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REGISTERED NUMBER: 09004932 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

WEL Solar Park 26 Limited

WEL Solar Park 26 Limited (Registered number: 09004932)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

WEL Solar Park 26 Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | K Zhang

| REGISTERED OFFICE: | Room 166

| 3 More London Riverside

| London

| SE1 2RE

| REGISTERED NUMBER: | 09004932 (England and Wales)

| AUDITORS: | Shinewing Wilson Accountancy Limited

| Chartered Certified Accountants

| and Statutory Auditors

| 9 St Clare Street

| London

| EC3N 1LQ

WEL Solar Park 26 Limited (Registered number: 09004932)

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 12,315,257 |  | 12,950,579 |  |

CURRENT ASSETS

Debtors | 5 | 216,108 |  | 180,008 |  |

Cash at bank | 3,881 |  | 16,526 |  |

219,989 |  | 196,534 |  |

CREDITORS

Amounts falling due within one year | 6 | 15,924,547 |  | 15,704,939 |  |

NET CURRENT LIABILITIES | (15,704,558 | ) | (15,508,405 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (3,389,301 | ) | (2,557,826 | ) |

PROVISIONS FOR LIABILITIES | 149,456 |  | - |  |

NET LIABILITIES | (3,538,757 | ) | (2,557,826 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | (3,538,857 | ) | (2,557,926 | ) |

(3,538,757 | ) | (2,557,826 | ) |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 June 2026 and were signed by:

K Zhang - Director

WEL Solar Park 26 Limited (Registered number: 09004932)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| WEL Solar Park 26 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The company had net current liabilities of £15.7 million (2024: £15.5 million) at the balance sheet date, which is mainly owed to EPC contractors Shanghai Electric UK Company Limited, a related party and also a loan from the immediate parent company. No short-term demand on the repayment of the funds is expected to be instructed. The director has assessed the company's ability to continue as a going concern. During the year, the company commenced electricity generation and the director anticipate that this will yield a stable stream of income in the following years. Furthermore, the director has considered the immediate parent company's ability and commitment to facilitate the company's working capital needs. Based on these factors, the director is satisfied that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements, therefore it is appropriate that the company continues to adopt the going concern basis in preparing its financial statements.

| Turnover

| Turnover comprises the fair value of the consideration received or receivable in respect of the invoiced value of generated electricity and accrued income. Revenue is shown net of sales and value added tax. Revenue on the generation of energy is recognised when electricity is delivered.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Plant and machinery etc - Over 20 years

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

WEL Solar Park 26 Limited (Registered number: 09004932)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments - continued

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest method.

| Share capital

| Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

| The company's ordinary shares are classified as equity instruments.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

WEL Solar Park 26 Limited (Registered number: 09004932)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Operating leases: the company as lessee

| Rentals paid under operating leases are charged to the Income Statements on a straight line basis over the period of lease.

| Contingencies: decommissioning provision

| Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

| Decommissioning provision is not recognised until commencement date under the term.

| Exceptional item

| Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the company. They are items that are material either because of their size or their nature, or that are non recurring are considered as exceptional items and are presented within the line items to which they best relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 January 2025 | 12,950,579 |  |

| Additions | 12,849 |  |

| At 31 December 2025 | 12,963,428 |  |

| DEPRECIATION

| Charge for year | 648,171 |  |

| At 31 December 2025 | 648,171 |  |

| NET BOOK VALUE

| At 31 December 2025 | 12,315,257 |  |

| At 31 December 2024 | 12,950,579 |  |

| During the year construction in progress is completed and transferred to plant and machinery at cost.

5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Other debtors | 216,108 |  | 180,008 |  |

WEL Solar Park 26 Limited (Registered number: 09004932)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | 4,290,114 |  | 4,186,531 |  |

| Amounts owed to group undertakings | 2,384,067 |  | 2,084,033 |  |

| Other creditors | 9,250,366 |  | 9,434,375 |  |

15,924,547 |  | 15,704,939 |  |

| Included in trade creditors, there is an amount of £4.29 million (2024: £4.11 million) owed to the EPC contractor, a related party and included in other creditors, there is accrued expenses of £9.22 million (2024 £9.22 million) owed to the same party, also there is an amount of £0.17 million (2024: £0.15 million included in trade creditors) owed to the same party for O&M service charged during the year.

| In the amounts owed to group undertakings, there is a balance of £1.08 million (2024: £1.08 million) which represents the EPC deposit held and due to the company's fellow group undertaking in Hong Kong. The remaining balance is due to other UK project companies, which are the company's fellow subsidiaries.

| All balances owed to the related parties are unsecured, interest free, and repayable on demand.

7. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Other loans | - |  | 210,000 |  |

| This loan from the company's immediate parent company, ProjectPower UK Limited, was fully repaid during the year.

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 98,253 |  | 94,817 |  |

| Between one and five years | 393,012 |  | 379,270 |  |

| In more than five years | 343,482 |  | 426,289 |  |

834,747 |  | 900,376 |  |

9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Nijendra Dhungana FCCA (Senior Statutory Auditor)

| for and on behalf of Shinewing Wilson Accountancy Limited

WEL Solar Park 26 Limited (Registered number: 09004932)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | CONTINGENT LIABILITIES

| As per the lease agreement, prior to the 20th year of the lease term, the company shall appoint an independent surveyor who shall act as an expert to determine the cost of removing the solar farm equipment and reinstatement. On the fifth anniversary of the Term Commencement Date, the company will need to place 25% of the Security Sum into an interest-bearing escrow account approved by the Landlord (acting reasonably) held in the joint names of the Landlord and Tenant. An additional sum equal to 25% of the Security Sum will be paid into this account at the end of the tenth year of the Term, with a further 25% of the Security Sum being paid into the account at the end of years 15 and 20. The minimum amount of Security Sum will be £10,000 per megawatt of the installed electricity capacity of the equipment at the premises.

| Therefore, decommissioning provision is not provided until 2040.

11. | RELATED PARTY DISCLOSURES

| Except for disclosures in note 9, the company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is ProjectPower UK Limited, a company incorporated and registered in Hong Kong, Room 4306-4307 43/F, Far East Finance Centre, No.16 Harcourt Road, Hong Kong.

| The ultimate parent company is ProjectPower Limited, a company incorporated and registered in Cayman Islands, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

| There is no one ultimate controlling party.