FWA + FTTx coverage expansion addresses uneven high-speed serviceability.
RESPONSE → ACCESS EXPANSION00 / CN-001 EXECUTIVE ORIENTATION
ADVANCE THEPROGRAMME.PROTECT THE GATES.
The executive decision is to approve progression of Spachee’s unsolicited infrastructure proposition into formal feasibility, statutory/PPP assessment, technical and commercial validation, transaction structuring and financing development — not to approve the final capital commitment, tariffs, award or financing terms today.
VOLUMES 1–18 + TEL-GRAPH-001 + TELONE-FACING REGISTERS + VDR-004 • CONTROLLED PRE-FEASIBILITY • NON-BINDING HoT / FEASIBILITY / PPP / LENDER VALIDATION REQUIRED • AUG 2026
PRODUCTIVE CAPEX~$575MPreliminary planning assumption
FUNDING ENVELOPE~$650MIndicative committed envelope
15-YEAR REVENUE~$4.90BNPre-feasibility base case
PROJECT IRR14.4%Subject to feasibility validation
CONTRACTED FLOOR~$169M/YInitial lender-support target
CAPACITY-COUPLED RULELIVE
ACCESSIPDCICLOUD
SCROLL TO DECISION GATEUNSOLICITED CONCEPT → CONTROLLED FEASIBILITY
01DECISION GATE 1
EXECUTIVE DECISION
APPROVEPROGRESSION.NOT FINAL CAPITAL.
Move from an unsolicited concept into a controlled feasibility process while preserving TelOne’s subsequent approval rights and all statutory, regulatory, affordability and value-for-money tests.
APPROVE
Progression to formal feasibility
PPP / technical / commercial / finance assessment, validation and transaction development.
RECOMMENDED EXECUTIVE RESOLUTION
TelOne approves, in principle, progression of Spachee’s unsolicited investment proposition into formal feasibility, statutory/PPP assessment, technical and commercial validation, transaction structuring and financing development.
Final CAPEX, tariff, procurement, financing, ProjectCo ownership and long-term payment obligations remain subject to subsequent approvals.
BASE CASE
20-YEAR DBFOM / BOOT NaaS
Ring-fenced Programme Project SPV / ProjectCo
01COMPLETE INVESTMENT PROPOSITION
Design + finance + build + operate + maintain an integrated national broadband platform.
02TELONE REMAINS OPERATOR
Licensed operator, spectrum holder, strategic network controller and principal offtaker.
03VALIDATION BEFORE COMMITMENT
Final scope, tariffs, affordability, VfM, funding and contractual terms remain subject to feasibility.
02 / PROGRAMME DOCTRINERATIONALE + DESIGN PRINCIPLES
THE ACCESS NETWORKIS ONLY THE START.
Every new subscriber creates obligations across transport, resilience, cloud/content, security, digital operations and capital. CN-001 therefore frames the modernization as a single capacity-coupled national infrastructure transformation.
100/400GE and multi-Tbps scaling prevent access growth from becoming upstream congestion.
RESPONSE → CAPACITY-COUPLED CORERing/mesh design, optical protection and geo-resilience protect critical national services.
RESPONSE → DIVERSE ROUTESDCI, sovereign/hybrid cloud, CDN and peering reduce latency and international transit pressure.
RESPONSE → COMPUTE + CONTENTSOC, OSS/BSS, telemetry and automation convert network scale into controllable service operations.
RESPONSE → DIGITAL CONTROL PLANEProject SPV, blended finance and contracted offtake reduce dependence on upfront operator CAPEX.
RESPONSE → BANKABLE STRUCTUREEIGHT PROGRAMME PRINCIPLESEVERY ACCESS INCREMENT → CONSEQUENTIAL UPSTREAM CAPACITY SIZING
01COVERAGEExtend affordable high-speed broadband.
02CAPACITYCreate scalable headroom across the full stack.
03RESILIENCEEliminate single points of failure.
04COMMERCIALISEMonetise retail, enterprise, Government, wholesale and cloud.
05BANKABILITYCreate contracted cashflows and investable risk allocation.
06DIGITAL OPSShift to telemetry-led and automated operations.
07EVOLUTIONLTE→5G • GPON→XGS/50G • 100→400GE.
08OPEN INTERFACESPreserve modularity and vendor evolution.
INFRASTRUCTURE GAP DETERMINATION9 DOMAINS / ONE TRANSFORMATION
COVERAGE~1,600 sitesCRITICAL
CAPACITY≥400G → multi-TbpsCRITICAL
FIBRE≥150k HPHIGH
BACKBONE5 corridors / 400GE-readyCRITICAL
SPECTRUMLow / mid / 3.5GHzDEPENDENCY
CLOUD1MW → 10MWHIGH
CORE≥500k → ≥1m subsHIGH
CYBER500G → 1T DDoSHIGH
DIGITAL OPS≥90% automationHIGH
03 / PROGRAMME WORKSPACESSELECT A DOMAIN
ONE PROGRAMME.ELEVEN OPERATINGLENSES.
Each workspace now translates the combined executive decision and CN-001 complete programme proposition into an operating lens — engineering strategy, commercial primitives, delivery logic, financing purpose and feasibility evidence — while preserving dependency to the end-to-end programme.
00
PROGRAMME
Digital Modernization Programme
A connected modernization system spanning customer access, transport, cloud, operations, cyber and intelligent compute.
SYSTEM MAP / ACTIVE LENSPROGRAMME
04 / SYSTEM ARCHITECTURE
EVERY INVESTMENTIS A NODE.VALUE LIVES INTHE LINKS.
FWA and FTTx converge into common aggregation, IP/MPLS, optical, service-edge, DCI and cloud/data-centre layers. The capacity rule is explicit: every access increment triggers upstream capacity sizing, with cyber, OSS/BSS, NOC/SOC, orchestration, telemetry and SLA assurance acting as horizontal control planes.
ACTIVE NODECONTROL PLANEZero-trust security, OSS/BSS, NOC/SOC, orchestration, telemetry and SLA assurance span the architecture horizontally.
ACCESS → TRANSPORT → SERVICE → CLOUD
CONTROL + PROTECTION
05 / PRELIMINARY ENGINEERING DESIGNPED-001 / TARGET ARCHITECTURE + DIMENSIONING
DIMENSION THE PLATFORM.TRACE EVERY QUANTITY.
Volume 4 converts the nine-domain gap into a dimensioned, capacity-coupled target network. Every planning quantity remains a design envelope until TelOne asset inventory, site lists, spectrum, traffic and OEM budgetary quotations are validated.
Target architecture across access, transport, core, DCI, cloud, security and operations.
Preliminary site, sector, port, capacity, subscriber and IT-load requirements.
Map every technical layer into a physical BoQ and cost-centre architecture.
Convert design assumptions into detailed-design data and OEM quotation gates.
FWA SITES~1,600Nationwide planning case
FWA SECTORS~4,8003-sector baseline
FTTx HOMES≥150KHomes passed
PON PORTS2.5K–5K1:64 → 1:32
METRO NODES40–6010/25/100GE
REGIONAL PoPs10–16Dual-homed
PACKET FABRIC100→400GEProduction → ready
OPTICAL100→800GEvolution envelope
SERVICE EDGE≥400G→≥1TInitial → scale
SUBSCRIBERS500K→1MArchitecture scale
DCI2×100→2×400GPrincipal paths
CLOUD / DC1→10MWIT-load masterplan
PED / FWA ACCESS
Multi-band LTE/5G-ready access engineered by geography and traffic economics.
FTTx PORT & ODN DIMENSIONING150,000 HOMES PASSED
PON PORTS REQUIRED2,3441:64 split
Lower OLT port count and active cost, with tighter optical budget and higher service contention. Appropriate where route length, optical budget and residential economics support it.
DESIGN RULE1:32 for premium / dense / enterprise zones1:64 can remain valid in cost-optimised residential clusters.
DATA CENTRE CAPACITY BLOCKSDEMAND-BACKED COMMISSIONING
PHASE 11 MW~80–120 racks @ 8–12.5 kW/rack
EXPANSION TRIGGER2–3 MWContracted utilisation + cloud offtake
MASTERPLAN10 MWAI/GPU-ready high-density zone
Platform → Virtualisation • Kubernetes • object/block storage • backup • DRaaS • cloud security • API layer • DCIM/BMS.
RESILIENCE & AVAILABILITY ENGINEERINGFAILURE-DOMAIN CONTROL
CONSUMER ACCESS≥99.9%Standard tier
PREMIUM ACCESS≥99.95%Priority tier
ENTERPRISE≥99.99%Managed SLA
BACKBONE / CORE≥99.999%Architecture target
DCI≥99.999%Dual-path design
CRITICAL CLOUD99.99–99.999%Service-dependent
Dual-homed critical nodes • route diversity • optical protection • MPLS FRR / SR TI-LFA • active-active core • N+1 data-centre systems • handover-ready operations.
ENGINEERING → BoQ COST CENTRE ARCHITECTUREPHYSICAL TRACEABILITY
FWARAN • sites • power • CPE • transport
FTTxOLT • ODN • civils • fibre • ONT
AGGREGATIONMetro nodes • regional PoPs • switches
BACKBONEIP routers • DWDM/OTN • route works
COREBNG • CGNAT • AAA • EPC/5GC • IMS
DCI / CLOUDDCI • racks • compute • storage • CDN
SECURITYDDoS • NGFW • SIEM/SOAR • IAM/PAM
OSS / BSSInventory • assurance • CRM • billing
Every BoQ line must be traceable to a physical quantity, capacity requirement, site cluster, service function, software licence, implementation service or resilience requirement.
P0VALIDATIONSite data • spectrum • fibre • BoQ
→
P1PILOT / PRIORITYFWA + FTTx + aggregation
→
P2SCALE ACCESS + BACKBONE1,600 sites + 150k HP trajectory
→
P3CORE / DCI / CLOUDService edge + capacity blocks
→
P4OPTIMISE / AUTOMATEAIOps • SLA • handback prep
PED-G1ARCHITECTURE ACCEPTEDTarget end-to-end service platform
PED-G2DIMENSIONING ACCEPTEDPlanning envelopes approved for BoQ work
PED-G3VALIDATION DATA REQUESTEDTelOne proprietary inputs to detailed design
PED-G4BoQ BASIS APPROVEDQuantities traceable to design requirements
PED-G5FEASIBILITY PROCEEDSBankable engineering development
ENGINEERING CONCLUSION
Engineer TelOne as one capacity-coupled national service platform: access, transport, core, DCI, cloud, security and OSS/BSS must scale together.
NO ACCESS CAPEX WITHOUT CONSEQUENTIAL UPSTREAM CAPACITY06 / ENGINEERING STRATEGIESCAPACITY-COUPLED PROGRAMME
EVERY ACCESS INCREMENTSIZES THE UPSTREAM.
The pre-feasibility baseline couples subscriber growth to access, aggregation, IP/MPLS, optical transport, service edge, DCI/cloud, security and OSS/BSS scale.
FWA / MULTI-BAND ACCESS
Coverage + capacity, engineered for 5G evolution.
Low-band coverage, mid-band LTE capacity and a 3.5GHz-class 5G capacity layer are coupled to fibre-preferred 10GE/25GE transport.
Spectrum confirmation is a condition precedent to final site count, carrier plan, MIMO configuration and RF capacity model.01FWA + FTTx~1,600 sites / ≥150k HP
→
02AGGREGATION10/25/100GE / 40–60 nodes
→
03IP/MPLS100GE / 400GE-ready
→
04OPTICAL100→400→800G
→
05SERVICE EDGE≥400Gbps → ≥1Tbps
→
06DCI / CLOUD2×100→2×400G / 1→10MW
A / ACCESS & BACKBONE
NATIONAL CONNECTIVITY FABRIC
- FWA RAN, sites, power, CPE and transport
- FTTx GPON/XGS-PON, OLT/ODN and civil works
- 10/25/100GE metro/regional aggregation
- 100GE → 400GE-ready IP/MPLS core
- DWDM/OTN and diverse routes
- BNG, CGNAT, AAA, EPC→5GC
B / DATA CENTRE
SOVEREIGN SERVICE CAPACITY
- Facilities, MEP, racks and structured cabling
- Compute, storage and high-speed DC fabric
- DCI across principal sites
- Sovereign / private / hybrid cloud
- CDN/cache, peering and cloud interconnect
- Cybersecurity, DCIM/BMS and DR
SHARED HORIZONTAL CONTROL PLANES
CYBERSECURITY
OSS/BSS
NOC/SOC
ORCHESTRATION
TELEMETRY
SLA ASSURANCE
07 / CPM-001 COMMERCIAL MODELMONETISATION + UNIT ECONOMICS
FINANCE THENETWORK ONCE.MONETISE ITREPEATEDLY.
Volume 5 converts the engineered platform into a portfolio of commercial units and cash-flow engines. The rule is explicit: each commercial unit links to one asset class, one cost driver, one utilisation metric and one margin rule so the CPM avoids double counting.
01ENGINEERED ASSETPhysical capacity
→
02COMMERCIAL UNITAuditable primitive
→
03SKU / PRODUCTCustomer offer
→
04PRICE / YIELDList-to-net control
→
05MARGIN / CFADSInvestability test
CPM / EXECUTIVE THESIS
One infrastructure platform. Multiple cash-flow engines.
MONETISABLE INFRASTRUCTURE PRIMITIVESASSET CAPACITY → AUDITABLE BILLING UNIT
SUBSCRIBERFWA / FTTH active userUS$/month
PORTOLT / PE / switch portUS$/port
CAPACITYMbps / Gbps / 100GUS$/Gbps
ROUTEFibre km / route kmUS$/km
OPTICALWavelength / fibre pairIRU / MRC
RACKU / rack / cageUS$/rack
POWERkW committedUS$/kW
COMPUTEvCPU / RAM / storageUsage / MRC
SECURITYSOC / DDoS / firewallSLA subscription
FWA SITE-COHORT ECONOMICSACCESS ENGINE
US$24Blended ARPU
1.6KSite plan
4.8KSectors
Commercial controls combine subscriber + site capacity pricing, entry/mainstream/premium/unlimited products, ARPU/Gbps-per-site/revenue-per-MHz yield metrics, cost discipline across power/backhaul/support/CPE subsidy, and a NaaS availability overlay for bankability.
FTTX UNIT ECONOMICSTAKE-UP ENGINE
≥150KHomes passed
~110KMature connected
US$42ARPU / month
~55%Gross margin
The fibre product ladder spans 50 Mbps mass-market, 80 Mbps premium/SME, 100 Mbps+ enterprise/high-use homes and future XGS-PON 1G/10G tiers. Drop and civil cost are front-loaded; take-up and higher-value PON tiers improve mature economics.
PORTFOLIO CATALOGUEFOUR REVENUE FAMILIES
WHOLESALE + CARRIER CATALOGUELENDER-VISIBLE CAPACITY
IP TRANSITCommitted Gbps + burstInternational / regional Internet capacity
ETHERNETMetro / intercity E-LineCarrier-grade Layer 2 transport
WAVELENGTH10G / 100G / 400GDedicated optical capacity
DARK FIBREStrand / pair / routeLong-term fibre capacity
INFRASTRUCTURETowers / ducts / colocationShared infrastructure monetisation
IRU / LONG-TERM MONETISATION10–25 YEARS
ANCHOR CARRIERCommits route / wavelength
→UPFRONT / ANNUAL IRUHybrid payment
→PROJECTCO CASH FLOWFunds backbone
→FIBRE / OPTICAL ASSETCapacity reserve
Unit: route-km, fibre pair or wavelength. Credit value: long-duration contracted revenue. Risk control: capacity reservation, SLA and handback rights.
DATA CENTRE / CLOUD / SECURITY REVENUE STACKRACK + kW ANCHORS THE CONTRACT.
RACK + kW ANCHORS THE CONTRACT.
THE WALLET EXPANDS AROUND IT.
Compute, storage, backup, DR, security and connectivity create expandable recurring revenue around the physical rack/power commitment.
COLOCATIONRack • cage • kW
CONNECTIVITYCross-connect • DCI • Cloud Connect
COMPUTEvCPU • RAM • GPU zone
STORAGEBlock • object • backup
DR / BaaSReplication • recovery tiers
SECURITYSOC • DDoS • managed firewall
1 MW initial IT load10 MW masterplan2×100G initial DCI2×400G target DCI
PRICING METHODOLOGY ENGINEGOVERNED LIST-TO-NET
01COST FLOORLRMC / LRIC+ / fully allocated cost
→02MARKET ANCHORTelOne tariff + competitor benchmark
→03VALUELatency • SLA • resilience • security
→04CONTRACTINGTerm • volume • credit quality
→05GOVERNANCEDiscount threshold + margin authority
LTE / FWA US$20–75 public anchorFIBRE US$40 / 60 / 90 reference for 50 / 80 / 100 MbpsSATELLITE US$30–50 external residential anchorENTERPRISE SLA-led premium; avoid retail commoditisation
Public anchors define corridors only. Final tariffs remain subject to TelOne approval, affordability testing and regulatory review where applicable.
UNIT-ECONOMICS MARGIN BRIDGELIST → NET
100%List revenue
86%After discounts
68%After direct cost
59%After support / churn
47%Net margin
Preserve EBITDA by linking discounts to term, committed revenue, payment security, capacity utilisation and strategic value.
DISCOUNT GOVERNANCE + DEAL AUTHORITYPRICING IS A RISK-CONTROL SYSTEM
0–5%STANDARD TARIFFSales ManagerGross-margin floor met
5–15%VOLUME / TERMCommercial DirectorTerm + commitment
15–25%STRATEGIC ACCOUNTExecutive CommitteeBankability / anchor value
>25%BELOW FLOORBoard / ProjectCoException only + documented value
Every discount requires a commercial reason: volume, term, payment security, utilisation, strategic value or bankability.
COMMERCIAL SENSITIVITY MAPVALUE + BANKABILITY DRIVERS
TAKE-UPHIGH IMPACTSite-level activation velocity
ARPUHIGH IMPACTPrice corridor + product mix
CHURNMEDIUM-HIGHService quality + retention
CPE SUBSIDYMEDIUMDevice finance / instalment
WHOLESALE OFFTAKEHIGHContracted Gbps / IRUs
TRANSIT COSTMEDIUMPeering + CDN localisation
POWER / SITE LEASEMEDIUMEnergy optimisation
FX / INDEXATIONHIGHUSD tariff + escalation rules
CPM WORKBOOK ARCHITECTUREENGINEERING QUANTITIES DRIVE CAPACITY.
ENGINEERING QUANTITIES DRIVE CAPACITY.
CAPACITY DRIVES COST.
Products drive revenue; margin and contracted-revenue tests determine investability. This is the commercial bridge from PED quantities into lender-facing CFADS, DSCR and LLCR.
INPUTSSites • ports • prices • costs
→PRODUCTSSKU catalogue • tariff logic
→DEMANDSubs • take-up • traffic
→REVENUEARPU • contracted capacity
→COSTOPEX • direct cost • licences
→MARGINSGross margin • EBITDA
→BANKABILITYDSCR • LLCR • contracted revenue
COMMERCIALSubscriber base • ARPU • churn • tariffs • segment demand
NETWORKCapacity • sites • fibre routes • ports • utilisation
WHOLESALEContracts • commitments • IRU opportunities
DATA CENTRERack utilisation • power • cloud economics
COST BASEEnergy • leases • maintenance • transit • licences
GOVERNANCETariff approval • discount authority • regulatory constraints
08 / PCM-001 PRODUCT CATALOGUE & PRICING MODELCONTROLLED SKUs + SLA + CPQ + MARGIN CONTROL
NETWORK ASSET →SELLABLE PRODUCT.SELLABLE PRODUCT →CONTRACTED CASH FLOW.
Volume 6 converts the engineering and commercial model into an executable product master. Every SKU must carry a technical entitlement, billing unit, SLA class, price corridor and margin rule so the same capacity pool is priced consistently across retail, enterprise, wholesale and cloud segments.
01ASSET BASEFWA • FTTx • IP/MPLS • optical • DC/cloud • security
→
02PRODUCT CATALOGUEControlled SKUs + customer offers
→
03PRICING ENGINECost + market + value + risk
→
04SLA ARCHITECTUREAvailability + service credits
→
05MARGIN CONTROLWaterfall + authority + contribution
→
06BANKABLE REVENUEContracted floor + offtake
PCM / FWA-*
Fixed Wireless Access Product Family
SEGMENT PORTFOLIO MAPONE CAPACITY POOL / DISTINCT PRICING LOGIC
COMMON NETWORK CAPACITY POOLACCESS → AGGREGATION → IP/MPLS → OPTICAL → SERVICE EDGE → DCI → CLOUDControl objective: prevent the same physical capacity from being priced inconsistently across segments.
CONTROLLED SKU TAXONOMYCODE FAMILY → BILLING UNIT → MARGIN DRIVER
FWA-*Fixed wireless accessSubscriber / device / MbpsARPU less CPE, spectrum, RAN + backhaul
FTX-*FTTH / FTTB / enterprise fibreSubscriber / port / bandwidthTake-up, drop cost + PON utilisation
ENT-*Enterprise / GovernmentMbps / site / serviceBandwidth yield + SLA premium + term
WHL-*Carrier / wholesaleGbps / wavelength / routeCapacity utilisation + committed offtake
DCF-*Data Centre facilityRack / U / kW / cross-connectPower, cooling + floor-space yield
CLD-*Cloud / backup / DRvCPU / RAM / TB / instancePlatform utilisation + support intensity
SEC-*CybersecurityTenant / device / Gbps / eventSOC load + security licence cost
OPS-*Managed operationsSite / circuit / serviceNOC load + assurance + SLA exposure
FWA PRODUCT LADDERSPECTRUM + CAPACITY + QoE DEPENDENT
SKUSEGMENTSPEEDALLOWANCESLA
FWA-LiteEntry25–50 Mbps75–150 GBStandard
FWA-HomeMass market50–100 MbpsUnlimited/FUPStandard+
FWA-ProPremium100–300 MbpsUnlimited/FUPAssured
FWA-EnterpriseBusiness100–500+ MbpsCommittedGold
Higher FWA tiers depend on mid-band/5G capacity, higher-gain CPE, sector-load controls, 10/25GE transport and policy-based QoS.
FTTH / FTTX PRODUCT LADDERHOME-PASSED → CONNECTED-YIELD CONTROL
SKUTARGETSPEEDNETWORKSLA
FTX-50Residential50 MbpsGPONStandard
FTX-100Premium home100 MbpsGPON/XGSStandard+
FTX-300Power user / SME300 MbpsXGS-PONAssured
FTX-GigEnterprise / high end1 GbpsXGS-PONGold
PON economics remain controlled through homes passed → home connected → active port → ARPU → contribution margin.
ENTERPRISE + GOVERNMENT CPQ SETQUOTE BUILD MUST EXPOSE ENTITLEMENTS
Dedicated Internet AccessMbps / siteBandwidth + CPE + SLA + install
MPLS / EVPN VPNSite / MbpsPE capacity + access + route diversity
SD-WAN OverlaySite / licenceRouter + controller + security policy
Managed SecurityTenant / deviceFirewall + SOC + reporting
Government ConnectivitySite bundleFramework pricing + high availability
Every enterprise quote should identify access medium, bandwidth, redundancy, CPE/security, support hours, SLA tier, contract term and discount authority.
WHOLESALE + CARRIER PRODUCT MASTEROFFTAKE LAYER / NOT OWNERSHIP MODALITY
WHL-IPTIP TransitMbps/Gbps • commit + burst
WHL-ETHMetro / intercity EthernetMbps/Gbps/route • NRC + MRC
WHL-WAV10G/100G/400G wavelengthWavelength/route • MRC or IRU
WHL-OTNPrivate line / OTNCircuit/route • protected capacity
WHL-TWRSite / tower / facility sharingSite/equipment • power + space + access
Wholesale offtake strengthens ProjectCo DSCR and LLCR by converting backbone and optical capacity into contracted revenue.
DATA CENTRE FACILITY CATALOGUESPACE + POWER + CONNECTIVITY + SLA
DCF-URack unitU / month
DCF-RACKDedicated rackRack / month
DCF-KWPower allocationkW / month
DCF-XCCross-connectPort / cable / month
DCF-RHRemote handsHour / ticket
DCF-SLAFacility SLA premium% uplift
1MW initial IT load10MW masterplan80–120 indicative racks
CLOUD + BACKUP + DRaaS CATALOGUEUTILISATION IS THE PRIMARY MARGIN CONTROL
CLD-VMvCPU + RAM / month
CLD-STOTB / month
CLD-BKPProtected TB / month
CLD-DRProtected workload / month
CLD-K8SCluster / node / month
CLD-CONPort / Mbps / month
Idle compute, over-provisioned storage and unpriced egress destroy unit economics; catalogue governance must expose utilisation and service intensity.
CYBERSECURITY + MANAGED OPERATIONSBILLABLE CONTROL LAYERS
SEC-FWManaged firewalldevice/site/month
SEC-DDOSDDoS protectionGbps protected/month
SEC-SOCSOC monitoringtenant/event band/month
SEC-IAMIdentity / PAMuser/privileged account
OPS-NOCManaged network opssite/circuit/month
OPS-ASSURESLA assuranceservice/month
100% critical telemetry≥500G initial DDoS≥1T scalable
SLA ARCHITECTUREPRICE THE OBLIGATION / DO NOT CONCEDE IT INFORMALLY
AVAILABILITYService uptime commitment
+RESTORATIONResponse / recovery obligation
+SUPPORTHours + escalation
+REPORTINGEvidence + assurance
+CREDITSFinancial exposure
Higher service obligations require price uplift or scope restriction. Product master, assurance telemetry and service-credit rules must use the same SLA definition.
FIVE-LAYER PRICE-SETTING METHODOLOGYAPPROVED PRICE MUST BE TRACEABLE
01COST FLOORCAPEX recovery • OPEX • maintenance • licences • support • financing
02MARKET ANCHORTelOne tariffs • competitor pricing • affordability corridor
03VALUE PRICEContinuity • latency • security • SLA value
04RISK PREMIUMFX • inflation • tenor • volume • service-credit exposure
05GOVERNANCEAuthority • margin floor • exception approval
BUNDLE + CROSS-SELL ARCHITECTUREACCESS → CONNECTIVITY → SECURITY → CLOUD/DC → OPERATIONS
CONSUMERFWA/FTTH + CPE + managed Wi-Fi + security lite
ENTERPRISEDIA/MPLS + SD-WAN + managed firewall + backup
GOVERNMENTConnectivity + private cloud + DR + SOC + SLA reporting
CARRIER / CLOUDWavelength + rack + cross-connect + IP transit + DCI
MINIMUM CONTRACTED REVENUE ARCHITECTUREPRODUCT MASTER → DEBT-SERVICE SUPPORT
30–40%Availability / NaaS
15–20%Enterprise + Government
10–15%Wholesale / Carrier
5–10%IRU / long-term fibre
25–35%Retail / SME variable
~US$169M/Y initial contracted target1.32x minimum DSCR2.29x LLCR
PRODUCT LIFECYCLE GOVERNANCENO SKU LAUNCH WITHOUT FIVE ACCOUNTABLE OWNERS
P0CONCEPTDemand / market signal
→P1DESIGNTechnical entitlement
→P2COSTINGCost-to-serve + margin
→P3PRICINGList price + corridor
→P4OSS/BSSSKU master + billing
→P5LAUNCHGo-to-market approval
→P6REVIEWMargin + churn + SLA
→P7RETIREMigration / replacement
TECHNICAL OWNERCOST OWNERPRICE OWNERSLA OWNERSYSTEM OWNER
OSS/BSS + CPQ PRODUCT MASTER
MAKE THE COMMERCIAL MODEL EXECUTABLE.
Product definition must flow consistently from catalogue and quote rules through ordering, network activation, billing and SLA assurance.
PRODUCT CATALOGUESKU • entitlement • eligibility
→CPQQuote rules • discounts • margin floors
→ORDERService order • dependencies
→OSS ACTIVATIONNetwork config • policy
→BILLINGMRC • NRC • usage • indexation
→SLA ASSURANCETelemetry • credits • reporting
PRODUCT CODECOMPONENT CODERESOURCE DEPENDENCYACCESS TYPEGEOGRAPHYSPEEDSLA TIERMRC / NRCDISCOUNT FLOORCONTRACT TERMTAX / CURRENCYREVENUE / COGS ACCOUNTPROVISIONING TEMPLATE
PRODUCT + PRICING KPI CONTROL ROOMMONTHLY COMMERCIAL GOVERNANCE
ARPU / ARPARetail + account yield
GROSS MARGINRevenue less direct cost
CONTRIBUTION MARGINAfter support + platform costs
CAPACITY YIELDUS$/Mbps or US$/Gbps
CONTRACTED REVENUEBankability support
DISCOUNT LEAKAGEList-to-net control
CHURNRetention + service quality
SLA CREDITSService-risk cost
TARIFF PERFORMANCE → MARGIN LEAKAGE → CAPACITY YIELD → SLA EXPOSURE → PRODUCT ADJUSTMENT
FEASIBILITY INPUTS
CONVERT CORRIDORS INTO THE FINAL PRICE BOOK.
Demand • network cost • product performance • contracts • systems • policy must replace desktop assumptions with TelOne-specific commercial evidence.
FEASIBILITY OUTPUTFINAL TELONE PRODUCT CATALOGUEAPPROVED TARIFFSSLA SCHEDULECPQ RULES + MARGIN FLOORSTRANSITION PLAN FROM CURRENT PRODUCTS
09 / FM-001 FINANCIAL MODELCAPEX • OPEX • CASH FLOW • DEBT • COVENANTS • RETURNS
ENGINEERING CAPACITY.COMMERCIAL DEMAND.FINANCIAL DISCIPLINE.
Volume 7 converts the engineered programme into a capacity-coupled telecom project-finance model. No access revenue is recognised without the consequential transport, core, DCI, cloud, cybersecurity and OSS/BSS cost needed to sustain it; capital release, revenue quality and debt service therefore operate as one calculation system.
MODEL STATUSPRE-FEASIBILITYDesktop-engineered reference case
CORE CAPEXUS$575MProductive programme investment
FUNDING ENVELOPE~US$650MIncluding reserves / WC
15-YEAR REVENUEUS$4.90BN2027–2041 cumulative
15-YEAR EBITDAUS$2.16BN2027–2041 cumulative
01ENGINEERINGSites • ports • Gbps • MW
→
02DEMANDTake-up • traffic • cohorts
→
03CAPEX / OPEXBuild + lifecycle run cost
→
04REVENUERetail • wholesale • cloud
→
05CFADSEBITDA • tax • WC
→
06DEBTDSCR • LLCR • reserves
→
07RETURNSIRR • NPV • equity
CAPEX DEPLOYMENTUS$575M / 2027–2030
Capital is released by site cohort, fibre cluster, backbone corridor, core module and cloud block—not as a single procurement event.
PRODUCTIVE CAPEX ALLOCATIONSELECTED SOURCE BLOCKS + RESIDUAL
575US$M
FWAUS$255M / 44.3%
FTTxUS$72M / 12.5%
BackboneUS$65M / 11.3%
DC / CloudUS$45M / 7.8%
Other programme blocksUS$138M residual to total*
*US$138M is the arithmetic residual to the US$575M total after the four explicitly extracted Volume 7 blocks; detailed composition remains subject to the controlled BoQ.
DEMAND + CAPACITY COUPLINGTRAFFIC OUTPACES SUBSCRIBERS
2027102 Gbpslaunch capacity demand
20321.66 Tbpsdebt-ramp capacity
20417.18 Tbpsmature demand
~890K FWA subscribers / 2041~110K FTTx subscribers / 2041~7.3K enterprise connections~35.5% capacity CAGR
Subscriber upside automatically carries IP/MPLS, optical, core, DCI, cloud and security expansion requirements into the financial model.
REVENUE + EBITDA SCALE ECONOMICS2027 → 2041
REVENUEUS$29.5M2027
REVENUEUS$532M2041
EBITDAUS$250M2041 / ~47%
Revenue quality strengthens when retail utilisation is supplemented by Government, enterprise, wholesale, IRU and cloud/DC cash flows.
PROJECT FREE CASH FLOWBUILD PHASE → PAYBACK → MATURE CASH GENERATION
2027−US$194MBuild phase
→2031+US$59.7MAnnual FCF positive
→2035+US$125MPayback window
→2041+US$181MMature FCF
Cash-flow shape requires patient infrastructure capital and debt sculpted to CFADS rather than a short corporate repayment profile.
DEBT ARCHITECTURESCULPT TO CFADS
2027–2031CONSTRUCTION / GRACEDrawdown + commissioning
→2032–2041AMORTISATIONCFADS-sculpted debt service
DSRA + liquidity reserveLOCK-UP / cash sweepDSCR ≥1.30x targetLLCR ≥1.50x lender target6 MONTH reserve framework
DSCR COVERAGE HEADROOMAMORTISATION CONTROL
1.0x4.5x
MINIMUM / 20321.32x
AVERAGE2.61x
TARGET FLOOR≥1.30x
20414.09x
First debt-service years are the bankability watchpoint: contracted revenue discipline and controlled CAPEX release protect covenant headroom.
MINIMUM CONTRACTED REVENUECORE BANKABILITY THRESHOLD
INITIAL FLOOR~US$169M / YEAR
2032 SHARE~59%of projected revenue
EARLY DEBT SUPPORT55–65%contracted / quasi-contracted
Government connectivityEnterprise frameworksWholesale take-or-payIRU / route capacityCloud / rack commitmentsAvailability payments
The lender floor can be assembled across multiple counterparties; it does not require a single Government payment.
SENSITIVITY + LENDER CASE TESTINGCOMBINED STRESSES / NOT SINGLE-VARIABLE ONLY
BASE
Reference pre-feasibility case
TAKE-UP + CHURNDemand stress
ARPU / YIELDPrice compression
CAPEXEscalation
OPEXEscalation
DEBT COST / TENORFinancing stress
TRAFFIC INTENSITYCapacity acceleration
FINANCIAL COVENANT CONTROL ROOMFEASIBILITY → OPERATIONS
FUNDING NEEDCAPEX + reserves + WC
REVENUE FLOORMinimum contracted revenue
DSCRMinimum + average coverage
LLCRLoan-life cash coverage
IRR / NPVProject + equity returns
COVENANT HEADROOMLock-up + cash sweep triggers
INTEGRATED CPM + LENDER MODELAUDIT-READY CALCULATION ENGINE
01INPUTSEngineering • commercial • macro • financing
→02BUILDSites • fibre • core • DC • phasing
→03DEMANDSubscribers • traffic • wholesale
→04P&LRevenue • OPEX • EBITDA • tax
→05CASH FLOWCAPEX • WC • maintenance • CFADS
→06FINANCINGDebt • equity • reserves • waterfall
→07RETURNSIRR • NPV • DSCR • LLCR
→08SENSITIVITYCases • covenants • funding gaps
Funding requirementContracted-revenue floorDebt sizing + sculptingEquity draw scheduleCash waterfall + reservesCovenant headroomCapacity expansion triggerCommercial break-even
Audit rule: every output must trace to a source, assumption, scenario switch and BoQ quantity.
TECHNICALSites • spectrum • fibre • core/DC assets
COMMERCIALSubscribers • churn • ARPU • pipeline • wholesale
COSTOEM quotes • power • leases • O&M • licences
FINANCINGTenor • interest • fees • reserves • covenants
LEGAL / TAXPPP • incentives • FX • indexation • security
OPERATIONSNOC/SOC • OSS/BSS • field force • SLA history
FINANCIAL MODEL ACCEPTANCE GATESFM-G1 → FM-G7
FM-G1ASSUMPTIONS LOCKED
→FM-G2CAPEX/OPEX VALIDATED
→FM-G3REVENUE VALIDATED
→FM-G4DEBT CASE TESTED
→FM-G5CONTRACTED REVENUE
→FM-G6LENDER CASE ACCEPTED
→FM-G7FINANCIAL CLOSE MODEL
Each gate produces a documented sign-off covering assumptions register, model version, evidence base, sensitivity output, unresolved risks and decision recommendation.
VOLUME 7 / FINANCIAL CONCLUSION
CONTRACT REVENUE. STAGE CAPEX. SCULPT FINANCING.
A telecom rollout becomes a bankable infrastructure platform when engineering capacity, commercial demand and debt service are governed as one integrated system.
10 / FMOD-001 FINANCE & INVESTMENT MODALITYCAPITAL STRUCTURE • FUNDING STRATEGY • PROJECT FINANCE • FINANCIAL CLOSE
FINANCE THE PLATFORM.PROTECT OPERATORCONTROL.
Volume 8 converts the financial case into a financeable 20-year DBFOM / BOOT Network-as-a-Service structure through a ring-fenced Project SPV. TelOne remains the licensed operator, spectrum holder, customer interface and strategic offtaker while ProjectCo raises capital against newly financed programme assets and contracted cash flows.
SELECTED INVESTMENT MODALITY
RING-FENCED INFRASTRUCTURE FINANCE.
ProjectCo finances, builds, owns qualifying new assets during the BOOT term, maintains lifecycle standards and transfers qualifying assets to TelOne at handback. TelOne preserves its licensed-operator perimeter, customer ownership and strategic network control.
STRUCTURE20Y DBFOM / BOOT
FINANCE VEHICLEPROJECT SPV
TELONE ROLEOPERATOR + OFFTAKER
HAND-BACKQUALIFYING ASSETS → TELONE
USES OF FUNDSUS$650M COMMITTED ENVELOPE
PRODUCTIVE CAPEXUS$575M
DEVELOPMENT / ADVISORYUS$12M
WORKING CAPITALUS$10M
DSRAUS$35M
LIQUIDITY RESERVEUS$18M
The envelope deliberately exceeds productive CAPEX so reserves, liquidity, working capital and transaction-development requirements are not misclassified as network assets.
ILLUSTRATIVE CAPITAL STACKBLENDED PROJECT FINANCE
Final proportions remain subject to lender market sounding, OEM financing proposals, tax structuring, confirmed offtakes and TelOne validation.
TELONE / OPERATOR PERIMETERLicence • spectrum • customers • tariffs • billing • numbering • strategic controlOperator continuity without unnecessary licence transfer or dilution of the customer relationship.
20-YEAR AGREEMENTDBFOM / BOOT + NaaSAvailability • capacity • O&M • reserves • lifecycle • handback
PROJECTCO / SPV PERIMETERDebt + equity • EPC/OEM procurement • new-asset ownership • lifecycle • handbackRing-fenced capital and project cash flows support lender security and performance obligations.
DEBT SCULPTING + COVENANTSSIZE TO DOWNSIDE CFADS
DSCR FLOOR≥1.30x1.32x base-case minimum
AVG DSCR2.615xDuring amortisation
LLCR2.293xLong-term coverage
DSRA6 MONTHSDebt-service reserve
CONSTRUCTION / GRACEROLLOUT + REVENUE RAMPCFADS-SCULPTED AMORTISATION
Debt is not forced into flat corporate amortisation. Principal grace, reserves, dividend lock-up and cash sweeps protect early debt-service years.
REVENUE SECURITY55–65% EARLY CONTRACTED / QUASI-CONTRACTED
30–40%Availability / NaaS
15–20%Government + enterprise
10–15%Wholesale take-or-pay
5–10%IRU / long-term infra
25–35%Retail / SME variable upside
Lenders should not rely exclusively on consumer broadband take-up. The initial lender-recognisable revenue floor is US$169.23m/year.
PROJECT CASH WATERFALLREVENUES BECOME CFADS BEFORE EQUITY DISTRIBUTIONS
01REVENUESAvailability • NaaS • wholesale • IRU • cloud
→02OPEXOperations + lifecycle maintenance
→03TAXES / FEESTax • levies • regulatory
→04RESERVESDSRA • maintenance • handback
→05DEBT SERVICEInterest + principal
→06EQUITY RETURNSOnly after covenant compliance
LENDER SECURITY PACKAGERING-FENCED PROGRAMME SECURITY
PROJECTCO SHARES
Share pledgePROJECT ACCOUNTS
Account securityRECEIVABLES
Assignment of cash flowsMATERIAL CONTRACTS
EPC / O&M / offtakeINSURANCE
Assignment of proceedsSTEP-IN RIGHTS
Direct agreementsRESERVES
DSRA / maintenance / handbackCOVENANTS
Debt + distribution limits
Share pledgePROJECT ACCOUNTS
Account securityRECEIVABLES
Assignment of cash flowsMATERIAL CONTRACTS
EPC / O&M / offtakeINSURANCE
Assignment of proceedsSTEP-IN RIGHTS
Direct agreementsRESERVES
DSRA / maintenance / handbackCOVENANTS
Debt + distribution limits
Security principally attaches to the new ring-fenced programme and ProjectCo—not automatically to TelOne's pre-existing strategic licences or unrelated assets.
FX + TAX + RATE CONTROLSMULTI-CASE FEASIBILITY
USD BASE CASELender/model reference
LOCAL / INDEXED REVENUECommercial reality
FX RESERVE / ESCROWDebt-service protection
TARIFF INDEXATIONInflation + FX formula
CONVERTIBILITYRegulatory / central-bank pathway
RATE HEDGINGFixed/floating mix + caps
BOOT / TAX UPSIDETest only if approved
VAT / WHT / CUSTOMSConfirm before financial close
Feasibility must maintain USD, local-currency and indexed-revenue cases; tax treatment remains a condition precedent subject to competent Zimbabwe tax and regulatory confirmation.
CONSTRUCTION RISKSenior debt + vendor / ECA
→STABILISATIONDSCR > covenant + utilisation proof
→REFINANCINGLower-cost debt / longer tenor
→BOND TAKE-OUTInfrastructure / project bond
→ASSET RECYCLINGRelease capital for next cohorts
CONDITIONS PRECEDENT TO FINANCIAL CLOSE15 CONTROLLED ITEMS
- TelOne approval in principle
- ZIDA / PPP / statutory approvals
- Completed feasibility studies
- Spectrum / site / ROW confirmation
- Frozen design + bankable BoQ
- Anchor / offtake contracts
- Project SPV + SHA
- Bankable DBFOM / NaaS agreement
- EPC / O&M / OEM agreements
- Lender security + direct agreements
- Insurance + risk mitigation
- Tax / VAT / customs / BOOT confirmation
- Model audit + downside compliance
- Equity commitments
- Final lender credit approvals
FUNDING ROADMAPMARKET ENGAGEMENT → DRAWDOWN
0–3MFeasibility mandateTransaction-development approval
3–6MMarket soundingDFI/ECA/OEM/investor feedback
6–9MTerm sheetsIndicative credit parameters
9–12MDue diligenceTechnical • legal • tax • ESG • model audit
12–18MFinancial closeCredit approvals + documents
18M+DrawdownMilestone-based deployment
SPECTRUM / SITE READINESSROW + PERMITSDEMAND / OFFTAKEFROZEN ENGINEERINGOEM / EPC PRICE VALIDATIONINDEPENDENT MODEL AUDIT
FINANCE RISK MATRIXPRICE • ALLOCATE • MITIGATE
DEMAND RISKHIGHAnchor contracts + staged CAPEX
FX / CONVERTIBILITYHIGHIndexation + reserve + approvals
CONSTRUCTION COSTMED-HIGHFixed-price EPC + contingencies
TECH OBSOLESCENCEMEDIUMRefresh obligations + modularity
REFINANCINGMEDIUMTenor extension + bond take-out
REGULATORY DELAYMEDIUMPPP roadmap + conditions precedent
VENDOR CONCENTRATIONMEDIUMInteroperability + intercreditor rules
REVENUE LEAKAGEMEDIUMOSS/BSS controls + account waterfall
FINANCE ACCEPTANCE GATESFIN-G1 → FIN-G8
FIN-G1CAPITAL STRUCTURE
→FIN-G2SOURCES & USES
→FIN-G3REVENUE SECURITY
→FIN-G4DEBT TERM SHEET
→FIN-G5SPV SECURITY
→FIN-G6RISKS PRICED
→FIN-G7MODEL AUDIT
→FIN-G8FC READINESS
Decision request: adopt Volume 8 as the financing baseline for feasibility, market sounding, Project SPV structuring, lender engagement and bankable term-sheet development. All commitments remain conditional on validation and final approvals.
11 / MODA-001 MODALITY ASSESSMENTBOOT VERSUS ALTERNATIVES • CONTROLLED DECISION ENGINE
COMPARE THESTRUCTURES.FIX THE BASE CASE.
Volume 9 tests ownership, financing, risk, strategic control and lifecycle implications across alternative structures. The conclusion is not “BOOT at all costs”: it is one primary DBFOM/BOOT structure for the integrated programme, strengthened by NaaS, IRU, wholesale, managed-service and vendor/ECA overlays where each instrument has the strongest fit.
PRIMARY QUESTION
Which modality can finance, build, operate, maintain and ultimately transfer the integrated national broadband platform while preserving TelOne’s strategic operator role and lender-grade cash-flow certainty?
SELECTED20-YEAR DBFOM / BOOTProject SPV + NaaS payment architecture + value-enhancing overlays
MODALITY TAXONOMY
DO NOT CONFUSE THE STRUCTURE WITH THE OVERLAYS.
WEIGHTED OPTION ANALYSIS
BOOT LEADS THE COMPLETE PROGRAMME.
The weighted assessment favours DBFOM/BOOT because it combines external capital mobilisation, lifecycle accountability, lender security, TelOne strategic control and defined handback within one regime. Alternatives remain relevant where they strengthen individual assets or revenue pools.
WHOLE-PROGRAMME WEIGHTED ASSESSMENT
10 OPTIONS. ONE PRIMARY STRUCTURE.
Scores reflect programme fit, not universal superiority across all telecom assets.
DBFOM / BOOT4.61
NaaS + contracted capacity4.30
Concession4.00
EPC + Vendor / ECA3.90
JV / ProjectCo3.80
IRU3.70
BLT / Lease3.70
Wholesale / Take-or-Pay3.60
Managed Services3.10
Conventional EPC2.70
BANKABILITY-WEIGHTED CRITERIA
CAPITAL RELIEF + LENDERABILITY DRIVE THE DECISION.
RECOMMENDED HYBRID STRUCTURE
BOOT DEFINES THE REGIME. OVERLAYS IMPROVE THE ECONOMICS.
TELONE→PROJECT SPV
20Y DBFOM / BOOT→QUALIFYING ASSETS
HANDBACK
20Y DBFOM / BOOT→QUALIFYING ASSETS
HANDBACK
VALUE-FOR-MONEY LENSCONVENTIONAL PROCUREMENT BOOT VALUE-FOR-MONEY
LOWEST CAPEX ≠ BEST WHOLE-LIFE VALUE.
Purchase price + delivery warranty. TelOne retains financing, demand, lifecycle, refresh and integration complexity.
Whole-life performance, contracted availability, risk transfer, cash-flow discipline, technology refresh and handback value.
BOOT RISK ALLOCATION
Design / integrationProjectCo / EPCSingle-point delivery obligation
Construction / scheduleProjectCoMilestones + delay remedies
Lifecycle O&MProjectCoAvailability-linked regime
Spectrum / licensingTelOneOperator/regulatory perimeter
Retail demandTelOne / sharedRevenue floor + variable upside
FX / convertibilityShared / supportIndexation + hedging
Technology refreshProjectCo / OEMLifecycle refresh obligations
HandbackProjectCoCondition-based standards
FALLBACK STRUCTURES + DEAL BREAKERS
KEEP ALTERNATIVES AVAILABLE. DO NOT DILUTE THE TWO CORE OBJECTIVES.
Fallbacks are only negotiated if the primary BOOT structure fails a specific bankability test: TelOne strategic control and lender-grade project finance remain non-negotiable design objectives.
MODALITY VALIDATION GATES
MOD-G1 → MOD-G8
Feasibility must validate affordability, value-for-money, optimal risk transfer, spectrum, asset rights, lender terms, offtakes, security package and handback standards before financial close.
MODA-001 CONTROLLED RECOMMENDATIONFIX THE BASE CASE.
FIX THE BASE CASE.
KEEP ALTERNATIVES AS OVERLAYS OR FALLBACKS.
Recommended primary modality: 20-year DBFOM / BOOT Network-as-a-Service PPP through a ring-fenced Project SPV. TelOne remains licensed operator, spectrum holder, customer-facing provider and principal offtaker; ProjectCo finances, builds, owns during term, operates/maintains to KPIs and transfers qualifying assets at expiry.
12 / SBS-001 SELECTED BANKABLE STRUCTURE20-YEAR DBFOM / BOOT • NETWORK-AS-A-SERVICE • FIXED BASE-CASE TRANSACTION ARCHITECTURE
FREEZE THE STRUCTURE.ENGINEER THE CONTRACT.
Volume 10 converts the preferred modality into the programme's controlled base-case transaction architecture. TelOne remains the licensed operator, spectrum holder, customer owner, tariff authority, strategic network controller and principal offtaker. A ring-fenced ProjectCo finances, builds, owns qualifying new programme assets during the concession, performs lifecycle obligations and transfers qualifying assets to TelOne at expiry.
CONTROLLED TRANSACTION POSITION
THE PROGRAMME IS NOW A FIXED BASE-CASE TRANSACTION ARCHITECTURE.
Volume 9 answered which modality should lead. Volume 10 defines how that selected modality must function commercially, legally, financially and operationally from development through handback.
SELECTEDDBFOM / BOOTNaaS payment layer • Project SPV • end-of-term transfer
Alternatives remain available upstream as overlays or fallbacks; they do not displace this base case unless a controlled bankability gate fails.
FIXED BASE-CASE ARCHITECTURE
SEPARATION WITHOUT LOSS OF TELONE STRATEGIC CONTROL.
The transaction has four controlled boundaries: operator/offtaker, capital/delivery, performance/payment and handback. These boundaries ring-fence lenderable infrastructure cash flows while retaining the regulated telecommunications function and long-term strategic control with TelOne.
LEGAL + OPERATING PERIMETER
TWO ROLES. ONE NATIONAL SERVICE PLATFORM.
ProjectCo finances and performs the infrastructure obligations; TelOne remains the regulated telecommunications operator and strategic controller.
TELONE RETAINED ROLE
OPERATOR + PRINCIPAL OFFTAKER
Licensed operatorSpectrum holderCustomer ownerTariff ownerPrincipal offtakerNetwork control authority
20-YEAR
DBFOM / BOOT
NaaS AGREEMENTSEPARATION WITHOUT LOSS OF CONTROL
DBFOM / BOOT
NaaS AGREEMENTSEPARATION WITHOUT LOSS OF CONTROL
PROJECTCO ROLE
FINANCE + DELIVERY + LIFECYCLE
Raises capitalBuilds new assetsOwns during termOperates / maintainsReceives paymentsTransfers assets
20-YEAR LIFECYCLE
DEVELOP → BUILD → OPERATE → HANDBACK.
ASSET PERIMETER
ONE CONCESSION. DIFFERENT COMMERCIAL UNITS.
NaaS + PERFORMANCE PAYMENT
PAY FOR AVAILABILITY + CAPACITY. DEDUCT FOR FAILURE.
PROJECTCONETWORK PROVIDERFund + maintain assets
→MEASURED OUTPUTAVAILABILITY + CAPACITYSite / subscriber / link / rack / service
→TELONEOFFTAKERPerformance-linked payment
US$/site/month — FWA availabilityUS$/subscriber/month — access utilisationUS$/100G/month — backbone / DCIUS$/rack or kW/month — data centreUS$/service instance — core/cloud/securitySLA deductions — performance discipline
AVAILABILITY / SLA DEDUCTION MECHANISM
01Gross availability fee
02Measured SLA
03Service credits
04Deductions
05Net payable
Minor degradationService credit / warning trigger
Repeated SLA missMonthly deduction
Critical outageEnhanced deduction + cure plan
Persistent failureDefault / step-in / replacement rights
Force majeureContract-defined relief event
REVENUE SECURITY + FUNDING
VARIABLE UPSIDE SITS ON TOP OF CONTRACTED SUPPORT.
CONTRACTED REVENUE ARCHITECTURE
Availability / NaaS30–40%
Enterprise / Government15–20%
Wholesale / Take-or-Pay10–15%
IRU / Long-term5–10%
Retail variable upside25–35%
EARLY CONTRACTED TARGET55–65%
INITIAL ANNUAL FLOOR~US$169m
CAPITAL STRUCTURE
Senior / DFI / ECA55%
Sponsor / Infra Equity25%
OEM / Vendor / ECA12.5%
Mezzanine / Blended7.5%
PRODUCTIVE CAPEXUS$575m
COMMITTED ENVELOPEUS$650m
SOURCES, USES + DEBT COVENANTS
CAPITAL IS DRAWN IN PHASES. DEBT IS SCULPTED TO CFADS.
SOURCES / USES OF COMMITTED ENVELOPE
PRODUCTIVE CAPEXUS$575m
TRANSACTION + DEVELOPMENTUS$12m
INITIAL WORKING CAPITALUS$10m
DSRAUS$35m
LIQUIDITY / CONTINGENCYUS$18m
TOTALUS$650m
SENIOR DEBT ARCHITECTURE
TENOR12–15Y
MIN DSCR1.32x
LLCR2.29x
DSCR FLOOR≥1.30x
AVG TARGET≥1.50–1.70x
DSRA6m
Construction/grace follows the phased rollout; distributions lock up below covenant thresholds. The project model uses CFADS-sculpted debt service rather than a flat corporate repayment profile.
PROJECT CASH WATERFALL + LENDER SECURITY
OPERATING CASH BECOMES BANKABLE CFADS.
CONTROLLED ACCOUNT WATERFALL
01Project RevenuesCollection account
02O&M + TaxesApproved lifecycle cost
03Senior Debt ServiceInterest + principal
04ReservesDSRA + major maintenance
05Mezz / Vendor PaySubordinate claims
06Equity DistributionsOnly after covenant tests
LENDER SECURITY + DIRECT AGREEMENTS
ProjectCo SharesPledge / charge
Project AccountsCash-waterfall control
Material ContractsAssignment + direct agreements
ReceivablesSecurity over ProjectCo payments
InsuranceAssignment of proceeds
Step-in RightsCure + replacement rights
CONTRACTUAL STACK
NOT AN EPC CONTRACT. AN INTEGRATED TRANSACTION STACK.
GOVERNANCE + DECISION RIGHTS
CONTROL THE 20-YEAR PLATFORM WITHOUT OPERATING IT BY COMMITTEE.
GOVERNANCE ACTORS
ProjectCo BoardShareholder governance
Joint SteeringTelOne + ProjectCo
Technical DesignArchitecture authority
Lender MonitorCovenants + reporting
RESERVED / CONTROLLED MATTERS
Reserved MattersMajor scope change, debt increase, asset sale, technology substitution
Technical ControlArchitecture, cyber baseline, interoperability, resilience
Commercial ControlPricing corridors, SLA changes, customer-impacting terms
Financial ControlDrawdowns, covenants, distributions, refinance
Handback ControlCondition, useful life, documentation completeness
TECHNOLOGY REFRESH + HANDBACK
LOCK PERFORMANCE. NOT A TECHNOLOGY GENERATION.
LIFECYCLE EVOLUTION
ACCESSLTE → 5G-ready
PONGPON → XGS-PON
IP100GE → 400GE
OPTICAL100G → 400/800G
CLOUD1MW → 10MW
Capacity expansion is triggered by subscriber, bandwidth, SLA and contracted-demand thresholds. Material changes require TelOne approval, lender consent where relevant and updated financial modelling.
END-OF-TERM TRANSFER STANDARD
Operational ConditionFunctioning + SLA-compliant
Debt / Lien StatusTransferred free of ProjectCo debt claims
Remaining Useful LifeResidual-life tests
Technical RecordsAs-built, configs, inventories, warranties
Software + LicencesTransferable rights where applicable
Training + TransitionTelOne continuity readiness
LEGAL / REGULATORY / TAX ROUTE
VALIDATE THE STRUCTURE THROUGH THE STATUTORY PATH.
01Concept NoteTransaction proposition
02PPP ScreeningZIDA / route confirmation
03FeasibilityTechnical + commercial + legal + ESG
04Value for MoneyAffordability + risk transfer
05ApprovalsPOTRAZ / tax / land / procurement
06Financial CloseDocuments + conditions precedent
SELECTED-STRUCTURE ACCEPTANCE GATES
SBS-G1 → SBS-G8
The fixed base case progresses only through controlled checkpoints, preserving the discipline established across the earlier engineering, commercial, finance and modality volumes.
Approved Feasibility + AffordabilityConfirms programme viability
Signed Offtake / AvailabilitySupports debt service
Final EPC / OEM TermsLocks cost + performance
Regulatory + Spectrum ClarityRemoves licensing uncertainty
Financing + Security PackageEnables financial close
SBS-001 FORMAL BASE-CASE STRUCTURE20-YEAR DBFOM / BOOT
20-YEAR DBFOM / BOOT
NETWORK-AS-A-SERVICE PPP.
Implemented through a ring-fenced Project SPV, with TelOne remaining the licensed operator, spectrum holder, customer-facing service provider and principal strategic offtaker. ProjectCo finances, builds, owns during the concession, operates and maintains against performance obligations, and transfers qualifying programme assets to TelOne at expiry.
13 / LRM-001 LEGAL & REGULATORY MODELPPP • POTRAZ • DATA / CYBER • LAND • FX • TAX • PROCUREMENT • TRANSACTION DOCUMENTS
PRESERVE THE OPERATOR.RING-FENCE THE PROJECT.
Volume 11 converts the selected bankable structure into a controlled legal and regulatory approval programme. The core thesis is functional separation: TelOne remains the regulated service operator, while ProjectCo performs defined infrastructure, financing and lifecycle obligations under the DBFOM/BOOT NaaS contract. Every unresolved licence, spectrum, PPP, finance, data/cyber, land, tax or competition issue remains an explicit feasibility condition.
TELONE REGULATED PERIMETERLicensed operator • spectrum holder • customer interface • statutory QoS / lawful obligations
⇄PROJECTCO FINANCEABLE PERIMETERFinance + own new assets • availability/capacity service • lifecycle O&M • lender ring-fencing
⇄APPROVAL PERIMETERZIDA / PPP • POTRAZ • RBZ / MoF • DPA / EMA / CTC
EIGHT CONTROL LAYERS
NO ASSUMPTION IS FINAL WHERE AN APPROVAL REMAINS UNRESOLVED.
The selected transaction sits inside eight parallel control layers spanning PPP, telecom, data/cyber, land/environment, finance/FX, corporate/security, tax/customs and competition/procurement. Feasibility must convert each layer into evidence, ownership, dependency, risk and approval-status controls.
LEGAL + REGULATORY ARCHITECTURE
EIGHT CONTROL LAYERS. ONE FINANCIAL-CLOSE FILE.
Legal clearance is a portfolio of parallel conditions rather than a single approval. Each layer can block engineering, commercial or financing assumptions if left unresolved.
PPP / ZIDA UNSOLICITED-PROPOSAL PATHWAY
APPROVAL IN PRINCIPLE → CONTROLLED STATUTORY ASSESSMENT.
01SUBMITSpachee proposition / TelOne contracting authority
→02PPP UNITReferral + preliminary acceptability
→03PRE-FEASIBILITYControlled basis
→04FEASIBILITYAffordability • VfM • risk transfer
→05APPROVALSRoute decision
→06FINANCIAL CLOSEContracts + conditions precedent
TELECOMMUNICATIONS FUNCTIONAL CLASSIFICATION
CONFIRM PROJECTCO'S LEGAL ROLE WITHOUT CREATING AN UNINTENDED END-USER OPERATOR.
REGULATORY DECISION POINT
Confirm whether ProjectCo requires Network Facilities, Network Services or no separate licence because its activities are contractually supplied beneath TelOne's existing licences.
SPECTRUM + RADIO AUTHORISATIONS
DO NOT FREEZE FWA DESIGN BEFORE TELONE / POTRAZ CONFIRMATION.
DATA PROTECTION + CYBER / LAWFUL COMPLIANCE
MAP DATA ROLES. ENGINEER SECURITY INTO ACCEPTANCE.
DATA DOMAINS
Customer DataCRM • BSS • billing • support
Network DataOSS • telemetry • CPE • assurance
Security DataSOC • SIEM • threat intelligence
Cloud DataVM • storage • backup • DRaaS
Controller/processor role, DPO/registrations, purpose, retention, access control, breach notices and cross-border transfers must be mapped before operations.
ZERO-TRUST + LAWFUL-COMPLIANCE FABRIC
NGFW / IDS / IPSDDoS / DNS SecurityNDR / EDRIAM / PAM / MFAPKI / KeysSIEM / SOAR / SOCLawful InterceptionAudit / Chain of Custody
100% critical logs<5 min high-alert detect<60 min P1 contain≥500G initial DDoS
LAND / ENVIRONMENT / CONSTRUCTION RIGHTS
CIVIL WORKS APPROVALS BECOME A CRITICAL-PATH WORKSTREAM.
01Route / Site Survey
→02EIA Screening
→03Wayleaves / Permits
→04Construction NTP
→05As-Built Compliance
PROJECTCO SECURITY + EXTERNAL FINANCE
PROTECT LENDERS WITHOUT OVER-ENCUMBERING TELONE.
SPV SECURITY PACKAGE
Share SecurityAccounts / WaterfallReceivablesMovable Network AssetsInsurance ProceedsMaterial Contracts
TelOne spectrum, telecom licences and unrelated legacy assets are excluded unless separately authorised.
EXTERNAL FINANCE / FX PATH
Equity inflow → registrationExternal debt → authorised dealer / RBZVendor finance → documentation / approvalsPublic-debt perimeter → MoF where triggeredWaterfall / remittance → debt + dividends + exitRefinancing → project / infrastructure bond
PROCUREMENT + COMPETITION CONTROLS
PPP ROUTE DETERMINES THE DOWNSTREAM PROCUREMENT POSTURE.
UNSOLICITED PROPOSALSpachee → TelOne
→PPP SCREENINGZIDA / PPP Unit
→FEASIBILITYAffordability • VfM • risk
→ROUTE DECISIONDirect negotiation / competition / rejection
→OEM / EPC / O&MApproved PPP + lender / ECA rules
Do not assume either direct award or ordinary tendering. Preserve competitive tension downstream.
TAX + CUSTOMS MODEL
CONSERVATIVE BASE CASE. INCENTIVES ONLY WHEN CONFIRMED.
TRANSACTION CONTRACT ARCHITECTURE
PROJECT DOCUMENTS MAKE THE RISK ALLOCATION ENFORCEABLE.
PRELIMINARY APPROVAL + PERMIT MATRIX
TRACK OWNER, EVIDENCE, DATE, DEPENDENCY, RISK AND STATUS.
PPP / ZIDA / CabinetCRITICALFormal feasibility • VfM • affordability • route decision
POTRAZ LicensingCRITICALTelOne/ProjectCo perimeter • facilities/services
Spectrum / RadioCRITICALFWA bands • microwave • type approvals
RBZ / MoF / FXCRITICALExternal debt • remittances • public-debt perimeter
Environmental / LandHIGHEIA • sites • wayleaves • permissions
Data / CyberHIGHController licensing • DPO • privacy • cyber
CompetitionMEDIUMOwnership • exclusivity • wholesale arrangements
Tax / CustomsHIGHVAT • WHT • customs • incentives / rulings
KEY ISSUES REQUIRING FEASIBILITY CONFIRMATION
TURN UNRESOLVED DETERMINATIONS INTO CONTROLLED LEGAL WORKSTREAMS.
LEGAL CONDITIONS PRECEDENT + ACCEPTANCE GATES
LR-G1 → LR-G8
Financial close requires legal status, effective approvals, bankable contracts, perfected security and formal legal opinions.
Executed PPP / DBFOM + NaaSEffective project/payment agreements
POTRAZ + Spectrum EffectivePerimeter and radio authorisations
RBZ / MoF / Dealer ApprovalsExternal finance route
First-Phase Land / EIA RightsConstruction-ready permissions
EPC / O&M / OEM + Direct AgreementsLenderable performance stack
Security Executed + PerfectedRegistrable ProjectCo security package
LRM-001 CONTROLLED LEGAL POSITIONLEGALLY PROGRESSABLE.
LEGALLY PROGRESSABLE.
CONDITIONED ON VALIDATION.
The selected 20-year DBFOM/BOOT Network-as-a-Service structure can progress as a PPP concept provided TelOne's regulated operator position is preserved, ProjectCo's functional perimeter is confirmed, and PPP, telecom, spectrum, finance, data/cyber, environmental, procurement, tax and competition approvals are resolved before financial close. The legal/regulatory model remains a pre-feasibility control baseline and requires counsel and regulator validation.
14 / RAF-001 RISK ALLOCATION FRAMEWORKRISK MATRIX • CONTRACTUAL PROTECTIONS • LENDER CONTROLS • MODEL LINK
TRANSFER WHAT CANBE CONTROLLED.STRUCTURE WHAT CANNOT.
Volume 12 turns risk allocation into the transaction control system for the 20-year DBFOM/BOOT NaaS structure. The objective is optimal transfer, not maximum transfer: controllable delivery and lifecycle risks sit with ProjectCo; regulated operator risks stay with TelOne; uncontrollable risks are structured through relief, compensation, reserves, insurance and lender protections.
PROJECTCO CARRIESDesign • construction • integration • completion • cost overrun • lifecycle maintenance • availability • handback condition
↔
TELONE CARRIESLicensed-operator obligations • spectrum availability • retail pricing • customer acquisition • credit/churn • customer strategy
↔
SHARED / STRUCTUREDDemand • technology evolution • FX/convertibility • interfaces • force-majeure consequences
PUBLIC-SECTOR / LENDER PROTECTIONSApprovals • discriminatory change in law • political force majeure • step-in • reserves • termination compensationTRANSFER CONTROLLABLE RISKS → STRUCTURE UNMANAGEABLE RISKS → PROTECT DEBT-SERVICE CONTINUITY
ALLOCATION PHILOSOPHY
RISK IS ALLOCATED BY CONTROL, CAUSATION AND BANKABILITY.
Name the owner, define the contractual treatment, use relief or compensation for events outside practical control, preserve TelOne's regulated-operator perimeter and link each material risk to the downside case in the financial model.
PROGRAMME RISK TAXONOMY
SIX FAMILIES. ONE CONTROL SYSTEM.
ZIDA/PPP • POTRAZ • spectrum • land • wayleaves • environmental permits
EPC cost • schedule • completion • OEM performance • RAN/PON/IP/core/cloud interfaces
Take-up • ARPU • wholesale offtake • contracted-revenue floor • churn / credit
Availability • maintenance • expansion • technology refresh • handback standards
Security controls • privacy • lawful access • audit • breach response • change in law
FX • convertibility • rates • refinancing • insurance • political risk
PRIMARY RISK ALLOCATION HEATMAP
PRIMARY OWNER BY RISK FAMILY.
Primary ownership only. Sub-allocation flows through EPC, OEM, O&M, insurers and lender direct agreements.
RISKPROJECTCOTELONESHAREDPUBLIC SECTOR
DesignPRIMARY
ConstructionPRIMARY
Cost overrunPRIMARY
DelayPRIMARY
DemandPRIMARY
Retail ARPUPRIMARY
SpectrumPRIMARY
FX / convertibilityPRIMARY
TechnologyPRIMARY
CyberPRIMARY
OperationsPRIMARY
AvailabilityPRIMARY
Change in lawPRIMARY
Political force majeurePRIMARY
HandbackPRIMARY
DESIGN / CONSTRUCTION / INTEGRATIONSINGLE-POINT ACCOUNTABILITY
DELIVERYFixed-price / date-certain EPCCost and schedule certainty
SECURITYBonds • guarantees • retentionPerformance security
ACCEPTANCEFAT • SAT • capacity • cyberService readiness tests
INTERFACESRAN → PON → IP → Optical → Core → CloudOSS/BSS included
LDsDelay + performance damagesSized to loss
DEFECTSWarranty + latent-defect protectionPost-acceptance control
COMMERCIAL + DEBT-SERVICE CONTINUITYCONTRACTED REVENUE FIRST
CONTRACTED / QUASI55–65%
INITIAL FLOOR~$169M
MIN DSCR1.30x
DEDUCTIONSCAPPED*
*Performance deductions are capped except where persistent default activates stronger contractual remedies. Debt-service continuity is supported by availability/NaaS, Government + enterprise anchors, wholesale take-or-pay and IRU/fibre contracts.
OPERATIONAL / LIFECYCLE CONTROL
CONSTRUCTION AND HANDBACK ARE HIGH-RISK TRANSITIONS.
CONSTRUCTIONHIGH INHERENT RISKCompletion • cost • interfaces • testing
→
OPERATIONSKPI-BASED REGIMEAvailability • maintenance • refresh • capacity
→
HANDBACKHIGH INHERENT RISKRemaining life • records • training • reserve
CONTRACTUAL PROTECTION STACK
ALLOCATION BECOMES BANKABLE THROUGH PROTECTIONS.
01CONTRACTAllocation • payments • deductions • defaults
→
02SECURITYBonds • guarantees • accounts • receivables
→
03INSURANCE + RESERVESCoverage • DSRA • liquidity • handback
→
04MONITORING + RELIEFKRI • notices • cure • compensation • escalation
INSURANCE FRAMEWORKRISK TRANSFER ≠ CONTRACT SUBSTITUTE
Construction all-riskDelay in start-upThird-party liabilityPolitical riskOperational all-riskBusiness interruptionCyber liabilityProfessional indemnityMarine / transitEmployer liability
Uninsured deductibles and exclusions remain with the party allocated the underlying risk. Annual insurance reporting, lender loss-payee status and reinstatement controls remain part of the framework.
LENDER PROTECTIONSDIRECT AGREEMENTS + STEP-IN
SHARESProjectCo share pledge
ACCOUNTSRevenue + reserve control
ASSIGNMENTReceivables + insurance
DIRECT AGREEMENTSProject Agreement + EPC/O&M
STEP-INCure before termination
LOCK-UPCovenant-breach protection
REGULATORY / POLITICAL / FORCE-MAJEURE TREATMENT
RELIEF ONLY WHERE THE EVENT IS TRULY UNCONTROLLABLE.
TERMINATION + COMPENSATION FRAMEWORK
PROTECT DEBT CONTINUITY. DO NOT GUARANTEE SPONSOR RETURNS ON DEFAULT.
EVENTCONTROLLED TREATMENT
ProjectCo default
Debt protection limited; equity at risk; step-in / cure before termination.
TelOne / authority default
Debt + break costs + defined equity compensation.
Political FM / expropriation
Senior debt protection + agreed equity treatment.
Prolonged natural FM
Insurance proceeds first; residual compensation per contract.
Convenience termination
Pre-agreed compensation formula protects financing equilibrium.
RISK → FINANCIAL MODEL INTEGRATION
EVERY MATERIAL RISK MUST MOVE CFADS OR A PROTECTIVE TRIGGER.
PRELIMINARY RISK REGISTER
EIGHT CONTROLLED RISKS. OWNED + TREATED.
IDRISKPRIMARY OWNERCONTRACTUAL TREATMENT
R-001PPP / ZIDA approval delayShared
CP longstop + relief
R-002Spectrum confirmation gapTelOne
TelOne / POTRAZ condition precedent
R-003EPC cost overrunProjectCo
Fixed-price EPC + security
R-004Integration failure across layersProjectCo
Interface management + acceptance tests
R-005Demand ramp below base caseShared
Contracted revenue + phased CAPEX
R-006FX / convertibility restrictionShared / public
Indexation + reserves + support
R-007Cyber incidentControl-domain owner
SOC/SIEM/SOAR + cyber insurance
R-008Handback condition shortfallProjectCo
Audits + handback reserve
FEASIBILITY VALIDATION
SIX WORKSTREAMS TURN THE FRAMEWORK INTO FINANCEABLE CONTRACTS.
RAF-G1ALLOCATION PRINCIPLE
→
RAF-G2RISK REGISTER
→
RAF-G3LEGAL CONSISTENCY
→
RAF-G4FINANCIAL-MODEL LINK
→
RAF-G5LENDER SECURITY
→
RAF-G6INSURANCE ADEQUACY
→
RAF-G7TERMINATION REGIME
→
RAF-G8APPROVAL TO FEASIBILITY
BANKABILITY CONCLUSION
RISK ALLOCATION IS THE TRANSACTION CONTROL SYSTEM.
Put controllable delivery and lifecycle risks with ProjectCo; retain licensed-operator risks with TelOne; use relief events, compensation, reserves, insurance and direct agreements for uncontrollable risks; protect debt-service continuity through contracted revenue, waterfall controls and termination compensation.
DECISION-READY OUTPUT → DETAILED FEASIBILITY RISK VALIDATION • CONTRACT DRAFTING • LENDER DUE DILIGENCE15 / IPP-001 IMPLEMENTATION & PHASING PLANMASTER SCHEDULE • IMP-G0→G10 • DELIVERY WAVES • RFS • PMO CONTROL
TRANSACTION TOOPERATIONS.ONE CONTROLLED PATH.
Volume 13 converts the proposition into a sequenced execution system from mobilisation and feasibility through financial close, detailed design, procurement, phased build, integrated acceptance, commercial ramp-up, steady-state operations and handback. CAPEX is released only against validated demand, readiness and evidence.
EXECUTION PRINCIPLEBUILD BY DEMAND-BACKED WAVES.Release CAPEX against validated sites, homes passed, backbone capacity, offtake, acceptance and service-readiness gates.
→
CAPACITY PRINCIPLECOMMISSION THE FULL SERVICE CHAIN.FWA, FTTx, IP/MPLS, optical, core, DCI, cloud, security and OSS/BSS scale as one system.
→
DECISION OUTPUTCONCEPT → FC → RFS → OPERATIONS.A sequenced and auditable transaction-to-operations path.
INTEGRATED MASTER SCHEDULE
Q3 2026 MOBILISATION → Q4 2030 BUILD COMPLETION.
The pre-feasibility baseline moves through mobilisation, feasibility and approvals, financial close/NTP, phased design and build, integration and RFS. From 2031 onward the programme moves into operations, lifecycle refresh and eventual handback.
INTEGRATED MASTER SCHEDULE
FOUR PROGRAMME HORIZONS. ONE CRITICAL PATH.
2026MOBILISEValidate data • establish PPP route
2027FEASIBILITY + FINANCEApprovals • financing • financial close / NTP target
2028–2030BUILD WAVES + INTEGRATION + RFSDesign • procurement • deployment • acceptance • launch
2031+OPERATE + REFRESH + HANDBACKLifecycle performance • capacity refresh • transfer preparation
IMP-G0 → IMP-G10
STAGE GATES CONTROL COMMITMENT AND SERVICE ENTRY.
The source defines four gate families. Individual gate codes are shown as a controlled sequence without inventing unsupported gate names.
Concept Note • data room • PPP route • preliminary risk / funding tests
Feasibility • contracts • conditions precedent • financial close • detailed-design approval
FAT / SAT • integration tests • RFS certificates • commercial-readiness sign-off
O&M KPIs • lifecycle audits • handback reserves • transfer tests
G0PROPOSITION
→G1PROPOSITION
→G2PROPOSITION
→
G3COMMIT
→G4COMMIT
→G5COMMIT
→
G6SERVICE
→G7SERVICE
→G8SERVICE
→
G9SUSTAIN
→G10SUSTAIN
12-WORKSTREAM DELIVERY GOVERNANCE
ONE PMO. TWELVE CONTROLLED STREAMS.
PMO REPORTING RULEEVERY WORKSTREAM → SCHEDULE • COST • RISK • ACCEPTANCE • DEPENDENCY STATUS → ONE CONTROL ROOM
FIRST 90 DAYS
CONVERT DESKTOP ASSUMPTIONS INTO A FEASIBILITY-READY BASELINE.
Joint Steering Committee • PMO • VDR • controlled document register • data-request protocol
Site list • fibre routes • spectrum • core/DC inventory • preliminary survey plan
Demand pipeline • anchor customers • pricing corridors • wholesale / IRU sounding
Debt capacity • equity appetite • vendor finance • DFI/ECA • DSCR / LLCR tests
ZIDA/PPP route • POTRAZ perimeter • CP matrix • feasibility ToR
Updated CN • CPM • risk matrix • schedule • budget • validation report • proceed / no-proceed gate
DEPLOYMENT WAVE ARCHITECTURE
PROVE → SCALE → EXTEND → OPTIMISE.
Priority FWA sites • initial FTTx clusters • core/service-edge increments • OSS/BSS activation
Urban/peri-urban FWA • expanded FTTH • metro aggregation • first wholesale / enterprise anchors
Regional sites • backbone corridors • DCI • DC/cloud expansion • carrier capacity sales
Capacity upgrades • SLA hardening • automation • lifecycle baselines • handback controls
FWA DELIVERY FACTORYCANDIDATE SITE → RFS
CANDIDATE→RF / CIVIL SURVEY→BACKHAUL + POWER→DESIGN FREEZE→BUILD + INSTALL→INTEGRATE→ACCEPT→RFS
SITE READINESS Land/lease • structure • power • backhaul • security • environment • safety before dispatch.
INTEGRATION RAN • transport • EPC/5GC • BNG • OSS/BSS • SOC telemetry before traffic.
ACCEPTANCE FAT/SAT • coverage • throughput • latency • alarms • cyber • RFS certificate.
FTTX DELIVERY FACTORYODN → CUSTOMER ACTIVATION
CLUSTER DESIGN→PERMITS / ROW→FEEDER→DISTRIBUTION→SPLITTER / FAT→DROP READY→ONT→BILLING LIVE
ODN EVIDENCE Optical budget • GIS • splice test • port inventory.
CONSTRUCTION EVIDENCE As-built • OTDR • route records • handover certificates.
ACTIVATION ONT • product profile • IP/session • QoS • billing • speed test • trouble-ticket visibility.
BACKBONE / CORE / DCI / CLOUD TRACK
UPSTREAM CAPACITY MUST LEAD ACCESS SCALE-UP.
METRO NODESIP/MPLS PE/P
→OPTICALDWDM / OTN
→SERVICE EDGEBNG / CGNAT / AAA
→PACKET COREEPC → 5GC
→DCI2×100GE INITIAL
→CLOUD / DCLANDING + DR
→CONTROLSECURITY / OSS
CAPEX RELEASE GATES
NO ACCESS-HEAVY CAPEX WITHOUT UPSTREAM READINESS.
Validated design • permits • scope freeze • EPC/OEM commercial terms.
Drawdown • revenue support • acceptance path • upstream capacity availability.
No access-heavy CAPEX unless aggregation, core, security and OSS/BSS capacity is in place.
PRODUCTIVE CAPEX US$575MFUNDING ENVELOPE US$650MRELEASED THROUGH VALIDATED GATES — NOT AS ONE PROCUREMENT EVENT
FOUR-LEVEL ACCEPTANCE REGIME
INSTALLATION ≠ READY FOR SERVICE.
OEM equipment • software • configuration • security baseline verified before shipment.
Civil • power • fibre/backhaul • installation • safety • site telemetry verified.
End-to-end service chain validated across access, IP, optical, core, OSS/BSS and security.
Commercial launch only after performance, billing, support and operational readiness.
CRITICAL PATHNOT EQUIPMENT AVAILABILITY ALONE
OPERATIONAL READINESSLIVE BEFORE RFS
COMMERCIAL RAMP-UP
NETWORK RFS AND COMMERCIAL LAUNCH MOVE TOGETHER.
PRE-SALES→ANCHOR CONTRACTS→PILOT LAUNCH→CLUSTER LAUNCH→MASS CAMPAIGN→WHOLESALE SALE→CLOUD/DC LAUNCH→RETENTION
PROGRAMME CONTROL ROOM
ONE DASHBOARD FOR DELIVERY + BANKABILITY.
IMPLEMENTATION RISK CONTROLS
EVERY MAJOR RISK HAS A BLOCKING GATE.
RISKCONTROLGATE IMPACT
Approval delay
Authority matrix • longstops • escalation
Blocks G2/G3 until route confirmedCost overrun
Fixed-price packages • contingency • value engineering • change board
Blocks CAPEX releaseSite-readiness failure
Batch checklist • site risk scoring
Blocks construction waveIntegration failure
Interface control document • end-to-end SIT
Blocks RFSSupplier delay
Milestone tracking • alternate logistics • LDs
Triggers recovery planCommercial underperformance
Anchor / wholesale / IRU commitments • phased rollout
Blocks debt-heavy expansionCyber readiness gap
SOC / SIEM / SOAR minimum controls
Blocks customer trafficFEASIBILITY-STAGE VALIDATION
SIX WORKSTREAMS REPLACE DESKTOP ASSUMPTIONS WITH LENDER-GRADE EVIDENCE.
20-YEAR LIFECYCLE
HANDBACK IS DESIGNED FROM DAY ONE.
BUILD PERIOD→RAMP-UP→STEADY STATE→CAPACITY REFRESH→HANDBACK AUDIT→TRANSFER TO TELONE
IMPLEMENTATION CONCLUSION
CONTROL THE PATH FROM FEASIBILITY TO RFS TO HANDBACK.
The preliminary baseline runs from Q3 2026 mobilisation through Q4 2030 build completion, with the long-duration operating lifecycle following NTP and service availability. CAPEX, construction and commercial launch remain locked behind engineering, funding, regulatory, acceptance and readiness gates.
IMMEDIATE ACTION → APPROVE IPP-001 AS THE PRELIMINARY IMPLEMENTATION BASELINE FOR FEASIBILITY-STAGE VALIDATION AND TRANSACTION DEVELOPMENT16 / SEIA-001 SOCIO-ECONOMIC IMPACT ASSESSMENTEMPLOYMENT • LOCAL PROCUREMENT • SKILLS • ACCESS • PRODUCTIVITY • FISCAL • ESG • ASSURANCE
ENGINEER THE BENEFIT.MEASURE THE OUTCOME.
Volume 14 treats socio-economic impact as a controlled programme output rather than a narrative appendix. Benefits are linked to infrastructure deployment, contractual KPIs, evidence packs, quarterly reporting and independent assurance, with all headline values retained as preliminary pre-feasibility estimates until validated.
CORE THESISINFRASTRUCTURE-LED MULTIPLIER.Network investment produces local spend, jobs, access, productive use and resilience only when those outputs are deliberately enabled.
→
CONTROL PRINCIPLECONTRACT • MEASURE • VERIFY.Impact claims require KPIs, evidence owners, reporting frequency, baseline comparison and independent assurance.
→
FEASIBILITY RULEVALIDATE THE MULTIPLIERS.Local multipliers, job coefficients, procurement absorption and household-access assumptions remain to be validated.
EXECUTIVE IMPACT THESIS
THE PROGRAMME IS AN INFRASTRUCTURE-LED SOCIAL AND ECONOMIC MULTIPLIER.
CAPEX becomes measurable development value through domestic participation, employment, skills, incremental digital access, enterprise productivity, fiscal activity, public-service enablement and infrastructure resilience. The model remains a preliminary KPI baseline for feasibility—not a final statutory economic appraisal.
IMPACT CHAIN
FROM NETWORK BUILD TO NATIONAL OUTCOMES.
EMPLOYMENT IMPACT PROFILEBUILD → OPERATE → ECOSYSTEM
IMPLEMENTATION JOB-YEARS15,500
STEADY-STATE JOBS1,250
LOCAL PROCUREMENTDOMESTIC INDUSTRIAL PARTICIPATION
- Zimbabwean prime / subcontractors
- Local field services and logistics
- Local cabling, civils, power and security
- Certified ICT installation partners
- Skills transfer and local O&M
SKILLS + WORKFORCE UPGRADE
TRAINING IS AN IMPLEMENTATION WORKSTREAM.
Fibre splicing & testingRAN installation & commissioningIP/MPLS + optical basicsDC operations + cloud supportCybersecurity + SOC workflowsOEM certification pathsSafety + quality gatesNOC/SOC proceduresField acceptance methodologyLocal subcontractor onboardingPerformance scorecardsRegional crews + logistics
DIGITAL INCLUSION
COVERAGE ONLY MATTERS WHEN IT BECOMES USABLE ACCESS.
AFFORDABILITY+CPE AVAILABILITY+RELIABILITY+DIGITAL SKILLS+PRODUCTIVE USE= ECONOMICALLY MATERIAL ACCESS
ENTERPRISE + SME PRODUCTIVITYCONNECTIVITY → PRODUCTIVE USE
FIBRE / FWA ACCESS→CLOUD + SECURITY→DIGITAL OPERATIONS→BUSINESS PRODUCTIVITY
PRELIMINARY PRODUCTIVITY BENEFITUS$340M
MATURE ENTERPRISE CONNECTIONS7,300
↓ downtime + latency↑ digital sales + paymentsCloud migration + DRConnectivity-enabled logisticsSME formalisation + tax visibility
FISCAL + FORMALISATIONGROSS PRELIMINARY CONTRIBUTION
US$82MDetailed feasibility must separate direct, indirect and induced tax flows and reconcile approved incentives.
VAT / indirect taxesPAYE / payroll taxesCIT / leviesFormalisationLicence / sector fees
PUBLIC SERVICE + REGIONAL VALUE
DIGITAL INFRASTRUCTURE ENABLES INSTITUTIONAL CAPACITY.
REGIONAL INCLUSIONHarare • regional PoPs • five priority backbone corridors • provincial access
RESILIENCERoute diversity • backup power • DCI • cloud/DR • cyber/SOC controls
PARTICIPATION CONTROLS
INCLUSION TARGETS MUST BE CONTRACTUALLY AUDITABLE.
ESG + CLIMATE + RESILIENCE
ADDITIONAL MEASURED OUTCOMES. NOT A SUBSTITUTE FOR VIABILITY.
BENEFIT VALUATION
MEASURABLE VALUE WITH ADDITIONALITY DISCIPLINE.
PRELIMINARY MEASURABLE SOCIO-ECONOMIC VALUEUS$1.02–1.24BNDetailed feasibility must validate multipliers, attribution, deadweight, displacement, leakage and double-counting.
INDICATIVE VALUE / CAPEX4.1–5.0×NOT A FINAL STATUTORY ECONOMIC BCRFormal feasibility should calculate EIRR/BCR using validated costs, benefits, discount rate and counterfactual.
MONITORING + INDEPENDENT ASSURANCE
CLAIMS MOVE THROUGH A REPEATABLE EVIDENCE ARCHITECTURE.
PRELIMINARY IMPACT REGISTER
SE-01 → SE-14 BENEFIT CONTROL SET.
Volume 14 names the benefit register categories and requires each item to carry baseline value, target value, evidence owner, assurance method, reporting frequency and a corrective-action trigger during feasibility.
BASELINE VALUE+TARGET VALUE+EVIDENCE OWNER+ASSURANCE METHOD+REPORTING FREQUENCY+CORRECTIVE TRIGGER
IMPACT PHASING
BENEFITS MATURE WITH ROLLOUT WAVES.
SEIA-G1 → SEIA-G8
IMPACT CLAIMS REQUIRE CONTROLLED ACCEPTANCE.
NO IMPACT CLAIM SHOULD BE REPORTED EXTERNALLY WITHOUT A DEFINED METRIC, EVIDENCE SOURCE, REPORTING OWNER, VALIDATION METHOD AND BASELINE COMPARISON.
SOCIO-ECONOMIC CONCLUSION
BANKABLE DEVELOPMENT INFRASTRUCTURE REQUIRES VERIFIABLE BENEFITS.
A national broadband programme becomes development infrastructure when benefits are engineered, contracted, measured and independently verified. SEIA-001 is therefore a pre-feasibility KPI and assurance baseline to be recalibrated with validated multipliers, TelOne data and implementation evidence.
NEXT ACTION → CARRY SEIA-001 INTO FEASIBILITY, CONTRACT SCHEDULES, QUARTERLY IMPACT DASHBOARDS AND INDEPENDENT ASSURANCE PROCEDURES.17 / BOQ-001 PRELIMINARY BoQ & BUDGETARY CAPEX55-LINE CONTROL COUNT • NINE CAPEX DOMAINS • NINE PROCUREMENT PACKAGES • MARKET NORMALISATION • COST GATES
PRICE THE BUILD.CONTROL THE CAPITAL.
Volume 15 converts the engineered network into a budgetary, auditable and finance-linked investment requirement. The presentation confirms a 55-line preliminary BoQ source-of-truth count and reconciles its nine domain roll-ups exactly to US$575.0m productive CAPEX and the US$650.0m total funding envelope. Detailed line descriptions remain subject to TelOne data, surveys, OEM quotations and market testing.
ENGINEERING → COSTQUANTITIES DRIVE THE INVESTMENT CASE.Engineering drivers map into line-item BoQ, domain CAPEX and market-testable procurement packages.
→
COST → FUNDINGPRODUCTIVE CAPEX STAYS SEPARATE FROM FINANCE USES.Transaction costs, DSRA, working capital and liquidity are not misclassified as network equipment.
→
MARKET → CONTROLNORMALISE SCOPE BEFORE COMPARING PRICE.Headline equipment quotes are converted into landed, lifecycle-comparable TCO before award recommendation.
EXECUTIVE CAPEX DASHBOARD
THE LINE-ITEM BoQ RECONCILES EXACTLY TO THE CONTROLLED INVESTMENT BASELINE.
The budgetary estimate is a pre-feasibility cost baseline rather than an award schedule. It must move through quantity validation, commercial normalisation, OEM quotation, supplier testing and financial-model impact testing before financial close.
NINE-DOMAIN CAPEX ALLOCATION
US$575M PRODUCTIVE CAPEX — FULLY RECONCILED.
ACCESS COST BLOCKS
THE TWO ACCESS DOMAINS ARE QUANTITY-DRIVEN.
FWA / US$255M~1,600 SITES • ~4,800 SECTORS
RAN EQUIPMENTSITE ADAPTATIONPOWER SYSTEMSTRANSPORTCPE ENABLEMENT
Cost control depends on site survey/reuse validation, spectrum and MIMO freeze, power archetype, fibre/microwave backhaul class and OEM radio BOM/software normalisation.
FTTx / US$72M≥150K HOMES • ~2.5K–5.0K PON PORTS
OLT / ODFFEEDER FIBRESPLITTERS / FDTDISTRIBUTIONDROP + ONT/ONU
US$35m local-content potential is concentrated in civil works, fibre construction and installation. ODN design remains GPON-now, XGS-PON migration and 25G/50G-ready.
TRANSPORT, CORE & CLOUD
ACCESS SCALE REQUIRES UPSTREAM CAPACITY CAPITAL.
HORIZONTAL CONTROL PLANES
CYBER AND DIGITAL OPERATIONS ARE EXPLICIT COST BLOCKS.
NGFW • DDoS • NDR • IAM/PAM/MFA • SIEM/SOAR • cloud/API security • SOC telemetry
Product catalogue • CRM • order management • billing • inventory • assurance • orchestration • automation
US$12m local potential • US$13m external exposure • reserve released only through formal change control.
CAPEX PHASING
DEPLOYMENT REMAINS FRONT-LOADED AND GATED.
NINE PROCUREMENT PACKAGES
BoQ LINES BECOME MARKET-TESTABLE CONTRACT LOTS.
LOCAL PROCUREMENT + FX EXPOSURE
DOMESTIC PARTICIPATION AND IMPORT RISK ARE VISIBLE IN THE COST BASE.
LOCAL PROCUREMENTUS$137.5M23.9%
FTTx civils/fibre • site adaptation/power/field works • engineering/SI/PMO • local subcontractor mobilisation
IMPORTED / EXTERNALUS$437.5M76.1%
RAN electronics • IP/MPLS + optical • core/cloud/cyber platforms • software licences + support
PRODUCTIVE CAPEX → FUNDING ENVELOPE
US$75M OF ADD-ONS ARE FINANCING / RESERVE / LIQUIDITY USES.
LANDED-COST NORMALISATION
COMPARE ECONOMIC TCO, NOT HEADLINE EQUIPMENT PRICE.
QUOTED EQUIPMENT→FREIGHT / INSURANCE→DUTIES / VAT→INSTALLATION / SI→LICENCES / SUPPORT→SPARES / WARRANTY→NORMALISED TCO
CAPEX SENSITIVITY + VALUE ENGINEERING
AFFORDABILITY TRIGGERS ARE MODEL-LINKED.
VALUE-ENGINEERING LEVERSExisting-site/fibre reuse • BOM optimisation • phased cards/licences • local civils/install • vendor finance • FX hedgingTRIGGER → ≥10% UPWARD CAPEX MOVEMENT REQUIRES DSCR / LLCR / REVENUE-FLOOR / AFFORDABILITY MODEL RE-RUN.
BOQ-G1 → BOQ-G8
COST MOVES FROM DESKTOP BASELINE TO MARKET-TESTED FINANCIAL-CLOSE ESTIMATE.
VOLUME 15 DECISION
CONTROL THE COST BEFORE COMMITTING THE CAPITAL.
The preliminary BoQ converts the engineered network into a controlled and finance-linked cost baseline. It remains subject to TelOne validation, site/fibre surveys, OEM quotations, supplier testing, quantity take-off and commercial normalisation before any preferred-bidder or financial-close estimate is accepted.
NEXT ACTION → VALIDATE SITES + ROUTES → OBTAIN OEM QUOTES → MARKET-TEST NINE PACKAGES → UPDATE THE FINANCIAL MODEL18 / FPIS-001 FUNDING PLAN & INVESTOR STRATEGYCAPITAL MOBILISATION • COUNTERPARTY FUNNEL • DFI/ECA • OEM/VENDOR • EQUITY • VDR • TERM SHEETS • FINANCIAL CLOSE
PACKAGE THE CAPITAL.COMPETE THE TERMS.
Volume 16 converts the controlled US$650m funding requirement into an executable capital-mobilisation programme. The investor proposition is a ring-fenced infrastructure platform supported by contracted cash flows, controlled BoQ and model outputs, risk allocation, lender protections and a disciplined counterparty process—not an equipment financing request.
01 / PACKAGEONE CONTROLLED BANKABILITY BASELINE.Single transaction perimeter, model, BoQ, risk allocation and investor information set.
→
02 / COMPETEMULTIPLE CAPITAL LANES.Debt, equity, vendor finance and enhancement counterparties compete on normalised economics and certainty.
→
03 / CLOSEMANDATE ONLY BANKABLE TERMS.Counterparties advance through VDR, term sheet, diligence, IC and financial-close gates.
CAPITAL MOBILISATION
CONVERT THE ENGINEERING PROGRAMME INTO AN INVESTABLE CAPITAL RAISE.
SOURCES & USES
FINANCE THE ASSET BASE — AND THE CLOSE.
The US$650m commitment requirement is larger than the US$575m productive BoQ because transaction costs, working capital and liquidity/reserve accounts must be funded at financial close.
BoQ / productive CAPEXUS$575M+Finance / reserve usesUS$75M=Committed funding envelopeUS$650M
INSTRUMENT ARCHITECTURE
CAPITAL MIGRATES AS RISK FALLS.
INVESTOR UNIVERSE
30–40 CANDIDATES → COMMITTED CAPITAL.
Target institutions are engagement candidates only; the source does not imply commitments before formal approvals, mandates and investment-committee decisions.
0–100 DAY MOBILISATION
SOFT CIRCLE FIRST. MANDATE AFTER EVIDENCE.
DO NOT ASK FOR CAPITAL BEFORE THE BANKABILITY PACKAGE IS COHERENT. RUN COMPETITIVE TENSION ACROSS DEBT, EQUITY, VENDOR AND ENHANCEMENT LANES.
REVENUE SECURITY
REDUCE EARLY RELIANCE ON VARIABLE CONSUMER DEMAND.
INITIAL FLOOR~US$169M / YEAR
EARLY BANKABILITY THRESHOLD55–65%
Variable retail growth remains upside rather than the sole senior-debt repayment source.
INVESTOR INFORMATION ARCHITECTURE
ONE VDR. ONE CONTROLLED BASELINE.
TERM-SHEET NORMALISATION
COMPARE EFFECTIVE ECONOMICS — NOT HEADLINE PRICE.
RAW TERM SHEETS→FEES + TENOR + SECURITY + CP + FX NORMALISATION→NORMALISED ECONOMICS→MANDATED LEADS
FUNDING GOVERNANCE
DECISION RIGHTS BEFORE MARKET ENGAGEMENT.
INVESTOR CONCERN MAP
ANSWER CREDIT-COMMITTEE QUESTIONS BEFORE THE MEETING.
FPIS-G1 → FPIS-G8
FROM MARKET SOUNDING TO COMMITTED CAPITAL.
NO NEXT-PHASE ENGAGEMENT WITHOUT AN EVIDENCE PACK AND DECISION RECORD. NTP ONLY AFTER FUNDING AVAILABILITY, CONDITIONS PRECEDENT, SECURITY, RESERVES AND CONTRACT EFFECTIVENESS.
REFINANCING + CAPITAL RECYCLING
CONSTRUCTION CAPITAL SHOULD EVOLVE AFTER STABILISATION.
ONE SOURCE OF TRUTH
VOLUME 15BoQ / US$575m CAPEX
→VOLUME 7CFADS / IRR / DSCR / LLCR
→VOLUME 12Risk / protections / insurance
→VOLUME 8Capital stack / covenants / reserves
→VOLUME 16Investor funnel / mobilisation / close
SELECTED FUNDING CASE
MOVE FROM CONTROLLED DOCUMENT TO AUTHORISED MARKET SOUNDING.
FPIS-001 positions the TelOne programme as a financeable infrastructure investment platform. The immediate capital-mobilisation mandate is to approve the investor pack and 0–100 day process, launch controlled DFI/ECA, lender, equity and OEM financing engagement, and compete credible terms through a single VDR and transaction baseline.
DECISION → APPROVE CONTROLLED INVESTOR ENGAGEMENT PACK + 0–100 DAY CAPITAL MOBILISATION PLAN; ALL FUNDING REMAINS SUBJECT TO TELONE APPROVALS, INVESTOR DILIGENCE, TERM-SHEET COMPETITION AND FINANCIAL-CLOSE CONDITIONS.19 / HOT-001 DRAFT HEADS OF TERMSCOMMERCIAL NEGOTIATION BASELINE • 20Y DBFOM/BOOT NaaS • NON-BINDING EXCEPT EXPRESS PROVISIONS
FIX THE NEGOTIATION.NOT THE AWARD.
Volume 17 converts the selected bankable structure into a controlled commercial negotiation basis. It sets the term-sheet perimeter for TelOne, ProjectCo, sponsors, lenders, OEM/vendor financiers and offtakers while preserving feasibility, PPP approvals, affordability, value-for-money, lender due diligence and definitive documentation as conditions to commitment.
TERM-SHEET BASELINE
TURN THE SELECTED STRUCTURE INTO A CONTROLLED NEGOTIATION.
WHO DOES WHAT
TRANSACTION PERIMETER + PARTY ROLES.
HEADLINE COMMERCIAL TERMS
THE CONTROLLED NEGOTIATION SNAPSHOT.
INTEGRATED DELIVERY SCOPE
ONE PROJECTCO. SIX DELIVERY DOMAINS.
SCOPE CONTROL → EXISTING TELONE ASSETS, BROWNFIELD INTERFACES AND INCREMENTAL SCOPE ARE INCLUDED ONLY WHERE EXPRESSLY SCHEDULED AND VALUED.
OPERATING PERIMETER
TELONE RETAINS OPERATOR CONTROL. PROJECTCO CARRIES INFRASTRUCTURE PERFORMANCE.
TELONE OBLIGATIONS
- Maintain licences, spectrum, numbering and interconnection.
- Provide site access, ROW support, interface data and standards.
- Customer acquisition, pricing, billing and customer care.
- Pay undisputed NaaS/availability charges net of deductions.
- Provide agreed anchor commitments / offtake support.
- Operate governance, acceptance and change-control processes.
PROJECTCO OBLIGATIONS
- Design and deliver to technical, cyber and resilience standards.
- Mobilise capital and maintain funding through completion.
- Procure EPC/OEM and pass through warranties / LDs.
- Maintain availability, capacity, latency and incident KPIs.
- Maintain insurance, lifecycle refresh and reserves.
- Prepare handback and residual-life compliance.
BANKABILITY ENGINE
REVENUE → CFADS → DEBT SERVICE.
INITIAL TARGET~US$169M / YEAR
EARLY CONTRACTED SHARE55–65%
DSCR / LLCR REFERENCES≥1.30× / ≥1.50×
Principal amortisation should not begin until a minimum contracted-revenue package is in place. Variable consumer demand remains upside—not the sole repayment source.
SLA / KPI MECHANICS
MEASURE → VERIFY → DEDUCT → CURE / ESCALATE.
PERFORMANCE AREAINDICATIVE STANDARDCONTRACTUAL CONSEQUENCE
Critical core≥99.999% defined critical functionsService credit / chronic failure regime
Access availabilitySite/domain-specific schedulesDeductions by severity, users and duration
CapacityNo sustained congestion beyond thresholdsAugmentation obligation / deduction
Incident responseSeverity-based response/restorationCredits and escalation
Cyber monitoring100% critical assets / log sourcesMaterial-breach remediation regime
ReportingMonthly KPI certificate + audit rightsPayment verification + lender reporting
CAPITAL + SENIOR-FIRST CASH CONTROL
FUND THE PROJECT. LOCK THE WATERFALL.
RESERVES → DSRA TARGET APPROX. SIX MONTHS SCHEDULED SENIOR DEBT SERVICE. NO DISTRIBUTIONS DURING DEFAULT, COVENANT BREACH, UNDERFUNDED RESERVES OR MATERIAL HANDBACK SHORTFALL.
DIRECT AGREEMENT ARCHITECTURE
SECURE PROJECTCO. DO NOT DISRUP TELONE'S REGULATED ROLE.
RISK + EVENT TREATMENT
CONTROL • MITIGATE • INSURE. RELIEF FOLLOWS CAUSE.
LENDER-BANKABLE EXIT LOGIC
TERMINATION IS A BANKABILITY INSTRUMENT.
CONTROLLED DIGITAL PERIMETER
IP • DATA • CYBERSECURITY POSITIONS.
FINANCIAL-CLOSE CONDITIONS PRECEDENT
NO CLOSE WITHOUT THE COMPLETE EVIDENCE BUNDLE.
DEFINITIVE AGREEMENT STACK
HEADS OF TERMS → BANKABLE DOCUMENT PACKAGE.
HEADS OF TERMS→DEFINITIVE AGREEMENTS→CONDITIONS PRECEDENT→FINANCIAL CLOSE→NOTICE TO PROCEED
15 ISSUES TO CLOSE
THE FORMAL NEGOTIATION ISSUES LOG.
NEGOTIATION ISSUES LOG → EACH ISSUE SHOULD CARRY OWNER, REDLINE, DECISION DATE AND ESCALATION PATH.
BINDING / NON-BINDING STATUS
PRESERVE OPTIONALITY. CONTROL THE EXCEPTIONS.
NON-BINDINGCommercial/technical terms • funding amounts • PPP award / concession rights
BINDING IF EXPRESSLY SIGNEDConfidentiality • agreed cost treatment • expressly initialled exclusivity • law/jurisdiction • no authority to bind third parties
HOT-G1 → HOT-G8
COMMERCIAL CLOSE-DOWN GATES.
RECOMMENDED NEXT ACTION
OPEN STRUCTURED NEGOTIATIONS — KEEP THE CP PERIMETER INTACT.
Use HOT-001 to open commercial negotiations while maintaining feasibility, PPP approval, technical validation, funding commitments and definitive legal agreements as conditions precedent. The draft heads establish negotiation discipline; they do not themselves constitute concession award, final funding commitment or notice to proceed.
CONTROLLED OUTPUT → DRAFT HoT NEGOTIATION BASELINE + FORMAL ISSUES LOG + DEFINITIVE-DOCUMENT WORKPLAN.20 / FS-TOR-001 FULL FEASIBILITY STUDY TERMS OF REFERENCE30-WEEK PROGRAMME • 8 DECISION TESTS • 10 WORKSTREAMS • 17 CORE DELIVERABLES • FS-G0→G8
VERIFY THE CASE.THEN DECIDE.
Volume 18 converts Volumes 1–17 from a controlled pre-feasibility proposition into an independently validated, investment-grade Full Feasibility Study. The mandate is not to confirm the current assumptions; it is to validate, revise or reject them through primary evidence and documented variance.
EXECUTIVE MANDATE
MOVE FROM PRE-FEASIBILITY TO AN EVIDENCE-LED INVESTMENT DECISION.
FEASIBILITY ARCHITECTURE
VOLUMES 1–17 BECOME INPUTS. EVIDENCE BECOMES THE DECISION BASIS.
CORE RULE → VERIFIED PRIMARY EVIDENCE GOVERNS. PRE-FEASIBILITY ASSUMPTIONS ARE VALIDATED, REVISED OR REJECTED; MATERIAL GAPS ARE GATE CONDITIONS, NOT FOOTNOTES.
EIGHT DECISION TESTS
TECHNICAL PASS ALONE DOES NOT AUTHORISE PROGRESSION.
INDICATIVE PROGRAMME
30 WEEKS. GATED PROGRESSION.
TEN FEASIBILITY WORKSTREAMS
ONE STUDY SYSTEM. NO UNEXPLAINED VARIANCE.
EVIDENCE HIERARCHY
RANK THE INPUT. DECLARE THE CONFIDENCE.
EVERY ASSUMPTION → SOURCE + OWNER + CONFIDENCE + MODEL / DESIGN IMPACT CLASSIFICATION.
TECHNICAL FEASIBILITY
VALIDATE THE NETWORK AS ONE CAPACITY-COUPLED SYSTEM.
MARKET + DEMAND VALIDATION
CONTRACTED REVENUE ≠ MODELLED ADOPTION.
CONTRACTED→VERIFIED PIPELINE→OBSERVED→MODELLED→BANKABLE DEMAND MODEL
BoQ + COST VALIDATION
REBUILD US$575M INTO SURVEY- AND QUOTE-BACKED COST.
LENDER-GRADE FINANCIAL MODEL
INPUTS → CALCULATIONS → OUTPUTS → DECISION.
REQUIRED STRESS VARIABLESTAKE-UPARPUCAPEXDELAYOPEXFXINTERESTCONTRACTED REVENUE
AFFORDABILITY + VfM + ECONOMIC APPRAISAL
POSITIVE PROJECT IRR IS NOT ENOUGH.
PPP / REGULATORY + ESIA
LEGAL EXECUTABILITY AND E&S ARE BANKABILITY INPUTS.
USP / CN→PPP SCREENING→FULL FEASIBILITY→VfM + AFFORDABILITY→APPROVALS→TRANSACTION DOCS→FINANCIAL CLOSE
ESIA / ESMP MUST BE COSTED, SCHEDULED AND REFLECTED IN THE FINANCIAL MODEL.
RISK + IMPLEMENTATION READINESS
PRICE THE RISK. PROVE THE DELIVERY MODEL.
17 CORE DELIVERABLES
DEPENDENCY-LINKED. NONE ACCEPTED IN ISOLATION.
FS-G0 → FS-G8
NINE CONTROLLED EVIDENCE GATES.
VOLUME 18 DEFINES THE FS-G0→G8 CONTROL PATH BUT DOES NOT ASSIGN DETAILED GATE NAMES IN THE PRESENTATION; THE PORTAL THEREFORE PRESERVES THE CODES WITHOUT INVENTING UNSUPPORTED TITLES.
DATA ROOM + CONTROLLED REGISTERS
EVERY REQUEST, ASSUMPTION, DECISION AND MODEL CHANGE MUST TRACE.
ACTIONDECISIONASSUMPTIONDATA GAPRISKREGULATORY / PERMITSTAKEHOLDERCHANGEDELIVERABLESMODEL CHANGE LOG
REQUEST→CLASSIFY→VALIDATE→IMPACT→GATE / ESCALATE
FINAL PACKAGE → SIGNED DATA RELIANCE AND LIMITATIONS SCHEDULE.
STUDY TEAM + INDEPENDENCE
OEM INPUTS INFORM THE STUDY. THEY DO NOT REPLACE INDEPENDENT VALIDATION.
PPP / TRANSACTIONRF ENGINEERFIBRE / ODNIP/MPLS + OPTICALDC / CLOUDCYBER / DATALEGAL / REGULATORYFINANCIAL MODELLERVfM / ECONOMICESIA / SOCIAL / CLIMATEQS / COST ENGINEERINVESTOR / LENDER
ALL ADVISERS → DISCLOSE CONFLICTS WITH OEMs, LENDERS, CONTRACTORS, INVESTORS OR COMPETING OPERATORS RELEVANT TO THEIR WORKSTREAM.
FINAL DECISION PACKAGE
THE STUDY ENDS IN A CLEAR EXECUTIVE DECISION.
APPROVAL REQUESTED
AUTHORISE VALIDATION — NOT FINAL COMMITMENT.
VOLUME 18 DECISION
MOVE FROM UNSOLICITED PRE-FEASIBILITY TO INDEPENDENT FULL FEASIBILITY.
FS-TOR-001 is the controlled scope for a 30-week, investment-grade validation programme. It authorises evidence gathering, modelling, surveys, adviser work, regulatory/PPP validation and bankability testing; it does not authorise final CAPEX, concession award, financing commitment or PPP execution.
CONTROLLED OUTPUT → FULL FEASIBILITY STUDY + AUDITABLE MODEL/BoQ/RISK/VfM PACKAGE + GO / GO-WITH-CONDITIONS / RE-SCOPE / NO-GO RECOMMENDATION.21 / TEL-GRAPH-001 TRANSACTION GRAPH ENGINEERINGPARTIES • PRIVITY • OBLIGATIONS • RIGHTS • CAPITAL • CASH • RISK • EVIDENCE • BENEFITS • TRANSFER
MAKE THETRANSACTIONCOMPUTABLE.
TEL-GRAPH-001 converts the selected 20-year DBFOM / BOOT Network-as-a-Service structure into a governed relationship model. The graph does not replace signed contracts, registers, models or operational systems; it makes their dependencies queryable, testable and auditable across the transaction lifecycle.
GRAPH CONTROL PRINCIPLEEVERY OBLIGATION → OBLIGOR + BENEFICIARY + ASSET/SERVICE + DUE EVENT + EVIDENCE + APPROVAL + REMEDY + CASH CONSEQUENCE.Source systems remain authoritative; the Programme Graph is the governed relationship layer.
GRAPH-ENGINEERED TRANSACTION
LINK EVERY PARTY ROLE TO THE RELATIONSHIPS IT AFFECTS.
TRANSACTION GRAPH ROOT
PROJECTCO IS THE LEGAL + FINANCIAL HUB. TELONE RETAINS STRATEGIC OPERATOR CONTROL.
COMPUTABLE OBLIGATION PATH
ROLE LABELS ARE NOT ENOUGH. TRACE THE CONSEQUENCE.
OBLIGATION→OBLIGOR→ASSET / SERVICE→MILESTONE→EVIDENCE→ACCEPT / CONSENT→INVOICE / REMEDY→CASH / COVENANT→TRANSFER
RESPONSIBILITY CHARTERS
DISTINCT ROLES. ONE TRANSACTION OUTCOME.
DEFINE • AUTHORISE • ACCEPT
- Approve outcomes, scope ceiling and public-interest objectives
- Retain licence, spectrum, customers, tariffs and operator control
- Provide demand/capacity and existing-network inputs
- Approve affordability, standards and reserved matters
- Accept milestones, operational readiness and final transfer
DEVELOP • STRUCTURE • INTEGRATE
- Own integrated development path through financial close
- Structure ProjectCo, contracts, risk and commercial overlays
- Integrate engineering, demand, finance, legal, ESG and affordability
- Orchestrate equity, DFI/ECA, OEM, lenders and advisers
- Maintain dependency, action, decision and evidence closure
FINANCE • DELIVER • PERFORM • TRANSFER
- Execute DBFOM, NaaS, financing, EPC/O&M and security documents
- Raise capital, satisfy CPs and manage draws/covenants/reserves
- Own new programme assets during the concession
- Meet availability, capacity, lifecycle and cyber obligations
- Fund handback reserve, cure defects and transfer lien-free assets
TRANSACTION RACI
ONE ACCOUNTABLE PARTY PER CRITICAL ACTIVITY.
| CRITICAL ACTIVITY | TELONE | SPACHEE | PROJECTCO | CAPITAL | EPC / OEM | REGULATOR |
|---|---|---|---|---|---|---|
| Transaction mandate / base case | A | R | I | I | I | C |
| PPP / legal approvals | A | R | C | C | I | R |
| ProjectCo formation | C | R | A | C | I | I |
| Feasibility / VfM / affordability | A | R | C | C | C | C |
| Network / asset perimeter | A | R | C | C | R | C |
| Commercial / NaaS design | A | R | R | C | C | I |
| Funding / security package | C | R | A | R | C | I |
| EPC / OEM procurement | C | R | A | C | R | I |
| Revenue / offtake contracts | A | R | R | C | I | I |
| Financial close / CPs | C | R | A | R | C | C |
| Operations / SLA acceptance | A | C | R | I | R | I |
| Handback / transfer | A | C | R | I | R | C |
A = ACCOUNTABLE • R = RESPONSIBLE • C = CONSULTED • I = INFORMED. BEFORE SIGNATURE, EACH ROLE MUST RESOLVE TO A NAMED ENTITY, AUTHORISED SIGNATORY, DELEGATION THRESHOLD, DELIVERABLE, EVIDENCE, CONSENT AND EFFECTIVE DATE.
CONTRACT GRAPH
GRAPH THE SIGNED STACK AS ONE OBLIGATION NETWORK.
RIGHTS + PRIVITY
NO ASSET OR CASH ASSUMPTION WITHOUT THE RIGHT THAT ENABLES IT.
DECISION RIGHTS
RESERVE MATERIAL MATTERS. DELEGATE DELIVERY.
TRANSACTION STAGE GATES
RESOLVE UNCERTAINTY BEFORE MORE CAPITAL IS COMMITTED.
90-DAY TRANSACTION WORKPLAN
BASE CASE → LENDER-READY PACKAGE.
CAPITAL + BANKABILITY GRAPH
LINK EVERY DOLLAR TO CONDITIONS, ASSETS AND SECURED CASH.
REVENUE GRAPHRECEIPT→OPEX / TAX→CFADS→DEBT SERVICE→RESERVES→DISTRIBUTIONSProjectCo administers accounts • TelOne validates service • lenders control security/distribution tests • equity receives permitted residual cash.
CAPACITY GRAPH
TURN FIBRE + DCI INTO BANKABLE INVENTORY.
RISK GRAPH
TRACE SECOND-ORDER EFFECTS, NOT JUST THE FIRST OWNER.
RISK→TRIGGER→AFFECTED NODE→CONTROL OWNER→MITIGATION→EVIDENCE→RESIDUAL EXPOSURE→CASH / SCHEDULE / COVENANT
TRANSACTION BENEFITS MATRIX
VALUE MUST BE EXPLICIT BY BENEFICIARY.
| BENEFICIARY | CONTROL | CAPITAL | REVENUE | PERFORM. | RISK | LONG-TERM |
|---|---|---|---|---|---|---|
| TelOne | 5 | 5 | 5 | 5 | 5 | 5 |
| Spachee | 4 | 4 | 5 | 5 | 4 | 5 |
| ProjectCo | 4 | 5 | 5 | 5 | 4 | 5 |
| Government / ZIDA | 5 | 4 | 4 | 4 | 5 | 5 |
| Lenders / DFI | 3 | 5 | 5 | 4 | 5 | 4 |
| Equity investors | 3 | 4 | 5 | 4 | 3 | 5 |
| OEM / EPC | 3 | 4 | 4 | 5 | 4 | 4 |
| O&M provider | 3 | 3 | 4 | 5 | 4 | 5 |
| Govt / enterprise anchors | 4 | 3 | 5 | 5 | 4 | 4 |
| Wholesale / IRU buyers | 4 | 4 | 5 | 5 | 4 | 5 |
| Retail customers | 4 | 3 | 4 | 5 | 4 | 5 |
| Economy / digital sector | 5 | 5 | 5 | 5 | 5 | 5 |
5 = VERY STRONG • 4 = STRONG • 3 = MODERATE. SCORES ARE INDICATIVE STRUCTURING JUDGEMENTS FOR DISCUSSION — NOT GUARANTEED RETURNS, PROCUREMENT COMMITMENTS OR APPROVED CONTRACTUAL ENTITLEMENTS.
TELONE VALUE PATHCONTROL RETAINED→CAPITAL MOBILISED→PERFORMANCE PURCHASED→REVENUE EXPANDED→ASSETS TRANSFERRED
ASSET GRAPH COVERAGE
PHYSICAL IDENTITY IS THE ROOT. RELATIONSHIPS MAKE IT BANKABLE.
| DOMAIN | ASSET | CONTRACT | REVENUE | KPI | RISK | EVIDENCE |
|---|---|---|---|---|---|---|
| FWA | 5 | 5 | 5 | 5 | 4 | 5 |
| FTTx | 5 | 5 | 5 | 5 | 4 | 5 |
| Metro Fibre | 5 | 5 | 4 | 4 | 4 | 5 |
| Backbone | 5 | 5 | 5 | 5 | 5 | 5 |
| IP/MPLS | 5 | 4 | 4 | 5 | 5 | 5 |
| Service Edge/Core | 5 | 4 | 4 | 5 | 5 | 5 |
| DCI | 5 | 5 | 5 | 5 | 4 | 5 |
| Data Centre | 5 | 5 | 5 | 5 | 5 | 5 |
| Cloud | 4 | 5 | 5 | 5 | 5 | 5 |
| Cybersecurity | 4 | 4 | 3 | 5 | 5 | 5 |
| OSS/BSS | 5 | 4 | 5 | 5 | 5 | 5 |
| CPE | 5 | 4 | 5 | 4 | 3 | 4 |
5 MANDATORY4 HIGH3 SELECTIVE2 LOW1 MINIMAL
EXECUTIVE + LENDER QUERY PACK
BUILD THE GRAPH AROUND THE DECISIONS PEOPLE ACTUALLY MAKE.
TEL-GRAPH-001 CONTROLLED OUTPUT
ONE BASE-CASE TRANSACTION. EXPLICIT ROLES. COMPUTABLE OBLIGATIONS.
The Programme Graph is the shared relationship layer connecting TelOne, Spachee, ProjectCo, capital providers, suppliers, customers, assets, contracts, rights, cash, risk, evidence, decisions and handback. It is designed to expose missing owners, broken privity, unsupported assumptions, covenant consequences and transfer blockers before they become transaction failures.
CONTROL → BANKABILITY → AFFORDABILITY → PERFORMANCE → RISK TRANSFER → HANDOVER TO TELONE22 / REG-001 PROGRAMME CONTROL REGISTERSTELONE-FACING UPDATED REGISTERS • SOURCE SNAPSHOT / 25 JUL 2026
EVIDENCE INTOEXECUTION.ONE CONTROLLEDREGISTER.
The TelOne-facing workbook is integrated as an executive control surface rather than a static attachment. Actions, data requests, deliverables, dependencies, workstream activities and decisions remain source-native and traceable to their register IDs, owners, status, dates and next actions.
CONTROLLED SNAPSHOTThis workbook predates later controlled programme revisions. Historic references such as 700 FWA sites and earlier funding figures are preserved verbatim as register evidence; later approved portal volumes remain the governing current programme baseline where they explicitly supersede these rows.
PROGRAMME STATUS
ToR technical review + workstream activation pending.
The source dashboard identifies immediate closure around JSC/ToR approval, focal-person nomination, data return and formal workstream activation.
JSC / ToR→NOMINEES→DATA ROOM→WORKSTREAMS→FEASIBILITY
DECISION CHOKE POINTS
FIVE DECISIONS BLOCK THE NEXT CONTROLLED STATE.
REGISTER EXPLORER
FILTER THE SOURCE RECORDS. KEEP THE ID + EVIDENCE CHAIN.
MASTER ACTION REGISTER
Control every action by owner, status, due date and next step.
SOURCE-NATIVE REGISTER VALUES ARE DISPLAYED AS RECORDED. STATUS IS NOT AUTOMATICALLY RECALCULATED AGAINST TODAY'S DATE. LATER CONTROLLED VOLUMES SUPERSEDE HISTORIC SCOPE/FINANCIAL ASSUMPTIONS WHERE EXPRESSLY UPDATED.
CONTROLLED EVIDENCE DESTINATIONOPEN VIRTUAL DATA ROOM ↘
DEPENDENCY TO FEASIBILITY
THE SOURCE WORKBOOK EXPOSES A CLEAR CONTROL BOTTLENECK.
REG-001 CONTROL PRINCIPLE
NO EXECUTIVE CONCLUSION WITHOUT REGISTER TRACEABILITY.
The register layer connects action, owner, source trigger, dependency, deliverable, decision and next step back into the Programme Graph. It is a controlled operational snapshot—not a substitute for later feasibility evidence or superseding programme baselines.
ACTION → OWNER → DEPENDENCY → EVIDENCE → DECISION → NEXT GATE23 / ECONOMICS & BANKABILITYCPM-001 CASH FLOW + DEBT SUPPORT
MULTIPLE REVENUES.ONE RING-FENCEDCASH FLOW.
The programme is not one broadband tariff. It is a layered infrastructure platform with diversified revenue engines. The commercial base case reaches US$532m mature annual revenue at ~47% mature EBITDA margin, ~23% revenue CAGR and US$4.90bn cumulative 15-year revenue; bankability is reinforced by US$169m minimum contracted revenue and a 55–65% early debt-support target.
REVENUE ARCHITECTURE5 CHANNELS
- 01Availability / NaaS · 30–40%Site and capacity availability with SLA deductions
- 02Government + Enterprise · 15–20%DIA, VPN, Government connectivity and managed services
- 03Wholesale / Carrier · 10–15%IP transit, Ethernet, wavelengths and committed capacity
- 04IRU / Long-Term · 5–10%Dark fibre, fibre pair and route rights over 10–25 years
- 05Retail / SME · 25–35%FWA/FTTH subscriber ARPU and SME bundles
MINIMUM CONTRACTED REVENUE FLOOR~US$169M / YR INITIAL
55–65%Early contracted / quasi-contracted mix~59% of projected 2032 revenue
1692032
1632033
1562034
1502035
1442036
1312038
1122041
US$m / yearRequirement declines as debt amortises
01CONTRACTED REVENUE FLOOR
02CAPEX STAGED TO DEMAND
03DEBT SCULPTED TO CFADS
04RING-FENCED PROJECT CASHFLOWS
Pre-feasibility financial case. All figures remain subject to feasibility validation, affordability/VfM assessment, final scope, demand evidence, financing terms and transaction documentation.
24 / TRANSACTION MODEL
PROJECTCOFINANCES.TELONE CONTROLS.
A 20-year DBFOM / BOOT Network-as-a-Service structure through a ring-fenced Programme Project SPV. TelOne remains the licensed operator, spectrum holder, customer interface, strategic network controller and principal offtaker.
20-YEARSPVDBFOM / BOOT + NaaS
TELONELicence • spectrum • customer • offtake
PROJECTCOCapital • design/build • O&M • handback
CAPITAL PROVIDERSEquity • DFI/ECA • banks • vendor finance
COMMERCIAL OFFTAKENaaS • anchors • wholesale • IRU
END OF TERMQualifying programme assets transfer to TelOne
TELONE PERIMETER
- Spectrum & operator licences
- Customer contracts and billing
- Tariffs / product ownership
- Interconnection / numbering
- Retail demand & churn
- Strategic network control
PROJECT SPV PERIMETER
- Capital raising
- Design / build / integration
- Asset ownership during term
- Lifecycle O&M
- Availability performance
- Debt service / handback
SHARED / CONTRACTUAL
- Demand-sharing mechanisms
- Capacity / offtake commitments
- FX & change-in-law relief
- Cyber responsibilities by domain
- Governance & reporting
- Expansion / refresh triggers
INDICATIVE FUNDING STRATEGY
BLENDED PROJECT FINANCE
Protects TelOne from carrying the entire rollout upfront. Preliminary senior tenor is 12–15 years with 3–4 years construction/ramp grace, CFADS-sculpted amortisation, ≥1.30x DSCR target, reserves and potential refinancing after stabilisation.
50–60%Senior project debt / DFI / ECA
20–25%Sponsor / infrastructure equity
10–15%OEM / vendor financing
5–10%Mezzanine / blended capital
01TELONE
Strategic control retained while productive CAPEX is financed through the programme structure.
02PROJECTCO
Ring-fenced capital, lifecycle performance, debt service and defined handback obligations.
03CAPITAL
Contracted revenues, risk allocation, reserves and performance-linked cashflows.
04MARKET
Integrated access, transport, cloud and digital-service capacity monetised across multiple customer markets.
25 / PPP / VALIDATION PATHWAYCONTROLLED ASSESSMENT
PLACE RISK WHEREIT CAN BECONTROLLED.
The unsolicited proposal is intended to trigger formal assessment — not bypass statutory approvals. Bankability depends on allocating each material risk to the party best able to control or mitigate it.
RISKPRELIMINARY ALLOCATIONPRIMARY PROTECTION
Design / integrationProjectCo / EPCPerformance specs • testing • LDs
Construction / overrunProjectCo / EPCFixed price • bonds • completion support
DemandSharedCohort phasing • anchor/offtake • revenue floor
SpectrumTelOne / regulatorCondition precedent before final RF design
TechnologyProjectCo / OEM / sharedModular architecture • refresh obligations
O&M / availabilityProjectCoKPIs • deductions • redundancy
FX / convertibilitySharedCurrency matching • reserves • indexation
CybersecurityShared by domainZero Trust • SOC • insurance • incident response
HandbackProjectCoCondition surveys • reserve • residual-life test
01USP SUBMISSION
→
02TELONE PRELIMINARY REVIEW
→
03PPP / STATUTORY REFERRAL
→
04FORMAL FEASIBILITY
→
05VfM + AFFORDABILITY
→
06APPROVALS + DOCS
→
07FINANCIAL CLOSE
→
08NTP / DELIVERY
01TELONEPreliminary acceptance / sponsor alignment
→
02PPP / ZIDAUnsolicited proposal screening
→
03FEASIBILITYTechnical • commercial • financial • ESG • legal
→
04POTRAZLicensing • spectrum • interconnection perimeter
→
05TRANSACTIONVfM • affordability • risk • contracts
→
06FINANCINGLender DD • term sheets • CPs • close
TELONE REQUIREMENTSValidated scopeBid specifications + priorities
TECHNICALEngineering basisSites • spectrum • fibre • DC • reuse
OEM PRICINGBudgetary CAPEXBoQ • lifecycle • ECA
COMMERCIALRevenue evidenceTariffs • anchors • wholesale • IRU
FINANCIALBankable model20-year model • debt sizing • downside
LEGAL / PPPApproved pathwayUnsolicited route • approvals • tax
REGULATORYClearance planPOTRAZ spectrum / licence perimeter
E&S / ROWE&S workplanSafeguards • land • rights of way
FUNDING MARKETFinancing strategyDFI/ECA/bank appetite + terms
26 / IMPACT & FEASIBILITYESG + INVESTMENT-GRADE VALIDATION
NATIONAL OUTCOMES.MEASURABLE EVIDENCE.
Volume 2 treats socio-economic impact and ESG as part of the investment proposition, while making clear that the current document is a controlled pre-feasibility hypothesis that detailed feasibility must validate and supersede.
Newly serviceable population and premises • affordability.
Construction • fibre • towers • NOC/SOC • cloud.
ICT subcontractors • civils • field services • logistics.
Enterprise digitisation • Government connectivity • cloud.
Telecom • fibre • cloud • cyber • software • project finance.
Route diversity • DR • sovereign cloud • cyber continuity.
FEASIBILITY WORKPLAN & INFORMATION REQUIREMENTSHYPOTHESIS → INVESTMENT-GRADE CASE
TECHNICALSites • spectrum • fibre • traffic • facilitiesDetailed design • BoQ • rollout • CAPEX
COMMERCIALSubscribers • ARPU • churn • pipeline • wholesaleDemand forecast • pricing • contracted-revenue plan
FINANCIALHistoric/forecast financials • debt • tax • FX • OPEXIntegrated model • affordability • VfM • bankability
LEGAL / REGLicences • asset rights • PPP/public requirementsTransaction perimeter • approvals plan
ESGSites/routes • power • environmental/social contextESIA / ESMP scope • safeguards
FUNDINGDFIs • ECAs • OEM terms • lendersFinancing plan • term sheets • CPs
PUBLIC EVIDENCE BASE & VALIDATION STATUSCALIBRATE NOW.
CALIBRATE NOW.
VALIDATE NEXT.
Public sources calibrate the desktop pre-feasibility model. Detailed feasibility supersedes these assumptions through TelOne data, site/fibre/spectrum validation, feasibility studies and OEM budgetary quotations.
STATUS → CONTROLLED PRE-FEASIBILITY ISSUE01TELONE ANNUAL REPORT 2023Fibre footprint • homes passed • 100G core • subscriber/LTE baseline
02POTRAZ Q2 2025Traffic and sector fixed-market context
03TELONE TARIFFS / 5 AUG 2025Retail pricing anchors
04TELONE DC / CLOUD PORTFOLIOExisting Tier-3-class cloud/DC capability and service baseline
05TELONE NETWORKING PORTFOLIOEnterprise / wholesale product baseline
06ZIDA ACT / PPP FRAMEWORKPPP feasibility • unsolicited proposal • BOOT framework
27 / DELIVERY, PHASING & INVESTMENT GATES
TRIGGERED →
Capital is released by demand, readiness and technical dependency—not by a fixed equipment list. CN-001 defines five delivery phases, each with an explicit investment trigger, while the full transaction retains controlled development-to-handback lifecycle governance.
PHASE 0DEVELOPMENT
DEFINE
CN • data validation • feasibility • PPP approvals • funding mandate.
TRIGGER → APPROVAL TO FEASIBILITYPHASE 1PRIORITY ACCESS & CORE
IGNITE
Priority FWA/FTTx • aggregation • service edge • backbone.
TRIGGER → CONTRACTED DEMAND + DESIGNPHASE 2NATIONAL SCALE
SCALE
Remaining FWA cohorts • fibre • national transport.
TRIGGER → UTILISATION / COVERAGEPHASE 3DC / CLOUD
LOCALISE
DCI • 1MW cloud/DC • CDN/peering.
TRIGGER → OFFTAKE + DCI DEMANDPHASE 4OPTIMISE / EXPAND
EVOLVE
400GE/800G • 5G • advanced PON • automation.
TRIGGER → LIFECYCLE / UTILISATIONFULL TRANSACTION LIFECYCLE
DEVELOPMENT→FEASIBILITY→STRUCTURING→FINANCIAL CLOSE→BUILD / COMMISSION→OPERATE / OPTIMISE→HANDBACK
Governance → Joint Steering Committee • Technical / Commercial / Finance / Legal workstreams • controlled registers • stage-gate approvals.
28 / IMMEDIATE ACTIONS
NEXT 30 DAYS.
Six actions convert approval in principle into an active, controlled feasibility programme.
APPROVEProgression to feasibilityTechnical • commercial • legal • financial
CONFIRMBid specifications / requirementsNon-proprietary baseline inputs
NOMINATETelOne workstream counterpartsTechnical • commercial • finance • legal
PERMITNon-binding funding / OEM engagementDFI/ECA • lenders • OEM/EPC
Confirm TelOne sponsor + workstream counterparts.
Confirm Access & Backbone + Data Centre requirements.
Agree scope, data protocol + assumptions register.
Confirm referral / preliminary assessment documents.
Start budgetary pricing + DFI/ECA market sounding.
Establish joint calendar + approval gate register.
29 / VDR-004 VIRTUAL DATA ROOMSPACHEE–TELONE ZNDIP PROPOSED DATA ROOM INDEX v2 • CONTROLLED FRONT-END WORKSPACE
CONTROL THE EVIDENCE.GOVERN THE ACCESS.
The controlled VDR now adds verified page rendering for Volumes 01–18. PowerPoint, Word, Excel and PDF sources first use the same-origin Cloudflare conversion API when configured; PPTX also has a browser-native renderer so deployed Pages sites are not dependent on localhost. A source is never labelled Flipbook Ready unless visible rendered pages exist.
CONTROLLED DATA ROOM
One evidence index. One governed access path.
The source workbook combines request control, folder taxonomy, upload tracking and role-based access governance so feasibility evidence can be received, reviewed, accepted and traced back to its original request.
VDR58REQUESTS
12 FOLDERS
15 UPLOAD SLOTS
9 ACCESS GROUPS
MANAGEMENT FOCUS
MOVE REQUESTS FROM INDEX TO ACCEPTED EVIDENCE.
CONTROL PRINCIPLE
Accepted data should feed technical feasibility, commercial modelling and financial modelling only after the source request, provider, owner, confidentiality class, validation status and evidence link are traceable.
REQUEST → UPLOAD → VALIDATE → REVIEW → ACCEPT → EVIDENCEFOLDER MATRIX
TWELVE CONTROLLED DILIGENCE DOMAINS.
PRE-FEASIBILITY DIGITAL LIBRARY
EIGHTEEN CONTROLLED VOLUMES. ONE INTERACTIVE READER.
Assign source file to its controlled volume slot.
Identify PDF, Office, text, table or image input.
Render pages/slides/sheets into reader-ready digital pages.
Generate controlled cover, page sequence and back cover.
Open responsive page-turning reader with keyboard/touch controls.
Retain original source metadata, version and VDR identity.
CONTROL RULE
The flipbook is a presentation layer. The original uploaded file remains the controlled source. For maximum Office fidelity on Cloudflare, configure the included same-origin conversion Worker with an encrypted provider API key. PPTX can still render in-browser without the Worker. Secure storage, identity, malware scanning, permissions and authoritative audit logging remain production VDR responsibilities.
SOURCE FILE → VERSION → CONVERSION → FLIPBOOKDATA ROOM INDEX
FILTER THE 58 SOURCE-NATIVE REQUESTS.
| ID | FOLDER | REQUESTED DOCUMENT / DATASET | WORKSTREAM | PRIORITY | PROVIDER | OWNER | STATUS | DUE | QUALITY |
|---|
UPLOAD TRACKER
VERSION THE FILE. VALIDATE THE EVIDENCE.
| UPLOAD ID | REQUEST ID | FOLDER | DOCUMENT | UPLOADED BY | VERSION | VALIDATION | REVIEWER | ISSUES / GAPS |
|---|
The workbook pre-seeds UP-001→UP-015 as version v1.0 placeholders with “Not Submitted” validation status. This portal preserves that state rather than simulating actual uploads.
ACCESS CONTROL MATRIX
DISCLOSE ONLY WHAT THE ROLE REQUIRES.
ACCESS RULEROLE + ORGANISATION + FOLDER SCOPE + ACCESS LEVEL + CONFIDENTIALITY LIMIT + APPROVAL
External parties are limited to approved scopes; financiers/investors are represented as read-only, limited-download users subject to NDA and JSC approval in the source matrix.
DILIGENCE FLOW
EVERY ACCEPTED FACT NEEDS A CONTROLLED PATH.
DR-ID • purpose • workstream • priority • provider • owner
UP-ID • document • uploader • date • version
Completeness • quality • issues / gaps
Reviewer • review date • clarification loop
Accepted evidence • controlled status
Technical • commercial • financial • legal feasibility
VDR-004 CONTROLLED OUTPUT
THE DATA ROOM IS THE EVIDENCE GATEWAY.
The portal now combines the proposed VDR taxonomy with an 18-volume digital library and a high-fidelity conversion path. Office/PDF sources can be converted through the Cloudflare same-origin API into real PDF pages before entering the flipbook; PPTX additionally supports a modern browser-native render path, and all fallbacks are explicitly labelled.
INDEX → LIBRARY → CONVERT → FLIPBOOK → VALIDATE → FEASIBILITY EVIDENCE