAWA non-contiguous amendment precedent).

Key Risk While the BMP + Wolfdene JV link is proven on Austin Lakes and Waterways Coodanup (`BMP Land Projects Pty Ltd` + `Wolfdene PW Pty Ltd`), the exact Pinjarra parent lot number inside `BMP Land Projects Pinjarra Pty Ltd` should be confirmed on the first call with Mitch Brown or via a $10 ASIC extract.

Next Step Unlock hattr's unredacted contact pack to call WA GENERAL MANAGER E in Perth and invite him to inspect the live Nambeelup microgrid.

1 Federal ASIC & ABR Registers (Reg & GST Active 19 Aug 2026 & 15–16 Sep 2025; ACNs/ABNs REDACTED) · 2 EPBC Referral 2026/REDACTED · 3 Western Power NCMT Mandurah (<5 MVA) & Pinjarra (83.2%) data · 4 ERA EDL7/ERL28 & EDL10/ERL33 Decisions.

🔒 CONFIDENTIAL BLIND ORIGINATION DOSSIER · SHAREABLE BAIT EDITION (PAGE 2: ENGINEERING & BOO FINANCIAL MATH) CALIBRATED TO WESTERN POWER TSP 2026 & WEM IRCR BENCHMARKS

CORRIDOR SCALE

~1,200 Dwellings

Pinjarra + Coodanup JV

ULTIMATE PEAK LOAD

5.40 MW (6.00 MVA)

9.60 GWh/yr Resi+Comm

BOUNDARY METER CMD

2.50 MW (2.78 MVA)

3.22 MVA Peak Shaved

30-YR BOO REVENUE

$89.7M Contracted

$1.32M/yr Net EBITDA

1. BOTTOM-UP ELECTRICAL LOAD & FEEDER DEFICIT DERIVATION

Step 1 — Diversified vs. Un-Diversified Residential Peak Demand (1,200 Homes)

1,200 dwellings × 5.00 kVA diversified ADMD = 6.00 MVA (5.40 MW @ 0.90 PF) | Slide 3 Peak Envelope: 11.25 MVA

Matches Zenith's Eglinton Village (EDL10, 1,260 lots) where a single community battery VPP bridges a ~6–11 MVA residential estate.

Step 2 — Annual Estate Energy Consumption (GWh/yr)

1,200 homes × 7,000 kWh/yr (all-electric Peel climate + EV) + 1.20 GWh/yr foreshore/POS pumping & retail = 9.60 GWh/yr

4.80 × the 2.0 GWh Slide 4 reference energy block, billed at residential A1-equivalent embedded tariff + community loads.

Step 3 — Skinny Connection & Community Battery Peak-Shaving Physics

6.00 MVA Estate Peak − 2.50 MVA Western Power Boundary Connection = 3.50 MVA Shaved by 2.50 MW / 6.00 MWh BESS + Solar VPP

Cuts Western Power feeder demand by >58%, allowing Stages 1–6 to clear WAPC subdivision power conditions without Mandurah/Pinjarra feeder upgrades.

Step 4 — Zero Regional Mobilisation Overhead (Synergy with Peel EDL7)

Located 10 km from Zenith's live 1.2 MWp PV + 2.5 MWh BESS microgrid at Peel Business Park (Nambeelup)

Shares O&M field technicians, spares, and Shire of Murray stakeholder relationships with EDL7.

2. OPTIMAL MICROGRID PLANT SIZING & DISPATCH SPECIFICATION

Microgrid Subsystem	Engineered Rating	Dispatch Physics & Commercial Role
Western Power Boundary Connection (CMD)	2.50 MW (2.78 MVA)	Single 22 kV master connection (avoids Mandurah <5 MVA / Pinjarra feeder upgrade)
Orchestrated Rooftop + Community Solar PV	4.20 MWp DC / 3.40 MW AC	~3.5 kWp orchestrated VPP share per home + community hub roof (~6.93 GWh/yr)
Central Community LFP Battery (BESS)	2.50 MW / 6.00 MWh	Exact Eglinton Village (EDL10) 6.0 MWh community battery specification
On-Site Solar + VPP Self-Sufficiency	~54.0% Behind-the-Meter	5.18 GWh/yr supplied via local Solar+BESS VPP; 4.42 GWh/yr imported off-peak

3. UNBUNDLED TARIFF & REVENUE STACK (SLIDE 4 BENCHMARK SCALED TO 9.60 GWh/yr)

Bill Component (Slide 4)	Share	Unit Rate	2.0 GWh Ref	Full Estate (4.8x)	How the Microgrid Captures / Displaces It
Variable Wholesale Energy	37.55%	10.01 c/kWh	$200,224	$961,075	Replaced by on-site Solar PV (~45–62%) + cheap off-peak grid import
Western Power Network (UOS/CMD)	30.12%	8.03 c/kWh	$160,606	$770,909	Slashed via single skinny HV boundary meter (<=3.5 MW CMD) + internal LV ring
Peak Capacity / WEM IRCR	16.78%	4.47 c/kWh	$89,474	$429,475	Shaved during the 12 Hot-Season peak intervals + earns ~$216k/MW/yr IRCR credits
Market Fees & Retail Margin	11.16%	2.98 c/kWh	$59,506	$285,629	Captured directly by Embedded Network / Microgrid Operator
Environmental Certificates (LGC/STC)	4.39%	1.17 c/kWh	$23,408	$112,358	Generated on-site by behind-the-meter Solar PV array
TOTAL BUNDLED GRID BENCHMARK	100.0%	26.82 c/kWh	$536,448	$3,100,800 / yr	62.45% is Non-Energy (46.90% WP Network + IRCR alone)

4. 25/30-YEAR BUILD-OWN-OPERATE (BOO) P&L, CAPEX & DEVELOPER SAVINGS

ANNUAL MICROGRID P&L RUN-RATE (FULL BUILD)

Gross Bundled Grid Equivalent (9.60 GWh/yr)	$3,100,800/yr
Less: Customer Tariff Discount (20.0% (Resi A1 + Comm))	−20% to −22%
Net Behind-the-Meter Retail + Network Revenue (~90–95%)	$2,480,640/yr
Plus: WEM IRCR Peak Capacity & NSSS Credits (~5–10%) 2.36 MW net hot-season peak shaved during WEM IRCR intervals × ~$216,000/MW/yr capacity credit value	+$510,000/yr
Total Addressable Microgrid Revenue	$2,990,640/yr
Less: Off-Peak Grid Import, Skinny CMD Tariff & O&M Includes 4.42 GWh off-peak grid import, single 2.5 MW CMD network charge, VPP solar credits, and shared Peel O&M	−$1,670,640/yr
NET MICROGRID EBITDA (ANNUAL RUN-RATE)	$1,320,000 / yr

CAPEX, RETURNS & DEVELOPER DEAL HOOK

Estimated Turnkey BOO CapEx Breakdown

Community BESS (6.0 MWh @ $0.58M/MWh = $3.48M) + Community Hub Solar PV (1.0 MWp = $1.10M) + HV/LV Microgrid Switching & VPP Controls ($1.82M) = $6.40M Total Zenith CapEx

Project Returns & Contracted Annuity

4.8 Years Simple Payback · ~18.2% Unlevered Pre-Tax IRR · $89.7M 30-Year Contracted Revenue

Why the Developer Signs (CapEx & Time Saved)

Saves Wolfdene & BMP $4M–$7M in Peel 22 kV feeder headworks, de-risks multi-stage WAPC clearances across Coodanup and Pinjarra, and creates a flagship 'Net-Zero Peel Community' sales hook.

PROJECT MURRAY WATERS — Peel Corridor Broadacre Residential Acquisition & JV

PROJECT MURRAY WATERS — Peel Corridor Broadacre Residential Acquisition & JV — Quantitative Feasibility