The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.

That said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.

In particular:
- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;
- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;
- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.

Furthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:
- A hard cap on total external indebtedness, and/or
- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.

These mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders’ security position.