Dear Dr. Richter,
Thank you for sharing the BDIC investor deck. Before advancing internal committee review and structuring conversations with potential Chinese EPC / equity syndication partners, we would appreciate your written response to the following questions. Items marked GATING are pre-conditions for us to invest any pre-FID working capital or introduce third-party capital.
尊敬的 Richter 博士：
感谢您分享 BDIC 项目投资材料。在推进我方内部投资委员会审议，以及与潜在的中方 EPC 总包方、股权组盘伙伴展开交易结构讨论之前，恳请您就以下问题给予书面答复。标注 【关键前置 GATING】 的问题，是我方投入任何 FID 前营运资金或引荐第三方资本的先决条件。
A Anchor Tenant Status 锚定客户状态
A1
Gating · 关键前置
ENPlease confirm the executed status of the ByteDance engagement. Is it a Letter of Interest (LOI), Heads of Agreement (HOA), or binding term sheet? What is the committed MW volume, take-or-pay ratio, lease tenor, and termination fee structure? Can we review a redacted copy under NDA?
中请确认与字节跳动（ByteDance）合作的实际签署状态：目前签署的是意向书（LOI）、框架协议（HOA），还是具有法律约束力的条款清单（binding term sheet）？承诺容量（MW）、照付不议（take-or-pay）比例、租约期限、以及提前终止的赔偿结构分别是什么？我方可否在保密协议（NDA）项下查阅一份脱敏副本？
A2
ENThe deck states single-tenant concentration will be capped at ≤35%, yet ByteDance strategic scale is targeted at 150-250 MW (30-50% of 500 MW). How is this reconciled with the covenant framework?
中材料中声明单一客户集中度上限为 35%，但字节跳动的战略用量目标为 150-250 MW，占 500 MW 总容量的 30-50%。这一矛盾如何与融资协议的限制性条款（covenant）框架相协调？
A3
ENBeyond ByteDance, which specific counterparties among Alibaba Cloud / AWS / Google Cloud have entered documented engagement (NDA, RFI response, site visit)? Please list stage and expected LOI window.
中除字节跳动外，阿里云、AWS、谷歌云之中，具体有哪些主体已进入有据可查的接洽阶段（已签 NDA、已回复 RFI、已实地踏勘）？请逐一列出各方所处阶段及预计签署 LOI 的时间窗口。
A4
ENIn the scenario that ByteDance defers commitment beyond Q2 2026 (given ongoing TikTok / CFIUS-related considerations), what is the fallback anchor plan and its impact on Phase 1 FID timing?
中假设字节跳动因 TikTok 与 CFIUS（美国外资投资委员会）相关因素，将承诺决策推迟至 2026 年第二季度之后，届时的备用锚定客户方案是什么？这对一期 FID 的时间安排会产生何种影响？
B Grid & Power 电网与电力
B1
Gating · 关键前置
ENPlease provide PLN's Surat Ketersediaan Daya (SKD / grid capacity confirmation letter) — or, if not yet issued, the current stage of application, filing date, and expected issuance date. Which of the three candidate substations (GI Sentul / GI Bogor Baru / GI Cibinong) is the primary connection point?
中请提供 PLN 出具的《Surat Ketersediaan Daya》（SKD，电网容量可用性确认函）；若尚未获批，请说明目前的申请阶段、递交日期及预计出函日期。在三个候选变电站（GI Sentul／GI Bogor Baru／GI Cibinong）中，哪一个是主接入点？
B2
ENFor the 150-180 MW geothermal PPA at $0.080-0.095/kWh: identify the counterparty (Star Energy, Pertamina Geothermal Energy, Supreme Energy, or other), the specific geothermal field, current WKP status, and the surplus capacity actually available for hyperscale offtake.
中关于 150-180 MW、电价 0.080-0.095 美元/kWh 的地热 PPA：请明确交易对手方（Star Energy、Pertamina Geothermal Energy、Supreme Energy 或其他）、具体的地热田、当前 WKP（地热工作区）许可状态，以及真正可供超大规模客户长期购电的富余产能。
B3
ENFor the 500-700 MWp ground solar PPA at $0.045-0.065/kWh: PLN's most competitive 2024 solar tender cleared at ~$0.058/kWh. What margin exists for BDIC to secure prices at the lower end? Which IPPs are in dialogue?
中关于 500-700 MWp、电价 0.045-0.065 美元/kWh 的地面光伏 PPA：PLN 在 2024 年光伏招标中最具竞争力的中标价约为 0.058 美元/kWh。BDIC 凭什么能拿到区间下限的价格，其中还有多少利润空间？目前在谈的独立发电商（IPP）有哪几家？
B4
ENFor the 200-300 MWp floating solar PPA: the Cirata reservoir concession is already committed to Masdar. Please identify the alternative Java reservoir target(s) and current permitting stage.
中关于 200-300 MWp 的水面漂浮式光伏 PPA：Cirata 水库的特许经营权已授予 Masdar。请指明爪哇岛上的替代水库标的，以及这些标的目前所处的许可审批阶段。
B5
ENBESS 30 MW / 160 MWh appears undersized for a 100 MW Phase 1 with >80% variable renewables. Please provide the dispatch simulation output showing ride-through capability, ramp-rate coverage, and required PLN top-up hours per year.
中对于一期 100 MW 负载、且可再生能源占比超过 80%（波动性大）的场景，30 MW／160 MWh 的储能（BESS）配置似乎明显偏小。请提供电力调度仿真结果，说明系统的故障穿越能力、爬坡率覆盖能力，以及每年需要 PLN 电网补充供电的小时数。
C Land & Site 土地与场地
C1
Gating · 关键前置
ENPlease provide the HGB (Hak Guna Bangunan) certificate or, if pre-issuance, the land purchase agreement, current landholder(s), agreed acquisition price, and status of BPN transfer application. If the land is not yet controlled by PT BDIC, on whose balance sheet does it sit today?
中请提供 HGB（Hak Guna Bangunan，建设用地使用权）证书；若证书尚未核发，请提供土地购买协议、现有土地权属人、约定收购价格，以及在国土局（BPN）办理过户申请的进展状态。如果土地尚未由 PT BDIC 项目公司控制，目前记在哪一家主体的资产负债表上？
C2
ENFor a 181 ha contiguous parcel in Mulyaharja / Palasari / Pamoyanan of South Bogor: how many original landowners were consolidated? Are there any customary land (tanah adat), religious endowment (wakaf), or village-level (tanah desa) claims? Please provide the title-chain summary.
中关于位于南茂物 Mulyaharja／Palasari／Pamoyanan 的 181 公顷连片地块：该地块是由多少位原始土地业主的土地整合而成？是否存在习惯法土地（tanah adat）、宗教捐赠地（wakaf）或村集体土地（tanah desa）方面的权利主张？请提供完整的权属传承链（title chain）摘要。
C3
ENKKPR (spatial-planning conformity) — has it been formally approved for data-centre industrial use, and does the West Java provincial RTRW currently zone this site for industrial or commercial use?
中关于 KKPR（空间规划符合性许可）：数据中心作为工业用途是否已获得正式批准？西爪哇省现行的 RTRW（空间规划）目前将该地块划定为工业用地还是商业用地？
C4
ENWater sourcing (Ciawi / Cisadane catchment): with WUE target <0.2 L/kWh and 500 MW ultimate load, please provide the water-balance study and hydrological allocation letter from BBWS Ciliwung-Cisadane.
中关于水源取用（Ciawi／Cisadane 流域）：在 WUE（水资源利用效率）目标低于 0.2 L/kWh、终期负载达 500 MW 的条件下，请提供水平衡测算研究报告，以及 BBWS Ciliwung-Cisadane 流域管理局出具的水资源配额分配函。
D Sponsor, Governance & Capital 发起人、治理与资本
D1
Gating · 关键前置
ENWho is the sponsoring entity behind BDIC Holdings Pte. Ltd.? Please provide the shareholder structure, ultimate beneficial ownership, sponsor's data-centre delivery track record (specific hyperscale campuses completed, MW commissioned), and audited financial statements demonstrating capacity to fund the "minimum 25% co-invest" (~USD 70-90M).
中BDIC Holdings Pte. Ltd. 背后的发起主体究竟是谁？请提供股东结构、最终受益所有人（UBO）、发起人在数据中心领域的交付业绩（具体已建成的超大规模园区名称、已投运的 MW 数），以及能够证明其有能力出资承担"至少 25% 跟投"（约 7,000-9,000 万美元）的经审计财务报表。
D2
ENWho is currently funding pre-FID working capital (typically USD 15-30M for permitting, DD, EPC bidding)? What is the pre-FID cost incurred to date and the projected additional burn to reach FID?
中目前 FID 前的营运资金（通常为 1,500-3,000 万美元，用于报批报建、尽职调查、EPC 招标）由哪一方出资？截至目前已实际发生的 FID 前费用是多少？到达 FID 之前预计还需追加消耗多少资金？
D3
ENAre any Indonesian BUMN (Telkom, PLN Nusantara, Danantara, MIND ID, BRIN) or state-related equity partners engaged, formally or informally? A BUMN anchor materially de-risks land, AMDAL, and grid processes.
中是否已有印尼国有企业（BUMN，如 Telkom、PLN Nusantara、Danantara、MIND ID、BRIN）或政府关联方以正式或非正式方式参与股权？有 BUMN 作为压舱股东，对土地手续、AMDAL 环评和电网接入流程都能起到实质性的去风险作用。
D4
ENWhich DFIs (IFC, ADB, AIIB) have issued indicative term sheets or mandate letters? What ESG framework (IFC Performance Standards 1-8, Equator Principles) has BDIC formally adopted for the debt package?
中已有哪几家开发性金融机构（IFC、ADB、AIIB）出具了指示性条款清单或融资授权函（mandate letter）？针对这笔债务融资，BDIC 正式采纳的是哪一套 ESG 框架（IFC 绩效标准 PS 1-8，还是赤道原则）？
D5
ENHoldCo domicile — Singapore or Hong Kong? Please share the rationale (tax treaty positioning, investor-familiarity considerations, exit optionality) and the intended tax structure between HoldCo, PT BDIC, and downstream OpCos.
中控股公司（HoldCo）注册地选新加坡还是香港？请说明选择理由（税收协定的定位考量、投资人接受度、退出灵活性），以及在 HoldCo、PT BDIC 与下属运营公司之间拟采用的税务架构。
E CAPEX, EPC & Delivery CAPEX、EPC 与交付
E1
Gating · 关键前置
ENCAPEX intensity of $7.5-8.5M/MW is materially below the Asian AI-ready hyperscale benchmark ($10-14M/MW). Please provide an indicative fixed-price letter (or budgetary offer) from at least one Tier-1 EPC (CRCC / PowerChina / China Energy Engineering / equivalent) supporting this number.
中750-850 万美元/MW 的单位造价，明显低于亚洲 AI-ready 超大规模数据中心的行业基准（1,000-1,400 万美元/MW）。请提供至少一家一线 EPC 总包方（中国铁建／中国电建／中国能建或同等级别企业）出具的指示性固定总价函（indicative fixed-price letter）或概算报价（budgetary offer），以支撑这一造价水平。
E2
ENPlease share the Phase 1 CAPEX bill-of-quantities cross-check: (a) civil + structural, (b) HV & MV electrical, (c) UPS & switchgear, (d) liquid cooling CDU / CT / CRAC, (e) fibre / connectivity, (f) BESS. Any lump-sum EPC quote must be reconciled to this BOQ.
中请提供一期 CAPEX 的工程量清单（BOQ）分项交叉核对表：(a) 土建与结构；(b) 高压及中压电气；(c) UPS 与开关柜；(d) 液冷 CDU／冷却塔／机房精密空调；(e) 光纤与网络连接；(f) 储能系统。任何 EPC 一口价（lump-sum）报价都必须能与该工程量清单逐项对应核实。
E3
ENFor the 24-36 month Phase 1 delivery target: what buffer is built in for AMDAL delays (typically 6-9 months) and PLN interconnection scheduling? Which milestones are on the critical path?
中关于 24-36 个月的一期交付目标：为 AMDAL 环评延误（通常需 6-9 个月）以及 PLN 并网排期，分别预留了多少时间缓冲？哪些里程碑处于关键路径（critical path）上？
E4
ENCooling system: Warm-water direct-to-chip requires 30-35°C supply. Bogor's ambient wet-bulb design temperature is ~26-27°C — please share the free-cooling hours per year and top-up chiller sizing assumption.
中冷却系统：温水直接芯片冷却（direct-to-chip）要求供水温度维持在 30-35°C，而茂物当地的设计湿球温度约为 26-27°C。请提供全年可实现自然冷却（free cooling）的小时数，以及补充冷水机组的选型容量假设。
F Financial Model & Returns 财务模型与回报
F1
ENPlease share the underlying financial model (Excel), with sensitivities on (a) lease rate ±20%, (b) utilisation 60/75/85%, (c) CAPEX +15%, (d) IDR/USD ±10%, (e) blended energy cost ±25%. Base-case IRR is stated at 15-22% — please split unlevered project IRR vs sponsor equity IRR.
中请提供底层财务模型（Excel 文件），并就以下变量提供敏感性分析：(a) 租金 ±20%；(b) 上架率 60%／75%／85%；(c) CAPEX 上浮 15%；(d) 印尼盾兑美元汇率 ±10%；(e) 综合能源成本 ±25%。材料中基准情形的 IRR 为 15-22%——请拆分列示无杠杆项目 IRR 与发起人股权 IRR 两个口径。
F2
ENEBITDA margin 55-65% appears optimistic vs listed comps (Equinix ~45%, Digital Realty ~50%, EdgeConneX ~48%). Please explain the operating cost structure and what drives BDIC's premium.
中55-65% 的 EBITDA 利润率，相较上市可比公司（Equinix 约 45%、Digital Realty 约 50%、EdgeConneX 约 48%）显得偏乐观。请说明项目的运营成本结构，以及支撑 BDIC 高出同业这部分溢价的具体驱动因素。
F3
ENLease rate assumption $110-140/kW/month — please confirm whether this is colocation retail or wholesale hyperscale pricing. Asian wholesale comps typically clear at $80-110/kW/month.
中租金假设为 110-140 美元/kW/月——请确认这是零售型 colocation 定价还是批发型超大规模定价。亚洲批发市场的可比成交价通常在 80-110 美元/kW/月区间。
F4
ENFor the CIT holiday under PMK 69/2024: has BDIC formally applied to BKPM? Confirmed on the pioneering-industry positive list? Please provide the Surat Keputusan if issued, or filing acknowledgement.
中关于 PMK 69/2024 号法规项下的企业所得税免税期：BDIC 是否已正式向印尼投资协调委员会（BKPM）提交申请？是否已确认被列入"先导产业"（pioneering industry）正面清单？如已取得批文（Surat Keputusan）请提供原件，若尚未批复请提供申请受理回执。
G Exit & Governance 退出与治理
G1
ENExit path: SG S-REIT vs Indonesia DIRE vs strategic sale. Please share the exit-thesis note, target investor list, and expected timeline post-stabilisation. What single-tenant concentration cap is required for S-REIT eligibility?
中退出路径：新加坡 S-REIT、印尼本地 DIRE，还是战略出售？请提供退出方案论证文件、目标投资人名单，以及资产稳定运营后的预计退出时间表。若走 S-REIT，其上市资格要求的单一客户集中度上限是多少？
G2
ENPost-FID board composition and minority-shareholder protections: information rights, tag-along, drag-along, veto matrix — please share the proposed shareholders' agreement key terms.
中FID 后的董事会构成与小股东保护机制：知情权、随售权（tag-along）、拖售权（drag-along）、否决事项清单——请提供拟议股东协议的关键条款。
G3
ENAlignment: what portion of the sponsor's equity is subject to lock-up until Phase 1 COD? What key-man clauses apply to Dr. Richter's role?
中利益绑定安排：发起人所持股权中，有多少比例需锁定至一期项目投运（COD）？针对 Richter 博士个人职责，设有哪些关键人（key-man）条款？
✉ Response Format Requested 回复格式
ENWe would appreciate written responses in the same numbered structure. Documentary evidence (LOI, SKD, HGB, term sheets, model file) may be shared under NDA via secure data room.
Target turnaround: 10 business days.
中烦请按照上述相同的编号结构逐条书面回复。相关证明文件（LOI、SKD、HGB、条款清单、财务模型文件）可在保密协议项下，通过安全数据室（data room）提供。
期望回复时限：10 个工作日。
Best regards,
顺颂商祺，
Grace Zhang
gracez@daonagroup.com