The project is structured with a conservative level of over-collateralization at inception, and no dynamic collateral adjustment mechanism is currently foreseen.

That said, if any additional debt were to be introduced at the project level, it would only occur in the unlikely scenario where the full target amount of the Luxembourg bond is not raised. In such a case, external debt would be structured solely to complement the shortfall, not to increase leverage or risk.

This complementary financing would be calibrated to ensure it does not impair the project’s repayment capacity, nor alter the legal or economic rights of bondholders. Any such arrangement would be fully disclosed and structured to maintain investor protection.