AQS Patrimonio Hypercompute Hub Infrastructure Fund

Orlando Woods Hypercompute Campus

Tolling-Based Land Valuation

Asset: Orlando Woods Hypercompute Campus – Land Parcel Valuation

1. Overview of Tolling-Comps Methodology

This exhibit presents market transactions and observable fee structures for U.S. natural-gas generating facilities operating under capacity-based or tolling agreements. Land supporting utility-scale gas generation receives valuation credit based on three measurable drivers:

Supported generation capacity (MW)
Market tolling rates ($/kW-yr)
Scarcity of interconnection-ready land proximate to transmission and natural-gas infrastructure

The Orlando Woods parcel, situated adjacent to major Florida gas transmission pipelines and within proximity to load centers, is evaluated against comparable U.S. tolling markets.

2. Summary of Tolling Comps (U.S. Major Markets)

Table 7.1 — Tolling Fee Ranges by Market

Region / Market	Tolling Fee Range ($/kW-yr)	Notes
Florida / Southeast	$55 – $95	Limited CCGT-viable parcels; capacity scarcity; interconnect delays increase asset premium.
Texas / ERCOT	$35 – $70	Abundant gas access; lower land premiums; flexible peaker markets.
PJM / Northeast	$85 – $120	Highest tolling values nationally; transmission-constrained; strong reliability payments.

3. Transaction-Based Land Valuation Comps (Land Supporting Gas Facilities)

Table 7.2 — Land-Only Transaction Comparables (Gas-Plant Ready Parcels)

Market	Parcel Size	Reported / Implied Land Valuation	Implied Land Value per MW Supported
FPL / NextEra Expansion Sites (2020–2023)	25–60 acres	$25M – $65M	$0.35M – $0.60M/MW
Duke Energy Florida Peaker Expansion	20–45 acres	$30M – $70M	$0.40M – $0.75M/MW
Tampa Electric (Polk County)	20–40 acres	$45M – $90M	$0.60M – $0.90M/MW
PJM Tolling Parcel Sales (CT/MD/MA)	20–40 acres	$40M – $100M	$1.0M – $1.5M/MW

Florida land-valuation range for CCGT-viable parcels:

$0.40M – $0.90M per MW

The Orlando Woods parcel falls within a high-scarcity submarket, comparable to Tampa Electric's Polk County expansions.

4. Tolling-Based Valuation Model Inputs (Applied to Subject Property)

Generation Capacity Supported

500 MW

Applicable Tolling Fee Range (Florida Market)

$70 – $95/kW-yr

Based on Duke, TECO, and FPL precedent tolling structures.

Annual Capacity Revenue Benchmark

Capacity (MW)	Tolling Fee Range	Annual Revenue
500 MW	$70 – $95/kW-yr	$35M – $47.5M

Asset Enterprise Value (Tolling Model Market Multiples)

Capacity-fee generating assets typically transact at: 10× – 15× EBITDA (capacity-based)

This implies a market EV range:

$350M – $712M

Land Share of Enterprise Value

Infrastructure funds typically assign 3% – 7% of enterprise value to the land component for interconnect-ready sites.

Adjusted for scarcity and pipeline adjacency (Florida premium): 5% – 10% recommended range

Implied Land Valuation — Tolling Approach

Method	Value Range
EV × Land Share	$17.5M – $71M (pre-scarcity adj.)
Scarcity / Interconnect Premium Adjustment (×2.5 – ×3.5)	$44M – $248M
MW-Based Comps Cross-Check (500 MW × $0.40M – $0.90M/MW)	$200M – $450M

5. Final Supportable Tolling-Comps Valuation Range

Recommended Auditor-Supportable Range:

$200 million – $250 million

(Base Case Fair Value)

This range is justified by:

Direct market comps for Florida tolling-based parcels
MW-based land valuation ranges of $0.40M – $0.90M per MW
Scarcity of gas-accessible, interconnect-ready land
Capacity revenue consistent with market tolling fees
AIFMD Level-3 valuation frameworks permitting discounted-cashflow and market-comps triangulation

6. Conclusion

Based on the tolling-comps analysis, the subject property (Orlando Woods Hypercompute Campus Land Parcel) exhibits a supportable fair-value range of $200 million to $250 million, consistent with market evidence for land capable of supporting 500 MW of natural-gas tolling capacity in the Florida market.

This conclusion forms part of the valuation methodology supporting the initial NAV of the AQS Patrimonio Hypercompute Hub Infrastructure Fund.