NewCo Operating Manual¶

How the platform runs day-to-day¶

NC-OPS-001 v1.1 · 12 May 2026 · Internal

v1.1 changes from v1.0: All references to individual team members removed. Decision rights and review functions described by role (Principal / AI execution / functional reviewer) rather than by name. Documents the operational reality of solo-Principal-plus-AI-execution. External-facing materials retain institutional framing per separate template v2.x.

1. Purpose¶

This is the day-to-day operating reference for NewCo. It complements but does not replace:

Platform Charter (NC-CHRT-001) — what NewCo is and where it's going
NC-METH-001 IEAT Solar Methodology — the analytical engine
Sprint Board — active workstream tracking
Onboarding Playbook (NC-ONB-001) — first-90-days for any future team member

If you are reviewing this for the first time, read the Charter first, then this manual.

2. Operating model¶

NewCo operates as a solo-Principal-plus-AI-execution platform:

The Principal is the sole human decision-maker. All investment commitments, methodology changes, parameter book updates, external document distribution, and strategic direction flow through the Principal.
The AI platform executes drafting, analysis, audit, scoping, and documentation work under standing autonomy rules. It produces deliverables for Principal review; it does not act as a peer reviewer.
Future team members (when hired) will fill specific functional roles defined in §3. Until then, all functions consolidate under the Principal with AI execution support.

This operating model is unusual and worth being explicit about. NewCo's external positioning describes a normal institutional structure (CEO, COO, CRO, Heads of Function) because counterparties — IEAT, Treasury, IFC, EXIM, World Bank — need to engage with what reads as a normal organization. Internally, the structure is leaner. Both framings are accurate to different audiences; the difference is in audience, not in deception.

3. Decision rights¶

All decisions ultimately rest with the Principal. The AI platform operates under standing autonomy for execution-class decisions where the framework, parameters, and standards are already canonical.

Decision class	Principal	AI platform	External counterparty notification
Investment commitment (any size)	Decides	Drafts IC paper for review	Per program
Methodology MAJOR version bump	Approves	Drafts; reruns acceptance tests	IC paper holders
Methodology MINOR version bump	Approves	Drafts; reruns acceptance tests	None until lock
Methodology PATCH version bump	Approves or delegates to AI	Drafts and may self-approve under standing rule	None
Parameter Book change	Approves any change affecting IRR > ±50 bps; AI may patch documentation-only updates	Drafts; flags materiality	None until lock
External document distribution	Approves before send	Drafts; applies external-facing template (names + institutional roles)	The counterparty receiving it
Counterparty negotiation position (IEAT, KTB, EXIM, IFC, BakerMcKenzie, World Bank)	Sets	Drafts position memos	The counterparty
Regulatory engagement (BOI, TGO, ICC, MAS, IEAT, PEA)	Sets policy	Drafts submissions	The regulator
Carbon ERPA structure	Sets framework	Drafts contract; validates economics	Counterparty
Risk policy (concentration limits, covenants)	Sets	Applies in modeling	None
Fund I LP relationships	Owns	Drafts LP communications	The LP
Vendor selection (WP1–WP5 procurement)	Selects	Drafts SOWs; evaluates proposals	The vendor
Sprint backlog changes	Approves additions	Updates board	None
Hiring	Decides	n/a	None
Drive hygiene / retirement actions	Approves destructive operations	Produces execution sheets; cannot directly delete via Drive UI	None
Memory hygiene reconciliation	Approves edits	Proposes specific `memory_user_edits` ops backed by Drive evidence	None

When in doubt, the AI platform escalates rather than guesses. Escalation is cheap; correcting a wrong commitment is not.

4. Methodology lifecycle¶

NC-METH-001 follows semantic versioning per Part F:

PATCH (v1.1.0 → v1.1.1): documentation refinement, no calculation change. AI platform may self-approve. CHANGELOG entry only.
MINOR (v1.1.0 → v1.2.0): substantive methodology change with calculation impact (±50 to ±200 bps IRR or ±5 to ±20% CAPEX at any estate). Principal approves. All tests pass before lock.
MAJOR (v1.x.y → v2.0.0): structural change to pipeline taxonomy or framework. Principal approves. All tests pass + re-validation of all estate IC papers.

Every version lock requires:

CHANGELOG entry (date, approver, changed sections, IRR impact, closed audit register items)
Git tag in nc-methodology repo
PDF snapshot to _pdf_archive/
Notification to relevant external counterparties (only if external commitments depend on the changed content)

Current target: v1.1.0 lock at 22 July 2026, gated by WP1–WP5 closures (see Annex J of NC-METH-001 for OPEN items).

5. Audit register¶

The audit register (Annex J of NC-METH-001) is the live tracker for methodology findings. Discipline:

Read the register at the start of any audit cycle — OPEN items affect what you can rely on
Cite register items in work product — if an output depends on an assumption gated by an OPEN audit, flag it explicitly (e.g., "P50 yield 1,380 per current model; AUDIT-001 OPEN pending WP1")
Add new findings as they surface — every methodology gap, every inconsistency goes in the register

Standing rule (added 12 May 2026): any audit cycle reads the most recent CORRECTIVE / CLOSURE memo before scoping its own findings, to avoid duplicate diagnostic work.

Register severity bands:

ACTIVE-IRR: directly affects IRR. Highest priority. Gates v1.1.0 lock.
ACTIVE-METHODOLOGY: methodology completeness gap that must close before next MINOR.
ACTIVE-GOVERNANCE: process/discipline gap.
RETIRED-SPECULATIVE: previously thought-active; on review, not material.
NOT-APPLICABLE-LC: applicable to other estates but not LC by structure.
MEMORY-HYGIENE: deprecated parameters / retired identifiers.
DUPLICATE / MODEL-HANDLED: closed because handled elsewhere.

6. QA discipline¶

No external-facing deliverable distributes without passing the two-step QA gate.

Step 1 — AI self-check against the QA checklist (Appendix A). Concrete items: parameters match Parameter Book, no deprecated values, Design System v6 applied, American English, audit register linkage, "NewCo" replaced with "the Investment Manager" for external copies, individual names suppressed on internal documents.

Step 2 — Principal sign-off before external distribution. No exceptions.

For internal-only documents (sprint board, working memos, audit notes), Step 2 may be deferred or omitted at AI discretion under standing autonomy.

7. Working cadence¶

Three rhythms:

Per-session: each chat session opens against the sprint board; AI platform executes next OPEN tasks until blocked on a Principal decision or external dependency
Weekly: Friday Bangkok-time summary memo to methodology-package, ~400 words, captures done / in-progress / blocked / decisions-needed / on-deck
Sprint milestone: end of each Phase (Phase 1 = platform spine; Phase 2 = MkDocs + Streamlit; Phase 3 = production portal + asset class scaling) — retrospective memo

When a future team member is hired, the existing cadence absorbs them; no structural change required.

8. Sprint board cadence¶

The Sprint Board (NC-SPRINT-001) is the active workstream tracker:

Source of truth for what's being worked on
Trigger mechanism for AI execution (each session opens with "execute next OPEN task from NC-SPRINT-001")
Weekly cadence anchor (Friday summary)
Approval log for Principal decisions (Section 8 of the sprint board + appended Entry memos)

Update discipline:

AI platform updates task status (OPEN → IN-PROGRESS → DONE) as work completes
Principal updates the Approval Log when signing off starred tasks
AI platform proposes new tasks; Principal approves additions

9. Standing operating conventions¶

Always apply, no exceptions. Full list in Appendix C. Highlights:

American English throughout (no British spellings)
All canonical docs to methodology-package Drive folder + nc-methodology Git repo
Naming convention: NC-XXXX-NNN_vM.m.p_Name.md
MasterDesignSystem v6 for all decks (Config A default; Config B for MitrPhol/CPN)
"NewCo" never external; replace with "the Investment Manager" or formal SPV
Individual names never internal (use role language); individual names may appear externally under separately-managed institutional framing
Locked parameters carry forward (FX 35 main / 32 IET-only / 32 BMA RFP locked; MEA tariff 4.20 user-locked for BMA; EXIM 5.75%/12yr; grid EF 0.4750 tCO2/MWh canonical; carbon $15/t GS PoA solar T-VER or $25–55/t EE ITMO-eligible; BESS $175/kWh LFP + thermal; TOPCon 610Wp $700–1,100/kWp)
Critical standing corrections (IBRD no equity; MAS LFMC; ICC excludes solar from ITMO/CORSIA; PIE/PRIME dormant; P181082 pipeline-only; T1 invalid at LK/LPH)
Template version tracking: every template-derived document carries the template version in its header

10. Where to go next¶

Platform Charter — what NewCo is
Onboarding Playbook — first 90 days (reserved for future hires)
NC-METH-001 Methodology Parts A–F — the analytical engine
Parameter Book (NC-PARAM-001 v1.1) — every parameter in one place
Sprint Board — active workstreams
Annex J Audit Register — live findings tracker

Appendix A — QA Checklist¶

Before distribution, verify:

Parameters and numerical values

Methodology alignment

Cites NC-METH-001 Parts A–F where relevant
Audit register OPEN items flagged
[IMPLICIT] / [INFERRED] / [INCONSISTENT] / [PENDING WP-X] flags applied

Template version tracking

Template-derived documents carry the template version in their header (e.g., "Built from NC-TEMPLATE-001 v2.1")

Document hygiene

American English (no British spellings)
"NewCo" replaced with "the Investment Manager" or formal SPV name for external
Individual names suppressed on internal documents; role language only
External documents use institutional framing per template; specific individual attribution only where required by external convention
Naming convention: NC-XXXX-NNN_vM.m.p_Name.md
Saved to methodology-package Drive folder

Design (for decks)

MasterDesignSystem v6 applied
Config A (default) or Config B (MitrPhol/CPN) per audience
Footer carries document name + version + date + page

Counterparty-specific

T1 rooftop NOT proposed at Lat Krabang or Lamphun (land-lease estates)
LC explicitly no-BESS in any LC-specific output
Smart Park UMC lapse acknowledged where relevant
PIE/PRIME JV noted as dormant where referenced
P181082 described as pipeline (not Board-approved)

Once checked: distribute or pass to Principal for external sign-off per §3.

Appendix B — Weekly Summary Template¶

# NC-SPRINT-001 Week N Summary
## [Date range, e.g., 12-16 May 2026]

### Done this week
- TXX — [title] — [link to output]

### In progress
- TZZ — [title] — [% complete; expected close date]

### Blocked
- TAA — [title] — [blocker; what unblocks it; impact if unresolved]

### Principal decisions needed
- [Item] — [context, options, AI recommendation]

### On deck for next week
- TBB — [title]

### Notes / risks / observations
[Brief commentary on anything material that does not fit above]

Appendix C — Standing Operating Conventions¶

American English only. Never British. Per memory edit 30.
Canonical Drive location: methodology-package folder (ID 1NgoWojh63BXcbGgB7sIdfW79b5ail4p3).
Git backup: nc-methodology repo (current at v1.1.0-rc).
File naming: NC-XXXX-NNN_vM.m.p_Name.md.
External vs internal: "NewCo" is internal-only. External copies substitute "the Investment Manager" or the formal SPV name.
Names: individual team-member names never appear on internal documents. External documents (counterparty-facing, regulator-facing, LP-facing, board-facing) use institutional framing as defined in NC-TEMPLATE-001 v2.1; specific individual attribution only where external convention requires (e.g., signature blocks, regulatory filings).
MasterDesignSystem v6: 10×5.625", header navy-700 h0.44", AccentBar teal-600 x0 w0.10" drawn LAST, footer slate-500 7pt y5.34", Calibri (Trebuchet=SP only). Config A: navy 0D1B2A / teal 0D9488 / amber F59E0B. Config B (MitrPhol/CPN): teal 0D7377 / amber E8A838.
Locked financial parameters (see Parameter Book for full table):
FX: 35 THB/USD main; 32 IET-only; 32 BMA RFP locked
MEA tariff BMA: 4.20 THB/kWh user-locked
IEAT LC tariff: 3.85 THB/kWh flat
MEA TOU: peak 4.28 / off-peak 2.34
PEA reference (govt-program): 4.15 THB/kWh
EXIM: 5.75% / 12 years / 1-year grace
Solar yield (Bangkok P50): 1,350 kWh/kWp/yr
Grid EF: 0.4750 tCO2/MWh (canonical)
Combined Margin (GS PoA baseline): ~0.5664 tCO2/MWh
Carbon — Solar: $5–15/t T-VER domestic only
Carbon — EE/cooling/thermal: $15/t GS PoA base; $25–55/t ITMO where Article 6.2 applies
BESS: $175/kWh LFP + thermal premium $10–15/kWh
Solar PV TOPCon 610Wp: $700–1,100/kWp
Critical standing corrections:
IBRD cannot invest equity; IFC direct LP $15–25M (Seraya Fund II precedent)
MAS LFMC required; RFMC regime repealed Aug 2024; application overdue
Thai ICC Guideline (Aug 2025) excludes solar PV from ITMO/CORSIA
PIE/PRIME JV dormant with bond default
P181082 has not received Board approval — pipeline only
T1 rooftop invalid at Lat Krabang and Lamphun
"NewCo" never appears externally
Individual names never appear on internal documents
Template version tracking: every template-derived document carries the template version in its header.

Version history¶

Version	Date	Notes
1.0	12 May 2026	Initial publication; closed F-15 (QA gate) and F-16 (operations manual)
1.1	12 May 2026	All individual names removed; role-language (Principal / AI platform / functional reviewer) applied; standing convention added that names never appear on internal documents; institutional framing reserved for external template

End of Operating Manual v1.1.