OUR MISSION To power a just and sustainable society with clean energy Getting to this point will require substantial investment in solar, energy storage, and other clean energy technologies, with such investment coming not only from banks and investment funds but communities, corporations, and governments. Building the energy systems of tomorrow offers a chance to rethink energy systems, infrastructure, ownership, and equity. Enabling the investment required to scale clean energy is about people. Investors in the clean energy future have very human questions, concerns, and anxiety as they step into unknown technologies, financing mechanisms, commercial agreements, and other challenges. These people, whether experienced investors or community leaders new to energy topics, deserve respect, expertise, empathy, and service as they bravely step into the future. At Camelot Energy Group , to these brave owners, investors, and visionaries putting their resources into the clean energy future, we say: “We’ve got your backs”. Camelot was founded to accelerate investment in the clean energy infrastructure of the future but also to embrace the human aspects of this transition. By taking the time to listen to our clients, staff, and partners and give each the focus and attention they deserve, we set ourselves apart from other consultancies that focus on sales, overly standardized services, and lackluster support provided by overworked and distracted teams. We believe that by treating our team and clients with respect, dignity, and empathy we provide the best possible advisory services and solve real-world challenges. OUR CORE VALUES Integrity, empathy, courage, and service > Back

Apr 4, 2025 New U.S. Tariff Policy In an Executive Order signed on April 2, 2025, President Trump has instituted a minimum 10% universal tariff on all imports starting April 5. These 10% tariffs will be additional to “Reciprocal Tariffs” between 10% and 50% on products from about 60 countries starting April 9. The Trump Administration has calculated these Reciprocal Tariffs based on the ratio of country-level trade deficits with the US divided by the value of US imports from the target country. This ratio is being described as a measure of perceived unbalanced trade practices against the US and the Reciprocal Tariffs are being set at 50% of this value for most countries. We note that there are a variety of reasons for countries to have trade deficits and the existence of such deficits is not, in its own, an indication of unfair or unfavorable trade policies. It merely conveys that the US buys more of a country’s exports than that country buys of US exports and these deficits are a normal part of global trade between nations. Exceptions ➡️These new tariffs will not apply to goods that have been loaded on a vessel at a port and are deemed to be in transit before the new rates go into effect. ➡️The universal rate will not apply to goods in transit to the US before April 5 and the reciprocal rates will not apply to goods in transit to the US before April 9. ➡️According to the Executive Order, the new tariffs will not apply to certain articles that President Trump has already singled out for current or possible future sector-specific tariffs. Per the National Electrical Contractors Association (NECA), these sectors are steel, aluminum, some downstream products that use steel or aluminum, copper, pharmaceuticals, autos and auto parts, semiconductors, certain critical minerals and energy and energy products. ➡️The tariffs apply only to the non-US content of goods that include US components. However, at least 20% of the value of such goods would have to originate within the US. Implications for the Energy Sector The new tariffs will impact a variety of energy related technologies, from solar modules produced in Vietnam to wind turbines made with foreign components. FERC recently released their Energy Infrastructure Update for January 2025, in which they noted that the vast majority of new generating capacity will be in solar and wind . Other equipment necessary for bringing power plants online, like switchgear, transformers, and substation equipment is largely imported and will see costs increase. The fossil fuel industry is not exempt, either. Thermal generation equipment, like natural gas combined cycle (NGCC) turbines. Supply is already constrained, and capacity is tied up until about 2029-2031 from Tier 1 suppliers, so added costs will add even more strain. The broad application of new tariffs is expected to have an impact across the energy sector, from gas turbines to solar modules, just as energy demand is growing nationwide to fuel the growth of the AI sector. Impacts on the Energy Storage Supply Chain Many of the countries that supply battery energy storage systems (BESS) to the US market are heavily impacted by the new tariffs. As it currently stands, assuming no other changes, by January 2026, BESS from China will be subject to a total tariff of about 82.4%, as shown below. Clearly, juggling all of the relevant tariffs and duties is a significant exercise with many moving parts. *HTSUS = The Harmonized Tariff Schedule of the United States Tariff Rate Base Tariff, applied March 2025 20.0% HTSUS* Tariff (2012) 3.4.0% Section 301 Tariff 7.5% (2025), 25.0% (2026) Reciprocal Tariff 34.0% Total 64.9% (2025), 82.4% (2026) A summary of the major BESS exporting countries to the US and their new tariffs is shown below. Imported BESS from China have a significantly higher expected tariff than most other countries exporting BESS into the US market. The final tariffs on any product, however, will be complicated to determine as the underlying components may, themselves, be subject to additional tariffs (e.g., an Indonesian BESS made with Chinese inputs). This will be most impactful to the lithium iron phosphate (LFP) BESS suppliers in the near term but with no country being exempt from at least some sort of tariff, we can expect a great deal of supply chain adjustment in the months ahead. Country HTSUS Tariff Base Tariff Section 301 Tariff (Before 1/1/26) Section 301 Tariff (After 1/1/26) US Reciprocal Tariff Total New Tarriff Rate in 2025 Total New Tariff Rate in 2026 China 3.4% 20.0% 7.5% 25.0% 34.0% 64.9% 82.4% Indonesia 3.4% 10.0% 0.0% 0.0% 32.0% 45.4% 45.4% South Korea 3.4% 10.0% 0.0% 0.0% 25.0% 38.4% 38.4% Japan 3.4% 10.0% 0.0% 0.0% 24.0% 37.4% 37.4% Impacts on Battery Storage Pricing Based on our tariff tracker, Chinese made DC blocks are now effectively between the $130 - $180 per kWh-dc range (DDP to site), whereas Non-Chinese DC blocks (manufactured in let’s say Indonesia) are between the $115 - $165 per kWh-dc range (DDP to site). Baseline costs are expected to shift in the near term so this gap may narrow or widen further based on macroeconomic conditions. The gap between domestically manufactured non-LFP DC blocks and Chinese made LFP blocks is expected to narrow by early next year to about $50-$60 per kWh-dc. This means, if OEMs in this category reduce their prices by about 25-30%, based on current capacity projects, then, domestically manufactured non-LFP BESS will be a more attractive option for buyers based on total cost of ownership, not inclusive of the domestic content adder under the IRA. It is to be noted that the American Active Anode Material Producers (AAAMP) filed an AD/CVD petition in 2024 seeking a tariff of up to 910%. This has not yet been adjudicated by the Department of Commerce; however, we expect some movement on this later this fiscal year. Chart from Camelot Energy Group – Impact of April 5 Tariff on DC Blocks International Reactions The scale of the current trade actions is highly likely to elicit stiff responses from the international community. As of this morning of 4/4/25, China has announced a 34% tariff on all US imports, alongside increased export controls affecting rare earth minerals and other key materials exported to the US. While the US is a net importer of most clean energy technologies, US exports of biofuels and components for wind and hydropower systems may be impacted. Perhaps even more impactful, however, would be an increase in export controls that reduce the availability of key input materials. Efforts to onshore lithium-ion battery production, for example, will struggle without a ready supply of high grade graphite for making suitable anodes (currently, despite recent AD/CVD claims, there are no domestic suppliers of graphite who can meet the battery industry’s purity requirements). Also, the majority of equipment used in manufacturing solar cells is currently sold by China, with one recent manufacturer Camelot spoke with indicating the only other option was to buy European equipment at “4x the cost and half the output” compared to the Chinese alternatives. If these trade actions are intended to spur a renaissance of domestic manufacturing, the US is highly vulnerable to interrupted supply chains and export controls from abroad that restrict the very tools we need to build and scale a domestic manufacturing industry. The global trade situation and its impacts on the clean energy sector are evolving quickly and this is a developing topic. Stay tuned for periodic updates from the Camelot team in the days ahead. Follow us on LinkedIn for the latest insights. Next Steps for Industry Stakeholders With growing pressure due to pricing, it is time to carefully evaluate projects and supply chain risks. The Camelot team can help asset owners, investors, and other key stakeholders: Perform due diligence on potential new projects, optimizing technology, revenue streams, and asset management strategy Establish, strengthen, and diversify supply chains to ensure you have flexibility to keep your projects on track Evaluate new technologies that may offer new opportunities, as well as new challenges The Camelot team combines technical, economic, procurement, and strategic insights to help our clients navigate the changing market. Reach out to Hello@CamelotEnergyGroup.com today. We look forward to hearing how the new tariffs affect your business- and ensuring you get the help you need. Bespoke technical and strategic advisory for a better world Raafe Khan, Shawn Shaw < Back Back

Dec 2, 2025 SMART 3.0 - PY 26 Update The Massachusetts Department of Energy Resources (MA DOER) released their final form for the 2026 Program Year. Here’s what you need to know: The DOER began accepting SMART 3.0 applications on October 15, 2025, and since then, 191.90 MW has been submitted, with 301 applications > 25 kW and 86 applications < 25 kW Based on several factors, from the One Big Beautiful Bill Act (OBBBA) of 2025, to equipment supply chain issues, and projected load growth, the DOER revised the following elements of the draft report: PY26 Base Compensation Rates PY26 Energy Storage Multiplier PY26 Annual Capacity Block PY26 Capacity Allocations and Set Asides Capacity Block: PY2026 will have a 600 MW AC of available capacity for STGU subject to the annual cap. This is an increase from the 450 MW AC capacity in the initial draft. Per 225 CMR 28.05 (4), each EDC will be allocated at least 5% of the available capacity block and the remaining capacity will be allocated to the total retail electric load served to Massachusetts customers by each EDC. The distribution capacity for PY2026 was based on March 2026 retail electric load of each EDC. The allocations shall be as follows: Source: Camelot Energy Group 225 CMR 28.05 (5), a minimum amount of capacity is set aside for the following categories: Standalone STGUs > 25 kW and ≤ 250 kW STGUs > 250 and ≤ 500 kW Low Income Property STGUs And Community Shared Solar STGUs These set asides are allocated accordingly: Source: Camelot Energy Group Base Compensation Rates: Base Compensation Rates for STGUs > 25 kW AC were based on the levelized revenue requirements for each project based on the following inputs: Capacity factor Production degradation Installation costs Financing costs Operation and maintenance costs Project management costs Land lease costs Incremental operating and capital expense costs Based on public feedback, and an attempt to balance analysis results with the desire to avoid a significant shift in the MA solar market in the first full year of SMART 3.0 Base Compensation Rates were revised as follows: PY2026 Adders The Compensation Rate Adders for STGUs >25 kW AC were developed by comparing the average levelized cost of energy of all project types >25 kW AC for each respective adder category to a baseline value. Based on the Program Year 2026 analysis, DOER found that there was variation in whether Compensation Rate Adders for Program Year 2026 should be reduced, kept the same, or increased (see “Calculated PY26 Adder Rate” below). As with the Base Compensation Rates, based on the overall Annual SMART Program Assessment, DOER decided to maintain or increase the value of Compensation Rate Adders (see “PY26 Adder Rate” below). That said, the Compensation Rate Adders for PY2026 will be as follows: In conclusion, it is clear that federal policy and broad-based challenges in the energy value chain prompted some changes. We find that rates have mostly increased or stayed the same relative to the initial draft proposal. We see that the DOER is sending a price signal that energy storage and solar are going to be key tools in achieving state mandated energy affordability and climate-based goals. One thing is clear; Massachusetts is setting a strong example of how to fairly incentivize public and private investment in energy infrastructure with the goal of making energy affordable across customer archetypes in the Commonwealth. Raafe Khan < Back Back

Jul 7, 2026 Analysts expect rising PPA prices as clean energy tax credits phase out Dive Brief: Ahead of the One Big Beautiful Bill Act’s July 4 deadline for wind and solar projects to commence construction in order to capitalize on the Inflation Reduction Act’s investment and production tax credits, developers have met the occasion and safe-harbored a massive pipeline of projects, industry experts say. Crux, which provides a marketplace for the transfer of tax credits, in February estimated a 170 gigawatt pipeline of safe harbored projects. “So it’s presumably only grown over the past seven months,” Josh Price, Crux’s director of intelligence and research, told ESG Dive sister publication Utility Dive. Price, along with Camelot Energy Group Head of Energy Storage and Emerging Markets Raafe Khan, predicted that as projects are no longer eligible to qualify for IRA tax credits, the price of power purchase agreements for those projects is likely to go up. Dive Insight: “If you don’t have the ITC, you have to make that up with revenue and cost,” Khan told Utility Dive. “There’s not so much that a developer can do on cost as much as they can do to negotiate a PPA rate that is favorable, but that does push forward-looking power pricing to the higher end.” Khan said that Camelot Energy Group analyzed the difference between a tax-advantaged and a non-tax-advantaged solar asset, and found that the example case of a 200 megawatt solar facility with a 30% investment tax credit would need a PPA “in the $40 to $45 per megawatt hour range. But if you’re non-tax advantaged, no ITC basis, then you’re basically pushing mid-to-high $60s.” “That’s a 50% increase in power price alone, and that’s going to put a lot of pressure on utilities and developers,” he said. Price said that in the absence of tax credits, “that missing money has to come from somewhere to make the project pencil, and that will likely be through PPA prices, so really it’s kind of a shift from the taxpayer to the ratepayer to make up that delta.” In the meantime, however, Khan said “a healthy amount of projects” that are tax-advantaged will complete construction and be placed in service between 2028 and 2030. “I do think that solar still has a very bright future,” he said. “We don’t really see any kind of sharp drop-off coming up on Saturday, or really over the next four years,” Price said. “And one of the reasons is this has been projected or telegraphed to developers since at least the passage of [the OBBBA], so a year ago is when a lot of these decisions were made to safe harbor, to meet the construction deadlines.” The One Big Beautiful Bill Act, which President Donald Trump signed into law July 4, 2025, stipulated that wind and solar projects had to commence construction within a year of the law’s enactment to qualify for the IRA’s clean electricity production and investment tax credits, or be subjected to an end of 2027 “placed in service” deadline to be eligible. “If you miss the deadline coming up, it is highly unlikely or improbable that you will be able to get a project in the door and placed in service before December 31 [2027], unless you are just so far along from all the work you’ve done in years past that you are basically at the finish line in terms of interconnection, and that your equipment is in a warehouse just waiting to be delivered,” Khan said. “I think that is very much an outlier, I think that’s more of the exception than the norm.” Looking ahead Chris Girouard, renewable energy tax credit attorney at Bryan Cave Leighton Paisner, said in an email that after July 4, he expects “energy industry participants to focus on their safe harbored projects through the end of the decade and lobby for changes in law that reintroduce tax credits applicable to wind and solar projects.” “To the extent tax credits become available for wind and solar projects that began construction after July 4, 2026, we expect the development of those projects to quickly pick back up,” Girouard said. “Outside of the wind and solar context, we expect that the increased attention in other energy technologies will continue to grow. Specifically, we are already seeing increased interest in battery and nuclear projects.” Bryen Alperin, managing director at Foss & Co, also said he anticipates solar and wind credits possibly being “extended sometime in the next few years.” “There are plenty of safe harbored projects,” Alperin said in an email. “As we get to 2029 to 2030, we may have a shortage of solar and wind projects, but by then we expect to have ramped up volume in other technologies.” Energy storage tax credits were left unscathed by the OBBBA’s cuts to the Inflation Reduction Act, offering batteries a boost, said Price and Khan. “One thing that I feel confident in, is it’ll be a lot of storage,” Price said. “We’ve already seen a lot of storage deployment … Q1 was a record quarter.” Khan said he thinks that industry thinking could even shift from solar-plus-storage to storage-plus-solar to power data centers, “to be able to provide a firm shape to the power output of the facility, so that it can actually match the utility’s load profile or the data center’s load profile much better.” Another challenge posed by the OBBBA was its new foreign entity of concern rules, which have complex provisions and have received limited additional guidance from the U.S. Department of the Treasury so far. Khan said that although FEOC enforcement began at the start of this year, “the rules are still not clear, and everyone’s obviously talking to law firms to try to get a better sense of the lay of the land, and we are dealing with an environment where it almost seems manufactured for confusion.” Girouard said he found the guidance released in February , which offered interim safe harbor guidance for calculating a project or component’s material assistance cost ratio, was “helpful to address market concerns.” “However, the lack of guidance regarding the effective control rules continues to be challenging for the renewable energy industry,” he said. “We, along with almost all of the industry, are hoping that forthcoming guidance from the IRS on those rules is released soon and that the guidance provides a practical approach to complying with the effective control regime.” Raafe Khan < Back Back

< Back Raafe Khan Head of Energy Storage Raafe is Camelot's Head of Energy Storage at Camelot Energy Group. He brings a great depth of knowledge across the energy storage project lifecycle having held tactical and leadership positions at TATA Power (public utility), Mortenson Construction (EPC), Sunnova Energy Corporation (finance + asset management), Pine Gate Renewables (project development), and Visteon Corporation (product development). His interdisciplinary approach has resulted in over 5 GW of operating projects (wind + solar + storage) and over 25 GWh (storage) across the United States. He is a recipient of several national and international awards, including being a Forbes Under 30 honoree in the field of energy. An ardent advocate for energy access and equity, he is an accredited lecturer for the Battery MBA program and devotes his time to educating stakeholders in the energy storage space about technical and commercial challenges from the cell to a fully functional container system. Raafe has a Bachelor's in Electrical & Electronics Engineering degree from Manipal University and a Master's in Energy Science, Technology & Public Policy from Carnegie Mellon University. raafe.khan@camelotenergygroup.com

< Back Michelle Aguirre Project Manager Michelle Aguirre is a Project Manager with over 4 years of experience in managing engineering projects. Michelle has expertise in electrical safety, quality assurance, technical report writing, and project management. Michelle has supported with Technical Advisory, Owner’s Engineering, and Supply Chain services on commercial to utility-scale PV and BESS projects with construction monitoring, technology reviews, and managing the quality assurance and traceability of major equipment. Prior to joining Camelot, Michelle was a Product Safety Engineer at TUV SUD. Michelle is a registered Engineer-in-Training in the state of California and holds a B.S. in Environmental Engineering from the University of California-San Diego. She is actively pursuing the NABCEP PV Installation Professional certification. michelle.aguirre@camelotenergygroup.com

< Back Bill Coon Head of Construction Bill is Camelot’s Head of Construction and oversees all aspects of solar and storage construction and installation quality. This work includes construction monitoring, field supervision, and QA inspection of clean energy construction projects. Bill has over 20 years in the construction field and prior to joining Camelot oversaw QA and safety for a solar construction company and spent time as a construction project manager, solar inspector, and engineer. Bill has a Bachelor’s Degree in Mechanical Engineering from Syracuse University. Bill also holds Installer, Inspector, Commissioning, and Maintenance certifications from the North American Board of Certified Energy Professionals (NABCEP) and is a licensed electrician. bill.coon@camelotenergygroup.com

< Back Bill Atkinson, CEM Senior Project Engineer Bill is a Senior Engineer with over 17 years of experience in the renewable energy and energy storage industry. During that time, Bill has worked extensively developing and implementing rigorous quality assurance and inspection processes for clean energy incentive programs and Bill has inspected more than 530MW of PV and energy storage systems. Bill has performed hundreds of design reviews, technology evaluations, major agreement reviews, and site assessments. Bill is a Certified Energy Manager, Certified PV System Inspector, and holds a B.S. in Community and Regional Planning and Sustainable Technology from Appalachian State University. bill.atkinson@camelotenergygroup.com

< Back Aaron King, PE Senior Project Engineer Aaron is a Senior Project Engineer at Camelot Energy Group and has over 10 years of experience in the solar and storage industry. Aaron works across Camelot’s Technical Advisory and Owner’s Engineering departments supporting clients on a wide variety of services. He has acted as a project manager and technical lead on different projects and portfolios at all different stages of development from M&A due diligence, design and permitting, construction monitoring, site inspections, testing & commission, and asset management. Aaron started his career designing commercial rooftop systems and solar canopies. Aaron has also worked as a technical PV consultant and owner's engineer with a range of different clients including utilities, property management companies, EPCs, municipalities, state governments, and large universities. Aaron is a licensed Professional Electrical Engineer (Power) in the state of Massachusetts and holds a M.S. in Energy Systems Engineering from Northeastern University and a B.S. in Mechanical Engineering from Johns Hopkins University. aaron.king@camelotenergygroup.com

< Back Mark Warner Project Manager Mark Warner, a Project Manager at Camelot Energy Group, has over 5 years of experience in the renewable energy development and EPC contractor space. Mark has extensive background in project development, siting, energy analysis, design, construction planning, and permitting for commercial and utility-scale solar projects. Mark holds a Bachelor of Science Degree in Mechanical Engineering Technology from the University of Maine. mark.warner@camelotenergygroup.com

< Back Taylor Parsons Director, Technical Advisory Taylor is Camelot’s Director of Technical Advisory, and has over 10 years of experience in the energy industry. His primary focuses have been in technical due diligence, energy modeling, and analytics for solar, wind, and energy storage assets. Taylor has led some of the largest due diligence engagements for M&A on projects, platforms, and portfolios. Prior to joining Camelot, Taylor was a Team Lead and Project Manager in DNV's M&A and Energy Assessment Teams. He also supported the National Renewable Energy Laboratory's Systems Engineering team engineering and analysis for wind turbines. He has a Bachelor’s Degree in Mechanical Engineering from the Colorado School of Mines, and is actively pursuing his Executive MBA in Energy (renewables focus) from the University of Oklahoma. taylor.parsons@camelotenergygroup.com

< Back Shawn Shaw, PE Founder, CEO Shawn Shaw is the founder and CEO of Camelot Energy Group and has over 21 years of experience in the renewable energy and energy storage industry. During that time, Shawn has supported public programs in more than 10 states and acted as technical advisor to many of the largest banks and financiers in the world, providing technical due diligence, owner’s engineering, and independent engineering on well over 8 GW of solar PV and 5 GWh of energy storage projects in the US, Latin America, and Europe, ranging from design and construction of offgrid island power systems to acting as Independent Engineer for financing multiple 400MWh energy storage projects in complex US markets. Shawn has experience working with a wide variety of equipment suppliers, project developers, banks, financiers, government entities, and incentive program administrators. Shawn is a registered electrical engineer (Power Systems) in New York State and holds a B.S. in Applied Physics from Rensselaer Polytechnic Institute. Recently authored Energy Storage Systems: Based on the IBC, IFC, IRC, and NEC in collaboration with the International Code Council. shawn.shaw@camelotenergygroup.com