NC-METH-001 v1.1 — Part A: Framing¶

Purpose, Scope, Audience, Conventions, Versioning¶

12 May 2026 · Internal · Author: AI-assisted, M. Forni review

A.1 Purpose¶

NC-METH-001 is the canonical methodology for the IEAT Solar Investment Program: the document that says how an investment-grade per-estate active envelope is derived, costed, financed, and validated. It exists for three reasons.

First, to make the work reproducible. The Laem Chabang investment thesis (NC-IC-LC-001 v1.1 — 34.59 MWp / $25.04M EPC / 12.2% sponsor IRR at 52% LTV lender-sized) rests on hundreds of decisions: which segments to include, what unit cost to apply, what yield to assume, how to attribute offtake, when a tenant counts as Tier-1 anchor. If those decisions live only in spreadsheets, slide decks, and analyst heads, the next estate analyst — Bangplee, Lat Krabang, Map Ta Phut — has to rediscover them. The methodology document is the rediscovery shortcut.

Second, to make the work defensible. KTB credit committee, World Bank Independent Engineer, the eventual EXIM lender, and any LP doing diligence on Fund I will all need to understand and stress-test the methodology. A 12.2% IRR is just a number unless the inputs are traceable. Part B (the 10-stage pipeline) and Part C (per-typology specs) make the inputs visible. Part F (governance) makes them stable over time.

Third, to surface the gaps honestly. The audit work documented in NC-MN-001-R1/R2/R3 found 47 register items, 23 of which are real and active. Several are real model-vs-methodology gaps (yield convention 1,380 vs 1,485; per-typology O&M build-up not applied; interest rate 6.0% vs 5.75%). Others are completeness gaps (T4B-DC and T6W undefined in the canonical typology library; no per-tenant credit framework; no estate-deployment runbook). The methodology document either resolves these or names them explicitly. Hidden gaps compound; named gaps get fixed.

The methodology is the spine of the program. Everything downstream — IC papers, financial models, IC decks, KTB lender package, BP Phase 0 workplan, IEAT engineering reviews — plugs into it.

A.2 Scope¶

A.2.1 In scope¶

NC-METH-001 covers the IEAT Solar Investment Program across the 13 IEAT industrial estates (Laem Chabang, Bangpoo, Bangplee, Lat Krabang, Map Ta Phut, Map Ta Phut Port, Smart Park, Kaeng Khoi, Nakhon Luang, Lamphun, Phichit, Sa Kaeo, Bang Chan, Songkhla — totalling 13 active concessions plus Rubber City extension).

In scope by deployment context: - Behind-the-meter (BTM) self-consumption PV — the canonical case (LC is 100% BTM) - Behind-the-meter with BESS — BP and select EEC estates - Grid-export PV where applicable — limited to specific export-permitted segments at estates where IEAT has a power-producer license - Carbon revenue — Gold Standard PoA at $15/t base; T-VER fall-back at ~$5/t; ICC Aug 2025 excludes solar from ITMO/CORSIA. LC has no carbon revenue by design; BP and others do

In scope by typology (six module types per A.6.1): - T1 rooftop - T2 ground-mount - T4A carport - T4B-DC arterial canopy (dual N/S configuration) - T6W wide canal canopy - BESS (LFP, 5 MWh containers, $175/kWh + thermal management premium)

In scope by financial structure: - 75.5% / 24.5% NewCo / IEAT JV equity split with 25-year exclusive concession (MSA) - Project-finance senior debt with EXIM-equivalent terms (5.75–6.0% / 12 years / 1-year grace) - 70% LTV canonical program structure; 52% lender-sized as typical execution case where DSCR constrains - 8-year BOI tax holiday under Activity 5.2.1 (with EEC 13-year enhancement under evaluation) - Y10 reanchor exit at 13.5× EBITDA terminal multiple

In scope by analytical product: - Estate-level investment envelope (active + aspirational reserve) - Per-segment financial model inputs - Per-tenant offtaker attribution - IC-grade returns analysis (IRR, DSCR, NPV, MOIC, payback, Y10 exit) - Stress and sensitivity envelope (CAPEX, PPA, yield, OPEX, rate, BOI, tenant consent)

A.2.2 Out of scope¶

The following are deliberately not covered in NC-METH-001 v1.1:

Utility-scale standalone solar (greenfield PPA with no IEAT host) — different deal structure
Residential or commercial rooftop outside IEAT estates
Off-grid microgrid deployments
Standalone BESS without paired PV
EV charging infrastructure — covered by NewCo's separate EV product (5–7 year contracts)
Cooling-as-a-service / chilled water — separate product
Steam, compressed air, LED — separate NewCo products (per business plan)
International expansion (Vietnam, Indonesia, Bangladesh, etc.) — Fund II scope, 2027–28; methodology will be adapted but is not in v1.1

A.2.3 Cross-program references¶

NC-METH-001 references but does not subsume:

WB LCC Programme (P181082, $200M IBRD pipeline) — separate methodology applicable to municipal PV deployment (BMA + Lampang + 5 other provinces). LCC uses different financing structure (EMA + sub-loan + KTB Agency & Monetization + Forward Purchase), different tariff (BMA 4.20 user-locked vs IEAT LC 3.85), and different governance (PEMC-as-EMA-subtype). Cross-references exist but the methodologies are distinct.
Treasury Mint proposal (NC-GOV-TREASURY-001, $49M) — separate flagship investment for the Ministry of Finance Mint complex; uses elements of NC-METH-001 but adapts for sovereign-government counterparty
SAT (Stock Exchange of Thailand) UaaS — separate $38M / 103-building program
MOPH (Ministry of Public Health) UaaS — separate $50.96M / 37-hospital program
CPN LCC, BDMS, MitrPhol, etc. — pipeline deals with separate per-deal methodologies that reference the IEAT framework

A.2.4 Deferred to v1.2+¶

Items acknowledged as gaps but explicitly deferred:

Vietnamese/Indian canal-canopy operational benchmarks — research SOW (~$20–30K) deferred to v1.2
Monte Carlo simulation for Tornado sensitivities — model currently uses P50/P90 deterministic with independent driver flexing (industry-standard); MC refinement deferred
EEC BOI 13-year enhancement evaluation — under Phase 0 evaluation; will be incorporated when legal/tax opinion lands
PIE/PRIME JV reactivation framework — JV dormant with bond default per memory; deferred until JV status clarifies
Per-segment probabilistic envelope — speculative refinement beyond P50/P90; deferred
Carbon market entity (CME) framework for BP — referenced in memory; not yet documented in methodology

A.3 Audience¶

NC-METH-001 is written for internal NewCo team + IEAT engineers as the primary audience. This is a working reference and a training resource — not a polished investor document or a lawyer-scrubbed external deliverable.

This audience choice has consequences:

Technical language is allowed and preferred. Solar yield in kWh/kWp/yr, BESS round-trip efficiency, DSCR profile, ITMO eligibility, BOI Activity 5.2.1 — these terms appear without translation. The glossary in A.6 is a reference, not a teaching tool.
Known weaknesses are documented explicitly. Each typology subsection in Part C includes a "failure modes" entry. Each pipeline stage in Part B includes a "known weaknesses" entry. The IRR walk in IC papers will include explicit sensitivity bands rather than single-point estimates.
Gotchas are surfaced, not buried. Where a rule is implicit (the 0.20 confidence floor for active envelope inclusion), inferred (LC T6W unit cost $732 in v1.0 register), or inconsistent across artefacts (yield 1,380 model vs 1,485 methodology), the document says so with explicit flags. The audit register v0.3 (NC-MN-001-R3) maps to specific flags throughout.

Secondary audiences:

KTB credit committee and lender independent engineer will read this document as part of diligence. The methodology should give them what they need to stress-test inputs without forcing translation.
World Bank IE will read this document as part of the LCC Programme's separate-but-adjacent methodology review.
Fund I LP diligence teams may read selected sections (Part D financial parameters, Part F governance) to understand methodology rigour.
Future Claude or other AI assistants working on the methodology should treat this document as the spine and the audit register as the active issue tracker.

Audiences explicitly NOT targeted:

Retail investors or general public — the methodology assumes sophistication
Press or external communication — IC decks and investor materials translate the methodology for external use; this document does not
Counter-parties without NDA — methodology contains commercially sensitive cost data, tenant identification, and financial structure assumptions

The "NewCo" name should not appear in any document distributed externally per the memory's standing rule. References to NewCo in this internal methodology are acceptable; in any externally-facing derivative, replace with "the Investment Manager" or the formal SPV name as appropriate.

A.4 Conventions and units¶

A.4.1 Currency¶

Reporting currency: USD with all amounts shown to 2 significant figures for headline values, full precision for model inputs
FX rate: 35 THB/USD for main program (corrected from "32 LOCKED" — see audit register AUDIT-007)
FX rate: 32 THB/USD for IET-only context (legacy; specific to IET projects)
THB-denominated inputs (tariffs, OPEX, BESS pricing) carry the THB unit explicitly; conversion to USD happens at the FX rate above

A.4.2 Capacity and energy¶

Solar capacity: kWp DC (nameplate, peak watts DC). MWp = 1,000 kWp. GWp = 1,000 MWp.
Energy generation: MWh AC (delivered alternating current). GWh = 1,000 MWh.
BESS capacity: MWh AC for usable energy throughput (after round-trip efficiency losses); kWh for unit pricing
BESS power: MW AC (typical C-rate 0.5C giving 2-hour discharge from a 1.0 MW / 2.0 MWh container)

A.4.3 Cost basis¶

Unit cost: $/kWp DC for solar (per-typology rates in Part C)
Unit cost: $/kWh for BESS (LFP container basis, currently $175/kWh + thermal management $10–15/kWh)
CAPEX: USD $M at FX 35
Total project cost = EPC + development soft costs (8% of EPC) + financing fees (2% of debt) + contingency (5%) + interest during construction (IDC) — for LC: $25.04M EPC → $29.16M total project cost
OPEX: THB k/MWp/yr with explicit conversion to USD/kWp/yr ($38.57/kWp/yr at LC including all OPEX layers)
OPEX escalation: 2.5%/yr nominal [INCONSISTENT — Part D may refine per cost layer: modules deflation vs labor CPI vs services CPI+; pending WP2]

A.4.4 Yield¶

P50 yield: kWh/kWp/yr (probability-50 median annual specific yield, post-degradation, post-soiling, post-system-loss, AC-delivered)
P90 yield: kWh/kWp/yr (probability-90; typically P50 × 0.90 per lender convention)
Degradation: 1.0%/yr (TOPCon standard; applied to nameplate after Y1)
[INCONSISTENT] — convention reconciliation pending WP1: model uses 1,380 for LC (EEC canonical); methodology RES-001 says 1,485. Both numbers must use same convention (DC vs AC delivery; pre-soiling vs post-soiling; gross vs degraded) before being directly comparable. Documented as AUDIT-001 in NC-MN-001-R3.

A.4.5 Tariff and PPA¶

PPA tariff: THB/kWh flat unless otherwise specified
MEA TOU reference rates: peak THB 4.28 / off-peak THB 2.34 (medium-voltage industrial). LC contractual tariff THB 3.85 = 90% of MEA TOU peak rate (the 0.90 factor is the BTM contractual discount, not a TOU/flat conversion)
BMA RFP tariff THB 4.20 is user-locked for BMA municipal context and is not the IEAT rate
PPA escalation: 0%/yr nominal (flat) unless otherwise specified per estate
Contract tenor: 25 years from COD for solar; 20 years for BESS (with mid-life replacement at Y12)

A.4.6 Time¶

Y0 = construction year, typically 12 months from FID to COD
Y1 = first full operations year (calendar year of COD; e.g., LC COD Q4 2027 → Y1 = 2028 if strictly post-COD; methodology uses partial-year convention with Y1 = first full revenue year, 2027 in LC's case)
Operations period: 25 years from Y1 (LC: Y1 2027 → Y25 2051)
Y10 = exit reanchor year for IRR-uplift modeling (Bangpoo v6.5 methodology)
All financial flows: nominal THB or nominal USD (real-terms analysis not standard; discount rate 8% real applied with 2.5%/yr OPEX escalation implies ~10.5% nominal cost of equity)

A.4.7 Financial structure¶

Equity: USD M
Senior debt: USD M, % LTV measured against EPC (not total project cost) — i.e., 60% LTV = 60% × EPC = $15.02M at LC
Debt cost: %/yr (LC model 6.0%; methodology FIN-003 EXIM 5.75%; gap is AUDIT-014)
Debt tenor: years (12 standard) with 1-year grace
DSCR: ratio (P50 typical; P90 lender base; covenant default 1.05× / lockup 1.15× standard)
LLCR: ratio (Loan Life Coverage Ratio at COD; lender threshold typically 1.35×)

A.4.8 Returns¶

Equity IRR: % (P50 default; P90 stressed)
NPV: USD M @ 10% real discount rate
MOIC: multiple of money invested over contract period (25-year base; Y10 exit reanchor sub-case)
Equity payback: years

A.4.9 Tax¶

CIT rate: 20% Thailand
BOI tax holiday: 8 years standard from first year of revenue (Activity 5.2.1 Solar Power Generation)
EEC enhancement: up to 13-year CIT exemption under Phase 0 evaluation
Equipment depreciation: 20% straight-line over 5 years
Civil works depreciation: 5% straight-line over 20 years
Equipment / civil split: 70% / 30% of EPC

A.4.10 Confidence scoring¶

The methodology uses an explicit confidence taxonomy for segment inclusion:

Score	Label	Meaning
≥ 0.80	HIGH	Multi-source verified (field walk + satellite + register; or GPlaces multi-source); committed to active envelope
0.40–0.79	MEDIUM	Single-source verified or Marc-verified visually; committed to active envelope with caveat
0.20–0.39	LOW	Single-source unverified; conditionally in active envelope pending Phase 0B field validation
< 0.20	ASPIRATIONAL	Below floor; held in reserve typology (T1X / T2X / T6X) for tenant-consent replacement

Active envelope inclusion floor: 0.20.

A.4.11 Tier assignment (offtaker)¶

Tier-1 anchor tenants: HIGH-confidence segment adjacency + investment-grade group parent (or public company) + multi-source verification. Per LC IC paper §4, 12 LC tenants are Tier-1.

Tier-2: MEDIUM-confidence with tenant directly identified but credit profile not validated as investment-grade.

Tier-3: LOW-confidence; tenant inferred from segment geometry; not used for ESA execution.

A.4.12 Proof status¶

Three proof states for active envelope segments:

VERIFIED: GPS-bounded geometry + field walk OR multi-source satellite + tenant LOI (where tenant-attributed)
CONFIRMED: GPS-bounded geometry + single-source satellite + IEAT-direct OR Tier-1 anchor identified
PENDING: GPS-bounded geometry only; awaiting Phase 0B ROOF-001 / RTK / bathymetric survey / field walk

A.4.13 Language¶

American English throughout (locked; per memory edit 30 "LANGUAGE: Always American English. Never British English. No exceptions.")
No emojis in methodology documents (per general convention; differs from social media or casual communication)
Technical jargon allowed for the named audience; glossary in A.6 is reference, not introduction

A.5 Versioning and change control¶

A.5.1 Semantic versioning¶

NC-METH-001 uses standard semver: vMAJOR.MINOR.PATCH.

MAJOR (v1.x.y → v2.0.0): structural change to the 10-stage pipeline or the 6-typology taxonomy. Requires full re-validation of all estate envelopes and IC papers. Triggered by addition of a new typology beyond the six, change in confidence taxonomy, or fundamental change in financing structure.
MINOR (v1.1.0 → v1.2.0): substantive change to a Part B stage, a Part C typology spec, or a Part D module that affects calculation outputs by more than ±50 bps IRR or ±5% CAPEX at any estate. Requires re-running the affected estate financial model and re-issuing affected IC papers as v1.x.
PATCH (v1.1.0 → v1.1.1): documentation clarification, typo correction, citation update, or methodology-internal refinement that does not change calculation outputs by more than ±50 bps IRR or ±5% CAPEX at any estate.

Current version target: v1.1.0 (this Part A and the in-progress Parts B–F). v1.0 baseline (9 May 2026) is the prior version.

A.5.2 Change log¶

Every version update requires a change log entry in Part F (governance) capturing:

Version number (e.g., v1.1.0)
Date locked
Changed sections (e.g., "Part C T6W canonical entry added; Part D yield convention reconciliation; Part F semver governance live")
IRR impact summary (e.g., "LC sponsor IRR at 52% LTV: 12.2% v1.0 → 12.4% v1.1 per WP1 + WP2 + WP3 net effect")
Approver names (M. Forni + Steven Rubinyi for MAJOR/MINOR; either alone for PATCH)
Linked audit register entries closed (e.g., "closes AUDIT-001, AUDIT-014, AUDIT-016 from R3 register")

A.5.3 Approval workflow¶

PATCH: either approver alone (M. Forni or Steven Rubinyi); no formal review required; merge with change log entry
MINOR: both approvers; review by relevant subject-matter owner (yield → Steven; carbon → Chandra; financial → Jin Yong; regulatory → Kwan; risk → Benedikt); change log entry references affected estate models
MAJOR: both approvers + Investment Committee notification; pre-merge review against acceptance test suite (Part F) with all tests passing; re-validation of all estate IC papers

A.5.4 Acceptance test suite¶

Per AUDIT-034 closure in v1.1, the methodology has a tests/ directory with pytest-based replication tests:

Replication tests: rerun BP and LC financial models through methodology; assert IRR within ±50 bps of stated values
Cross-estate ranking: rank 13 estates by post-mitigation leveraged IRR; assert top 5 ranking stable across central/aggressive/conservative cost bands (±1 position tolerance)
High-materiality findings: each of the 3 ACTIVE-IRR findings (R3 register) reflected in calibrations with documented closure
Governance tests: semver tag present; change log entry exists; regulatory monitoring named monitors current; V3 segment IDs absent; methodology-package 2 folder retired

A version cannot lock as v1.x.0 (MAJOR/MINOR) unless all tests pass. PATCH versions may lock with test-suite advisory failures documented but not blocking.

A.5.5 Deprecations¶

Parameters or artefacts deprecated in v1.1 (formally retired):

FX 32 unqualified (replaced by 35 main / 32 IET-only)
BESS CAPEX $400/kWh (replaced by $175/kWh + thermal premium)
Grid EF 0.475 / Scope-2 only (replaced by 0.4091 TGO Combined Margin)
ITMO/CORSIA pricing for solar carbon (formally rejected per ICC Aug 2025)
LC P50 yield 1,350 in older artefacts (replaced by 1,380 model + 1,485 methodology pending WP1 reconciliation)
V3 segment ID scheme LC-S-V3-XXXX (replaced by v1.0 IDs: LC-T1-01, LC-T6W-03, etc.)
methodology-package 2 Google Drive folder (retired in favour of canonical methodology-package)
LC envelope numbers 39.1 MWp / 42 segments and 50 segments V3 IDs (superseded by 47 segments / 34.59 MWp v1.0 register)

Deprecated parameters should generate DeprecationWarning in any computational artefact that references them; the warning should point to the v1.1 replacement.

A.5.6 Document storage and retrieval¶

Canonical location: Google Drive folder methodology-package (ID 1NgoWojh63BXcbGgB7sIdfW79b5ail4p3)
Backup: Git repository (private, per AUDIT-033) with semver tags on each version lock
Distribution: markdown source-of-truth; Google Doc companion auto-generated from markdown for in-Drive review; PDF generated at lock for distribution snapshots
Naming convention: NC-METH-001_v1.1.0_Part_X_Name.md for major Parts; NC-METH-001_v1.1.0_Annex_X_Name.md for annexes

A.6 Document architecture¶

NC-METH-001 v1.1 is structured in six Parts plus annexes:

Part	Purpose	Status
A — Framing	This document. Purpose, scope, audience, conventions, versioning	In-progress (v1.1)
B — The pipeline	10-stage analytical flow from estate boundary to financial-model handoff	Not yet written
C — Per-typology specifications	One subsection per module type: T1 / T2 / T4A / T4B-DC / T6W / BESS	Not yet written
D — Cross-cutting modules	Yield modeling, CAPEX build, carbon, tariff/PPA, BESS economics	Not yet written
E — Estate-deployment runbook	Decision tree for new-estate intake, data-requirements checklist	Not yet written
F — Governance	Change-control protocol, acceptance tests, regulatory monitoring	Not yet written

Annexes (planned for v1.1 lock, per R3 work plan): - Annex G: Per-tenant credit framework (closes AUDIT-027) - Annex H: LC-specific cost driver documentation (closes AUDIT-040) - Annex I: pytest acceptance test suite specification (closes AUDIT-034) - Annex J: Audit register v0.3 → v1.0 closure status (live document) - Annex K: Vietnamese / Indian canal-canopy operational benchmarks (deferred to v1.2) - Annex L: Bottom-up cost stack methodology (deferred to v1.2 pending engineering review)

A.6.1 Typology taxonomy (referenced by Part C)¶

The six module types covered in Part C:

Code	Name	Physical context	Active at
T1	Rooftop	Industrial/commercial building rooftops; IEAT-owned admin or factory buildings	All 13 estates
T2	Ground-mount	Unused buffer parcels, vacant lots, easement strips	All 13 estates
T4A	Carport	Parking lot canopies over passenger and light commercial parking	LC, BP, BP-S, Songkhla-S
T4B-DC	Arterial canopy (dual N/S)	Internal road and arterial road canopies with dual North/South configuration; per-segment IEAT-side or tenant-side attribution	LC, BP, Lat Krabang
T6W	Wide canal canopy	Wide canal frontage (>15m clear width) with fixed-portal-frame on concrete-lined banks	LC, BP, Map Ta Phut Port
BESS	Battery storage	Containerized LFP storage (5 MWh container standard); paired with PV for curtailment recovery, demand-charge management, time-shifting	BP and other estates with grid-export or peak-load profiles; LC explicitly no-BESS

Reserve typologies (aspirational; below 0.20 confidence floor): - T1X Building extension (IEAT admin or factory extensions; owner-confirmed roof additions) - T2X Vacant buffer parcels (Phase 0A IEAT cadastral validation required) - T6X Drainage canal extension (secondary canal segments; Phase 0B RTK GPS survey)

[IMPLICIT] The taxonomy uses "T4A / T4B-DC" rather than "T3 / T4". The numbering convention reflects historical development sequence (T1/T2 = baseline; T3 = retired industrial walkway typology; T4 family = canopy variants; T5 = retired; T6 = water-proximate). To be canonised in v1.1; for now treat as is.

[INFERRED] Reserve typology naming convention "TXX" (T1X, T2X, T6X) is used inconsistently in the LC register. The "X" suffix denotes aspirational/replacement; the methodology uses this convention going forward.

A.7 Acknowledged gaps in Part A¶

Items where Part A is incomplete or imprecise in v1.1.0; flagged for v1.1.1 patch or v1.2 update:

The 0.20 confidence floor — applied in the LC v1.0 register but never formally stated until now. [IMPLICIT — now canonised in A.4.10]
The 90% factor on MEA TOU peak — 0.90 is the BTM contractual discount factor in LC's PPA structure. Whether this generalises to other estates (whose tariffs may be negotiated differently) is unknown. [INFERRED — pending estate-by-estate validation]
Operations period 25 years vs 20 years for BESS — model implicitly assumes solar 25yr / BESS 20yr with Y12 mid-life replacement. The methodology should make this explicit; currently only A.4.5 references it.
The "main program" vs "IET-only" FX disambiguation — the 35 vs 32 split is documented in memory edit 13 but the boundary between "main program" and "IET-only context" is not formally defined. [IMPLICIT — Part F should canonise]
The Y1-by-calendar-year convention — when a project achieves COD mid-year (Q4 2027 for LC), the methodology treats Y1 = first full revenue year. Whether Y1 includes the partial COD year or starts the next calendar year affects EBITDA reporting. [INCONSISTENT — LC IC paper and LC model use slightly different conventions; needs canonical decision in v1.1.1]

Part A is fundamentally complete at v1.1.0 with these caveats logged.

A.8 Next steps¶

Part A v1.1.0 is locked here as the framing document. Subsequent writing:

Part B (10-stage pipeline) — next document; descriptive write-up with [IMPLICIT] / [INCONSISTENT] / [INFERRED] flags and line citations to source artefacts (LC v1.0 register, LC IC paper, LC financial model, BP register, IC companion deck spec). Steven Rubinyi + analyst.
Part C (per-typology specs) — six subsections (T1 / T2 / T4A / T4B-DC / T6W / BESS) each with physical-and-economic identity, geometric constraints, capacity formula, CAPEX formula, yield model, offtaker logic, suitability screen, failure modes, locked vs estate-specific parameters. Steven + technical leads.
Part D (cross-cutting modules) — yield modeling, CAPEX build, carbon, tariff/PPA, BESS economics. Cross-functional.
Part E (estate-deployment runbook) — Kwan + Steven.
Part F (governance) — M. Forni + Steven; lives in Git with the test suite.

Annexes G, H, I, J built in parallel during the WP1–WP5 sprint (per R3 work plan).

End of Part A v1.1.0.

A.9 References¶

NC-IC-LC-001 IC Paper v1.1 (28 April 2026; Drive ID 1Hoe7XoQQpxhZ9PVqQYFPHbTiRbaEwjb7)
NC-FM-LC-001 Laem Chabang Financial Model v1.0 (Drive ID 1eHJmc49cyI_BvksYEhSCdAAIBVKsvYOd)
NC-IS-LC-001 LC Investment Segment Register v1.0 (Drive ID 1r5gNHTYC-BrlrVRiDy7_c9bTcRDhhh3h)
NC-MN-001-R3 v0.3 audit register (Drive ID 14yGDTxmZMONNTCRZ20weyyPzcRwz3HNSw4Ubyrt9oLs)
NC-MN-001-R3_v1_1_close.md work plan (Drive ID 1b25nINIWWvuUpa7Wj9PZaNWbaWaQovRf)
NC-MN-001-CLOSEOUT_MEMO.md (Drive ID 1cMeFCS2NVjWw7nJ-hortfsadCF24YckJ)
Memory edits 1–30 (current; per memory_user_edits view 12 May 2026)