15 · Infrastructure
Future infrastructure, sector by sector — and only one way to join them
Screening designs for Shared services, Markets, Jewels, Labs and AURION POWER, plus a resources envelope that is refused. Pre-feasibility screening design. Not issued for construction, not a single-line, not a plot plan.
Together — the only integration that is allowed
The group is not a campus and not a platform. It is three geographies, five legal boxes, and a short list of pipes. Everything else in the master registry stays on the shelf.
Lease, year 1
Addis Ababa
Holding office, Markets QC room, Jewels bench, Labs bench. One floor, not a campus.
EEU service. These businesses do not ‘run on STAR KEY’. Wheeling is a later regulated product, not a slogan.
Unsurveyed
Afar — Tendaho / sponsor pin
AURION POWER only. PV, wells, a small greenhouse, and only then an evening-storage option.
EEP interconnection. Voltage and bay are the output of a system-impact study, not a drawing in this file.
Not allocated
Industrial park / SEZ
Jewels factory option. Proclamation 1322/2024 is not a plot. No park is named because none is won.
Park utility. Do not site a refinery or a mine here on the back of a jewelry story.
Three places, not one campus
Addis does trade, metal and filings. Afar does power, and only power. A park shed for Jewels is a third place that has not been won. Drawing them as one render is how land, security and lenders get confused.
Five legal boxes
Holding, Markets, Jewels, Labs, STAR KEY. Shared services are a cost centre with a recharge, not a sixth operating company that collects everyone’s cash.
Two clocks
The holding can ship a lot and a bracelet this year. The power plant cannot pour a foundation this year. Integration means the greenhouse, if it ever produces, has a seller. It does not mean the marketplace collateralises the wells.
Data follows the SPV
Lot files, vault logs, patent drafts and SCADA history are four stores. The group sees consolidations and audit rights. Labs does not own the DNI series. Markets does not see the vault combination.
Energy does not loop
Addis buys from EEU. Afar sells to EEP under a PPA that does not exist yet. There is no private wire from Tendaho to a Bole workshop, and no wheeling product to announce.
Pipes
If a flow is not in this table, it is not part of the design.
Markets → Jewels
Sell finished, hallmarked pieces on consignment.
Markets taking title to unrefined gold, or booking bullion as GMV.
Markets → Power agri
Sell proven greenhouse lots with a phytosanitary file.
Fertilizer or crop revenue inside the Power DSCR.
Labs → Power
Soiling, met and wellhead loggers under a data licence.
Valuing that IP as collateral for STAR KEY debt.
Jewels → Resources
Nothing. Resources is not a sector.
Related-party artisanal gold, mercury, or a ‘future mine’ footnote on a Jewels invoice.
Power → Holding
Development equity down. Dividends only after lender lock-up.
Cross-default, cash sweep of marketplace receipts, or a single $1.9B cheque.
All engines → Shared services
Identity, email, a group chart of accounts, cost recharge.
One ledger, one admin password, one production database.
Fixes already in this recast
Generation
Was · 1.752 TWh booked against CFs that produce ~1.14 TWh
Now · Model uses MW × 8,760 × CF × availability. Sponsor print is shown as a print.
IRR
Was · 28.7% as a validated result
Now · Retired. Independent 250 MW screen does not clear a lender.
Capital
Was · $3.6M holding raise narrated next to a $1.86B plant
Now · Two stacks. Power construction is not the Seed.
Agri
Was · 40,000 t fertilizer inside plant revenue
Now · 5 ha lab in Phase 1. Not in DSCR.
Payments
Was · USDC as a diaspora feature
Now · Struck. NBE notices of 27 Feb 2026 and 23 July 2026.
Resources
Was · A future mine inside the group story
Now · Refused until a separate study exists. No pin, no capex.
Still open — do not tick these
- PLC and subsidiary registers — not in the pack.
- PPA, MoF wrap, interconnection — term-sheet language only.
- 12-month DNI and a real layout against the 150 ha pin.
- Pump test. The 2,000 m³/day figure is not a licence.
- 1144/2019 certificates, export licences, EIC licence.
- ESIA under the April 2025 proclamation. Gazette number to be confirmed (1371 vs 1317 in secondary sources).
- Phase 1 megawatts vs hectares — unresolved on purpose.
Left on the shelf
- Quantum SDKs, brain–computer interfaces, holographic operations rooms, and a group-wide digital twin are not in any capital stack.
- A catalogue of industrial protocols (OPC UA, IEC 61850, Modbus, MQTT) is not a procurement list. A protocol is specified only where a named counterparty requires it.
- Virtual-asset settlement is prohibited design. NBE’s 27 February 2026 notice barred birr-paired crypto P2P. Its 23 July 2026 notice extended the prohibition to exchange, transfer, custody and related services unless the Bank expressly authorises them.
- One shared bank account, one database, or one cross-default across Markets, Jewels, Labs and STAR KEY.