1. Procurement conditions
According to the relevant procurement plan, the Purchaser CTG LAtam (hereinafter referred to as: Purchaser) is conducting competitive negotiation service to do procurement for Valuation and Risk Advisor for Potential Acquisition – Regulated Energy Company (Project Lucent). This project is procured by CTG Latam (hereinafter referred to as: Purchasing Agent). This project has met the procurement conditions, and a procurement notice is hereby issued.
2. Procurement scope and service period
The selected Valuation and Risk Advisor shall, at a minimum, perform the following services in connection with Project Lucent:
1. Valuation Assessment
1.1 Financial Evaluation Services Familiarize with the project background, investigate and review the business operations and financial conditions of the Transaction and Project Company over the past three years, as well as their historical performance. Prepare financial model input lists and collect forecast data related to the investment and project company operations, including but not limited to:
• Project planning (e.g., operating period, business model, exit at end of term, etc.)
• Construction costs (e.g., Capex, capital expenditure schedules, etc.)
• Operating plans (e.g., business model, composition and forecast of on-grid electricity tariffs in the project company's location, electricity generation forecast, operating expenses, working capital, etc.)
• Financing assumptions (e.g., loan amounts, interest rates, repayment terms and arrangements, etc.)
• Macroeconomic indicators (e.g., exchange rates, inflation rates, economic growth rates, indicators required for WACC calculation, etc.)
• Detailed analysis of potential capital costs and discount rates applicable to the transaction location
• Special investment considerations and parameters provided by tax and financial advisors (including but not limited to: tax implications on dividend distributions due to tax structure design, etc.)
• Tax assumptions provided by tax and financial advisors (e.g., corporate income tax, sales and service tax, import duties, tax incentives, validity period of tax losses, audited tax losses and realized but unaudited tax losses, etc.)
• Communication with tax, technical, and legal teams to collect risk explanations from each professional team, reflect quantifiable risks in the model, and analyze the impact of various risks on valuation and yield rates; identify net debt and surplus assets based on financial due diligence reports and reflect them in the valuation.
1.2 Considering the flexibility and usability of parameter adjustments, determine the most effective method to design and construct the financial model. The model architecture shall include but not be limited to:
• Financial model structure requirements: cover page, summary, inputs (including constant parameters and time-varying parameters, etc.), calculation sheets (operating period calculations, debt service and interest payments, depreciation and amortization, etc.), and outputs;
• The financial model shall include the following outputs: project basic information display; operating period financial indicator analysis (e.g., revenue composition, cost composition analysis, cash inflow and outflow analysis, etc.); debt service and interest payment capacity analysis; sources and uses of funds analysis; tax analysis; key financial data analysis; annual financial statement forecasts prepared in accordance with International Financial Reporting Standards (IFRS); WACC calculation; IRR analysis at various levels (e.g., project-level IRR, shareholder-level IRR (in case of multiple shareholders), dividend-level IRR for each shareholder, including
both total investment IRR and equity IRR); dynamic and static payback period analysis; enterprise value and equity value valuation results; and related chart presentations.
1.3 Assist in identifying key assumption parameters
Test the impact of changes in key assumption parameters and financing assumptions on yield rates or valuation at various levels, and conduct sensitivity analysis and scenario analysis without upper limits on the number of such analyses.
1.4 Continuous Supporting
From the issuance of the draft valuation report to the completion of the project investment decision and finalization of the valuation report, continuously refine the model according to the Purchaser's requirements, including but not limited to adjusting model structure, optimizing assumptions, and improving financial analysis. Assist in completing the valuation filing process. Provide a Chinese version of the valuation report for submission to China Three Gorges Corporation (CTG) for review. Assist in completing the Q&A process and provide written responses to questions raised by CTG regarding the valuation report. Continue until the reviewing party raises no further questions and CTG's valuation approval is obtained.
1.5 Deliverables
Summarize the above analysis results and, in accordance with the Purchaser relevant regulations (including but not limited to asset valuation report formats), issue the valuation report and appendices, prepare written responses to valuation filing inquiries and related filing application
documents, and provide editable electronic files in Excel format (with formulas) of the financial model.
2. Risk Assessment
2.1 Project Due Diligence and Risk Assessment
The Consultant shall perform comprehensive risk due diligence on the target power distribution project, including but not limited to:
• Project Overview Review
• Regulatory and Policy Risks
• Market and Demand Risks
• Macroeconomic and Country Risks
2.2 Risk Report Refinement and Internal Coordination The Consultant shall support coordination with relevant internal departments of the Client. The Consultant shall participate in relevant
meetings and revise the risk assessment report based on feedback.
2.3 Identify the key Risk Drivers
Based on the project financial model, the Consultant shall analyze the key drivers affecting major financial indicators, including but not limited to: IRR (Internal Rate of Return)，EBITDA，EV (Enterprise Value), and identify the key drivers.
2.4 Quantitative Risk Analysis The consultant shall conduct quantitative risk analysis, such as:
• Sensitivity Analysis: The impact of changes in individual risk factors on key financial indicators; • Stress Testing: Project risk testing under extreme scenarios;
• Scenario Analysis: The overall impact on the project from combined scenarios of multiple risk drivers;
• Risk Matrix: Analysis of the likelihood and impact of key risk points. Results shall be presented through visual tools, such as
• Risk Matrix
• Waterfall Charts
• Tornado Charts
• Scenario comparison charts
3. Supplier Qualification Requirements (All the following conditions must be met simultaneously)
(1) Performance Requirements From March, 2021 to proposal submission deadline, Experience in completing asset valuation (or appraisal) and state-owned asset risk assessment reports in Colombia and Latin American. (Provide materials that prove the above key information, such as a copy of the Letter of acceptance, contract, customer feedback form, etc.)
(2) Other Requirements The Bidder Must belong to Valuation Assessment Agency Candidate Pool of CTG
The Purchaser of this project □ accepts ✔ does not accept quotations from agents.
4. Supplier Sourcing Method
Suppliers will be identified through ✔ open call □invitation □Combination of open call and invitation
5. Submission of quotation documents
5.1 Quotation Deadline: PM 11:00, April 14, 2026 (BeiJing Time)
5.2 Submission method: Suppliers must submit quotation documents through the Three Gorges International ERP system (ARIBA) before the quotation deadline.
6. Contact Information
Purchaser: CTG Latam
Contact address: Colombia
Contact Person: Nicolas Benavides
Telephone: 3138027485
Email: nicolas.benavides@ctglatam.com
Contact Person: Alejandra Martinez
Telephone: 3228236810
Email: alejandra.martinez@ctglatam.com
Contact Person (In China): Pan Yu
Telephone: 13297019226
Email: pan_yu3@ctg.com.cn
Supervisory Department: Legal and Compliance Department