Confidential — For Institutional Partners
Fund Partnership — Structured for Paraguayan Fund Intermediation — Q3 2026

HidroBio AgroPark
Villeta

The Greenhouse Technology Park

Smart Greenhouse Infrastructure. Real Returns. $19.8M | 16.5 Hectares | 3 Milestone-Triggered Tranches. Quarterly cash distributions for 15 years, backed by physical assets and 8 years of operational data.

40 ha
Secured Land
20 ha
Total Park Target
8 Years
Operating History
2026
Hummelnest / Raiffeisen
Explore the Opportunity ↓
HidroBio AgroPark Villeta — 20 hectare greenhouse technology park render
HidroBio AgroPark Villeta • 20 ha Greenhouse Technology Park • Architectural Render
Awards & Recognition
🏆 AHK Paraguay 2025
1st Place Sustainability Award
German-Paraguayan Chamber of Commerce
🌿 Sello Verde
Sustainability Certification
Union Industrial Paraguaya
🇵🇾 Marca País Paraguay
National Brand Certificate
Government of Paraguay
🌎 AL-INVEST Verde
Carbon Footprint Program — Phase 2
EU Global Gateway Initiative
🤖 Hummelnest Batch 3 — 2026
Selected for Full Accelerator Program
Raiffeisen-Landesbank Steiermark • €50K investment eligible

Five Leaders. Two Countries. Fully Aligned.

Two executives in Switzerland, three in Paraguay. Production, crop science, technology, finance, and brand — every link in the value chain covered.

Maximiliano Samaniego
Maximiliano Samaniego
CEO — Operations & Production
Paraguay
15+ years agriculture, 8 years CEA. Built HidroBio from pilot to commercial scale.
Daniel Stanca
Daniel Stanca
CTO — Strategy & Technology
Switzerland
20+ years operations management. Emnia AI founder. Investor relations.
Christian Pampliega
Christian Pampliega
CFO — Finance & Governance
Paraguay
Financial management, compliance, banking relationships.
Wilson Sanchez
Wilson Sanchez
Technical Director — Crop Science
Paraguay
Hydroponic yield optimization. Achieved 38 kg/m² tomato yield.
Martha Pampliega
Martha Pampliega
Marketing Director — Brand & ESG
Switzerland
Brand positioning, European market access, ESG communications.

Co-Invested

HidroBio co-invests $500K alongside $19.8M fund — skin in the game. 3.5 ha own + 16.5 ha fund = 20 ha total

Proven Revenue

$539K/ha validated by 8 years of operations — model uses $500K/ha (7% discount)

Zero Under Stress

GP receives $0 until LP preferred is fully covered each year

Milestone-Triggered

3 tranches released only when prior tranche delivers — phased deployment is the risk mitigation

8 Years of Greenhouse Operations. Zero Crop Failures.

Founded in 2018. Operated through COVID-19 without interruption. Scaled to validate the model — now accelerating.

Milestones

2018
Founded. First lettuce greenhouses — building distribution chain, learning year-round production
2019
First commercial B2B sales. Tomato yield reaches 38 kg/m²
2020
Operations uninterrupted through COVID-19. Distribution network expanding
2022-23
B2B customer base grows to 50+ accounts across supermarkets and HoReCa
2024
Technology partnerships with leading European suppliers. 1 ha expansion designed
2025
1 ha high-tech greenhouse operational. Secured 40 ha land. AHK 1st Place. Sello Verde. Marca País
2026
AgroPark launch. 2 ha under construction. Emnia selected for Hummelnest / Raiffeisen accelerator

Current Operations (Mar 2026)

MetricValue
Greenhouses Operating1.5 ha
Annual Revenue~USD 572,000
Under Construction2 ha (harvest Oct 2026)
B2B Customers50+
Major SupermarketsBiggie, Stock, Real, Superseis
Employees25+
Bank Debt~USD 2.5M (GP-serviced)
Inside HidroBio greenhouse — tomato rows
Aerial Flyover
HidroBio AgroPark Villeta — 20 Hectare Greenhouse Technology Park

Recognition & Partnerships

Global Technology,
Engineered for Paraguay

8 years of operational data shaped greenhouse designs optimized for subtropical conditions — combining Dutch automation, precision fertigation, and AI-powered market intelligence.

Ridder Climate Systems

CX500 climate computers with NutriFlex fertigation — Dutch gold-standard for controlled environment agriculture. Motorized ventilation, weather station integration.

🏠

Gothic Arch Greenhouse

2,500 m² modules (60m × 40m, 8m crown height). Kritifil premium diffusion film from Greece. Designed for subtropical conditions.

🤖

Emnia AI

Selected for Raiffeisen’s Hummelnest Accelerator Batch 3 (2026) — full program with business development, internationalisation, corporate partner access, and €50K investment eligibility. The intelligence between harvest and market. Free for AgroPark.

💧

Precision Irrigation

Drip fertigation with 90% water recirculation. Premium coco coir substrates from Sri Lanka. Closed-loop nutrient management.

Yield Benchmarks

Technology LevelTomato kg/m²Features
Low-tech (passive)15-30Manual, basic plastic
HidroBio (mid-tech)38Ridder automation + custom design
High-tech (glass Venlo)45-70Full HVAC, CO2
Ultra high-tech70-121AI, LED, closed-loop

Proven 38 kg/m² over 8 growing cycles — 27% above mid-tech benchmark.

Production Economics (per hectare)

ParameterValue
Revenue per ha (full production)$500,000
OPEX per ha$270,000
NOI per ha$230,000
NOI Margin46.0%
Revenue escalation3%/year
First-year ramp75%

Validated by 8 years of data. 17% discount to crop-mix revenue ceiling built into projections.

Five Structural Advantages. One Country.

Paraguay offers a convergence of renewable energy, low taxes, European investment treaties, year-round growing climate, and access to a 290-million-consumer Mercosur market.

BBB-

Investment Grade

First time in history. Paraguay upgraded to investment grade by Fitch (2024).

$0.048

per kWh

Cheapest electricity in South America. 99.9% hydroelectric. Zero heating costs.

10%

Corporate Tax

Flat rate — lowest in the region. Law 60/90 additional incentives for investors.

290M

Mercosur Market

Zero-tariff access. Region imports 172K tons of tomatoes & peppers annually.

8%

IRP Tax Rate

Paraguayan residents pay only 8% on investment income (IRP). 10% corporate tax. Law 60/90 incentives.

Cost Advantage vs. Europe

FactorParaguayEuropeSavings
Electricity$0.048/kWh$0.15-0.25/kWh70-80%
Labor$1.45/hr min wage$12-15/hr88-90%
Corporate Tax10% flat20-30%50-67%
HeatingNone needed60-80% of energy100%

Macroeconomic Stability

IndicatorValue
Credit RatingBBB- / Baa3 (Investment Grade)
GDP Growth (5yr avg)4.0-4.5%
Public DebtBelow 25% of GDP
Inflation~4% (stable)
FDI TrendUSD 500M+ annually

Government Recognition

HidroBio is used by Paraguayan government representatives as a flagship example of agricultural innovation and successful foreign investment. Referenced in trade missions with European delegations.

20 Hectares. Three Phases. One Platform.

A phased approach with 75% confidence of success. All 16.5 fund hectares are HidroBio-operated. Phase 1 focuses exclusively on growing crops and managing capital — earning the right to add complexity.

1

PROVE & SCALE

2026 – 2031

Grow + fund management only. Build 3.5 ha own + 16.5 ha fund (20 ha total) across 3 milestone-triggered tranches. All fund hectares HidroBio-operated. No tenants. Deliver LP preferred returns. Establish export from 3 ha+.

Revenue at full deployment: ~$10M/year (20 ha)

2

TENANTS

2029+

Add 2-3 anchor tenants on crop-restricted modules. Build packing house when volume justifies (15+ ha). Tenants begin Phase 2 only after HidroBio-operated hectares prove the model.

Tenant revenue adds to park economics

3

PLATFORM

2032+

Full Greenhouse-as-a-Service (GaaS). Launch Emnia as commercial AI. HidroBio Academy. Export facilitation. Post-Harvest-as-a-Service (packing, cold chain, logistics).

Transform from producer to platform

Build Timeline

Maximum construction capacity: 3-4 ha/year. Each hectare: 6-8 months from groundbreaking to first harvest.

YearOwn Ha BuiltFund Ha BuiltTrancheTotal Producing
20261.05.0 (T1)$6.0M2.5
20271.08.5
20280.56.0 (T2)$7.2M9.5
20295.5 (T3)$6.6M20.0

The Co-Investment Mechanism

HidroBio co-invests $500K and builds 3.5 ha of its own production alongside the fund's 16.5 ha, growing the AgroPark from 1.5 to 20 ha total. Fund hectares benefit from shared infrastructure, economies of scale, and a growing distribution network. All fund hectares are HidroBio-operated — no tenants in Phase 1.

$19.8M Fund Partnership — 16.5 Hectares

A single fund commitment of $19.8M across 3 milestone-triggered tranches. 16.5 hectares of HidroBio-operated commercial greenhouses. Quarterly cash distributions for 15 years.

💰

$788K / Quarter by 2033

Quarterly distributions grow as tranches deploy. From $119K/quarter (2027) to $950K/quarter (2040). Per $150K unit: $5,533/quarter ($22,131/year, 14.8% yield). First payment Q1 2027.

📈

3 Milestone-Triggered Tranches

Capital deployed only when prior tranche delivers. T1: $6.0M at signing. T2-T3 released upon harvest/production milestones. Phased deployment is itself the primary risk mitigation.

🔒

First-Lien Collateral

Investment secured by a first-lien pledge on greenhouse structures. Ring-fenced SPV protects from GP creditors.

8 Years Operating

Not a startup. Greenhouse operations since 2018 with zero crop failures. 50+ B2B customers. AHK Award 2025.

In Plain Language: Fund invests $19.8M. LPs receive quarterly cash distributions over 15 years (Base Case: 13.0% Before Tax IRR, 2.09x MOIC).

Every dollar of the 2.09x MOIC lands as quarterly payments. No exit event, no paper returns, no revaluation games. Capital recovered by Year 9 (2035). HidroBio co-invests $500K alongside LPs. At $400K/ha revenue (-20% stress), LP still gets 3.8% Before Tax IRR (capital preserved).

Investment at a Glance

Fund Terms
$19.8M
Total Fund Size
132 units at $150K each, 3 tranches
8%
Preferred Return
Simple cumulative, 100% to LP
70/30
Profit Split
LP / GP above preferred
Q1 2027
First Distribution
Quarterly, USD or PYG

Fund Summary — USD 19.8M | 16.5 Hectares

13.0%
Before Tax IRR (after 1.5% FM)
2.09x
MOIC Before Tax
$150K
Per Unit (132 units)
Yr 9
Capital Recovery (2035)

Base Case. LP Gross: 15.0% IRR, 2.28x MOIC. Before Tax (after 1.5% FM): 13.0% IRR, 2.09x MOIC. After 8% IRP: 11.3% IRR, 1.93x MOIC. After 15% WHT: 9.7% IRR, 1.78x MOIC. See Scenario Analysis.

ParameterValue
Legal StructureProfit Participation Rights via ring-fenced SPV (Paraguayan S.A.)
Fund Size$19,800,000 — 132 units at $150,000 each
Fund Hectares16.5 ha hydroponic greenhouse, AgroPark Villeta
Fund Price$1,200,000 per hectare
Construction Cost$460,000 per hectare (fully equipped, Ridder climate systems)
HB Co-Investment$500,000 — GP co-invests alongside LP
Proven Revenue Base$539K/ha validated (Zoho Books Q1 2026). Model uses $500K/ha — 7% conservative discount
Investment Horizon15 years
Distribution Policy100% cash — quarterly, all 15 years
Fund Manager Fee1.5% on deployed capital
Operating Reserve5% of NOI retained in SPV
Capital Deployment3 milestone-triggered tranches (see Tranche Schedule below)
CollateralFirst-lien on greenhouse structures
Fund PartnerStructured for Paraguayan fund intermediation

3 Milestone-Triggered Tranches

TrancheAmountHectaresTimingTrigger
T1$6.0M5 haQ3 2026At signing
T2$7.2M6 haQ1 2028T1 delivers first harvest
T3$6.6M5.5 haH2 2029T2 producing ≥80%
Total$19.8M16.5 ha

Construction cost: $460K/ha fully equipped. Fund price: $1,200K/ha. Development margin ($740K/ha, 62%) compensates GP for sourcing, construction management, and assumption of development risk. Total development margin: $12.21M. Preferred accrues only on called capital. HB co-invests $500K.

Returns — 13.0% Before Tax IRR

Base Case reflects 8 years of validated operational data. Headline: 13.0% Before Tax IRR (after 1.5% fund manager fee). No management fee. 70/30 LP/GP split.

Return Waterfall (Base Case)

MetricIRRMOIC
LP Gross15.0%2.28x
Before Tax (after 1.5% FM)13.0%2.09x
After 8% IRP (PY residents)11.3%1.93x
After 15% WHT (non-residents)9.7%1.78x

Per Hectare Economics

MetricValue
Fund price per ha$1,200,000
8% Preferred per ha$96,000
LP Gross per ha$195,050
Before Tax per ha$177,050
GP 30% per ha$42,450
FM 1.5% per ha$18,000
Yield gross16.3%
Yield before tax14.8%

Quarterly Distribution Timeline

YearQuarterly DistributionAnnualNote
2027$119K$476KFirst 5 ha producing
2028$340K$1,360KT2 deploying
2029$501K$2,004KT3 deploying
2030$670K$2,680KRamping
2031$748K$2,992KFull production
2032$767K$3,068KStabilized
2033$788K$3,152K16.5 ha fully deployed
2040$950K$3,800KYear 15

Capital Recovery (Base Case, Before Tax)

Capital recovery Year 9 (2035). Remaining years are pure profit.

YearCumulative LP Net% Returned
2027$476K2.4%
2028$1,836K9.3%
2029$3,840K19.4%
2030$6,520K32.9%
2031$9,512K48.0%
2032$12,580K63.5%
2033$15,732K79.5%
2034$18,950K95.7%
2035$20,500K~104%

Cash Yield Progression

Growing cash yield as revenue escalates 3%/year while your invested capital stays fixed.

~1.7%
Year 1
Ramp year (3 ha)
15.2%
Year 5
Full production
17.4%
Year 10
Escalated revenue

15-Year Total LP Distributions: $41.5M Before Tax

2.09x MOIC on $19.8M invested (before tax). All cash. No exit event, no terminal value speculation. LP receives 70% of excess above preferred — GP earns only after 8% preferred is covered each year.

How This Compares

Real asset-backed income positioned against alternatives available in the Paraguayan and regional market.

InvestmentIRRMOICCash Day 1?Asset-Backed?
PY Government Bonds5-7%~1.0xYesSovereign
PY Real Estate6-9%1.3-1.8xSometimesYes
Infrastructure (Solar/Wind)6-9%1.5-1.8xSometimesYes
CEA / Greenhouse PE8-12%1.5-2.0xNoYes
HidroBio AgroPark Fund13.0%2.09xYes (Q1 2027)Yes (first-lien)

The Honest Trade-Off

HidroBio carries single-facility concentration and agricultural execution risk. Phased deployment across 3 milestone-triggered tranches is itself the primary risk mitigation — capital only flows when prior tranches deliver. At $400K/ha revenue (-20% stress), LP still achieves 3.8% Before Tax IRR with capital preserved. The 8% cumulative preferred ensures LP is paid first in every scenario.

Revenue Sensitivity Analysis

LP IRR at different revenue-per-hectare levels. All figures Python-verified. $400K/ha is the stress scenario (-20% from base).

Revenue/haLP GrossBefore TaxAfter 8% IRPAfter 15% WHT
$400K/ha6.3%3.8%2.4%1.2%
$450K/ha10.9%8.7%7.2%5.8%
$500K/ha (Base)15.0%13.0%11.3%9.7%
$550K/ha18.8%16.8%15.0%13.3%
$600K/ha22.3%20.4%18.4%16.5%

8 Layers of Structural Protection

Your capital sits inside a legally separate SPV with first-lien security, LP governance rights, and contractual step-in rights.

Structural Protection

1

Ring-Fenced SPV

Paraguayan S.A. — legally separate from HidroBio. Creditors cannot reach SPV assets

2

First-Lien Security

Pledge on greenhouse structures, Ridder systems, hydroponic equipment

3

Milestone-Triggered Tranches

3 tranches released only when prior tranche delivers — phased deployment is the primary risk control

4

LP Advisory Board

2 investor representatives with veto on asset sales, new debt, distribution changes

5

Independent Annual Audit

Audited financials shared within 90 days. Dual-signature bank controls

6

Key-Person Insurance

Life and disability insurance on CEO. Deputy CEO appointed

7

Construction Escrow

30% of capital calls held in escrow, released on construction milestones

8

Most-Favored-Nation Clause

Fund hectares receive same quality inputs, crop protocols, and attention as HidroBio’s own production

Two-Tier Waterfall

Standard European structure. GP earns nothing until LP preferred is fully covered.

Tier 1 — Preferred
8%
100% to LP
Tier 2 — LP Share
70%
of excess above preferred
GP
30%
of excess

2.09x MOIC on $19.8M invested (before tax). No management fee. 1.5% fund manager fee on deployed capital. GP earns only after 8% preferred is fully covered each year. Standard European 2-tier waterfall.

Quarterly Reporting + Dashboard

Emnia Dashboard Access

LPs receive quarterly reports including: production volumes, revenue by crop, NOI vs. projections, cash yield, and capital recovery tracking. Emnia AI dashboard provides real-time visibility into greenhouse operations at no additional cost.

Full Transparent Risk Assessment

Every investment carries risk. We present each risk honestly, describe what we do about it, and acknowledge what remains.

Currency Risk Low

Revenue and costs both in PYG. For a Paraguayan fund with PYG-denominated LPs, currency risk is minimal.

Both revenue and costs in PYG (natural hedge). No FX translation needed for domestic fund LPs. Export revenue in USD/BRL from 3 ha+ provides upside diversification. BBB- sovereign rating. No capital controls in 30+ years.

Residual: Inflation risk on input costs. PYG historically stable (BBB- investment grade).

Market & Price Risk Medium

Produce prices vary ±40% seasonally. Break-even at $400K/ha (-20% below base case).

4-crop diversification. 50+ B2B customers, no single customer >20%. 5 sales channels including multi-year supply agreements. AI pricing intelligence monitors 13 markets daily.

Residual: A 30% revenue decline still yields LP capital return. Below $385K/ha is the insolvency breakpoint.

Construction & Ramp-Up Risk Medium

6-18 months from construction to full production. Delays compress early-year returns and extend preferred arrears.

3 milestone-triggered tranches — capital only flows when prior tranche delivers. 30% construction escrow. Fixed-price contracts. Prior on-time delivery record with greenhouse manufacturer. Phased deployment is itself the primary risk mitigation.

Residual: Agricultural ramp-up involves biological processes. First-year revenue modeled at 75% of full production.

Concentration Risk High

Single site, single country, single operator. A catastrophic event could affect 100% of SPV revenue.

Comprehensive property + business interruption insurance (12-month coverage). 8 independent growing modules. Diversified crop mix. Elevated site. Backup power systems (4 x 250 kW diesel gensets).

Residual: Geographic concentration is inherent. Investors should assess against portfolio diversification.

Climate & Production Risk Low-Med

Extreme weather (hail, flooding, 40°C+ heat). Disease, pests, or equipment failure could reduce yields.

Greenhouse structures rated for 120 km/h wind and 25mm hail. Ridder climate control. Zero crop failures across 8 years. Hail netting on priority hectares. Integrated Pest Management.

Residual: Agricultural production involves biological processes that cannot be perfectly controlled.

Liquidity Risk High

15-year commitment. Not publicly traded. Investors may be unable to sell interests when desired.

Transfer permitted after Year 5 with 60-day notice (GP 30-day ROFR at NAV). Quarterly cash distributions provide ongoing liquidity. Hardship redemption available at NAV minus 20%.

Residual: Only commit capital not needed for liquidity purposes. Be prepared to hold for full 15-year term.

Regulatory & Country Risk Low-Med

Changes to tax law, agricultural regulations, or property rights. Regional contagion from Argentina/Brazil.

30+ year stable investment policy. Law 60/90 framework since 1990. BBB-/Baa3 sovereign rating (investment grade). Paraguay has 13 European BITs available for international co-investors.

Residual: No structure fully protects against sovereign action. Emerging market uncertainty inherent.

Key Person & Operational Risk Low-Med

Dependence on management team. HidroBio serves as GP, operator, and fee recipient simultaneously.

Key-person insurance on CEO. Deputy CEO appointed. SPV step-in rights if NOI falls below 70% for 2 quarters. LP advisory board (2 investor reps, 1 independent). Most-favored-nation clause.

Residual: Small teams carry inherent key-person risk. Operator-managed structures carry inherent conflict risk.

Stress Test Summary

At $400K/ha revenue (-20% stress), LP still achieves 3.8% Before Tax IRR with capital preserved. Phased deployment is itself the primary risk mitigation — each tranche is triggered only when the prior tranche delivers. If any tranche underperforms, subsequent tranches are not called, limiting downside exposure to capital already deployed.

Measurable Environmental & Social Impact

AHK Sustainability Award 1st Place (2025). Sello Verde. Marca País Paraguay. AL-INVEST Verde carbon footprint partner — Phase 2.

90%
Water Saved
10x
Land Productivity
60%
Less Fertilizer
95%
Less Pesticides
70-85%
Less CO2 vs EU
🌱

Environmental

6.3M liters water saved/ha/year. 0.3 kg CO2/kg tomato vs. 1.5-3.5 in EU greenhouses. 99.5% hydroelectric power.

👥

Social

10-12 jobs per hectare (vs. 1-2 traditional). 50% female workforce target. 15,000+ people fed per hectare.

🎓

Education

HidroBio Academy: 100+ annual training participants. Universidad San Carlos partnership for internships and courses.

🌐

SDG Alignment

SDG 2 (Zero Hunger), SDG 6 (Clean Water), SDG 8 (Decent Work), SDG 12 (Responsible Consumption), SDG 13 (Climate Action).

Carbon Footprint: 70-85% Lower Than European Greenhouses

HidroBio produces ~0.3 kg CO2e per kg of tomato, versus 1.5-3.5 kg in EU greenhouses. 99.5% hydroelectric power + zero heating in subtropical climate = measurable ESG outperformance.

Universidad San Carlos partnership

Universidad San Carlos & HidroBio educational partnership

Marca País Paraguay certificate

Marca País Paraguay

Official national brand license (Food & Beverages category). Licensed to represent Paraguay in international markets. Valid through November 2027.

Interested? Let’s Talk.

Fund partnership. Target Tranche 1 close Q3 2026.

Investment Process

Weeks 1-2
Review Pitch Deck + Investor Proposal
Weeks 2-4
Due diligence: site visit, management call, Financial Model
Weeks 3-5
SPV subscription, KYC/AML compliance
Q3 2026
Tranche 1 capital call ($6.0M — 5 ha)
Q1 2027
First quarterly distribution to LPs
Q1 2028+
Subsequent tranches triggered by milestone delivery

Fund Partner Benefits

BenefitDescription
Advisory Board Seats2 fund-appointed seats on SPV advisory board
Milestone Gate ControlTranche release requires fund approval at each milestone
Quarterly Exec CallsDirect access to CEO/CFO
Annual Site VisitOrganized tour with executive team
Emnia DashboardReal-time visibility into greenhouse operations

Your Next Step

1

Schedule a Video Call

30-minute intro with CTO or CEO

2

Request Financial Model

Full 15-year projections and DD pack

3

Visit AgroPark

On-site tour of operating greenhouses in Paraguay

Ready to Explore the Fund Partnership?

Contact us for the Financial Model, a management call, or to schedule a site visit at HidroBio AgroPark in Villeta.

Daniel Stanca • CTO, Strategy & European Investor Relations • Switzerland
Maximiliano Samaniego • CEO, Operations & Production • Paraguay