COMPANY PRESENTATION MAY 2016
INTRODUCTION TO CONERGY GROUP
Executive Summary Conergy is a leading global downstream solar company | Develops, finances, installs and provides asset management/O&M for ground mount and rooftop solar systems | ~300 employees, 3 global hubs (Hamburg, Miami and Singapore), offices in 14 countries | Founded in 1998, 18 years of experience | Track record includes developing and building over 300 solar projects together exceeding 1.5 GW | Gross pipeline of >4.0 GW, probability weighted 750 MW | Owns operating/under construction (1H 2016 completion) 120 MW of solar projects | In addition to Asset Ownership, in 2015 externally sold volume at >400 MW and revenue at $470 MM | Among the most bankable private solar companies with no corporate debt 3
What We Do Conergy is a leading global pure play solar downstream company with a highly experienced team Landmark Event Landmark Event Shovel Ready / NTP Project Complete Stage 1 Stage 2 Stage 3 Stage 4 Engineering, Procurement Development Finance Asset Management (25+ years) and Construction Mgmt. | Site acquisition | Secure construction | Project Design and | Fund term debt and | Secure interconnection equity Engineering for permanent equity and permits | Place bank guarantees construction | Operate and maintain | Contract off-takers for stage 3 | Procure equipment system | Assess storage potential | Secure term debt for (supply chain) | Monitor data and | Environmental and stage 4 | Manage logistics performance regulatory approvals | Plan permanent equity | Manage construction | Manage financial and | Legal Structuring of | Commission project tax compliance Special Purpose Vehicle | Place bank guarantees | Reporting (SPV) >1.5 GW 955 MW of Development, Finance, Engineering, Procurement and Construction Management (EPC) Experience across Of O&M Experience Commercial & Industrial Rooftop, Ground Mount/Utility-Scale Solar Projects 4
Development Stage 1 Stage 2 Stage 3 Stage 4 Engineering, Procurement Asset Management (25+ years) Development Finance and Construction Mgmt. Conergy uses its global footprint to secure projects over three stages of development “Greenfield” Mid-stage Acquisition Late-stage Acquisition Conergy develops from start Conergy acquires project and Conergy acquires site with interconnection to Notice to Proceed brings development to NTP permits and committed off-taker and construction (NTP) brings development to NTP Development Checklist Site Control Interconnect Off Taker Permits Preliminary and intermediate Obtain site approval and Navigate federal and state financial yield analysis permitting from authorities regulatory processes to ensure having jurisdiction receipt of solar incentives Project deal negotiation, due diligence, and acquisition Interconnect with the utility Support and facilitate hand-off to distribution grid project management, finance, Secure site control (land lease, and supply chain purchase, or sale-leaseback Secure commercial, utility, municipal, with parent) wholesale, or other off-taker 5
Project Finance Stage 1 Stage 2 Stage 3 Stage 4 Engineering, Procurement Asset Management (25+ years) Development Finance and Construction Mgmt. | Construction equity facility | Term debt | Development Capital | Bank Guarantees | Permanent equity co-investors Conergy's project finance team has significant experience in securing all tranches of capital needed to fill the capital stack and successfully finance our solar projects. Conergy has project finance professionals in all of its regions focused on their specific needs, while knowledge sharing with their global counterparts. For example, since April 2015, the US project finance team has secured over $200M in project finance in the form of construction debt, term debt, tax equity and sale leasebacks. With dedicated project finance professionals in house, Conergy reduces the cost and increases efficiency compared to third-party advisors. 6
Engineering, Procurement and Construction Management Stage 1 Stage 2 Stage 3 Stage 4 Engineering, Procurement Asset Management (25+ years) Development Finance and Construction Mgmt. Engineering Procurement Construction Management Conergy’s German engineering Fully integrated procurement Conergy has nearly two decades expertise offers the highest team with quality control and over 300 completed quality with the most efficient executed at factory sites projects. Historically, Conergy resource spend completes construction, on average, 1.3% under budget and one week ahead of schedule. Selected Reference Geographies UK Philippines US 289 MW 274 MW 65 MW in in in 2014 2013 – 2015 2015 7
Long-Term Asset Management Stage 1 Stage 2 Stage 3 Stage 4 Engineering, Procurement Development Finance Asset Management (25+ years) and Construction Mgmt. Conergy ensures returns on Operations & maintenance track With a technical availability averaging capital by managing project record of over 98.7% performance through 955 MW investment term lengths Conergy projects are almost always of solar capacity globally outperforming (225 projects) Contract Compliance Operations Financial | Regulatory compliance | Monitor performance and | Annual budget and forecast; production availability variance reporting | Process tax filings | Preventative maintenance | Financial statements | Site safety | Diagnose alarms & system | Support annual audit and tax | Utility communication deviation; coordination | State and Federal tax equity | Annual insurance binder coverage investor reporting | Site management | REC contract management | Coordinate warranty repairs | Invoicing (lease, PPA, RECs, | Full document management FiT, etc..) | Review annual operating plan | Operational and financial reports and budget | Bank account/cash management | KPI review & production optimization | Reverse engineering capability to improve performance (3rd party projects) 8
Conergy’s Global Footprint Since 1998, Conergy has built >300 projects (1.5 GW) and currently has an on-the-ground presence in 15 countries NORTH AMERICA EUROPE 85 projects 208 projects >250 MWp >850 MWp ASIA-PAC 39 projects >480 MWp UK Canada Germany USA Turkey Italy Japan Dubai Mexico Thailand APAC Philippines Americas Singapore Brazil Australia Chile Europe/Africa/ME/India Completed Projects Offices 9
Global Risk Management Conergy employees diligently assess, report and put metrics to risks including: Counterparty Risk Foreign Exchange Risk Regulatory Risk Legal Risk Off-Taker Risk This ensures projects Are completed on time (includes checks on Meet quality Meet budgets Deliver expected land titles, environmental assessments, grid standards returns connection approvals, off-taker credit, etc.) Contract Compliance Conergy has an established Global Risk Department with two areas of concentration: | Focus on risk mitigating | Focus on end-to-end actions during project processes/operations Work together execution | Works closely with to evaluate | Works closely with legal and compliance Global Project Controlling Global Process Management development capital risk & create | Assesses market and committee single solution financial risks | Monitors transparency for best | Web-based pipeline of internal and management outcome counter-party reporting 10
Engineering, Procurement and Construction Management – Top Capabilities Quality German Engineering Procurement Construction Management | Global Engineering Centre of | Product Management | Overall planning, coordination Competence located in global HQ and control of projects from start - Define product portfolio of construction to completion | Engineering, design and - Product benchmarking construction management execution | Tight controls to ensure projects - Product assessment located in three regional hubs are delivered with quality, on time and in budget | Purchasing | Critical design review and optimization from Engineering | EPC contractor management, if - Purchasing strategy Centre of Competence applicable - Supply & Demand market | Integration of new technologies | Direct sub-contractor analysis by global R&D department management where Conergy is - Supplier framework agreements EP(C) and wraps the contracts | Independent quality assurance | Supply Chain audits during execution at site | Manage all health, safety and - Global demand planning environment topics | Weekly installation progress - End-to-end supply chain reports and top 5 global reviews | Back-to-back guarantees with management construction subcontractors if | Global best practice sharing and Conergy wraps the contracts - Logistics global commissioning support | Hand over to asset | Tight cooperation with Global Quality | Global TÜV certified management/O&M for supplier certification, audits and pre-shipment inspections The above core competencies allow Conergy to move into new markets quickly and successfully and gain market leadership (i.e. Southeast Asia and UK). Conergy leverages experiences and relationships in new markets to originate high-quality development opportunities. 11
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